December 5, 2024

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Canadian Net REIT Announces 2024 Third-Quarter Results

Canadian Net REIT Announces 2024 Third-Quarter Results
Canadian Net Real Estate Investment Trust
Canadian Net Real Estate Investment Trust

REIT also announces monthly distributions for Q1 2025

MONTRÉAL, Nov. 19, 2024 (GLOBE NEWSWIRE) — Canadian Net Real Estate Investment Trust (“Canadian Net” or the “REIT”) (TSX-V: NET.UN) today reported its results for the quarter ended September 30th, 2024 (“Q3 2024”). The REIT also announced distributions for the months of January, February and March 2025.

“We are very pleased with the progress we made in advancing our capital recycling initiatives during the third quarter,” said Kevin Henley, President and CEO. “We successfully sold four more properties and, shortly after the quarter end, announced the acquisition of a single-tenant grocery store, redeploying our capital into an immediately accretive opportunity on an FFO per unit1 basis and further enhancing our portfolio quality. Normalizing for certain non-recurring items, the quarter was in line for the REIT as we remained 100% occupied and further benefited from lower rates. As we look ahead to an increasingly favourable rate environment and solid industry fundamentals, we remain optimistic about our growing pipeline of opportunities.”

RESULTS FOR Q3 2024

Canadian Net reported that Funds from operations1 (“FFO”) decreased to $2.8 million, or $0.137 per unit compared to $3.2 million, or $0.155 per unit for the quarter ended September 30, 2023 (“Q3 2023”). Normalized FFO1 for the quarter, which adds back certain non-recurring items to better reflect operational performance, was $3.0 million, or $0.147 per unit compared to $3.2 million, or $0.155 per unit for Q3 2023.

Rental income was $6.2 million in Q3 2024, a decrease of 3.0% from Q3 2023. Net Operating Income (“NOI”)1 in Q3 2024 was $4.6 million, a decrease of 5.6% from Q3 2023, primarily reflecting a decrease in rental income due to property dispositions as well as straight-line rent adjustments associated with the dispositions.

The REIT generated a net income attributable to unitholders of $13.0 million in Q3 2024 compared to net income of $3.0 million in Q3 2023.

RESULTS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2024

Canadian Net reported that FFO1 decreased to $9.1 million, or $0.443 per unit compared to $9.7 million, or $0.473 per unit for the nine-month period ended September 30, 2023. Normalized FFO1 was $9.3 million, or $0.453 per unit compared to $9.7 million, or $0.473 per unit for the same period in 2023.

Rental income was $19.3 million for the nine-month period ended September 30, 2024, stable from the same period in 2023. NOI1 over the nine-month period ended September 30, 2024 was $14.2 million, a decrease of 2.6% from the same period in 2023, primarily reflecting a decrease in rental income due to property dispositions as well as straight-line rent adjustments associated with the dispositions.

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