"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"1 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."
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1 Adjusted Funds From Operations (AFFO) per unit - diluted (non-GAAP) is a non-GAAP ratio. See "Specified Financial Measures" for more information.
Update on Previously Announced Investments
CT REIT invested $116 million in previously disclosed projects that were completed in the fourth quarter of 2025, adding 400,500 square feet of incremental GLA to the portfolio as detailed in the table below.
Property
Type
GLA (sf.)
Timing
Activity
Fort Saskatchewan, AB
Third Party Acquisition
19,800
Q4 2025
Acquisition of the freehold interest underlying an existing ground lease with CT REIT, as well as a multi-tenant commercial retail building
Lloydminster, AB
Redevelopment
64,400
Q4 2025
Redevelopment of a vacant property
Kelowna, BC
Land Lease / Development
172,100
Q4 2025
Development of a new Canadian Tire store
Victoria (View Royal), BC
Intensification
12,300
Q4 2025
Expansion of an existing Canadian Tire store
Winnipeg (Regent), MB
Intensification
33,200
Q4 2025
Expansion of an existing Canadian Tire store
Brampton (McLaughlin), ON
Intensification
32,400
Q4 2025
Expansion of an existing Canadian Tire store
Fergus, ON
Intensification
25,900
Q4 2025
Expansion of an existing Canadian Tire store
Donnacona, QC
Intensification
30,400
Q4 2025
Expansion of an existing Canadian Tire store
Fort Frances, ON
Intensification
10,000
Q4 2025
Development of a third-party pad at an existing property
Update on Full-Year 2025 Investment and Development Activity
In 2025, CT REIT 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.
Financial and Operational Summary
Summary of Selected Information
(in thousands of Canadian dollars, except unit, per unit and square footage amounts)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
Change
2025
2024
Change
Property revenue
$ 152,917
$ 145,436
5.1 %
$ 604,251
$ 578,689
4.4 %
Net operating income 1
$ 121,233
$ 115,559
4.9 %
$ 478,706
$ 457,617
4.6 %
Net income
$ 191,316
$ 135,334
41.4 %
$ 517,087
$ 434,221
19.1 %
Net income per unit - basic 2
$ 0.804
$ 0.573
40.3 %
$ 2.177
$ 1.842
18.2 %
Net income per unit - diluted 2,3
$ 0.636
$ 0.452
40.7 %
$ 1.786
$ 1.489
19.9 %
Funds from operations 1
$ 80,716
$ 79,010
2.2 %
$ 323,592
$ 314,749
2.8 %
Funds from operations per unit - diluted 2,4,5
$ 0.339
$ 0.334
1.5 %
$ 1.360
$ 1.333
2.0 %
Adjusted funds from operations 1
$ 75,644
$ 73,001
3.6 %
$ 303,125
$ 292,438
3.7 %
Adjusted funds from operations per unit - diluted 2,4,5
$ 0.317
$ 0.308
2.9 %
$ 1.274
$ 1.239
2.8 %
Distributions per unit - paid 2
$ 0.237
$ 0.231
2.5 %
$ 0.937
$ 0.912
2.8 %
AFFO payout ratio 4
74.8 %
75.0 %
(0.2) %
73.5 %
73.6 %
(0.1) %
Cash generated from operating activities
$ 120,976
$ 108,754
11.2 %
$ 457,445
$ 436,043
4.9 %
Weighted average number of units outstanding 2
Basic
237,952,678
236,296,807
0.7 %
237,501,191
235,720,718
0.8 %
Diluted 3
328,450,110
335,961,528
(2.2) %
327,999,619
335,356,966
(2.2) %
Diluted (non-GAAP) 5
238,350,071
236,724,928
0.7 %
237,899,580
236,120,366
0.8 %
Indebtedness ratio
39.8 %
41.1 %
(1.3) %
Gross leasable area (square feet) 6
31,709,453
31,025,376
2.2 %
Occupancy rate 6,7
99.5 %
99.4 %
0.1 %
1 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 include 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 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 ...
