CT REIT Announces Offering of $300M 4.357% Series K Senior Unsecured Debentures due December 5, 2031

CT REIT announced a private placement of $300 million in Series K senior unsecured debentures with a 4.357% annual coupon and a 5.5-year term. Net proceeds will primarily repay the $200 million Series D debentures maturing June 1, 2026, with remaining funds used to pay down credit facilities and for general corporate purposes. The offering is led by RBC Capital Markets and CIBC Capital Markets, expected to close on or about May 28, 2026, and carries an expected BBB (stable) credit rating from Morningstar DBRS.

The debenture issuance is a routine liability management exercise. It replaces near-term maturing debt with longer-dated paper at a coupon broadly consistent with current investment-grade REIT benchmarks. No new capital is being raised beyond the refinancing and modest credit-facility repayment; the transaction does not materially alter the trust’s leverage, earnings, or growth trajectory. The announcement follows a series of strong quarterly results and a recent distribution increase, and it confirms the trust’s continued access to debt markets on favorable terms. Therefore, the impact on the company and its unit price is neutral.

CT REIT is a retail-focused real estate investment trust with a portfolio of primarily single-tenant and multi-tenant properties anchored by Canadian Tire stores. As of Q1 2026, the portfolio comprised approximately 31.7 million square feet of gross leasable area (GLA), with occupancy near 99.4%. The flagship “project” is the ongoing intensification and redevelopment pipeline that adds modern Canadian Tire formats and complementary retail space, driving same-property NOI and extending weighted-average lease term. The trust’s growth is deeply intertwined with the health of Canadian Tire Corporation, which represented 92.1% of GLA and 90.9% of base minimum rent.