"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, April 26,
2023 /CNW/ - True North Commercial Real Estate
Investment Trust (TSX: TNT.UN) (the "REIT") today announced
that effective June 30, 2023,
Tracy Sherren, the REIT's President
and Chief Financial Officer and President, Canadian Commercial,
Starlight Investments, will be retiring from her executive
positions at the REIT and Starlight Investments. Ms. Sherren will
remain as a trustee of the REIT. Martin
Liddell, the current Chief Financial Officer at Starlight
Investments, will be appointed as Chief Financial Officer of the
REIT in addition to his positions at Starlight Investments.
Chris Bell will continue to act as
the President and Chief Investment Officer at Starlight Investments
as well as serving as the interim President of the Canadian
Commercial division at Starlight Investments.
"We are grateful for Tracy's significant contributions to True
North Commercial Real Estate Investment Trust since its inception
and to Starlight Investments," said Daniel
Drimmer, Chief Executive Officer of the REIT and Starlight
Investments. "We wish her well in her retirement and look forward
to benefiting from her continued sound advice and counsel as a
trustee of the REIT."
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 46 properties consisting of approximately 4.9
million square feet in urban and select strategic secondary markets
across Canada. The REIT is focused
on growing its portfolio principally through acquisitions across
Canada and such other
jurisdictions where opportunities exist.
For more information regarding the REIT, please visit
www.sedar.com or the REIT's website at www.truenorthreit.com.
Forward-looking
Statements
Certain statements contained in this press release constitute
forward-looking information within the meaning of Canadian
securities laws, including statements regarding the REIT's future
plans. Forward-looking statements are provided for the purposes of
assisting the reader in understanding the REIT's financial
performance, financial position and cash flows as at and for the
periods ended on certain dates and to present information about
management's current expectations and plans relating to the future.
Readers are cautioned that such statements may not be appropriate
for other purposes. Forward-looking information may relate to
future results, performance, achievements, events, prospects or
opportunities for the REIT or the real estate industry and may
include statements regarding the financial position, business
strategy, budgets, projected costs, capital expenditures, financial
results, taxes, plans and objectives of or involving the REIT. In
some cases, forward-looking information can be identified by such
terms as "may", "might", "will", "could", "should", "would",
"expect", "plan", "anticipate", "believe", "intend", "seek", "aim",
"estimate", "target", "goal", "project", "predict", "forecast",
"potential", "continue", "likely", or the negative thereof or other
similar expressions suggesting future outcomes or events.
Forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may be general or specific and which
give rise to the possibility that expectations, forecasts,
predictions, projections or conclusions will not prove to be
accurate, assumptions may not be correct and objectives, strategic
goals and priorities may not be achieved. A variety of factors,
many of which are beyond the REIT's control, affect the operations,
performance and results of the REIT and its business, and could
cause actual results to differ materially from current expectations
of estimated or anticipated events or results. These factors
include, but are not limited to, the risks discussed in the REIT's
materials filed with Canadian securities regulatory authorities
from time to time on www.sedar.com. The reader is cautioned to
consider these and other factors, uncertainties and potential
events carefully and not to put undue reliance on forward-looking
statements as there can be no assurance actual results will be
consistent with such forward-looking statements.
Information contained in forward-looking statements is based
upon certain material assumptions applied in drawing a conclusion
or making a forecast or projection, including management's
perception of historical trends, current conditions and expected
future developments as well as other considerations believed to be
appropriate in the circumstances, including the following; the
breadth of impact of COVID-19 on the REIT's business, operations
and performance, including the performance of its Units; the REIT's
ability to mitigate any impacts related to fluctuating mortgage and
interest rates, inflation and COVID-19; the impact of COVID-19 on
the commercial real estate industry, property occupancy levels and
the REIT; credit, market, operational, and liquidity risks
generally; While management considers these assumptions to be
reasonable based on currently available information, they may prove
to be incorrect.
The forward-looking statements made in this news release are
dated and relate only to events or information as of the date of
this news release. Except as specifically required by applicable
Canadian law, the REIT undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
SOURCE True North Commercial Real Estate Investment Trust