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rtis Real Estate Investment Trust (TSX: AX.UN) (TSX: AX.PR.E) (TSX: AX.PR.I) today announced its financial results for the year ended December 31, 2024. The annual results should be read in conjunction with the REIT's consolidated financial statements and Management's Discussion and Analysis (MD&A). All amounts are in thousands of Canadian dollars, except per unit amounts or otherwise noted.
"We made significant progress towards strengthening our balance sheet and reducing leverage," said Samir Manji, President and Chief Executive Officer. "We monetized $972.9 million of real estate, reducing leverage from 50.9% to 40.2%. We refinanced debt with a new three-year senior secured credit facility for $520.0 million Canadian dollars in the fourth quarter."
The REIT's investment in Cominar has been impacted by higher interest rates. However, Manji expects this matter to be resolved soon. In the meantime, the REIT is focusing on maximizing value for unitholders.
2024 Highlights:
* Acquired a 50% interest in the Kincaid Building in British Columbia for $22.5 million.
* Acquired an additional 5% interest in Park 8Ninety V in Texas for US$4.0 million, then sold it.
* Disposed of 20 properties in Canada and the U.S. for $972.9 million.
* Entered into unconditional agreements to sell two industrial and two retail properties in Canada for $70.5 million, which closed after year-end.
