/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, Feb. 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 248,740 trust units ("Units") from January 1, 2024 to January
31, 2024, bringing the total number of Units repurchased
since the start of the NCIB to 634,611 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