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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.


TSX:TNT.UN - Post by User

Comment by sclardaon May 06, 2022 7:23pm
309 Views
Post# 34663801

RE:RE:RE:excellent earnings

RE:RE:RE:excellent earningsmjh9413 wrote

True but property space re-rented between 2H 2022 and dates in 2023 and 94% rate is real for qtr even if adjusted by fees. They also issued TM shares at $7.34 each and DRIP share payments at $7.09 in qtr (so 12e reveals). Also Unit options are curtailed but those outstanding are just about in the money for potential (~$3MM) cash influx. Better than I expected and with Drimmer at helm full time I'd say things will be steadied to !00% or less payout ratio rather than go other way. 

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  I hope you are right. I dont like to count shares issued under  DRIP  etc. as income even though it is distributions that they dont have to pay it adds to shares outstanding and increases the amount that has to be payed in distributions. The same with options. 

That being said as time goes by and they get higher rents on new and replacement leases     and the full effect of new property purchases come into effect it should help the payout ratio.

With the shareprices recent drop i have started buying a few shares and will buy more.   At  the current shareprice the distribution yield  is around  9.2% Even if in the worst case they had to cut it 10% to get the payout ratio down the  yield would still be over 8%  for a company with nice assets and some of the best tenants you can get. 

What more can you ask for?

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