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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.
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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