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 |