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  • The Trust’s property rental income in Q2 was $4,681,568 compared to $3,203,394 in Q2 2020
  • Net operating income was $3,412,257 compared to $2,450,381 in Q2 2020
  • During the 6-month period ended June 30, property rental income was $9,135,359 compared to $6,067,000 for the same period in 2020
  • Net Operating Income increased by 44 per cent to $6,691,671 compared to $4,649,167 for the same period in 2020
  • Canadian Net announces that it will make monthly cash distributions of $0.025 per unit
  • During Q2 2021, Canadian Net collected 100% of its rents
  • Canadian Net Real Estate Investment Trust is an open-ended trust that acquires and owns real estate properties
  • Canadian Net Real Estate Investment Trust (NET.UN) is up 0.81 per cent, trading at C$7.50 at 4 pm ET

Canadian Net REIT (NET.UN) has announced results for the quarter ended June 30, and monthly distributions for October, November and December 2021.

Canadian Net reported recurring funds from operations per unit of $0.150 compared to $0.125 per unit for the quarter ended June 30, 2020, an increase of 20 per cent. Recurring FFO was $2,624,484, an increase of 43 per cent relative to $1,830,892 in Q2 2020.

During Q2 2021, the Trust’s property rental income was $4,681,568 compared to $3,203,394 in Q2 2020, an increase of 46 per cent.

Net operating income was $3,412,257 compared to $2,450,381 in Q2 2020, an increase of 39 per cent.

For the six-month period ended June 30, Canadian Net reported Recurring FFO per unit of $0.290 compared to $0.235 per unit for the comparable period in 2020, an increase of 23 per cent. Recurring FFO increased by 54 per cent to $5,057,751 compared to $3,293,605 for the same period in 2020.

During the 6-month period ended June 30, rental income was $9,135,359 compared to $6,067,000 for the same period in 2020, an increase of 51 per cent.

Net Operating Income increased by 44 per cent to $6,691,671 compared to $4,649,167 for the same period in 2020.

Canadian Net recorded a net income attributable to unitholders of $6,444,443, or $0.370 per unit, compared to a net income of $6,633,788, or $0.474 per unit for the same period in 2020.

Canadian Net announces that it will make monthly cash distributions of $0.025 per unit, representing $0.30 per unit on an annualized basis, on October 29th, November 30th and December 31st to unitholders of record on October, November and December 15th respectively.

During Q2 2021, Canadian Net collected 100% of its rents.

Jason Parravano, President and CEO remarked on the quarter.

“Q2 2021 marks our first quarter under our new brand, Canadian Net REIT. It was another solid quarter for the REIT as we continue to demonstrate significant per unit FFO growth. We completed a handful of transactions, added the Food Basics banner to our tenant roster and we acquired 3 parcels of land slated for development and redevelopment. Subsequent to quarter end, we announced and closed our first bought deal equity financing. After the exercise in full of the underwriters’s over-allotment option, the REIT raised gross proceeds of approximately $20.1M. This will allow us to continue with our growth initiatives and focus on delivering results for our unit holders.”

Canadian Net Real Estate Investment Trust is an open-ended trust that acquires and owns high-quality triple net and management-free commercial real estate properties.

Canadian Net Real Estate Investment Trust (NET.UN) is up 0.81 per cent, trading at C$7.50 at 4 pm ET.

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