Canadian Net REIT Announces 2025 First-Quarter Results and a Distribution Increase

Core Insights - Canadian Net Real Estate Investment Trust reported a solid quarter with an 8% increase in Funds from Operations (FFO) per unit, attributed to capital recycling and recent acquisitions [2][3][5] - The REIT announced an increase in annual distributions, reflecting enhanced profitability from prior investments [2][6] Financial Performance - For Q1 2025, Canadian Net reported FFO of $3.38 million, or $0.164 per unit, up from $3.13 million, or $0.152 per unit in Q1 2024, marking an 8% increase [3][9] - Rental income reached $6.9 million, a 4.7% increase from $6.54 million in Q1 2024 [3][9] - Net Operating Income (NOI) was $5.0 million, up 3.3% from $4.82 million in Q1 2024 [3][9] - The net income attributable to unitholders surged to $10.2 million in Q1 2025, compared to $1.3 million in Q1 2024, reflecting a 707% increase [4][9] Distribution Details - Starting July 2025, the annual distribution will increase from $0.345 to $0.350 per unit, representing a 1.5% increase [6][7] - Monthly cash distributions of $0.02917 per unit will be made on July 31, August 29, and September 29, 2025 [7] Investment Properties and Assets - Investment properties increased to approximately $295.09 million, a 7% rise from $276.40 million in the previous year [10][13] - Total assets grew by 5% to $321.28 million from $306.83 million [10] Non-IFRS Financial Measures - The REIT reported Adjusted Funds from Operations (AFFO) of $3.30 million, or $0.160 per unit, a 7% increase from $3.08 million, or $0.150 per unit in Q1 2024 [17] - EBITDA for Q1 2025 was reported at $11.96 million, a significant increase from $3.09 million in Q1 2024, reflecting an increase of 287% [18]