True North Commercial REIT

Description

True North Commercial Real Estate Investment Trust owns commercial properties in Canada.

The unincorporated real estate investment trust reportedly focuses on creating a portfolio of long-term leases with government entities and credit-rated tenants. It also claims to create stable long term returns for its investors.

The open-ended REIT owns, acquires, and operates properties in key Canadian cities.

It maintains a high-quality tenant base with around 35 per cent of government tenants and 40 per cent of credit-rated tenants and ensures a stable base of well-capitalized tenants.

The trust claims to generate nearly 69 per cent of the total revenue from the top 20 tenants.

In 2016, the real estate investment trust acquired $90.8 million worth of properties.

The company converted into a pure-play office Real Estate Investment Trust in 2018 when it sold its two industrial properties and acquired $251.6 million worth of properties. The organization claims that its acquisition in 2019 generated stable and robust growth with a significant tenant base, including TD Bank, GM, Intact Insurance, Stantec Consulting, and the Federal Government of Canada.

It also claims to have 80 per cent retention of tenants since 2012.

The real estate investment trust promotes sustainable and energy-efficient practices across its property portfolio. It also pursues green building certifications and has installed solar panels and LED lights in its commercial properties.

In June 2021, the publicly listed REIT announced a sale of an office property in Mississauga for $11.9 million. It also announced to use the sale proceeds for future acquisitions and general trust purposes. The company’s customer base comprises government and credit-rated tenants, including:
• TD Insurance
• Golder Associates Ltd
• The Toronto-Dominion Bank
• Stantec Consulting Ltd
• LMI Technologies Inc
• Intact Insurance Co
• Staples Canada ULC
• General Dynamics Land Systems
• Honeywell Aerospace
• Ceridian Canada Ltd
• ADP Canada Co
• Allstream Inc

Some properties are surrounded by several amenities such as grocery stores, shopping malls, full-service kitchen areas, subway systems, fitness centers, etc.

The trust’s units are listed on the Toronto Stock Exchange under ‘TNT.UN’ symbol.