Canada Square Property Development
CT REIT announced a new 20-year lease with Canadian Tire Corporation for approximately 550,000 square feet of refurbished space at the Canada Square property. The project includes a $200 million investment for improvements and aims for LEED certification.
Successful Refinancing Activities
CT REIT refinanced its Series B unsecured debentures with a new issuance of $200 million in Series J unsecured debentures at a rate of 4.29%, achieving the tightest REIT 5-year spread in four years.
Strong Financial Performance
Occupancy was steady at 99.5%, with same-store NOI growth of 1.6% and overall NOI growth of 3.4%. AFFO per unit grew by 1.6% in Q2.
Development and Acquisition Strategies
CT REIT announced two new investments totaling $66 million, adding approximately 252,000 square feet to its portfolio, with an expected yield of 7.55%.
Low Indebtedness Ratio
CT REIT's indebtedness ratio dropped below 40%, providing significant financial flexibility for future investments.