CA - True North's 2024 Q1 Update: Still Navigating Through Turbulence

2024-05-26 02:34:18 ET

Summary

• True North's market overreaction presents a buying opportunity despite the decline in revenue and net operating income.
• Occupancy rates have improved slightly and True North is well-positioned to capture growth in the public sector and return to office trend.
• Financial results for Q1 2024 were neutral, but caution is advised due to elevated risk factors such as high accounts payable and mortgage renewals.

Introduction

In my previous analysis covering True North Commercial Real Estate Investment Trust (TSX: TNT.UN:CA , OTC:TUERF ) ("True North"), I discussed why the market overreacted significantly to True North's situation in terms of its complete cut of distributions, the decline in revenue and net operating income, the decline in FFO and AFFO amid the general weak outlook on office real estate....

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