CT Real Estate Investment Trust has reported its consolidated financial results for the fourth quarter and year ended December 31, 2025, indicating it invested approximately $235 million in completed projects and ongoing developments last year and grew the portfolio by approximately 893,000 square feet of gross leasing area.
“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,” said Kevin Salsberg, President and Chief Executive Officer of CT REIT.
“We continue to execute well against our development pipeline, supported by our strong balance sheet and disciplined investment approach. With our proven track record of delivering consistent growth in earnings, distributions and net asset value per unit, I’m proud of what our team accomplished in 2025 and confident in our ability to continue to deliver reliable, durable and growing results to our unitholders.”
In 2025, CT REIT said it invested approximately $235 million in completed projects and ongoing developments and grew the portfolio by approximately 893,000 square feet of GLA. As of December 31, 2025, CT REIT had 629,000 square feet of GLA under development, of which approximately 95.2% is subject to committed lease agreements.
These developments represent an investment of approximately $329 million upon completion, of which $112 million has been spent to date, it added.
“Net income was $191.3 million for the quarter, an increase of $56.0 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 general and administrative expenses,” said CT REIT.
“Total property revenue for the quarter was $152.9 million, which was $7.5 million or 5.1% higher compared to the same period in the prior year. In the fourth quarter, NOI was $121.2 million, which was $5.7 million or 4.9% 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 $4.5 million to NOI, and rent escalations from Canadian Tire leases, which contributed $1.4 million.”
Canadian Tire Corporation is CT REIT’s most significant tenant. As at December 31, 2025, CTC represented 92.1% of total GLA and 90.7% of annualized base minimum rent. During 2025, renewals for 30 Canadian Tire store leases were completed.
As at December 31, 2025, CT REIT’s portfolio occupancy rate, on a committed basis, was 99.5%.
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 31.7 million square feet of GLA, consisting primarily of net lease single-tenant retail properties across Canada.
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