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GOLD 4711.40 +0.3% SILVER 68.89 +0.4% COPPER 6.71 +1.6% OIL 82.38 −3.1% PALLADIUM 1334.50 −2.1% OTMC 0.495 +11.2% OPW 0.125 +0.0% HI 0.165 +10.0% VCU 1.31 +0.4% DLTA 0.175 −5.4% EMO 0.400 −1.2% GR 0.070 +0.0% MGG 0.395 +1.3% EVI 0.530 −3.6% AVL 9.66 +20.6% VCG 1.48 +8.0% TTS 2.41 −7.3% SCMI 1.89 +2.2% RIO 3.62 +6.2% PUMA 0.120 −7.7% TRR 0.340 −5.6% GOLD 4711.40 +0.3% SILVER 68.89 +0.4% COPPER 6.71 +1.6% OIL 82.38 −3.1% PALLADIUM 1334.50 −2.1% OTMC 0.495 +11.2% OPW 0.125 +0.0% HI 0.165 +10.0% VCU 1.31 +0.4% DLTA 0.175 −5.4% EMO 0.400 −1.2% GR 0.070 +0.0% MGG 0.395 +1.3% EVI 0.530 −3.6% AVL 9.66 +20.6% VCG 1.48 +8.0% TTS 2.41 −7.3% SCMI 1.89 +2.2% RIO 3.62 +6.2% PUMA 0.120 −7.7% TRR 0.340 −5.6%
Earnings

True North Commercial REIT Reports Q3-2025 Results

By The Northwire Desk — AI Analysis Nov 11, 2025 · 17:05 TNT · 9.01 None
TNT · Price

Executive Summary

  • True North Commercial REIT reported Q3‑2025 results showing a decline in NOI, FFO and AFFO versus the prior year, driven by property dispositions and lower occupancy on held‑for‑sale assets.
  • Core portfolio occupancy remained strong at ~94% with weighted average lease term (WALT) of 4.3 years; total leased/renewed space for the quarter was 168,400 sf at a WALT of 7.1 years and a 1.1 % leasing spread on renewals.
  • The REIT completed refinancing of all 2025 debt maturities after Q3, securing $228,300 of refinancing and $8,500 of new financing at an average rate of ~4.87 %, then refinanced the remaining 2025 debt at ~4.39 % (2.83‑year term).

Key Details

  • Occupancy & Leasing
  • Core portfolio occupancy (excluding assets held for sale) = 94 % (above market averages).
  • Total leased/renewed space Q3‑2025: 168,400 sf, WALT 7.1 years, leasing spread on renewals +1.1 %.

  • YTD‑2025 total leased/renewed space: 605,900 sf, WALT 5.5 years, base rent increase 0.9 % YoY.

  • Financial Performance (Q3‑2025 vs Q3‑2024)

  • Revenue: $30,586 k (↑ $149 k; YTD‑2025 ↓6 %).
  • Net Operating Income (NOI): $15,369 k, down ≈5 % YoY.
  • Same Property NOI (excl. held‑for‑sale): down 2 % Q3, 3 % YTD.
  • FFO: $8,105 k (↓ $1,009 k); per Unit basic/diluted $0.56 (down from $0.61).
  • AFFO: $7,800 k (↓ $1,713 k); per Unit basic/diluted $0.54 (down from $0.64).

  • Net loss & comprehensive loss Q3‑2025: $(5,213) k (worse than $(3,383) k in Q3‑2024).

  • Unit Repurchases

  • Q1‑Q2 2025: repurchased 110,700 Units for $1,021 k at $9.23/Unit. No repurchases in Q3‑2025.

  • Debt & Liquidity

  • Indebtedness to GBV ratio: 62.0 % (up from 61.8 %).
  • Weighted‑average fixed interest rate on debt: 4.38 % (↑ from 3.94 %).
  • Weighted‑average term to maturity: 2.39 years (↑ from 2.16 years).

  • Available Funds as of Sept 30 2025: $42,790 k (cash $9,070 k + undrawn credit facility $33,720 k).

  • Financing Activity (YTD‑2025)

  • Refinancing completed: $228,300 k at avg. rate 4.87 %, term ≈3.0 years.
  • New financing: $8,500 k under same terms.

  • Post‑quarter refinancing of remaining 2025 maturities: avg. rate 4.39 %, term 2.83 years.

  • Distribution Reinstatement

  • March 18 2025: Monthly distribution reinstated at $0.0575 per Unit (record date Mar 31, payable Apr 15).

  • YTD‑2025 AFFO payout ratio: 26 %.

  • Regional Same Property NOI Highlights (Q3‑2025 vs Q3‑2024)

  • Alberta: NOI ↓ 11 % (tenant downsizing).
  • British Columbia: NOI ↓ 35 % (lease non‑renewal).
  • New Brunswick: NOI flat.
  • Nova Scotia: NOI ↑ 11 % (occupancy & rent increases).
  • Ontario (GTA): NOI ↑ 2 % (termination income, later re‑leased).

Notable Quotes

  • “We are pleased with the continued leasing momentum… and the successful completion of the refinancing of all of its 2025 debt maturities during the quarter,” – Daniel Drimmer, CEO.

Materiality Assessment: Material – Negative (significant declines in NOI, FFO/AFFO and net loss; notable financing activity and debt profile changes).

Read the original news release →

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