Fonds de Placement Immobilier Canadien Net (Canadien Net) reported Q2 2024 results.
From Globe Newswire: 2024-08-20 16:30:00
The Fonds de Placement Immobilier Canadien Net (Canadien Net) announced its results for the quarter ending June 30, 2024 (Q2 2024), along with distributions for October, November, and December 2024. Despite a 4% decrease in FFO per unit, the company was able to offset interest rate increases and benefit from lower costs due to interest rate decreases and property sales. The company reported FFO of $3.2 million for Q2 2024, a slight decrease from Q2 2023. Rental revenues increased by 1.7% to $6.6 million for Q2 2024. Net operating income was $4.8 million, down 1.4% from Q2 2023, primarily due to increased rental revenues offset by property sales. Net loss attributable to unitholders was $8.9 million for Q2 2024, compared to a net income of $6.0 million in Q2 2023. For the six-month period ending June 30, 2024, FFO decreased to $6.3 million compared to $6.5 million for the same period in 2023. Rental revenues increased to $13.1 million, a 1.8% increase from the previous year. Net operating income was $9.6 million, down 1.1% from 2023, reflecting increased rental revenues offset by property sales. Net loss attributable to unitholders was $7.7 million for the six-month period, compared to net income of $10.8 million for the same period in 2023. The decrease in FFO was attributed to higher interest charges related to mortgage renewals, variable rate loans, and credit facilities. Rental revenue growth was driven by higher base rents and additional rents from existing properties, partially offset by property sales. The decrease in net operating income was primarily due to the sale of three properties in 2023 and 2024. The change in net income per unit was primarily due to the fair value change of properties. Canadien Net announced monthly cash distributions of $0.02875 per unit, payable on October 31, November 29, and December 31, 2024, to unitholders on record as of September 15, November 15, and December 13, 2024, respectively. The company’s financial results for the six-month periods ending June 30, 2024 and 2023 are summarized in the table provided, including key financial metrics and adjustments reconciled with IFRS measures. Canadien Net also presented non-IFRS financial measures such as FFO, FFO per unit, FFOA, FFOA per unit, NOI, and Adjusted Properties that are not defined in the IFRS but are deemed relevant by the company’s management. These non-IFRS measures should not be viewed as a replacement for net income or comparable metrics under IFRS, but provide insights into the company’s operational performance and debt management. Read more in the company’s financial statements and management report.
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