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Canadian Net Real Estate Investment Trust (NET-UN) investor relations material

Canadian Net Real Estate Investment Trust Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary20 Aug, 2025

Executive summary

  • Achieved 8% year-to-date FFO per unit growth, driven by capital recycling, accretive reinvestments, and recent property acquisitions.

  • Maintained 100% occupancy in a focused portfolio of single-tenant, triple-net, necessity-based properties with strong tenant demand and high barriers to entry.

  • Conservative payout ratio of 52% supports increased distributions and preserves cash for operations and long-term stability.

Financial highlights

  • FFO per unit for the six months ended 06/30/2025 was $0.330, up 8% year-over-year.

  • Total FFO rose to $6.8M for six months, and NOI increased 4% to $10M for the same period.

  • Property rental income grew 5% to $13.7M, driven by new properties and higher rents.

  • AFFO for six months was $6.53M, up 10% year-over-year; AFFO per unit was $0.317, up 10%.

  • IFRS value of investment properties reached $340.8M, up from $316.9M a year earlier.

Outlook and guidance

  • Leasing renewals for 2025 covered 97% of expiring rent at a 6.8% average rental spread.

  • For 2026, 45% of expiring NOI already renewed at an 11.5% average increase; overall renewal spread expected to settle at 6–7%.

  • Announced monthly cash distributions of $0.02917 per unit for Q4 2025, annualized at $0.35 per unit.

  • Same property NOI growth expected to remain steady at 1.5–2%.

  • Transaction market is slow; acquisitions will proceed only if accretive, with more activity possible if rates decline.

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Next Canadian Net Real Estate Investment Trust earnings date

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Q3 202519 Nov, 2025
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Frequently asked questions

Canadian Net Real Estate Investment Trust is an open-ended real estate investment trust that specializes in acquiring and owning high-quality triple-net and management-free commercial real estate properties. Its portfolio primarily includes properties leased to tenants in various sectors such as fast food restaurants, convenience stores, and gas stations, emphasizing the acquisition of commercial real estate properties that provide stable and reliable income streams without the need for active management by the trust. . The company is headquartered in Pointe-Claire, Quebec, Canada, and its shares are listed on the TSX.

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