True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the 'REIT') today announced its financial results for the three and nine months ended September 30, 2020.

'The REIT delivered another productive quarter and further proved our resilience in spite of COVID-19. We continue to work closely with our tenants, which has translated into successful lease renewals and rent collections.' stated Daniel Drimmer, the REIT's President and Chief Executive Officer. 'The high percentage of revenue generated from credit rated and government tenants is key for the REIT which is evidenced by our continued positive operating results.'

Q3 Highlights Collected on average approximately 99% of contractual rent in Q3 2020 Contractually leased and renewed approximately 53,000 square feet with an average increase of approximately 2% (YTD - 6.1%) over expiring rates Portfolio occupancy currently at 98% with an average remaining lease term of 4.8 years Revenue and NOI increased 32% and 40%, respectively compared to Q3 2019. The majority of which can be attributed to acquisitions totaling $395.8 million in Q4 2019 Same Property NOI experienced an overall decline of 4.0%, the majority of which can be attributed to vacancy in the REIT's sole asset in Edmonton, Alberta (2.3%), as well as the REIT's participation in the Canada Emergency Commercial Rent Assistance ('CECRA') program and lower non-recurring termination payments and project management fees. Excluding the above, Same Property NOI increased 2.8% for the quarter FFO per Unit on both a basic and diluted basis remained stable compared to Q3 2019 at $0.15. AFFO per Unit on both a basic and diluted basis decreased $0.004 and $0.001 to $0.14 in Q3 2020 Refinanced the remaining 2020 mortgage maturities totaling $23.4 million with a weighted average fixed interest rate of 2.80% for five-year terms On September 30, 2020, the REIT disposed of 534 Queens Avenue located in London, ON totaling 19,000 square feet for a sale price of $2.3 million

About the REIT

The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT currently owns and operates a portfolio of 48 commercial properties consisting of approximately 4.8 million square feet in urban and select strategic secondary markets across Canada focusing on long term leases with government and credit rated tenants. The REIT is focused on growing its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist. Additional information concerning the REIT is available at www.sedar.com or the REIT's website at www.truenorthreit.com.

Forward-looking Statements

Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding the REIT's financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future. Readers are cautioned such statements may not be appropriate for other purposes. Forward-looking information may relate to future results, performance, achievements, events, prospects or opportunities for the REIT or the real estate industry and may include statements regarding the financial position, business strategy, budgets, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the REIT. In some cases, forward-looking information can be identified by such terms as 'may', 'might', 'will', 'could', 'should', 'would', 'expect', 'plan', 'anticipate', 'believe', 'intend', 'seek', 'aim', 'estimate', 'target', 'goal', 'project', 'predict', 'forecast', 'potential', 'continue', 'likely', or the negative thereof or other similar expressions suggesting future outcomes or events. Forward-looking statements involve known and unknown risks and uncertainties, which may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, assumptions may not be correct and objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the REIT's control, affect the operations, performance and results of the REIT and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to, risks and uncertainties related to the trust units of the REIT, risks related to the REIT and its business, and any risks related to the uncertainties surrounding the duration and the direct or indirect impacts of the COVID-19 pandemic on the business, operations and financial condition of the REIT and its tenants, as well as on consumer behaviours and the economy in general, including the ability to enforce leases, perform capital expenditure work, increase rent and obtain mortgage financings. The foregoing is not an exhaustive list of factors that may affect the REIT's forwardlooking statements. Other risks and uncertainties not presently know to the REIT could also cause actual results or events to differ materially from those expressed in its forward-looking statements. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements as there can be no assurance actual results will be consistent with such forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions applied in drawing a conclusion or making a forecast or projection, including management's perception of historical trends, current conditions and expected future developments, as well as other considerations believed to be appropriate in the circumstances. There can be no assurance regarding: (a) the breadth of impact of COVID-19 on the REIT's business, operations and performance, including performance of the Units; (b) the REIT's ability to mitigate any impacts related to COVID-19; (c) credit, market, operational, and liquidity risks generally; (d) Starlight Group Property Holdings Inc., or any of its affiliates ('Starlight'), will continue its involvement as asset manager of the REIT in accordance with its current asset management agreement and (e) other risks inherent to the REIT's business and/or factors beyond its control which could have a material adverse effect on the REIT. The forward-looking statements made relate only to events or information as of the date on which the statements are made in this press release. Except as specifically required by applicable Canadian law, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Contact:

Tel: (416) 234-8444

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