CT Real Estate Investment Trust reported on Monday its consolidated financial results for the first quarter ending March 31, 2026.
“CT REIT delivered another solid quarter, reflecting the strength of our portfolio and the consistent execution of our strategy,” said Kevin Salsberg, President and Chief Executive Officer of CT REIT. “The results of our disciplined approach to operating our assets and deploying capital provide us with the confidence to, once again, announce an increase to our monthly distributions. With this 3.5% increase, we have now grown our distributions by more than 50% since our IPO in 2013, underscoring the value that we have created for our Unitholders over this time.”
The REIT said its Board of Trustees has approved a 3.5% distribution increase that will be effective with the July 15 payment to Unitholders of record on June 30. Monthly distributions will increase to $0.0818 per Unit, or $0.9816 per Unit on an annualized basis.
The REIT also announced three new investments which will require an estimated $43 million to complete. The investments are, in aggregate, expected to earn a going-in yield of 6.28% and represent approximately 129,800 square feet of incremental gross leasable area .
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 totaling 31.7 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. For more information, visit .
| Property | Type | GLA (sf.) | Timing | Activity |
| Centre 50, Edmonton, AB | Third Party Acquisition | 75,800 | Q2 2026 | Third party acquisition of a Canadian Tire anchored multi- tenant property |
| Oliver, BC | Third Party Acquisition | — | Q2 2026 | Third party acquisition of land adjacent to an existing CT REIT owned multi-tenant property |
| Marché Rosemère, Rosemère, QC | Third Party Acquisition | 54,000 | Q2 2026 | Third party acquisition of a retail property adjacent to an existing CT REIT owned Canadian Tire store |
The REIT said:
- Net income was $115.7 million for the quarter, an increase of $10.1 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, property expense and development fee revenue in 2025;
- Total property revenue for the quarter was $157.6 million, which was $7.2 million or 4.8% higher compared to the same period in the prior year. In the first quarter, Net Operating Income was $124.3 million, which was $5.6 million or 4.7% 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 2025, which added $5.0 million to NOI, and rent escalations from Canadian Tire leases, which contributed $1.8 million;
- Same store NOI was $118.1 million and same property NOI was $119.4 million for the quarter, which were $1.4 million or 1.2%, and $2.7 million or 2.3%, respectively, higher when compared to the prior year. Same store NOI increased primarily due to contractual rent escalations and the recovery of capital expenditures. The increase in same property NOI was primarily due to the increase in same store NOI noted above, as well as from the intensifications completed in 2025;
- Funds from Operations for the quarter was $84.5 million, which was $3.4 million or 4.2% higher than the same period in 2025, primarily due to the impact of NOI increases noted above, partially offset by higher interest expense and development fee revenue earned in 2025. FFO per unit – diluted (non-GAAP) for the quarter was $0.354, which was $0.012 or 3.5% higher, compared to the same period in 2025, due to the growth of FFO exceeding the growth in weighted average units outstanding – diluted (non-GAAP);
- Adjusted Funds from Operations for the quarter was $78.1 million, which was $2.7 million or 3.6% higher than the same period in 2025, primarily due to the impact of NOI increases noted above, partially offset by higher interest expense and development fee revenue earned in 2025. AFFO per unit – diluted (non-GAAP) for the quarter was $0.327, which was $0.009 or 2.8% higher, compared to the same period in 2025, due to the growth of AFFO exceeding the growth in weighted average units outstanding – diluted (non-GAAP).
Canadian Tire Corporation is CT REIT’s most significant tenant. As at March 31, CTC represented 92.1% of total GLA and 90.9% of annualized base minimum rent. As at March 31, CT REIT’s portfolio occupancy rate, on a committed basis, was 99.4%.
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