Canadian Net REIT reported Q1 2024 results with decreased FFO and net income.

From GlobeNewswire: 2024-05-21 16:00:00

Canadian Net Real Estate Investment Trust reported Q1 2024 results with a 100% occupancy rate and a 57% payout ratio. Funds from operations decreased to $3.1 million, rental income increased by 2%, and net income was $1.3 million. Distributions of $0.02875 per unit will be made in July, August, and September 2024.

The REIT’s FFO per unit decreased by 3% to $0.152, while NOI was $4.8 million for Q1 2024, reflecting a 1% decrease from the previous year. The net income attributable to unitholders in Q1 2024 was $1.3 million compared to $4.8 million in Q1 2023. The decrease in FFO was attributed to higher interest charges on mortgage renewals.

Canadian Net will distribute $0.02875 per unit monthly in July, August, and September 2024. Financial highlights include property rental income of $6.5 million and net income of $1.3 million for Q1 2024. Non-IFRS measures like FFO, AFFO, and EBITDA were used to assess the REIT’s financial performance. Management cautions that actual events may differ due to various factors.



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