"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."
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 ("GLA").
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 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,
2025
2024
Change
2025
2024
Change
Property revenue
$ 151,156
$ 144,594
4.5 %
$ 451,334
$ 433,253
4.2 %
Net operating income 1
$ 119,861
$ 113,631
5.5 %
$ 357,473
$ 342,058
4.5 %
Net income
$ 117,114
$ 94,457
24.0 %
$ 325,771
$ 298,887
9.0 %
Net income per unit - basic 2
$ 0.493
$ 0.401
22.9 %
$ 1.373
$ 1.269
8.2 %
Net income per unit - diluted 2,3
$ 0.413
$ 0.339
21.8 %
$ 1.154
$ 1.032
11.8 %
Funds from operations 1
$ 80,534
$ 78,111
3.1 %
$ 242,876
$ 235,739
3.0 %
Funds from operations per unit - diluted 2,4,5
$ 0.338
$ 0.331
2.1 %
$ 1.022
$ 0.999
2.3 %
Adjusted funds from operations 1
$ 75,356
$ 72,554
3.9 %
$ 227,481
$ 219,437
3.7 %
Adjusted funds from operations per unit - diluted 2,4,5
$ 0.317
$ 0.308
2.9 %
$ 0.957
$ 0.930
2.9 %
Distributions per unit - paid 2
$ 0.237
$ 0.231
2.5 %
$ 0.700
$ 0.680
2.8 %
AFFO payout ratio 4
74.8 %
75.0 %
(0.2) %
73.1 %
73.1 %
— %
Cash generated from operating activities
$ 122,285
$ 118,996
2.8 %
$ 336,469
$ 327,289
2.8 %
Weighted average number of units outstanding 2
Basic
237,677,098
235,519,865
0.9 %
237,349,041
235,527,287
0.8 %
Diluted 3
326,858,141
327,668,367
(0.2) %
326,545,163
336,785,263
(3.0) %
Diluted (non-GAAP) 5
238,060,731
235,878,938
0.9 %
237,747,753
235,898,858
0.8 %
Indebtedness ratio
39.8 %
40.7 %
(0.9) %
Gross leasable area (square feet) 6
31,510,616
30,728,768
2.5 %
Occupancy rate 6,7
99.4 %
99.4 %
— %
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 Accounting Standards 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. Refer to section 7.0 of the MD&A.
4 This is a non-GAAP ratio. See "Specified Financial Measures" below for more information.
5 Diluted units used in calculating non-GAAP measures include restricted and deferred units issued under various plans and exclude the effect of assuming that all of the Class C LP Units will be settled with Class B LP Units. Refer to section 7.0 of the MD&A.
6 Refers to retail, mixed-use commercial and industrial properties and excludes Properties Under Development.
7 Occupancy and other leasing key performance measures have been prepared on a committed basis which includes the impact of existing lease agreements contracted on or before September 30, 2025 and September 30, 2024, and vacancies as at the end of those reporting periods.
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 ...
