CT Real Estate Investment Trust (CRT-UN) Q2 2025 earnings summary

Executive summary

• Portfolio consists of 377 properties totaling 31.2M sq. ft. with a fair market value of ~$7.4B as of June 30, 2025, and a weighted average lease term of 7.5 years.

• Occupancy rate stands at 99.5%, with 96.3% of annualized base rent from investment grade tenants and Canadian Tire as the anchor tenant.

• Announced major progress on the Canada Square redevelopment, including a new 20-year lease for 550,000 sq. ft. and a $200M+ investment, with phased occupancy through 2028.

• Completed two new investments totaling over 250,000 sq. ft. and two previously disclosed projects in Ontario, adding 142,000 sq. ft. of GLA for a combined $111 million.

• Advanced ESG priorities, publishing the fourth annual ESG report and focusing on data systems, community support, and asset management.

Financial highlights

• Property revenue rose 3.7% year-over-year to $149.8 million for Q2 2025; NOI increased 3.4% to $118.9 million.

• Same-store NOI grew 1.6% and same-property NOI rose 2.2% year-over-year; overall NOI increased 3.4%.

• AFFO per unit grew 1.6% to $0.320; FFO per unit up 1.5% to $0.342; distributions per unit paid rose 3.0% to $0.231.

• AFFO payout ratio was 72.2%, with $84.9M excess of AFFO over distributions.

• Q2 2025 YTD net income: $208.7M; FFO: $162.3M ($0.683/unit); AFFO: $152.1M ($0.640/unit).

Outlook and guidance

• Development pipeline remains robust with 20 projects underway, including 1.1M sq. ft. totaling $433M; eight expected to complete by year-end.

• Canada Square retrofit to deliver 680,000 sq. ft. of renovated space, over 90% pre-leased, with phased delivery and rent commencement from 2026 to late 2028.

• Growth strategy leverages embedded rent escalations, intensifications, and third-party acquisitions.

• Management remains open to opportunistic acquisitions and is prepared to deploy capital for strategic growth.

• Forward-looking statements highlight risks and uncertainties related to investment completion and market conditions.