True North Commercial Real Estate Investment Trust (TUERF)

TUERF Income Statement

Financials in millions CAD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Rental Revenue	125.53	126.91	132.2	143.58	138.52	139.43
Total Revenue	125.53	126.91	132.2	143.58	138.52	139.43
Revenue Growth (YoY	-4.04%	-4.01%	-7.92%	3.65%	-0.65%	30.97%
Property Expenses	61.63	61.09	59.66	57.09	55.9	55.48
Selling, General & Administrative	5.94	5.83	5.64	6.05	6.91	5.77
Total Operating Expenses	67.57	66.92	65.3	63.15	62.8	61.25
Operating Income	57.96	59.99	66.91	80.43	75.72	78.18
Interest Expense	-36.16	-35.58	-36.12	-26.61	-26.76	-36.09
Other Non-Operating Income	-0.22	-0.18	10.17	4.64	-4.17	3.58
EBT Excluding Unusual Items	21.58	24.22	40.96	58.46	44.79	45.67
Asset Writedown	-45.14	-43.21	-80.21	-41.93	6.22	-5.71
Other Unusual Items	-1.97	-1.97	-1.38	-	-	-0.21
Pretax Income	-25.53	-20.95	-40.62	16.53	51	39.75
Net Income	-25.53	-20.95	-40.62	16.53	51	39.75
Net Income to Common	-25.53	-20.95	-40.62	16.53	51	39.75
Net Income Growth	-	-	-	-67.59%	28.31%	64.41%
Basic Shares Outstanding	14	14	16	16	15	15
Diluted Shares Outstanding	14	14	16	16	15	15
Shares Change (YoY)	-7.14%	-10.16%	-1.82%	3.49%	2.75%	1.87%
EPS (Basic)	-1.83	-1.49	-2.59	1.04	3.31	2.65
EPS (Diluted)	-1.83	-1.49	-2.59	1.04	3.31	2.65
EPS Growth	-	-	-	-68.68%	24.88%	61.40%
Dividend Per Share	0.172	-	1.708	3.415	3.416	3.416
Dividend Growth	-82.68%	-	-50.00%	-0.01%	-	-
Operating Margin	46.17%	47.27%	50.61%	56.02%	54.66%	56.07%
Profit Margin	-20.34%	-16.51%	-30.73%	11.52%	36.82%	28.51%
EBIT	57.96	59.99	66.91	80.43	75.72	78.18
EBIT Margin	46.17%	47.27%	50.61%	56.02%	54.66%	56.07%
Funds From Operations (FFO)	36.02	36.78	41.41	56.3	53.8	53.21
FFO Per Share	2.42	2.42	2.52	3.48	3.39	3.39
Adjusted Funds From Operations (AFFO)	-	37.83	40.62	55.98	51.41	51.09
AFFO Per Share	-	2.48	2.47	3.46	3.22	3.28
FFO Payout Ratio	-	-	75.21%	86.38%	87.70%	82.78%

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.