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

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.

• Weighted average lease term is 7.3 years, with 96.3% of annualized base minimum rent from investment grade tenants.

• Strategic acquisitions and redevelopments, including Calgary and Winkler projects, expanded the portfolio and demonstrated capital deployment flexibility.

• Strong relationship with Canadian Tire Corporation provides ongoing growth and acquisition opportunities.

Financial highlights

• Property revenue rose 4.5% year-over-year to $151.2 million; net operating income increased 5.5% to $119.9 million.

• AFFO per unit CAGR was 3.9% over the past five years; NAV per unit CAGR was 4.0%.

• Q3 2025 YTD net income: $325.8M; FFO: $242.9M; AFFO: $227.5M.

• FFO per unit (diluted): $1.022; AFFO per unit (diluted): $0.957 for YTD Q3 2025.

• AFFO payout ratio at 73.1% for Q3 2025 YTD; distributions per unit paid increased 2.5% to $0.237.

Outlook and guidance

• Development pipeline includes 20 projects totaling over 1 million sq. ft. and $427 million, with 7 expected to complete by year-end.

• Committed investment in developments totals CAD 427 million, with CAD 148 million to be spent in the next 12 months.

• Focus on stable and growing distributions, expanding asset base, and accretive acquisitions.

• Appetite for further acquisitions remains strong, with financial flexibility to pursue additional opportunities.

• Strategic intensification and redevelopment projects include the Canada Square mixed-use redevelopment in Toronto.