MONTRÉAL, Aug. 18, 2026 (GLOBE NEWSWIRE) -- Canadian Net Real Estate Investment Trust ("Canadian Net" or the "REIT") (TSX-V: NET.UN) today reported its results for the quarter ended June 30(th) , 2026 ("Q2 2026") and distributions for October, November and December 2026 ("Q4 2026").

"We are pleased to report another quarter of FFO per unit(1) growth, with an increase of 3% quarter-over-quarter and 2% year-over-year," said Kevin Henley, President and CEO. "During the quarter, we continued executing on our strategy by acquiring a single-tenant Bureau en Gros property in Quebec, which closed late in Q2 and will contribute to results starting in the third quarter. Our portfolio remains in excellent shape, with 100% occupancy maintained and all 2026 lease renewals now completed. As it has throughout our history, our model continues to demonstrate its resilience, delivering consistent growth through disciplined acquisitions, proactive balance sheet management, organic rent growth, and steady mortgage paydown. Looking ahead, our focus is on unlocking further capital to fund future acquisitions and continue building on our organic growth momentum."

RESULTS FOR Q2 2026

Canadian Net reported Funds from operations(1) ("FFO") of $3.53 million, or $0.171 per unit, an increase of 3% compared to $3.41 million, or $0.166 per unit, for the quarter ended June 30, 2025 ("Q2 2025").

Rental income was $7.11 million in Q2 2026, an increase of 3.3% from Q2 2025. Net Operating Income(1) ("NOI") in Q2 2026 was $5.11 million, an increase of 1.7% from Q2 2025, reflecting mainly the increase in rental income from existing properties.

The REIT generated a net income attributable to unitholders of $3.5 million in Q2 2026 compared to a net loss of $1.4 million in Q2 2025.

RESULTS FOR THE 6-MONTH PERIOD ENDED JUNE 30, 2026

Canadian Net reported FFO(1) of $6.94 million, or $0.337 per unit, an increase of 2% compared to $6.79 million, or $0.330 per unit for the 6-month period ended June 30, 2025.

Rental income was $14.05 million for the 6-month period ended June 30, 2026, an increase of 2.3% from the same period in 2025. NOI(1) over the 6-month period ended June 30, 2026 was $10.12 million, an increase of 1.1% from the same period in 2025, reflecting mainly an increase in rental income due to property acquisitions and rent increases on existing properties.

The REIT generated a net income attributable to unitholders of $5.9 million for the 6-month period ended June 30, 2026 compared to a net income of $8.8 million for the same period last year.

The increase in FFO(1) is mainly derived from property acquisitions and increases in rent of certain existing properties, as well as lower interest charges on credit facilities and convertible debentures. The increase in FFO(1) was partially offset by higher interest charges on mortgage renewals. The increase in NOI(1) was mainly attributable to the increase in rental income from property acquisitions and rent increases on existing properties. Finally, the variance in net income attributable to unitholders is primarily attributable to the change in the fair value of investment properties.

(1 Non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section "Non-IFRS financial measures".)

DISTRIBUTIONS

Canadian Net announced that it will make monthly cash distributions of $0.03 per unit, representing $0.36 per unit on an annualized basis, on October 30(th) , November 30(th) and December 31(st) , 2026, to unitholders of record on October 15(th) , November 13(th) and December 15(th) , 2026, respectively.

The tables below represent other financial highlights and the reconciliations of certain non-IFRS measures for Q2 2026 and Q2 2025. This information should be read in conjunction with the Condensed Consolidated Financial Statements and Management's Discussion & Analysis ("MD&A") for the quarters ended June 30(th) , 2026 and June 30(th) , 2025.

 
SUMMARY OF SELECTED FINANCIAL INFORMATION 
 
                                  6 months 
Periods ended June 30        2026         2025        <DELTA>       % 
Financial info 
Property rental income     14,045,821   13,734,937     310,884     2% 
Net income and 
 comprehensive income       5,937,086    8,832,067  (2,894,981)  (33%) 
NOI (1)                    10,119,626   10,005,893     113,733     1% 
FFO (1)                     6,941,903    6,790,199     151,704     2% 
Normalized FFO (1)          6,941,903    6,790,199     151,704     2% 
AFFO (1)                    6,647,925    6,529,328     118,597     2% 
EBITDA (1)                  9,395,375   12,396,330  (3,000,955)  (24%) 
Adjusted EBITDA (1)         9,542,586    9,777,061    (234,475)   (2%) 
Investment properties     296,003,281  291,323,830   4,679,451     2% 
Adjusted investment 
 properties (1)           348,277,197  340,766,823   7,510,374     2% 
Total assets              323,796,829  316,838,323   6,958,506     2% 
Mortgages                 140,227,166  143,165,499  (2,938,333)   (2%) 
Current portion of 
 mortgages                 20,982,100   15,248,467   5,733,633    38% 
Credit facilities          10,330,000   12,565,000  (2,235,000)  (18%) 
Total convertible 
 debentures                 3,840,085    6,014,304  (2,174,219)  (36%) 
Total equity              141,679,850  134,930,711   6,749,139     5% 
Weighted average units 
 o/s - basic               20,615,063   20,582,076      32,987     - 
Amounts on a per unit 
basis 
FFO(1)                          0.337        0.330       0.007     2% 
Normalized FFO(1)               0.337        0.330       0.007     2% 
AFFO(1)                         0.322        0.317       0.005     2% 
Distributions                   0.175        0.173       0.003     1% 
(1) This is a non-IFRS financial measure with no standardized 
 IFRS meaning and may not be comparable to other issuers. 
 Refer to the sections "Non-IFRS financial measures". 
 

NON-IFRS FINANCIAL MEASURES

The Trust's consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-IFRS financial measures: FFO, FFO per unit, Normalized FFO, Normalized FFO per unit, AFFO, AFFO per unit, NOI, and Adjusted Investment Properties. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning, and may not be comparable with similar measures presented by other issuers. Canadian Net has presented such non-IFRS measures as management of the Trust believes they are relevant measures of Canadian Net's underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to net income, cash generated from (utilized in) operating activities, or comparable metrics determined in accordance with IFRS as indicators of the Trust's performance, liquidity, cash flow, and profitability. Information appearing in this news release is a select summary of results. This news release should be read in conjunction with the Condensed Consolidated Interim Financial Statements and MD&A for the Trust. Please refer to the "Non IFRS Financial Measures" section in Canadian Net's management's discussion and analysis for the period ended June 30, 2026, available under Canadian Net's profile on SEDAR+ at www.sedarplus.ca for a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS. Such explanation is incorporated by reference herein.

In addition, below are the reconciling tables for the non-IFRS measures used in this press release.

 
Reconciliation of Investment Properties to Adjusted 
 Investment Properties 
 
As at June 30                           2026         2025       <DELTA> 
Investment Properties 
Developed properties                 296,003,281  291,323,830      2% 
Joint Venture Ownership(1) 
Developed properties                  50,905,488   47,550,096      7% 
Properties under development           1,368,428    1,892,897    (28%) 
                                                  ----------- 
Adjusted Investment Properties(2)    348,277,197  340,766,823      2% 
(1) Represents Canadian Net's proportionate share 
(2) This is a non-IFRS financial measure with no standardized 
 IFRS meaning and may not be comparable to other issuers. 
 Refer to the section "Non-IFRS financial measures" 
 
 
Results of Operations 
 
                         3 months                              6 months 
Periods ended 
June 30             2026         2025        <DELTA>      2026         2025         <DELTA> 
Rental Income     7,110,613    6,885,960     224,653   14,045,821   13,734,937      310,884 
Operating 
 expenses        (1,996,604)  (1,856,432)   (140,172)  (3,926,195)  (3,729,044)    (197,151) 
 
Net Operating 
 Income(1)        5,114,009    5,029,528      84,481   10,119,626   10,005,893      113,733 
Share of net 
income from 
 investments in 
  joint 
  ventures          465,724     (195,866)    661,590    1,135,607      335,360      800,247 
Change in fair 
values 
of investment 
 properties         245,000   (3,932,846)  4,177,846     (255,519)   3,177,686   (3,433,205) 
Unit-based 
 compensation      (328,088)    (207,474)   (120,614)    (857,606)    (577,401)    (280,205) 
Administrative 
 expenses          (276,731)    (255,553)    (21,178)    (604,305)    (541,281)     (63,024) 
Financial 
 expenses        (1,764,970)  (1,786,982)     22,012   (3,600,717)  (3,568,190)     (32,527) 
Net income 
                              -----------                           ----------- 
 attributable 
  to 
  unitholders     3,454,944   (1,349,193)  4,804,137    5,937,086    8,832,067   (2,894,981) 
                 ----------   ----------   ---------   ----------   ----------   ---------- 
FFO(1)            3,527,093    3,412,036          3%    6,941,903    6,790,199           2%