Dear Pat: As a grateful Inner Circle member, I thank you and your team for the excellent advice over the years. Please, would you offer your observations and analysis of TNT.UN?
A: True North Commercial REIT, $6.49, symbol TNT.UN on Toronto (Units outstanding: 47.8 million; Market cap: $366.1 million; www.truenorthreit.com), owns and operates a portfolio of 41 commercial properties. They make up about 3.3 million square feet, in urban centres and what the REIT sees as Canada’s select secondary markets.
True North has 97.7% of its assets in office properties and 2.3% in industrial. The REIT aims to focus on long-term leases with government tenants (currently accounting for 38.1% its revenue) and high-credit-rated tenants. True North’s overall occupancy rate is 96%.
The REIT has 60.4% of its leasable area in Ontario, 13.4% in Nova Scotia, 12.5% in Alberta, 10.0% in New Brunswick, and 3.7% in B.C.
True North began operations in late 2012. Since then, its revenue has jumped 225.6%, from $17.2 million in 2013 to $56.0 million in 2017. Cash flow, too, has soared, rising 339.2%—from $5.1 million to $22.4 million. However, due to more units outstanding from acquisitions, cash flow per unit…
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