CT Real Estate Investment Trust reported on Monday its consolidated financial results for the third quarter ending September 30, 2025 and announced two new investments for an estimated $19 million to complete.
“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,” said Kevin Salsberg, President and Chief Executive Officer, CT REIT. “CT REIT continues to execute on its strategy while providing Unitholders with an attractive combination of growth and stability.”
CT REIT is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties located primarily in Canada. Its portfolio is comprised of over 375 properties totalling more than 31 million square feet of GLA, consisting primarily of net lease single-tenant retail properties across Canada. Canadian Tire Corporation, Limited, is CT REIT’s most significant tenant.
New Investment Activity
CT REIT announced two new investments which require an estimated $19 million to complete. The investments are, in aggregate, expected to earn a going-in yield of 6.45% and represent approximately 50,000 square feet of incremental gross leasable area.
The table below summarizes the new investments and their anticipated completion dates:
| Property | Type | GLA (sf.) | Timing | Activity |
| Fort Saskatchewan, AB | Third Party Acquisition | 20,000 | Q4 2025 | Acquisition of the freehold interest underlying a ground lease that CT REIT had an interest in, as well as a multi-tenant commercial retail building |
| Collingwood, ON | Intensification | 30,000 | Q2 2027 | Expansion of an existing Canadian Tire store |
Update on Previously Announced Investments
CT REIT invested $72 million in previously disclosed projects that were completed in the third quarter of 2025, adding 351,000 square feet of incremental GLA to the portfolio as detailed in the table below.
| Property | Type | GLA (sf.) | Timing | Activity |
| Calgary (Northpointe at Country Hills), AB | Third Party Acquisition | 197,000 | Q3 2025 | Third party acquisition of a Canadian Tire anchored property |
| Winkler, MB | Redevelopment | 154,000 | Q3 2025 | Redevelopment of an existing enclosed mall |
Financial Highlights
Net Income – Net income was $117.1 million for the quarter, an increase of $22.7 million, compared to the same period in the prior year, primarily due to increases in the fair value adjustment on investment properties, and higher revenues from the Property portfolio, partially offset by higher interest expense.
Net Operating Income (NOI) – Total property revenue for the quarter was $151.2 million, which was $6.6 million or 4.5% higher compared to the same period in the prior year. In the third quarter, NOI was $119.9 million, which was $6.2 million or 5.5% higher compared to the same period in the prior year. This was primarily due to the acquisition, intensification and development of income-producing properties completed in 2024 and 2025, which added $4.1 million, and rent escalations from Canadian Tire leases, which contributed $1.6 million.
Same store NOI was $115.1 million and same property NOI was $115.8 million for the quarter, which were $2.3 million or 2.0%, and $3.0 million or 2.6%, respectively, higher when compared to the prior year. Same store NOI increased primarily due to the increased revenue derived from contractual rent escalations and the recovery of capital expenditures. Same property NOI increased primarily due to the increase in same store NOI noted, as well as from the intensifications completed in 2024 and 2025.
Funds from Operations (FFO) – FFO for the quarter was $80.5 million, which was $2.4 million or 3.1% higher than the same period in 2024, primarily due to the impact of NOI variances discussed earlier, partially offset by higher interest expense. FFO per unit – diluted (non-GAAP) for the quarter was $0.338, which was $0.007 or 2.1% higher, compared to the same period in 2024, due to the growth of FFO exceeding the growth in weighted average units outstanding – diluted (non-GAAP).
Adjusted Funds from Operations (AFFO) – AFFO for the quarter was $75.4 million, which was $2.8 million or 3.9% higher than the same period in 2024, primarily due to the impact of NOI variances discussed earlier, partially offset by higher interest expense. AFFO per unit – diluted (non-GAAP) for the quarter was $0.317, which was $0.009 or 2.9% higher, compared to the same period in 2024, due to the growth of AFFO exceeding the growth in weighted average units outstanding – diluted (non-GAAP).
Operating Results
Leasing – CTC is CT REIT’s most significant tenant. As at September 30, 2025, CTC represented 92.2% of total GLA and 90.9% of annualized base minimum rent.
Occupancy – As at September 30, 2025, CT REIT’s portfolio occupancy rate, on a committed basis, was 99.4%.
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