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True North Commercial Real Estate Investment Trust (T:TNT.UN)

Business Focus: Commercial REITs (NEC)

Sector:  Real Estate Industry:  Commercial REITs
 
Company Contact
Address: 3280 Bloor Street West
Suite 1400, Centre Tower
TORONTO ON M8X 2X3
Tel: N/A
Website: https://truenorthreit.com
IR: See website
Key People
Daniel Drimmer
Chairman of the Board of Trustees, Chief Executive Officer
Martin Liddell
Chief Financial Officer, Trustee
 
Business Overview
True North Commercial Real Estate Investment Trust (the REIT) is a Canada-based unincorporated, open-ended real estate investment trust. The REIT's primary objective is to maximize total returns to its unitholders. Its returns include a stable, reliable, and tax-efficient monthly cash distribution as well as long-term appreciation in the value of its units through the effective management of a portfolio of commercial properties. The REIT is focused on creating value for unitholders through the investment in and ownership of commercial properties in Canada. The REIT owns and operates a portfolio of approximately 44 properties consisting of approximately 4.8 million square feet in urban and select strategic secondary markets across Canada. Its properties include 9200 Glenlyon Parkway; 36 and 38 Solutions Drive; 1595 16th Avenue; 855 8th Avenue SW; 5775 Yonge Street; 6 Staples Avenue; 845 Prospect Street, and 551 King Street.
Financial Overview
For the fiscal year ended 31 December 2023, True North Commercial REIT revenues decreased 8% to C$132.2M. Net loss totaled C$40.6M vs. income of C$16.5M. Revenues reflect FFO per Share (Basic) decrease of 28% to C$2.52, FFO per Share (Diluted) decrease of 28% to C$2.52. Net loss reflects Net Operating Income (NOI) - Total decrease of 16% to C$72.5M, FV Adjustments on Investment Prope increase of 91% to C$80.2M (expense).
Reporting Currency: Canadian Dollars
Enterprise value: $951.55M as of Dec 31, 2023
Annual revenue (TTM): $132.20M as of Dec 31, 2023
EBITDA (TTM): $74.84M as of Dec 31, 2023
Net annual income (TTM): -$40.62M as of Dec 31, 2023
Free cash flow (TTM): $42.80M as of Dec 31, 2023
Net Debt Last Fiscal Year: $812.05M as of Dec 31, 2023
Shares outstanding: 15,213,064 as of Mar 1, 2024
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization