Core Insights - Canadian Net Real Estate Investment Trust reported its Q4 2024 results, indicating a pivotal year with successful capital recycling initiatives and a focus on high-quality retail properties [2][3][4] - The REIT announced monthly distributions for Q2 2025, maintaining a consistent distribution per unit [9][21] Financial Performance - For Q4 2024, Canadian Net reported Funds from Operations (FFO) of $3.25 million, or $0.158 per unit, a decrease from $3.34 million, or $0.162 per unit in Q4 2023 [3][4] - Rental income for Q4 2024 was $6.8 million, down 6.4% from Q4 2023, while Net Operating Income (NOI) was $4.8 million, a decrease of 2.8% [4][16] - For the twelve-month period ended December 31, 2024, FFO was $12.36 million, or $0.601 per unit, compared to $13.06 million, or $0.635 per unit for the same period in 2023 [5][6] - Total rental income for the twelve-month period was $26.1 million, a decrease of 1.6% from 2023, with NOI at $18.9 million, down 2.6% [6][7] Capital Recycling and Portfolio Quality - The REIT successfully reinvested proceeds from the sale of five gas station properties into four necessity-based retail properties leased to national triple-A tenants, enhancing portfolio quality and resilience [2][4] - The portfolio remains at 100% occupancy, positioning the REIT well to navigate the current macroeconomic environment [2][4] Distributions - Canadian Net announced monthly cash distributions of $0.02875 per unit for April, May, and June 2025, maintaining an annualized distribution of $0.345 per unit [9][21] Non-IFRS Financial Measures - The REIT reported a decrease in FFO and Normalized FFO primarily due to higher interest charges on mortgage renewals and declines in rental income from property dispositions [8][12] - Adjusted Funds from Operations (AFFO) for the twelve-month period was $11.59 million, with AFFO per unit at $0.564, reflecting a slight decrease from the previous year [18]
Canadian Net REIT Announces 2024 Fourth-Quarter Results
Globenewswireยท2025-03-18 21:14