True North Commercial REIT T.TNT.UN

Alternate Symbol(s): TUERF

True North Commercial Real Estate Investment Trust (the REIT) is a Canada-based unincorporated, open-ended real estate investment trust. The REIT is primarily focused on creating value for unitholders through the investment in and ownership of commercial properties in Canada. 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 owns and operates a portfolio of about 40 properties consisting of approximately 4.6 million square feet in urban and select strategic secondary markets across Canada focusing on long-term leases with government and credit-rated tenants. Its properties include 36 and 38 Solutions Drive, 500 Beaverbrook Court, 61 Bill Leathem Drive, 675 Cochrane Drive, and 1112 Fort Street, among others.

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True North Commercial REIT > Bankruptcy?

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Comment by EstevanOutsideron Sep 29, 2023 12:00am

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Post# 35660892

RE:Bankruptcy?

Annual NOI aprox. $74,000,000
Annual dstribution $27,600,000
Annual interest: $30,900,000
Annual interest at 5% $40,000,000
Annual interest at 6.05% $48,440,000

Even if interest goes to 5% over time they can still cover that off today's outlook.

If fundamentals improve a bit even better.

There is no case for bankruptcy.

A further distribution cut is possible if the entire REIT debt goes to 6% and fundamenatls detororiate. I would guess that's a mid 2025 story though based on debt rewnewals.

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