CT REIT Reports Third Quarter 2024 Results
TORONTO, Nov. 5, 2024 /CNW/ - CT Real Estate Investment Trust ("CT REIT" or "the REIT") (TSX:CRT) today reported its consolidated financial results for the third quarter ending September 30, 2024.
"Our growth strategy continues to drive strong and reliable operating results and generate attractive returns for our Unitholders," said Kevin Salsberg, President and Chief Executive Officer, CT REIT. "Along with our recently closed acquisition in Nanaimo, BC, we are pleased to announce $85 million in new investments this quarter that further serve to add to our strong pipeline of projects and our high-quality portfolio of assets."
New Investment ActivityCT REIT announced three new investments which will require an estimated $85 million to complete. The investments are, in aggregate, expected to earn a going-in yield of 6.20% and represent approximately 283,000 square feet of incremental gross leasable area ("GLA").
The table below summarizes the new investments and their anticipated completion dates:
Property
Type
GLA (sf.)
Timing
Activity
Mont Tremblant, QC
Vend-in
128,000
Q4 2024
Vend-in of a property containing Canadian Tire, Mark's and Dollarama stores
Winnipeg (Regent), MB
Vend-in
101,000
Q4 2024
Vend-in of a Canadian Tire store
Penticton, BC
Intensification
54,000
Q4 2025
Expansion of a Canadian Tire store
Update on Previously Announced Investment and Disposition Activity
CT REIT invested $47 million in a previously disclosed project that was completed in the third quarter of 2024, adding 141,000 square feet of incremental GLA to the portfolio as detailed in the table below.
Property
Type
GLA (sf.)
Timing
Activity
Nanaimo, BC
Third party acquisition
141,000
Q3 2024
Third party acquisition of a property containing Canadian Tire and Mark's stores
Financial and Operational Summary
Summary of Selected Information
(in thousands of Canadian dollars, except unit, per unit and square footage amounts)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
Change 8
2024
2023
Change
Property revenue
$
144,594
$
137,479
5.2 %
$
433,253
$
412,804
5.0 %
Net operating income 1
$
113,631
$
109,930
3.4 %
$
342,058
$
327,444
4.5 %
Net income
$
94,457
$
11,327
NM
$
298,887
$
191,195
56.3 %
Net income per unit - basic 2
$
0.401
$
0.048
NM
$
1.269
$
0.813
56.1 %
Net income per unit - diluted 2,3
$
0.339
$
0.048
NM
$
1.032
$
0.711
45.1 %
Funds from operations 1
$
78,111
$
77,073
1.3 %
$
235,739
$
230,210
2.4 %
Funds from operations per unit - diluted 2,4,5
$
0.331
$
0.327
1.2 %
$
0.999
$
0.978
2.1 %
Adjusted funds from operations 1
$
72,554
$
71,026
2.2 %
$
219,437
$
211,915
3.5 %
Adjusted funds from operations per unit - diluted 2,4,5
$
0.308
$
0.301
2.3 %
$
0.930
$
0.900
3.3 %
Distributions per unit - paid 2
$
0.231
$
0.225
3.0 %
$
0.680
$
0.659
3.3 %
AFFO payout ratio 4
75.0 %
74.8 %
0.2 %
$
73.1 %
73.2 %
(0.1) %
Cash generated from operating activities
$
118,996
$
98,674
20.6 %
$
327,289
$
306,739
6.7 %
Weighted average number of units outstanding 2
Basic
235,519,865
235,298,281
0.1 %
235,527,287
235,085,684
0.2 %
Diluted 3
327,668,367
235,629,173
39.1 %
336,785,263
336,351,282
0.1 %
Diluted (non-GAAP) 5
235,878,938
235,629,173
0.1 %
235,898,858
235,405,625
0.2 %
Indebtedness ratio
40.7 %
41.1 %
(0.4) %
Gross leasable area (square feet) 6
30,728,768
30,383,954
1.1 %
Occupancy rate 6,7
99.4 %
99.1 %
0.3 %
1 This is a non-GAAP financial measure. See "Specified Financial Measures" below for more information.
2 Total units means Units and Class B LP Units outstanding.
3 Diluted units determined in accordance with IFRS includes restricted and deferred units issued under various plans and the effect of assuming that all of the Class C LP Units will be settled with Class B LP Units. For the three months ended September 30, 2023, the anti-dilutive effect of conversion of Class C LP Units was excluded. Refer to section 7.0 of the MD&A.
4 This is a non-GAAP ratio. See "Specified Financial Measures" below ...
