/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,
March 6,
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 212,460 trust units ("Units")
from February 1, 2024 to February 29, 2024, bringing the total number of
Units repurchased since the start of the NCIB to 847,071 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"). There were no purchases made by
insiders of the REIT during this period in compliance with the
REIT's insider's trading policy that restricts purchases until 24
hours following the issuance of the 2023 year-end financial results
which is currently scheduled to be released 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
