Canadian Net REIT reports decreased fourth-quarter earnings

Canadian Net Real Estate Investment Trust (REIT) shared its financial results for the fourth quarter of 2024 and announced upcoming monthly distributions for 2025. The results show a decrease in rental income and net income compared to the previous year. For Q4 2024, the REIT reported Funds from Operations (FFO) of $3.25 million, or $0.158 per unit, down from $3.34 million or $0.162 per unit in Q4 2023. Rental income also fell to $6.8 million, a decrease of 6.4% from the same quarter last year. The net income attributed to unitholders was $1.8 million, significantly lower than $4.3 million in Q4 2023. Over the entire year of 2024, the REIT's FFO was $12.36 million, or $0.601 per unit, compared to $13.06 million, or $0.635 per unit, in 2023. The drop in income was mainly due to higher interest charges and lower rental income from property sales as part of their capital recycling efforts. Despite these challenges, the REIT completed several successful property acquisitions, aiming to enhance the quality of its portfolio. The CEO, Kevin Henley, expressed optimism about the company’s future, stating that the portfolio remains fully occupied. Canadian Net will distribute $0.02875 per unit for the months of April, May, and June 2025. The distributions will be paid to unitholders on specified dates in each month. The REIT will hold a webcast on March 19 to discuss these results further. Investors are encouraged to keep an eye on upcoming developments from the Trust as they navigate the current economic landscape.