CT Real Estate Investment Trust (CRT-UN) Q3 2025 earnings summary

Executive summary

• Achieved strong financial performance in Q3 2025, with 5.5% NOI growth, 2.9% AFFO per unit growth, and portfolio occupancy maintained at 99.4%.

• National portfolio of 378 properties totaling 31.5M sq. ft. and a fair market value of ~$7.5B as of September 30, 2025.

• Weighted average lease term of 7.3 years, among the longest in the sector, and 96.3% of annualized base minimum rent from investment grade tenants.

• Completed major acquisitions and redevelopments, including projects in Calgary, Winkler, and new investments in Fort Saskatchewan and Collingwood.

• Strong relationship with Canadian Tire Corporation, providing growth and acquisition opportunities.

Financial highlights

• Property revenue rose 4.5% year-over-year to $151.2 million for the quarter; NOI increased 5.5% to $119.9 million.

• Net income grew 24.0% year-over-year to $117.1 million, driven by fair value adjustments and higher revenues.

• FFO per unit (diluted) up 2.1% to $0.338; AFFO per unit (diluted) up 2.9% to $0.317 for Q3 2025.

• AFFO per unit CAGR of 3.9% and NAV per unit CAGR of 4.0% over the past five years.

• AFFO payout ratio at 73.1% for Q3 2025 YTD, with $81.9M excess of AFFO over distributions paid.

Outlook and guidance

• Over 1 million sq. ft. of development projects expected by end of 2028, with 20 projects in the pipeline and 7 to be completed by year-end.

• Committed investment in development projects totals $427 million, with $148 million to be spent 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.

• Management highlights ongoing investment and portfolio expansion, with caution regarding risks and uncertainties.