CT REIT Reports Strong Third Quarter 2025 Results
Executive Summary
- CT REIT reported Q3 2025 net income of C$117.1 M, a 24% year‑over‑year increase driven by higher property revenues and fair‑value adjustments.
- New investment pipeline announced: two projects requiring ~C$19 M total capital, targeting a combined going‑in yield of 6.45% and adding ~50,000 sf of GLA (Fort Saskatchewan acquisition – 20k sf; Collingwood intensification – 30k sf).
- Completed Q3 investments added 351,000 sf of GLA and contributed C$72 M of capital expenditures, boosting occupancy to 99.4% and maintaining an AFFO payout ratio of ~75%.
Key Details
- Financial Highlights (Three‑Month Period)
- Property revenue: C$151.2 M (+4.5% YoY)
- Net operating income (NOI): C$119.9 M (+5.5% YoY)
- Net income: C$117.1 M (+24.0% YoY)
- Funds from operations (FFO): C$80.5 M (+3.1% YoY)
- Adjusted funds from operations (AFFO): C$75.4 M (+3.9% YoY)
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Distributions per unit: C$0.237 (+2.5% YoY)
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Per‑Unit Metrics
- Net income per unit – basic: C$0.493 (+22.9% YoY)
- AFFO per unit – diluted (non‑GAAP): C$0.317 (+2.9% YoY)
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FFO per unit – diluted: C$0.338 (+2.1% YoY)
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Portfolio & Operational Metrics
- Gross leasable area (GLA): 31,510,616 sf (+2.5% YoY)
- Occupancy (committed basis): 99.4% (stable)
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Weighted‑average units outstanding – diluted: 326,858,141 (down 0.2%)
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New Investment Activity
- Fort Saskatchewan, AB – Third‑party acquisition of freehold interest & retail building; 20,000 sf GLA; expected completion Q4 2025.
- Collingwood, ON – Intensification (expansion) of existing Canadian Tire store; 30,000 sf GLA; expected completion Q2 2027.
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Combined capital required: ~C$19 M; projected going‑in yield: 6.45%.
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Completed Investments (Q3 2025)
- Calgary (Northpointe at Country Hills), AB – Third‑party acquisition, 197,000 sf GLA.
- Winkler, MB – Redevelopment of enclosed mall, 154,000 sf GLA.
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Total capital deployed: C$72 M; total incremental GLA added: 351,000 sf.
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Tenant Concentration
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Canadian Tire Corp. (CTC) accounts for 92.2% of total GLA and 90.9% of annualized base minimum rent as of Sept‑30‑2025.
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Liquidity & Debt
- Indebtedness ratio improved to 39.8% from 40.7% YoY.
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Cash generated from operating activities: C$122.3 M (+2.8% YoY).
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Conference Call
- Date/Time: November 4 2025, 9:00 a.m. ET; webcast link provided in release.
Notable Quotes
“Our strong financial performance this quarter reflects the health of our portfolio and the efforts of our team as we continue to make meaningful additions to our asset base,” – Kevin Salsberg, President & CEO, CT REIT.