CT Real Estate Investment Trust (CRT-UN) Q1 2026 earnings summary

Executive summary

• Q1 2026 results showed strong operational performance, with high occupancy at 99.4% and continued benefit from contractual rent escalations in long-term leases.

• Portfolio consists of 378 properties totaling 31.7M sq. ft. with a fair market value of ~$7.8B as of March 31, 2026.

• Major tenant Canadian Tire Corporation provides stability, with a privileged acquisition relationship and right of first offer on CTC properties.

• Monthly distributions will increase by 3.5% effective July 2026, marking the 13th increase since IPO and over 50% cumulative growth.

• Growth strategy leverages embedded organic growth, CTC acquisitions, development, intensifications, and third-party net lease opportunities.

Financial highlights

• AFFO per unit (diluted) was CAD 0.327, up 2.8% year-over-year; FFO per unit (diluted) was CAD 0.354, up 3.5%.

• Net income for YTD Q1 2026: $115.7M; FFO: $84.5M; AFFO: $78.1M.

• Property revenue rose 4.8% year-over-year to $157.6 million for Q1 2026.

• AFFO payout ratio for Q1 2026 YTD: 72.5%, with $86.7M excess of AFFO over distributions paid.

• General administrative expenses as a percentage of property revenue decreased to 2.5%-2.6% year-over-year.

Outlook and guidance

• Confident in ability to deliver reliable performance and long-term value creation, supported by a stable net lease portfolio and robust development pipeline.

• Development pipeline includes $380M ongoing activity and $43M in new investments announced in Q1 2026.

• Canada Square redevelopment in Toronto is a major project, with over $200M investment and a new 20-year office lease.

• Acquisition activity expected to continue at a steady pace, focusing on capital-efficient growth opportunities.

• No specific guidance on acquisition quantum or type for the remainder of 2026, but outlook is positive.