CT Real Estate Investment Trust (CRT-UN) Q3 2024 earnings summary

Executive summary

• Q3 2024 delivered strong and stable results, with robust growth in NOI, AFFO per unit, and high occupancy at 99.4%.

• New investments totaling CAD 85 million were announced, including a major acquisition in Nanaimo, BC, and 283,000 sq. ft. of GLA added at a 6.2% yield.

• The REIT maintains a reliable, growing portfolio focused on net lease retail and industrial properties, supported by a strong relationship with Canadian Tire Corporation.

• Management is highly experienced, with deep market knowledge and a track record in real estate investment and operations.

Financial highlights

• Property revenue rose 5.2% year-over-year to $144.6 million; NOI increased 3.4% to $113.6 million.

• Same-store NOI grew 1.2%, and same-property NOI rose 1.8% compared to Q3 2023.

• Diluted FFO per unit was up 1.2% to CAD 0.331; AFFO per unit increased by 2.3% year-over-year.

• Net income YTD Q3 2024 is $298.9M; FFO is $235.7M; AFFO is $219.4M.

• Distributions per unit paid increased 3.0% to $0.231.

Outlook and guidance

• Over CAD 100 million is expected to be spent on development activities in 2025, targeting over 500,000 sq. ft. of new projects by year-end.

• Ongoing development pipeline totals 769,000 sq. ft. and $319 million, with 283,000 sq. ft. of new investments announced in Q3 2024.

• Same-store NOI growth is expected to remain below 2% for the next few quarters.

• Focus on accretive acquisitions, intensifications, and third-party net lease opportunities.