/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, Jan. 15,
2024 /CNW/ - True North Commercial Real Estate
Investment Trust (TSX: TNT.UN) (the "REIT") is pleased to
provide an update on its normal course issuer bid ("NCIB")
announcing that it has repurchased 213,740 trust units ("Units")
from December 1, 2023 to December 31, 2023, bringing the total number of
Units repurchased since the start of the NCIB to 385,872 Units. The
repurchase of Units under the NCIB continues to be accretive to the
REIT's funds from operations per Unit ("FFO") and adjusted funds
from operations per Unit ("AFFO"). The REIT also announced
that since November 17, 2023 insiders
of the REIT, including Daniel
Drimmer, the REIT's Chairman of the Board and Chief
Executive Officer have acquired an aggregate 103,478 Units
reflecting their ongoing confidence in the REIT.
The REIT also announced today that it intends to release its
financial results for the quarter ended December 31, 2023 after the close of the Toronto
Stock Exchange on Tuesday, March 19,
2024.
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