Overview

* True North Q3-2025 revenue increased slightly, driven by termination income

* Net operating income decreased 5% due to property dispositions

* FFO and AFFO per Unit decreased due to higher interest costs

Outlook

* Company did not provide specific guidance for future quarters or full year

Result Drivers

* LEASING ACTIVITY - Co completed 168,400 sq ft of new and renewed leases with a WALT of 7.1 years and 1.1% leasing spread on renewals

* PROPERTY DISPOSITIONS - Decrease in NOI attributed to property dispositions and reduced occupancy in held for sale properties

* DEBT REFINANCING - Successful refinancing of all 2025 debt maturities, strengthening financial position

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 C$0.54

Adjusted

FFO Per

Share

Q3 FFO C$0.56

Per

Share

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the commercial reits peer group is "hold."

* Wall Street's median 12-month price target for True North Commercial REIT is C$9.95, about 9% above its November 10 closing price of C$9.06

Press Release:

For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)