CT REIT Reports Strong Fourth Quarter 2025 Results

Executive Summary

• CT REIT reported a strong fourth‑quarter and full‑year 2025 performance, with net income up 41.4% YoY to C$191.3 M and AFFO per unit increasing 2.9% to C$0.317 (diluted).
• The portfolio added 400,500 sf of GLA in Q4 2025 (total GLA now 31.7 M sf) through acquisitions, redevelopments and intensifications, primarily for Canadian Tire stores.
• Distributions per unit rose 2.5% YoY to C$0.237 for the quarter and 2.8% YoY to C$0.937 for the year; AFFO payout ratio remained stable around 75%.

Key Details

• Financial Highlights – Quarter (3 mo ended Dec 31 2025)
• Property revenue: C$152.9 M (+5.1% YoY)
• Net operating income: C$121.2 M (+4.9%)
• Net income: C$191.3 M (+41.4%)
• Funds from operations (FFO): C$80.7 M (+2.2%)
• Adjusted funds from operations (AFFO): C$75.6 M (+3.6%)
• AFFO per unit – diluted: C$0.317 (+2.9%)

• Distributions per unit – paid: C$0.237 (+2.5%)

• Full‑Year 2025 Highlights

• Net income: C$517.1 M (+19.1% YoY)
• AFFO per unit – diluted: C$1.274 (+2.8%)

• Distributions per unit – paid: C$0.937 (+2.8%)

• Portfolio Growth

• Q4 2025 GLA addition: 400,500 sf (total portfolio 31,709,453 sf, +2.2% YoY)

• Projects completed in Q4 2025 (US$ million):

  • Fort Saskatchewan, AB – 19,800 sf acquisition
  • Lloydminster, AB – 64,400 sf redevelopment
  • Kelowna, BC – 172,100 sf new Canadian Tire store (land lease/development)
  • Victoria (View Royal), BC – 12,300 sf intensification of existing store
  • Winnipeg (Regent), MB – 33,200 sf intensification
  • Brampton (McLaughlin), ON – 32,400 sf intensification
  • Fergus, ON – 25,900 sf intensification
  • Donnacona, QC – 30,400 sf intensification
  • Fort Frances, ON – 10,000 sf third‑party pad development

• Full‑Year Investment Activity

• Total capital invested in completed projects & ongoing developments: ≈ C$235 M (≈893,000 sf GLA added)
• Development pipeline as of Dec 31 2025: 629,000 sf GLA under development; ~95.2% subject to committed leases.

• Total projected investment upon completion of pipeline: ≈ C$329 M (C$112 M spent to date).

• Operational Metrics

• Occupancy (committed basis): 99.5% (up 0.1 ppt YoY)
• Weighted‑average units outstanding – diluted: 327,999,619 (down 2.2% YoY)

• Indebtedness ratio: 39.8% (down 1.3 ppt)

• Tenant Concentration

• Canadian Tire Corp. (CTC) accounts for 92.1% of total GLA and 90.7% of annualized base minimum rent.

• 30 Canadian Tire lease renewals completed in 2025.

• Conference Call

• Date & time: Feb 18 2026, 9:00 a.m. ET; webcast link provided.

Notable Quotes

“The fourth quarter capped off an exceptional year for CT REIT as we added an additional 400,000 square feet of high‑quality retail space to our portfolio and drove growth in AFFO per unit of 2.9%, on a diluted basis,” – Kevin Salsberg, President & CEO.

All figures are presented in Canadian dollars unless otherwise noted.