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CT Real Estate Investment Trust (CRT-UN) investor relations material
CT Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 delivered strong financial performance, with net operating income up 5.5%, AFFO per unit rising 2.9%, and portfolio occupancy at 99.4%.
The national portfolio comprises 378 properties totaling 31.5M sq. ft. with a fair market value of ~$7.5B as of September 30, 2025.
Strategic acquisitions and redevelopments, including Calgary, Winkler, Saskatchewan, and Collingwood, added over 400,000 sq. ft. of GLA and demonstrated capital deployment flexibility.
Weighted average lease term is 7.3 years, with 96.3% of annualized base rent from investment grade tenants.
Strong relationship with Canadian Tire Corporation supports growth and acquisition opportunities.
Financial highlights
Property revenue for Q3 2025 was $151.2 million, up 4.5% year-over-year; NOI rose 5.5% to $119.9 million.
Same store NOI increased 2.0% year-over-year, and same property NOI rose 2.6%, with intensifications contributing $700,000.
FFO per unit (diluted) up 2.1% to $0.338; AFFO per unit (diluted) up 2.9% to $0.317 for Q3 2025.
AFFO payout ratio at 73.1% for Q3 2025 YTD, with distributions per unit up 2.5% to $0.237.
Q3 2025 YTD net income: $325.8M; FFO: $242.9M; AFFO: $227.5M.
Outlook and guidance
Development pipeline includes 20 projects totaling over 1M sq. ft. and $427M, with 7 expected to complete by year-end and the rest by 2026 and beyond.
$148 million to be spent on developments in the next 12 months.
Focus on stable and growing distributions, expanding asset base, and accretive acquisitions.
Strategic intensification and redevelopment projects, including the Canada Square mixed-use redevelopment in Toronto.
Appetite for further acquisitions remains strong, with financial flexibility to pursue additional opportunities.
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Next CT Real Estate Investment Trust earnings date
Q4 202513 Feb, 2026
Next CT Real Estate Investment Trust earnings date
Q4 202513 Feb, 2026
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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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