Canadian Net REIT reports decrease in FFO and NOI due to higher interest charges

From GlobeNewswire: 2024-11-19 16:30:00

Canadian Net Real Estate Investment Trust reported its Q3 2024 results, with FFO decreasing to $2.8 million. Rental income was $6.2 million, NOI was $4.6 million, and net income was $13.0 million. For the nine-month period ending September 30, 2024, FFO decreased to $9.1 million. Distributions for January, February, and March 2025 were announced at $0.02875 per unit monthly.

The decrease in FFO and NOI is attributed to higher interest charges on mortgage renewals and property dispositions. The REIT remains optimistic about future opportunities. Financial highlights show a decrease in rental income due to property dispositions. A webcast discussing the results will be held on November 20, 2024, at 9:00 a.m. (EST).

Canadian Net Real Estate Investment Trust is an open-ended trust that acquires high-quality commercial real estate properties. Forward-looking statements in the press release caution about potential risks and uncertainties that may impact actual results. The September 30th, 2024 financial statements and management discussion & analysis can be viewed on SEDAR. Contact Kevin Henley at (450) 536-5328 for further information.



Read more at GlobeNewswire:: Canadian Net REIT Announces 2024 Third-Quarter Results