True North Commercial REIT T.TNT.UN

Alternate Symbol(s): TUERF

Real Estate REIT - Diversified

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

True North Commercial REIT > Under $2

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Comment by borne2runon Sep 27, 2023 11:39am

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Post# 35657022

RE:RE:Under $2

One of the worst performing REITs on the TSX.
Read the quarterly reports and you will understand why.

Q2 Report.
Interest Coverage declined from 3.00 x at the end of 2022 to only 2.62 x in Q2.
Weighted average interest rate is 3.64% with an average term to maturity of 2.89 years.
Indebtedness to Gross Book Value is 60.2% - way too much leverage.

What happens when the mortgages are renewed at much higher rates.
Bye-bye cash flow, bye-bye distributions.

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