True North Commercial REIT: Downside Risk Is Fully Priced

2025-06-17 09:25:31 ET

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Thesis

True North Commercial REIT ( TNT.UN:CA ) ( OTC:TUERF ) is the smallest pure-play office REIT in Canada, trailing behind Dream Office REIT ( D.UN:CA ) and Allied Properties REIT ( AP.UN:CA ). The Canadian office sector has faced significant headwinds in recent years, and TNT has not been immune to this, delivering a total return of -68% over the past three years, compared to Dream's -49% and Allied's -33%. In my view, this underperformance stems primarily from the REIT's lower-quality assets and smaller overall market size....

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