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True North Commercial REIT Provides Update on Strategy to Increase Unitholder Value
True North Commercial REIT Provides Update on Strategy to Increase Unitholder Value Can...
About this update from True North Commercial Reit
[{"type":"text","content":"\n \n \n \n True North Commercial REIT Provides Update on Strategy to Increase Unitholder Value\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n \n \n \n \"This news release constitutes a \"designated news release\" for the purposes of the REIT's prospectus supplement dated\n \n April 21, 2022\n \n to its short form base shelf prospectus dated\n \n February 17, 2022\n \n .\"\n \n \n \n \n TORONTO\n \n \n ,\n \n \n Dec. 1, 2023\n \n \n /CNW/ - True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the \"\n \n REIT\n \n \") is pleased to announce from\n \n November 15, 2023\n \n to\n \n November 30, 2023\n \n , 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\").\n \n \n \"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\n \n Daniel Drimmer\n \n , the REIT's Chief Executive Officer. \"We will continue to evaluate and exhaust all avenues available to the REIT to increase per Unit value\".\n \n \n \n Non-IFRS measures\n \n \n \n Certain terms used in this press release such as FFO and AFFO are not measures defined by International Financial Reporting Standards (\"\n \n IFRS\n \n \") 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 comp...