Canadian Net Real Estate Investment Trust (NET-UN) Q2 2026 earnings summary

Executive summary

• FFO per unit grew 3% quarter-over-quarter and 2% year-over-year in Q2 2026, reflecting solid operational performance and successful execution of the acquisition strategy.

• Acquired a Bureau en Gros property at a 7% cap rate in Quebec, closing late in Q2, with contributions expected from Q3 onward.

• Portfolio maintained 100% occupancy, with all 2026 lease renewals completed.

Financial highlights

• FFO per unit for the six months ended June 30, 2026, was CAD 0.337, up 2% from CAD 0.33 year-over-year; Q2 2026 FFO: $3.53M ($0.171/unit), up 3% from Q2 2025.

• FFO increased to CAD 6.94 million from CAD 6.8 million year-over-year.

• NOI rose 1.1% to CAD 10.12 million for the six months; Q2 2026 NOI: $5.11M, up 1.7% year-over-year.

• Property rental income increased 2.3% to CAD 14.05 million for the six months; Q2 2026 rental income: $7.11M, up 3.3% year-over-year.

• IFRS value of investment properties rose to CAD 348.3 million from CAD 340.8 million year-over-year.

Outlook and guidance

• Remains active in portfolio optimization and new acquisitions despite quieter summer transaction activity.

• Focus remains on unlocking capital for future acquisitions and building on organic growth momentum.

• Monthly distributions of $0.03/unit declared for October, November, and December 2026.