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CT Real Estate Investment Trust (CRT-UN) investor relations material
CT Real Estate Investment Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered strong financial and operational results in 2025, with significant growth in retail portfolio and disciplined execution of the development pipeline.
Deployed approximately CAD 235 million in capital, adding nearly 900,000 sq ft of new retail space, including 400,000 sq ft in Q4.
Maintained a resilient balance sheet and leveraged strategic relationship with Canadian Tire for growth.
Continued focus on value creation for unitholders, supported by a robust balance sheet and investment approach.
Financial highlights
Q4 Net Operating Income (NOI) grew 4.9% year-over-year to $121.2 million; full-year NOI up 4.6%.
Q4 property revenue rose 5.1% year-over-year to $152.9 million; full-year revenue up 4.4% to $604.3 million.
Q4 net income increased 41.4% year-over-year to $191.3 million; full-year net income up 19.1% to $517.1 million.
Adjusted Funds from Operations (AFFO) per unit increased 2.9% in Q4 and 2.8% for the year.
Cash distributions per unit increased 2.5% in Q4, with a cumulative 45.9% growth since IPO.
Outlook and guidance
Development pipeline remains healthy with 11 projects in progress, 4 to be completed in 2026 and the rest in 2027 and beyond.
Approximately CAD 78 million expected to be invested in the next 12 months, with over 600,000 sq ft of new GLA to be added, 95% pre-leased.
Management remains confident in delivering reliable, durable, and growing results to unitholders, supported by a strong development pipeline and high occupancy.
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