CT Real Estate Investment Trust
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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.
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Q4 2025 earnings summary18 Feb, 2026

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.

Remaining investment for current developments
What is the REIT's exposure to CTC rent?
Explain 2025 capital expenditure reserve variance
Crosslinx impact on Canada Square density plans?
Outlook for Canadian Tire store vend-in opportunities?
Factors driving higher annual rent increases?
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Frequently asked questions

CT Real Estate Investment Trust is a Canadian REIT that owns, manages, and develops commercial properties, primarily leased to Canadian Tire Corporation. Its portfolio consists of retail and mixed-use assets across Canada, supported by long-term lease agreements. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.

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