CT Real Estate Investment Trust (CRT-UN) Q2 2026 earnings summary

Executive summary

• Delivered solid Q2 2026 results, reflecting portfolio strength, disciplined execution, and a resilient growth strategy, with a national portfolio of 380 properties totaling 32.0M sq. ft. and a fair market value of ~$7.9B as of June 30, 2026.

• Maintained a 99.5% occupancy rate, high tenant quality, and addressed lease maturities through robust leasing and development activity.

• Board approved a 3.5% increase in monthly distributions, effective this quarter.

• Completed strategic investments and renewed key leases, enhancing long-term value for unitholders.

• Strengthened financial position with a successful unsecured debenture offering.

Financial highlights

• Same property NOI grew 2.5% year-over-year, with overall NOI up 4.8% to $124.7 million, driven by acquisitions and developments.

• AFFO per unit (diluted) rose 2.5% to CAD 0.326; FFO per unit (diluted) at $0.353 for Q2 and $0.707 for YTD; AFFO per unit (diluted) at $0.654 for YTD.

• Cash distributions per unit increased 2.5% to CAD 0.237; AFFO payout ratio stable at 72.7%.

• Net income for Q2 2026 was $126.2 million, up 22.6% year-over-year; YTD net income was $241.97 million.

• Fair value gain on investment properties was CAD 44.3 million, up from CAD 23.6 million last year.

Outlook and guidance

• Remain confident in business outlook, supported by a high-quality portfolio, strong tenant relationships, and conservative balance sheet.

• Development pipeline healthy, with nine projects underway and CAD 66 million expected investment over next 12 months; ongoing pipeline of 518,000 sq. ft. with $354M in total development costs.

• Focus on stable and growing distributions, expanding asset base, and executing growth strategies including ESG initiatives.

• Selective approach to new investments due to competitive market and elevated pricing.

• Plans to leverage relationship with CTC for future acquisitions and intensifications.