CT Real Estate Investment Trust reported on Monday its consolidated financial results for the third quarter ending September 30, 2026, indicating property revenue rose to $161.3 million in the quarter, up 6.7% year over year.
“Our strong third quarter performance reinforces the value proposition that CT REIT offers to its unitholders,” said Kevin Salsberg, President and Chief Executive Officer of CT REIT. “Despite a volatile environment for the sector, we continue to deliver growth, while managing the business prudently and surfacing additional opportunities to create value such as our newly announced acquisition in Victoria and redevelopment project in Kelowna.”
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 380 properties totalling approximately 32 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.
Canadian Tire Corporation is CT REIT’s most significant tenant. As at September 30, CTC represented 92.0% of total GLA and 90.5% of annualized base minimum rent. As at September 30, CT REIT’s portfolio occupancy rate, on a committed basis, was 99.5%.
Key financial results
CT REIT reported net operating income increased by 8.5% year over year to $130.1 million in the third quarter, up from $119.9 million a year ago. Net income however declined by 5.8% to $110.3 million from $117.1 million last year.
“Net income was $110.3 million for the quarter, a decrease of $6.8 million, compared to the same period in the prior year, primarily due to decreases in the fair value adjustment on investment properties, higher property expense and interest expense, partially offset by higher revenues from the Property portfolio, and lower general and administrative expense,” said CT REIT in a news release.
“Same store NOI was $120.3 million and same property NOI was $121.9 million for the quarter, which were $2.8 million or 2.4%, and $4.4 million or 3.8%, respectively, higher when compared to the prior year. Same store NOI increased primarily due to contractual rent escalations and higher property recoveries. 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 and 2026.
“In the third quarter, NOI was $130.1 million, which was $10.2 million or 8.5% higher compared to the same period in the prior year. This was primarily due to the increase in same property NOI, coupled with an increase in NOI due to properties that were acquired and developed in 2025 and 2026 as well as lease surrender revenue received in the third quarter.”
Key investments
During the third quarter, CT REIT completed a $14 million vend-in of a Canadian Tire store in Victoria, British Columbia from Canadian Tire Corporation, Limited and announced an additional new investment project in Kelowna with an estimated cost to complete of $22 million. The investments are, in aggregate, expected to earn a going-in yield of 8.45% and represent approximately 122,300 square feet of incremental gross leasable area.
CT REIT invested $11 million in a previously announced project in Saskatoon that was completed in the third quarter, adding approximately 51,000 square feet of incremental GLA to the portfolio.
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