Significant Acquisitions and Growth
Completed approximately $151 million of acquisitions, including 7 automotive properties in the Greater Montreal area and a Rivian tenanted property in Orlando, Florida. Additional 4 automotive properties acquired post-quarter for $57.3 million.
Increase in Rental Revenue and NOI
Rental revenue increased by 7.9% compared to Q3 last year. Cash NOI increased by 6.5% and same-property cash NOI increased by 2.3%.
AFFO and FFO Growth
AFFO per unit diluted increased to $0.252, up from $0.233. FFO and AFFO increased by 8.3% and 8.8%, respectively, reflecting higher rental revenue from acquisitions.
Distribution Increase
Board approved a 2.2% increase to unitholder distributions, raising annualized distribution per unit from $0.804 to $0.822.
Strong Financial Flexibility
Debt-to-GBV ratio at approximately 45%, with $7.5 million cash on hand and $9 million of undrawn capacity under credit facilities. 84% of debt fixed through interest rate swaps and mortgages.