SEDAR Interim Financial Statements

[
  {
    "companyName": "TRUE NORTH COMMERCIAL REAL ESTATE INVESTMENT TRUST",
    "reportingPeriodEnd": "2025-09-30",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "nonCurrentAssets": {
        "investmentProperties": 1140946,
        "derivativeInstruments": 0,
        "otherAssets": 828,
        "totalNonCurrentAssets": 1141774
      },
      "currentAssets": {
        "investmentPropertiesHeldForSale": 44555,
        "tenantAndOtherReceivables": 2902,
        "prepaidExpensesAndDeposits": 3914,
        "derivativeInstruments": 221,
        "cashAndCashEquivalents": 9070,
        "totalCurrentAssets": 60662
      },
      "totalAssets": 1202436,
      "nonCurrentLiabilities": {
        "mortgagePayable": 575681,
        "classBLPUnits": 3852,
        "totalNonCurrentLiabilities": 579533
      },
      "currentLiabilities": {
        "mortgagePayable": 130017,
        "creditFacility": 41095,
        "derivativeInstruments": 44,
        "tenantRentalDepositsAndPrepayments": 8758,
        "accountsPayableAndAccruedLiabilities": 50172,
        "totalCurrentLiabilities": 230086
      },
      "totalLiabilities": 809619,
      "unitholdersEquity": 392817,
      "cashPerShare": null,
      "workingCapitalPerShare": null
    },
    "incomeStatement": {
      "revenue": 89788,
      "propertyOperatingExpense": -31169,
      "realtyTaxesExpense": -14782,
      "generalAndAdministrationExpenses": -4678,
      "financeCosts": -26167,
      "transactionCostsOnSaleOfInvestmentProperties": -724,
      "distributionsOnClassBLPUnits": -169,
      "fairValueAdjustmentOfClassBLPUnits": 574,
      "fairValueAdjustmentOfInvestmentPropertiesAndInvestmentPropertiesHeldForSale": -28412,
      "unrealizedLossOnChangeInFairValueOfDerivativeInstruments": -838,
      "netLossAndComprehensiveLoss": -16577
    },
    "cashFlowStatement": {
      "netLossAndComprehensiveLoss": -16577,
      "adjustmentsForFinancingActivitiesIncludedInLoss": {
        "financeCosts": 26167,
        "distributionsOnClassBLPUnits": 169,
        "fairValueAdjustmentOfClassBLPUnits": -574
      },
      "adjustmentsForItemsNotInvolvingCash": {
        "fairValueAdjustmentOfInvestmentPropertiesAndInvestmentPropertiesHeldForSale": 28412,
        "unrealizedLossOnChangeInFairValueOfDerivativeInstruments": 838,
        "unitBasedCompensationExpense": 275,
        "fairValueAdjustmentOfUnitBasedCompensation": -46,
        "straightLineRent": 1475,
        "amortizationOfLeasingCostsAndTenantInducements": 9740,
        "transactionCostsOnSaleOfInvestmentProperties": 724
      },
      "changeInNonCashOperatingWorkingCapital": 5398,
      "cashProvidedByOperatingActivities": 56001,
      "dispositions": 14776,
      "additionsToInvestmentPropertiesAndInvestmentPropertiesHeldForSale": -20926,
      "cashProvidedByUsedInInvestingActivities": -6150,
      "proceedsFromCreditFacilityNetOfCosts": 21084,
      "repaymentOfCreditFacility": -10150,
      "proceedsOfMortgageFinancingAndRefinancingNetOfCosts": 236219,
      "repaymentOfMortgageFinancing": -232761,
      "repaymentOfMortgagesOnSaleOfInvestmentProperties": -20333,
      "principalPaymentsOnMortgages": -16281,
      "paymentsReceivedOnInstalmentNotesReceivable": 36,
      "cashDistributionsOnClassBLPUnits": -145,
      "financeCostsPaid": -24909,
      "unitsRepurchasedAndCancelledUnderNCIBNetOfCosts": -1043,
      "cashDistributionsToUnitholders": -4823,
      "cashUsedInFinancingActivities": -53112,
      "decreaseIncreaseInCashAndCashEquivalents": -3261,
      "cashAndCashEquivalentsBeginningOfPeriod": 12331,
      "cashAndCashEquivalentsEndOfPeriod": 9070
    },
    "investmentsAndOtherAssets": [],
    "shareStructure": {
      "authorizedShares": "unlimited",
      "issuedShares": 13979205,
      "classesOfShares": [
        "Units",
        "special voting units"
      ],
      "warrants": [],
      "options": [],
      "rightsConvertibleInstruments": "Class B LP Units are exchangeable on a one-for-one basis for Units at the option of the holder."
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": [
        {
          "period": "2025-09-30",
          "unitBasedCompensationExpense": 229,
          "fairValueAdjustmentOfUnitBasedCompensation": -46
        },
        {
          "period": "2024-09-30",
          "unitBasedCompensationExpense": 124,
          "fairValueAdjustmentOfUnitBasedCompensation": 300
        }
      ],
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Starlight Group Properties Holdings Inc. (affiliate)",
          "description": "Asset management fees and other expenses",
          "amount": 3312,
          "period": "2025-09-30"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": null,
        "description": "Refinanced all remaining 2025 debt maturities at a weighted average interest rate of approximately 4.39% and weighted average term of approximately 2.83 years.",
        "impactValue": null
      }
    ]
  }
]