Portfolio Weighted Average Lease Term of 4.4 years and 80% Government and Credit-Rated Tenants
/NOT FOR DISTRIBUTION IN THE
"This news release constitutes a "designated news release" for the purposes of the REIT's prospectus supplement dated
"The significant lease activity completed to date demonstrates the REIT's continued focus on maintaining strong relationships with its tenants and reinforces our strategic focus of securing and retaining government and credit-worthy tenants" stated
The REIT completed approximately 141,000 square feet of lease renewals across three properties in
The REIT also completed a five-year lease renewal totaling approximately 58,600 square feet with the Province of
Lastly, the REIT is pleased to announce a lease renewal of approximately 44,800 square feet with
The REIT's portfolio which is 91% occupied generates 80% of revenue from government and credit rated tenants with a weighted average remaining lease term of 4.4 years.
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of
For more information regarding the REIT, please visit www.sedar.com or the REIT's website at www.truenorthreit.com.
Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws, including statements regarding anticipated outcomes and benefits in respect of the Leases, and the REIT's future plans (including the Board's and management's expectations regarding the REIT's leverage, portfolio and future distributions). Forward-looking statements are provided for the purposes of assisting the reader in understanding the REIT's financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information may relate to future results, performance, achievements, events, prospects or opportunities for the REIT or the real estate industry and may include statements regarding the financial position, business strategy, budgets, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the REIT. In some cases, forward-looking information can be identified by such terms as "may", "might", "will", "could", "should", "would", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "goal", "project", "predict", "forecast", "potential", "continue", "likely", or the negative thereof or other similar expressions suggesting future outcomes or events.
Forward-looking statements necessarily involve known and unknown risks and uncertainties, which may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, assumptions may not be correct and objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the REIT's control, affect the operations, performance and results of the REIT and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to, the risks discussed in the REIT's materials filed with Canadian securities regulatory authorities from time to time on www.sedar.com. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements as there can be no assurance actual results will be consistent with such forward-looking statements.
Information contained in forward-looking statements is based upon certain material assumptions applied in drawing a conclusion or making a forecast or projection, including management's perception of historical trends, current conditions and expected future developments and the financial performance of the REIT resulting from the Leases, the breadth of impact of COVID-19 on the REIT's business, operations and performance, including the performance of its Units; the REIT's ability to mitigate any impacts related to fluctuating mortgage and interest rates, inflation and COVID-19; the impact of COVID-19 on the commercial real estate industry, property occupancy levels and the REIT; credit, market, operational, and liquidity risks generally;
The forward-looking statements made in this news release are dated and relate only to events or information as of the date of this news release. Except as specifically required by applicable Canadian law, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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