Results for the Quarter Ended June 30, 2021 Distributions MONTRAL, Aug. 20, 2021 (GLOBE NEWSWIRE) -- (TSX-V: NET.UN) Canadian Net Real Estate Investment Trust (“Canadian Net” or the “Trust”) announces its results for the quarter ended June 30th, 2021, and monthly distributions for the months of October, November and December 2021.
RESULTS
For the quarter ended June 30th, 2021, Canadian Net reported recurring funds from operations ("Recurring FFO") per unit of $0.150 compared to $0.125 per unit for the quarter ended June 30, 2020, an increase of 20%. Recurring FFO was $2,624,484, an increase of 43% relative to $1,830,892 in Q2 2020. During Q2 2021, the Trust’s property rental income was $4,681,568 compared to $3,203,394 in Q2 2020, an increase of 46%. Net Operating Income was $3,412,257 compared to $2,450,381 in Q2 2020, an increase of 39%. Canadian Net recorded a net income attributable to unitholders of $6,220,770, or $0.356 per unit, compared to $2,515,312, or $0.171 per unit in Q2 2020.
For the six-month period ended June 30th, 2021, Canadian Net reported Recurring FFO per unit of $0.290 compared to $0.235 per unit for the comparable period in 2020, an increase of 23%. Recurring FFO was $5,057,751, an increase of 54% relative to $3,293,605 for the same period in 2020. During the 6-month period ended June 30th, 2021, the Trust’s property rental income was $9,135,359 compared to $6,067,000 for the same period in 2020, an increase of 51%. Net operating Income was $6,691,671 compared to $4,649,167 for the same period in 2020, an increase of 44%. Canadian Net recorded a net income attributable to unitholders of $6,444,443, or $0.370 per unit, compared to a net income of $6,633,788, or $0.474 per unit for the same period in 2020.
DISTRIBUTIONS
Canadian Net announces that it will make monthly cash distributions of $0.025 per unit, representing $0.30 per unit on an annualized basis, on October 29th, November 30th and December 31st, 2021, to unitholders of record on October 15th, November 15th and December 15th, 2021, respectively.
COLLECTIONS
During Q2 2021, Canadian Net collected 100% of its rents.
Jason Parravano, President and CEO says: “Q2 2021 marks our first quarter under our new brand, Canadian Net REIT. It was another solid quarter for the REIT as we continue to demonstrate significant per unit FFO growth. We completed a handful of transactions, added the Food Basics banner to our tenant roster and we acquired 3 parcels of land slated for development and redevelopment. Subsequent to quarter end, we announced and closed our first bought deal equity financing. After the exercise in full of the underwriters’s over-allotment option, the REIT raised gross proceeds of approximately $20.1M. This will allow us to continue with our growth initiatives and focus on delivering results for our unit holders.”
https://www.globenewswire.com/news-release/2021/08/20/2284264/0/en/Canadian-Net-REIT-Announces-Its-Results-for-the-Quarter-Ended-June-30-2021-and-Distributions-for-the-Months-of-October-November-and-December-2021.html