/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S.
NEWSWIRES/
"This news release constitutes a "designated news release" for
the purposes of the REIT's prospectus supplement dated April 21, 2022 to its short form base shelf
prospectus dated February 17,
2022."
TORONTO, Dec. 1, 2023
/CNW/ - True North Commercial Real Estate Investment Trust (TSX:
TNT.UN) (the "REIT") is pleased to announce from
November 15, 2023 to November 30, 2023, 135,889 trust units ("Units")
have been repurchased under the normal course issuer bid ("NCIB").
The repurchase of these Units is immediately accretive to the
REIT's funds from operations per Unit ("FFO") and adjusted funds
from operations per Unit ("AFFO").
"Reallocating substantially all distributions paid to
unitholders for approximately the next six months to repurchase the
up to the maximum number of Units under the NCIB as part of the
REIT's strategy to increase unitholder value has been successful
during the first 15 days given the dislocation between the Unit
price and the underlying value of the REIT," stated Daniel Drimmer, the REIT's Chief Executive
Officer. "We will continue to evaluate and exhaust all avenues
available to the REIT to increase per Unit value".
Non-IFRS measures
Certain terms used in this press release such as FFO and AFFO
are not measures defined by International Financial Reporting
Standards ("IFRS") as prescribed by the International
Accounting Standards Board, do not have standardized meanings
prescribed by IFRS and should not be compared to or construed as
alternatives to profit/loss, cash flow from operating activities or
other measures of financial performance calculated in accordance
with IFRS. FFO and AFFO as computed by the REIT may not be
comparable to similar measures presented by other issuers. The REIT
uses these measures to better assess the REIT's underlying
performance and provides these additional measures so that
investors may do the same. Details on non-IFRS measures are
set out in the REIT's Management's Discussion and Analysis for the
three and nine months ended September 30, 2023 ("MD&A")
and the Annual Information Form ("AIF") are available on the REIT's
profile at www.sedarplus.ca.
About the REIT
The REIT is an unincorporated, open-ended real estate investment
trust established under the laws of the Province of Ontario. The REIT currently owns and operates
a portfolio of 44 commercial properties consisting of approximately
4.8 million square feet in urban and select strategic secondary
markets across Canada focusing on
long term leases with government and credit rated tenants.
The REIT is focused on growing its portfolio principally through
acquisitions across Canada and
such other jurisdictions where opportunities exist. Additional
information concerning the REIT is available at www.sedarplus.ca or
the REIT's website at www.truenorthreit.com.
SOURCE True North Commercial Real Estate Investment Trust