TORONTO, Feb. 17, 2026 /CNW/ – CT Real Estate Investment Trust (“CT REIT” or the “REIT”) (TSX:CRT) today reported its consolidated financial results for the fourth quarter and year ended December 31, 2025.
“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.
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Property |
Type |
GLA (sf.) |
Timing |
Activity |
|
Fort Saskatchewan, AB |
Third Party |
19,800 |
Q4 2025 |
Acquisition of the freehold interest underlying |
|
Lloydminster, AB |
Redevelopment |
64,400 |
Q4 2025 |
Redevelopment of a vacant property |
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Kelowna, BC |
Land Lease / |
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 |
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
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Summary of Selected Information |
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(in thousands of Canadian dollars, except unit, per unit |
Three Months Ended December 31, |
Year Ended December 31, |
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|
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 % |
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Adjusted funds from operations per unit – diluted 2,4,5 |
$ 0.317 |
$ 0.308 |
2.9 % |
$ 1.274 |
$ 1.239 |
2.8 % |
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Distributions per unit – paid 2 |
$ 0.237 |
$ 0.231 |
2.5 % |
$ 0.937 |
$ 0.912 |
2.8 % |
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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 % |
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Weighted average number of units outstanding 2 |
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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) % |
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Gross leasable area (square feet) 6 |
31,709,453 |
31,025,376 |
2.2 % |
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Occupancy rate 6,7 |
99.5 % |
99.4 % |
0.1 % |
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1 Non-GAAP financial measure. See “Specified Financial Measures” below for more information. |
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2 Total units means Units and Class B LP Units outstanding. |
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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. |
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4 Non-GAAP ratio. See “Specified Financial Measures” below for more information. |
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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 … |