Acquisition of 52,000 square foot,
government tenanted, office property in Victoria, BC and continued strong rent
collection of 99.5%
208,200 square feet leased/renewed with a
WALT of 4.8 years during Q4 2021
/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S.
NEWSWIRES/
TORONTO, March 2, 2022 /CNW/ - True North Commercial
Real Estate Investment Trust (TSX: TNT.UN) (the "REIT") today
announced its financial results for the three months and year ended
December 31, 2021.
"The REIT has reported another quarter of stable operating
results including industry leading rent collections. Our
disciplined approach over the years of ensuring a quality tenant
base has allowed the REIT to successfully navigate the challenges
of the past twenty four months," stated Leslie Veiner, the REIT's Chief Executive
Officer. "With case numbers decreasing and restrictions starting to
ease in all our markets, we are starting to see an increase in
leasing activity and remain optimistic that these positive trends
will continue going forward into 2022".
Q4 Highlights
- Acquired a 52,000 square foot office property located at 1112
Fort Street, Victoria, British
Columbia for approximately $22
million plus closing costs.
- Collected approximately 99.5% of contractual rent in Q4
2021.
- Contractually leased and renewed approximately 208,200 square
feet with a weighted average lease term of 4.8 years and a 0.3%
increase over expiring base rents.
- Portfolio occupancy of 96% with an average remaining lease term
of 4.4 years.
- Access to $65.5 million of
Available Funds at the end of Q4 2021.
- Revenue and net operating income ("NOI") decreased 2% and 1%,
respectively compared to Q4 2020. The majority of which can be
attributed to the disposition activity in the first half of 2021
offset by an acquisition completed in Q4 2021 and an increase in
same property NOI ("Same Property NOI") of 0.6%.
- Same Property NOI experienced an overall increase of 0.6%,
which can be attributed to higher rental rates on lease renewals
and one-time termination payments.
- Funds from operations ("FFO") and adjusted funds from
operations ("AFFO") basic per Unit remained stable compared to Q4
2020 at $0.15 and $0.14 respectively
- FFO diluted per Unit decreased $0.01 to $0.14 and
AFFO diluted per Unit remained stable at $0.14.
YTD Highlights
- In Q2 2021, the REIT completed the sale of 529 Exmouth Street,
Sarnia, Ontario and 5900 Explorer
Drive, Mississauga, Ontario for a
sale price of $1.85 million and
$11.9 million (before transaction
costs) respectively.
- Collected approximately 99.5% of contractual rent during
2021.
- Contractually leased and renewed approximately 735,100 square
feet with a weighted average lease term of 4.7 years and a 1.6%
increase over expiring base rents.
Key Performance Indicators
|
Three months
ended
|
Years
ended
|
|
December
31
|
December
31
|
|
2021
|
2020
|
2021
|
2020
|
Number of
properties
|
|
|
46
|
47
|
Portfolio
GLA
|
|
|
4,799,600
sf
|
4,798,300
sf
|
Occupancy
|
|
|
96 %
|
98%
|
Remaining weighted
average lease term
|
|
|
4.4 years
|
4.7 years
|
Revenue from
government and credit rated tenants
|
|
|
|
76 %
|
75%
|
Revenue
|
$
|
35,461
|
$
|
36,189
|
$
|
138,523
|
$
|
139,431
|
NOI
(1)
|
20,451
|
20,741
|
82,627
|
83,742
|
Net income and
comprehensive income
|
18,916
|
8,299
|
51,004
|
39,752
|
Same Property NOI
(1)
|
22,083
|
21,960
|
88,405
|
87,977
|
FFO
(1)
|
$
|
13,309
|
$
|
13,213
|
$
|
53,800
|
$
|
53,207
|
FFO per Unit - basic
(1)
|
0.15
|
0.15
|
0.59
|
0.60
|
FFO per Unit -
diluted (1)
|
0.14
|
0.15
|
0.59
|
0.59
|
AFFO
(1)
|
$
|
12,866
|
$
|
12,743
|
$
|
51,408
|
$
|
51,089
|
AFFO per Unit - basic
(1)
|
0.14
|
0.14
|
0.57
|
0.57
|
AFFO per Unit -
diluted (1)
|
0.14
|
0.14
|
0.56
|
0.57
|
AFFO payout ratio -
diluted (1)
|
106 %
|
105 %
|
106 %
|
104 %
|
Distributions
declared
|
$
|
13,579
|
$
|
13,382
|
$
|
53,973
|
$
|
53,139
|
Operating Results
Revenue and NOI decreased by 2% (YTD 2020 - 1%) and 1% (YTD 2020
- 1%), respectively, compared to Q4 2020. The main contributor to
the decline was the disposition activity in the first half of 2021
offset by an acquisition completed in Q4 2021 and an increase in
Same Property NOI of 0.6%. One disposition was located in a smaller
tertiary market and reflects the REIT's strategy to focus on office
properties in larger urban markets. The second disposition totaling
40,000 square feet was an opportunistic sale of a smaller property
with the sale price above both the original purchase price and IFRS
value.
Q4 2021 FFO basic per Unit remained at $0.15 and Q4 2021 FFO diluted per Unit decreased
$0.01 to $0.14. AFFO basic and diluted per Unit
remained stable at $0.14.
On October 13, 2021, the REIT
acquired a 52,000 square foot office property located at 1112 Fort
Street, Victoria, British Columbia
for approximately $22 million plus
closing costs. The purchase price was satisfied by first mortgage
financing of approximately $14.3
million with an interest rate of 2.49% for a five-year term
and cash on hand.
Same Property NOI(1)
|
As at December 31
|
|
|
Occupancy
|
2021
|
2020
|
|
NOI
|
Q4
2021
|
Q4
2020
|
|
Variance
|
Variance
%
|
|
|
|
|
|
|
|
|
|
|
Alberta
|
96.5 %
|
96.1 %
|
|
Alberta
|
$
|
3,465
|
$
|
3,704
|
|
$
|
(239)
|
(6.5) %
|
British
Columbia
|
100.0 %
|
100.0 %
|
|
British
Columbia
|
1,250
|
1,263
|
|
(13)
|
(1.0) %
|
New
Brunswick
|
89.3 %
|
93.7 %
|
|
New
Brunswick
|
1,264
|
1,256
|
|
8
|
0.6 %
|
Nova
Scotia
|
97.5 %
|
92.8 %
|
|
Nova
Scotia
|
1,828
|
1,591
|
|
237
|
14.9 %
|
Ontario
|
95.9 %
|
99.0 %
|
|
Ontario
|
14,276
|
14,146
|
|
130
|
0.9 %
|
Total
|
95.6 %
|
97.6 %
|
|
|
$
|
22,083
|
$
|
21,960
|
|
$
|
123
|
0.6 %
|
Q4 2021 Same Property NOI increased 0.6% and 0.5% YTD
2021.
(1) This
is a non-IFRS financial measure. Refer to the Non-IFRS financial
measures section below.
|
Same Property NOI in Alberta
decreased 6.5% in Q4 2021 mainly driven by the REIT's downtown
Calgary property which was
impacted by lower rental rates. New
Brunswick same property occupancy decreased mainly due to a
partial lease surrender and a tenant that downsized on lease
renewal. Same Property NOI in New
Brunswick increased due to termination fees and NOI from a
new 10,200 square foot lease that commenced in Q2 2021.
Nova Scotia continues to be
positively impacted from a new 22,000 square foot short term
lease.
While occupancy has decreased in the REIT's Ontario portfolio, Same Property NOI has
increased 0.9% compared to the same period in 2020. The increase is
mainly due to higher rental rates associated with a 78,000 square
foot lease expiry in Q2 and Q3 of 2020, of which 95% was re-leased
with revenue commencing in the first half of 2021. Termination fees
also contributed to increased Same Property NOI. This increase was
offset by higher vacancy in the Greater
Toronto Area portfolio mainly due to a tenant downsizing on
lease renewal.
Excluding termination fees, Same Property NOI for the quarter
decreased 1.4% and 0.3% YTD 2021.
Debt and Liquidity
|
December 31,
2021
|
December 31,
2020
|
Indebtedness to GBV
ratio (1)
|
57.7 %
|
57.8 %
|
Interest coverage
ratio (1)
|
3.02 x
|
2.96 x
|
Indebtedness -
weighted average fixed interest rate
|
3.31 %
|
3.37 %
|
Indebtedness -
weighted average term to maturity
|
3.70 years
|
4.06 years
|
As at December 31, 2021,
Indebtedness to GBV ratio was 57.7%, a level well within the 75%
limit set out in the REIT's amended and restated declaration of
trust. The weighted average interest rate on the REIT's mortgage
portfolio was 3.31%, with a weighted average term to maturity of
3.70 years.
During the year ended December 31, 2021, the REIT
refinanced a total of $111.0 million
of mortgages with a weighted average fixed interest rate of 2.89%
(0.26% basis points lower than existing rates) for five to seven
year terms providing the REIT with additional liquidity of
approximately $23.2 million. The REIT
is continuing to explore early refinancing opportunities and is
currently working on refinancing the 2022 debt maturities.
COVID-19 Update
- Collections remain strong with approximately 99.5% of
contractual rents collected for the three months and year ended
December 31.
- The Canada Emergency Rent
Subsidy ("CERS") program was established to assist businesses
experiencing a significant drop in revenue as a result of the
COVID-19 pandemic. Five tenants participated in the CERS program
and the REIT recognized $0.07 million
expense in property operating costs representing its rental
provision granted to tenants for the year ended December 31, 2021. The program ended on
October 23, 2021.
- The REIT deferred a total of $0.45
million of rental payments for certain tenants since the
start of the pandemic. As of December 31,
2021, all deferred rental payments had been received.
With close to 80% of Canada's
population having received two doses of the COVID-19 vaccine and
almost 40% of the population having received their booster shot as
of the end of January 2022, there
continues to be widespread optimism that employers can initiate or
restart return-to-office plans in the near-term. However,
uncertainty surrounding case counts and hospitalization rates
remain as a result of new COVID-19 variants of concern that are
more transmissible with the potential to carry increased health
risks. As emergency measures start to ease in many provinces and
territories and several pandemic restrictions are lifted earlier
than originally scheduled, the uncertainty created by variants of
concern and potential further closures of certain businesses could
impact the REIT's business and operations for a prolonged
period.
It remains difficult to predict the continued impact of COVID-19
on the REIT's business and operations, both in the short and
long-term. Certain aspects of the REIT's business and operations
that could potentially be impacted include, without limitation,
rental income, occupancy, tenant inducements, future demand for
space and market rents, all of which ultimately impact the
underlying valuation of the REIT's investment properties and its
ability to maintain its distributions to Unitholders.
(1) This
is a non-IFRS financial measure. Refer to the Non-IFRS financial
measures section below.
|
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 46 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.sedar.com or
the REIT's website at www.truenorthreit.com.
Non-IFRS financial measures
Certain terms used in this press release such as FFO, AFFO, FFO
and AFFO payout ratios, NOI, Same Property NOI, indebtedness
("Indebtedness"), gross book value ("GBV"), Indebtedness to GBV
ratio, net earnings before interest, tax, depreciation and
amortization and fair value gain (loss) on financial instruments
and investment properties ("Adjusted EBITDA"), interest coverage
ratio and Available Funds 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, AFFO, FFO and AFFO payout ratios,
NOI, Same Property NOI, Indebtedness, GBV, Indebtedness to GBV
ratio, Adjusted EBITDA, interest coverage ratio, adjusted cash
provided by operating activities and Available Funds 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
financial measures are set out in the REIT's Management's
Discussion and Analysis for the three months and year ended
December 31, 2021 and the Annual Information Form are
available on the REIT's profile at www.sedar.com.
Reconciliation of Non-IFRS financial measures
The following tables reconcile the non-IFRS financial measures
to the comparable IFRS measures for the three months and year ended
December 31, 2021 and 2020. These
non-IFRS financial measures do not have any standardized meanings
prescribed by IFRS and may not be comparable to similar measures
presented by other issuers.
NOI
The following table calculates the REIT's net operating income,
a non-IFRS financial measure:
|
Three months
ended
December 31
|
Years
ended
December 31
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenue
|
$
|
35,461
|
$
|
36,189
|
$
|
138,523
|
$
|
139,431
|
Expenses:
|
|
|
|
|
|
|
|
|
Property operating
costs
|
|
(10,016)
|
|
(10,316)
|
|
(35,940)
|
|
(35,062)
|
Realty
taxes
|
|
(4,994)
|
|
(5,132)
|
|
(19,956)
|
|
(20,627)
|
NOI
|
$
|
20,451
|
$
|
20,741
|
$
|
82,627
|
$
|
83,742
|
Same Property NOI
Same Property NOI is measured as the net operating income for
the properties owned and operated by the REIT for the current and
comparative period. The following table reconciles the REIT's Same
Property NOI to NOI:
|
Three months
ended December
31
|
Years
ended December
31
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Number of
properties
|
|
45
|
|
45
|
|
45
|
|
45
|
Revenue
|
$
|
35,059
|
$
|
35,769
|
$
|
137,455
|
$
|
137,647
|
Expenses:
|
|
|
|
|
|
|
|
|
Property
operating
|
|
(9,923)
|
|
(10,206)
|
|
(35,688)
|
|
(34,648)
|
Realty
taxes
|
|
(4,940)
|
|
(5,059)
|
|
(19,801)
|
|
(20,285)
|
|
$
|
20,196
|
$
|
20,504
|
$
|
81,966
|
$
|
82,714
|
Add:
|
|
|
|
|
|
|
|
|
Amortization of
leasing costs and tenant inducements
|
|
1,652
|
|
1,129
|
|
5,929
|
|
4,071
|
Straight-line
rent
|
|
235
|
|
327
|
|
510
|
|
1,192
|
Same Property
NOI
|
$
|
22,083
|
$
|
21,960
|
$
|
88,405
|
$
|
87,977
|
Reconciliation to
financial statements:
|
|
|
|
|
|
|
|
|
Acquisitions and
dispositions
|
|
255
|
|
255
|
|
675
|
|
1,126
|
Amortization of
leasing costs and tenant inducements
|
|
(1,652)
|
|
(1,146)
|
|
(5,943)
|
|
(4,150)
|
Straight-line
rent
|
|
(235)
|
|
(328)
|
|
(510)
|
|
(1,211)
|
NOI
|
$
|
20,451
|
$
|
20,741
|
$
|
82,627
|
$
|
83,742
|
FFO and AFFO
The following table reconciles the REIT's FFO and AFFO to net
income and comprehensive income, for the three months and years
ended December 31, 2021 and 2020:
|
Three months
ended December
31
|
Years
ended December
31
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net income and
comprehensive income
|
$
|
18,916
|
$
|
8,299
|
$
|
51,004
|
$
|
39,752
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
Fair value adjustment
of Unit-based compensation
|
|
108
|
|
188
|
|
801
|
|
(44)
|
Fair value adjustment
of investment properties
|
|
(7,361)
|
|
1,115
|
|
(6,219)
|
|
5,712
|
Fair value adjustment
of Class B LP Units
|
|
514
|
|
2,314
|
|
3,601
|
|
(3,778)
|
Transaction costs on
sale of investment property
|
|
—
|
|
73
|
|
623
|
|
233
|
Distributions on Class
B LP Units
|
|
449
|
|
573
|
|
1,884
|
|
2,291
|
Unrealized loss on
change in fair value of derivative instruments
|
|
(969)
|
|
(495)
|
|
(3,837)
|
|
4,891
|
Amortization of
leasing costs and tenant inducements
|
|
1,652
|
|
1,146
|
|
5,943
|
|
4,150
|
FFO
|
$
|
13,309
|
$
|
13,213
|
$
|
53,800
|
$
|
53,207
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
Unit-based
compensation expense
|
|
115
|
|
91
|
|
448
|
|
256
|
Amortization of
financing costs
|
|
401
|
|
306
|
|
1,372
|
|
1,161
|
Amortization of
mortgage discounts
|
|
(12)
|
|
(14)
|
|
(51)
|
|
(31)
|
Installment note
receipts
|
|
25
|
|
27
|
|
105
|
|
115
|
Straight-line
rent
|
|
235
|
|
328
|
|
510
|
|
1,211
|
Capital
reserve
|
|
(1,207)
|
|
(1,208)
|
|
(4,776)
|
|
(4,830)
|
AFFO
|
$
|
12,866
|
$
|
12,743
|
$
|
51,408
|
$
|
51,089
|
|
|
|
|
|
|
|
|
|
FFO per
Unit:
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.15
|
$
|
0.15
|
$
|
0.59
|
$
|
0.60
|
Diluted
|
$
|
0.14
|
$
|
0.15
|
$
|
0.59
|
$
|
0.59
|
AFFO per
Unit:
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.14
|
$
|
0.14
|
$
|
0.57
|
$
|
0.57
|
Diluted
|
$
|
0.14
|
$
|
0.14
|
$
|
0.56
|
$
|
0.57
|
AFFO payout
ratio:
|
|
|
|
|
|
|
|
|
Basic
|
|
105 %
|
|
105 %
|
|
105 %
|
|
104 %
|
Diluted
|
|
106 %
|
|
105 %
|
|
106 %
|
|
104 %
|
Distributions
declared
|
$
|
13,579
|
$
|
13,382
|
$
|
53,973
|
$
|
53,139
|
Weighted average
Units outstanding (000s):
|
|
|
|
|
|
|
|
|
Basic
|
|
91,312
|
|
90,044
|
|
90,799
|
|
89,392
|
Add:
|
|
|
|
|
|
|
|
|
Unit options and
Incentive Units
|
|
622
|
|
428
|
|
753
|
|
389
|
Diluted
|
|
91,934
|
|
90,472
|
|
91,552
|
|
89,781
|
Indebtedness to GBV Ratio
The table below calculates the REIT's Indebtedness to GBV ratio
as at December 31, 2021 and
2020. The Indebtedness to GBV ratio is calculated by dividing
the indebtedness by GBV:
|
December
31,
2021
|
December
31,
2020
|
Total
assets
|
$
|
1,421,177
|
$
|
1,404,882
|
Deferred financing
costs
|
|
7,171
|
|
6,300
|
GBV
|
$
|
1,428,348
|
$
|
1,411,182
|
Mortgages
payable
|
|
820,402
|
|
812,489
|
Unamortized financing
costs and mark to market mortgage adjustments
|
|
3,977
|
|
3,860
|
Indebtedness
|
$
|
824,379
|
$
|
816,349
|
Indebtedness to
GBV
|
|
57.7
%
|
|
57.8
%
|
Adjusted EBITDA
The table below reconciles the REIT's adjusted EBITDA to net
income and comprehensive income for the years ended December 31, 2021 and 2020:
|
|
December 31,
2021
|
|
December 31,
2020
|
|
|
|
|
Net income and
comprehensive income
|
$
|
51,004
|
$
|
39,752
|
|
|
|
|
|
|
|
Add
(deduct):
|
|
|
|
|
|
Interest
expense
|
|
27,344
|
|
27,746
|
|
Fair value adjustment
of Unit-based compensation
|
|
801
|
|
(44)
|
|
Transaction costs on
sale of investment property
|
|
623
|
|
233
|
|
Fair value adjustment
of investment properties
|
|
(6,219)
|
|
5,712
|
|
Fair value adjustment
of Class B LP Units
|
|
3,601
|
|
(3,778)
|
|
Distributions on
Class B LP Units
|
|
1,884
|
|
2,291
|
|
Unrealized loss on
change in fair value of
derivative
instruments
|
|
(3,837)
|
|
4,891
|
|
Amortization of
leasing costs, tenant inducements,
mortgage premium
(discounts) and financing costs
|
|
7,264
|
|
5,280
|
|
Adjusted
EBITDA
|
$
|
82,465
|
$
|
82,083
|
|
Interest Coverage Ratio
The table below calculates the REIT's interest coverage ratio
for the years ended December 31, 2021
and 2020. The interest coverage ratio is calculated by dividing
Adjusted EBITDA by interest expense.
|
|
December 31,
2021
|
|
December 31,
2020
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
82,465
|
$
|
82,083
|
Interest
expense
|
|
27,344
|
|
27,746
|
Interest coverage
ratio
|
|
3.02 x
|
|
2.96 x
|
Available Funds
The table below calculates the REIT's Available Funds as at
December 31, 2021 and 2020:
|
December
31,
2021
|
December
31,
2020
|
Cash
|
$
|
5,476
|
$
|
24,580
|
Undrawn Credit
Facility
|
|
60,000
|
|
60,000
|
Available
Funds
|
$
|
65,476
|
$
|
84,580
|
Forward-looking Statements
Certain statements contained in this press release constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking statements are provided for the
purposes of assisting the reader in understanding the REIT's
financial performance, financial position and cash flows as at and
for the periods ended on certain dates and to present information
about management's current expectations and plans relating to the
future. Readers are cautioned that such statements may not be
appropriate for other purposes. Forward-looking information may
relate to future results, performance, achievements, events,
prospects or opportunities for the REIT or the real estate industry
and may include statements regarding the financial position,
business strategy, budgets, projected costs, capital expenditures,
financial results, taxes, plans and objectives of or involving the
REIT. In some cases, forward-looking information can be identified
by such terms as "may", "might", "will", "could", "should",
"would", "expect", "plan", "anticipate", "believe", "intend",
"seek", "aim", "estimate", "target", "goal", "project", "predict",
"forecast", "potential", "continue", "likely", or the negative
thereof or other similar expressions suggesting future outcomes or
events.
Forward-looking statements involve a number of risks and
uncertainties, including statements regarding the outlook for the
REIT's business and results of operations and the effect of the
coronavirus (SARS- CoV-2) ("COVID-19") pandemic on the REIT's
business and operations. Forward-looking statements involve
known and unknown risks and uncertainties, which may be general or
specific and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove
to be accurate, assumptions may not be correct and objectives,
strategic goals and priorities may not be achieved. A variety of
factors, many of which are beyond the REIT's control, affect the
operations, performance and results of the REIT and its business,
and could cause actual results to differ materially from current
expectations of estimated or anticipated events or results. These
factors include, but are not limited to, risks and uncertainties
related to the Units, risks related to the REIT and its business,
and any risks related to the uncertainties surrounding the duration
and the direct and indirect impact of the COVID-19 pandemic on the
business, operations and financial condition of the REIT and its
tenants, as well as on consumer behavior and the economy in
general, including the ability to enforce leases, perform capital
expenditure work, increase rents, raise capital through the
issuance of Units or other securities of the REIT and obtain
mortgage financing on the REIT's properties. The foregoing is not
an exhaustive list of factors that may affect the REIT's
forward-looking statements. Other risks and uncertainties not
presently known to the REIT could also cause actual results or
events to differ materially from those expressed in its
forward-looking statements. The reader is cautioned to consider
these and other factors, uncertainties and potential events
carefully and not to put undue reliance on forward-looking
statements as there can be no assurance actual results will be
consistent with such forward-looking statements.
Information contained in forward-looking statements is based
upon certain material assumptions applied in drawing a conclusion
or making a forecast or projection, including management's
perception of historical trends, current conditions and expected
future developments, as well as other considerations believed to be
appropriate in the circumstances. There can be no assurance
regarding: (a) the breadth of impact of COVID-19 on the REIT's
business, operations and performance, including the performance of
its Units; (b) the REIT's ability to mitigate any impacts related
to COVID-19; (c) credit, market, operational, and liquidity risks
generally; (d) Starlight Group Property Holdings Inc., or any of
its affiliates, continuing as asset manager of the REIT in
accordance with its current asset management agreement; and (e)
other risks inherent to the REIT's business and/or factors beyond
its control which could have a material adverse effect on the
REIT.
The forward-looking statements made relate only to events or
information as of the date on which the statements are made in this
press release. Except as specifically required by applicable
Canadian law, the REIT undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
SOURCE True North Commercial Real Estate Investment Trust