True North Commercial Real Estate Investment Trust - Announces the Strategic Disposition of Four Non-Core Assets at a Gross Sale Price of $61.4 Million Generating Approximately $19.1 Million of Net Proceeds
/NOT FOR DISTRIBUTION IN THE
"With available liquidity in the market for smaller commercial properties, the REIT capitalized by strategically disposing select smaller non-core assets under favourable terms. All four properties were either sold or will be sold for more than their initial purchase value. These dispositions underscore the strength of the REIT's portfolio and its ability to access liquidity and attract buyers for its assets despite challenging market conditions." said
Normal Course Issuer Bid
Given the success of reallocating funds previously used for distributions to the normal course issuer bid ("NCIB") whereby units ("Units") of the REIT can currently be repurchased at a significant discount to the REIT's NAV per Unit and at an inferred distribution yield of approximately 20.5% (1). The REIT previously announced it had renewed the NCIB which will expire on the earlier of (i)
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(1) |
Estimated using the |
(2) |
Estimated using the |
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of
The REIT is focused on growing its portfolio principally through acquisitions across
Certain terms used in this press release such as net asset value ("NAV") per Unit are not measures defined by International Financial Reporting Standards ("IFRS") as prescribed by the
Certain statements contained in this news release may constitute forward-looking statements within the meaning of applicable Canadian securities laws. These statements relate to future events or the REIT's future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words "may", "might", "will", "could", "should", "would", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "goal", "project", "predict", "forecast", "potential", "continue", "likely" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are often, but not always, identified by such words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, and without limiting the foregoing, this news release contains forward-looking statements with respect to the REIT's intentions with respect to the NCIB and the effects of repurchases of Units thereunder, including any enhancement to unitholder value; and the disposition of the Hunter Property and the Glenlyon Property. Such forward-looking information is based on certain assumptions and analysis made by the REIT in light of its experience and perception of current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results, performance or achievements will conform to the REIT's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from the REIT's expectations. Further information regarding the assumptions and risks inherent in the making of forward-looking statements can be found in the REIT's most recently filed Annual Information Form ("AIF"), along with the REIT's other public disclosure documents. Copies of the AIF and the REIT's other public disclosure documents are available through the REIT's website at www.truenorthreit.com and through the SEDAR+ website at www.sedarplus.ca. The forward-looking information included in this news release is expressly qualified in its entirety by the foregoing cautionary statements. Unless otherwise stated, the forward-looking information included in this news release is made as of the date of this news release and the REIT assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law.
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