CT Real Estate Investment Trust (CRT-UN) Q4 2025 earnings summary

Executive summary

• Achieved strong financial and operational results in 2025, with robust growth in retail portfolio and disciplined execution of development pipeline, supported by a resilient balance sheet and value creation focus for unitholders.

• Portfolio consists of 378 properties totaling 31.7M sq. ft. with a fair market value of ~$7.7B as of December 31, 2025.

• Occupancy rate stands at 99.5% with 95.8% of base rent from investment grade tenants and a weighted average lease term of 7.2 years.

• Maintained a strong relationship with Canadian Tire Corporation, which anchors the majority of the portfolio and represents 92.1% of GLA and 90.7% of annualized base rent.

Financial highlights

• Q4 net income increased 41.4% year-over-year to $191.3 million; full-year net income was $517.1 million, with FFO at $323.6 million and AFFO at $303.1 million.

• Q4 property revenue rose 5.1% to $152.9 million; full-year revenue up 4.4% to $604.3 million.

• Q4 NOI grew 4.9% year-over-year; full-year NOI up 4.6%.

• Q4 AFFO per unit (diluted) grew 2.9% to $0.317; full-year AFFO per unit (diluted) up 2.8% to $1.274.

• AFFO payout ratio was 74.8% in Q4 and 73.5% for the year; annual distribution per unit was $0.237, with twelve consecutive annual increases totaling 45.9% growth since IPO.

Outlook and guidance

• Development pipeline includes 11 projects in progress, with 629,000 sq. ft. and $329 million in projects, 95% pre-leased, and $78 million expected to be invested in the next 12 months.

• Management remains optimistic for 2026, aiming to replicate 2025 growth and maintain stable, growing distributions.

• Strategic focus on intensifications, third-party acquisitions, and leveraging the CTC relationship.