CT Real Estate Investment Trust (CRT-UN) investor relations material

Executive summary

• Announced major progress on the Canada Square redevelopment, including a new 20-year lease with Canadian Tire for 550,000 sq. ft. and over $200M in upgrades, with phased occupancy through late 2028.

• Completed two new investments: a Calgary shopping center acquisition and a Saskatoon store expansion, totaling $66M and over 250,000 sq. ft., expected to yield 7.55%.

• Released the fourth annual ESG report, highlighting improved data systems, community support, and recognition for diversity and asset management.

• Achieved strong Q2 growth with renewal of 10 major leases.

• Completed a $200M unsecured debenture issuance.

Financial highlights

• Q2 occupancy rate increased to 99.5% on a committed basis.

• Property revenue rose 3.7% year-over-year to $149.8M; net operating income increased 3.4% to $118.9M.

• Same store NOI grew 1.6% and same property NOI rose 2.2% year-over-year; overall NOI up 3.4%.

• AFFO per unit increased 1.6% to $0.32; FFO per unit up 1.5% to $0.342.

• Distributions per unit paid increased 3.0% to $0.231; AFFO payout ratio was 72.2%.

Outlook and guidance

• Development pipeline remains strong with 20 projects at various stages; eight expected to complete by year-end, remainder by 2026 and beyond.

• Management expects continued growth from new investments and intensifications, with a focus on portfolio quality and ESG initiatives.

• Substantial financial flexibility with indebtedness ratio below 40%, providing capacity for future investments.

• No NOI disruption expected during Canada Square retrofit; phased rent ramp-up aligned with project delivery through 2028.

• Forward-looking statements highlight risks related to investment completion, market conditions, and execution of strategy.