CT Real Estate Investment (TSE:CRT.UN)
TSX:CRT.UN
Earnings Data
Report Date
May 11, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
0.36Same Quarter Last Year
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly positive operational and financial picture: solid NOI and same-property NOI growth, increases in AFFO/FFO per unit, active portfolio growth (≈$235M deployed, ~900k sq ft added in 2025), strong leasing momentum (≈10.4% first-year uplift on renewals), high occupancy (99.5%) and improved indebtedness metrics (39.8% vs 41.1%). Offsetting headwinds are manageable: higher interest costs reduced interest coverage, a challenging development cost environment, modest cash on hand, and some industrial valuation pressure and timing uncertainty around Canada Square expansion. Overall, the positives materially outweigh the negatives.Company Guidance
Portfolio Growth and Capital Deployment
Deployed approximately $235 million in 2025 and added nearly 900,000 square feet of new retail to the portfolio (about 400,000 sq ft added in Q4). In Q4, 13 discrete investments were completed and Q4 projects represented $116 million of investment and added >400,000 sq ft of incremental GLA.
Strong Net Operating Income Growth
Net operating income (NOI) grew 4.9% year-over-year in Q4 and 4.6% for the full year 2025, contributing to an overall increase in operating profitability (Q4 NOI increase roughly $5.7 million; full-year NOI increase over $21 million).
Same-Property NOI Expansion
Same-property NOI (including intensifications) rose 2.0% in Q4 and 2.2% for the full year, supported by contractual rent escalations (~1.5% per year on many Canadian Tire leases) and contributions from intensification projects.
AFFO and FFO Per Unit Growth
AFFO per diluted unit was $0.317 in Q4, up 2.9% year-over-year; AFFO per diluted unit rose 2.8% for the full year. FFO on a diluted basis was $0.339 per unit, up 1.5% in Q4 and up 2% for the full year.
Lease Renewal and Leasing Momentum
Completed just over 1 million sq ft of lease extensions in Q4 (primarily 14 Canadian Tire store renewals) and renewed retail leases representing >2 million sq ft for the full year (including 30 Canadian Tire store lease extensions). Full-year renewals achieved a weighted average first-year rental uplift of ~10.4%.
High Occupancy and Long Lease Term
Portfolio occupancy remained robust at 99.5% (up 10 basis points YoY) with a long weighted average lease term of 7.2 years, supporting income stability.
Development Pipeline and Pre-Leasing
Development pipeline includes 11 projects with a committed investment of approximately $329 million, of which about $112 million has been spent. Expected additional investment of roughly $78 million over the next 12 months. Projects will add just over 600,000 sq ft of GLA, approximately 95% pre-leased.
Fair Value Gains on Investment Properties
Fair value adjustments were positive: Q4 gain of $110.4 million (vs $54.8M prior year) and full-year gains of $195.4 million (vs $119.1M in 2024), driven mainly by improved market leasing assumptions, strong leasing/renewals, development completions and cap-rate compression on retail assets.
Distribution Growth and Payout Discipline
Cash distributions paid in Q4 increased 2.5% to $0.237 per unit (effective July 2025), continuing a track record of annual distribution increases since IPO. Cumulative distribution growth since 2013 is 45.9%. AFFO payout ratio improved slightly: Q4 AFFO payout 74.8% vs 75.0 a year ago; full-year AFFO payout stable at 73.5%.
Improved Indebtedness Ratio and Liquidity Capacity
Total indebtedness to EBIT fair value improved to 6.77x from 6.81x last year and the indebtedness ratio declined to 39.8% from 41.1% at year-end 2024 (improvement of ~130 bps). Committed $300 million bank facility essentially undrawn and ~$104 million available on a $300 million uncommitted CTC facility, providing liquidity for growth.
TSE:CRT.UN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:CRT.UN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 17, 2026 | C$16.83 | C$16.75 | -0.47% |
Nov 03, 2025 | C$15.78 | C$15.43 | -2.23% |
Aug 05, 2025 | C$14.99 | C$14.96 | -0.19% |
May 05, 2025 | C$14.08 | C$14.39 | +2.16% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does CT Real Estate Investment (TSE:CRT.UN) report earnings?
CT Real Estate Investment (TSE:CRT.UN) is schdueled to report earning on May 11, 2026, After Close (Confirmed).
What is CT Real Estate Investment (TSE:CRT.UN) earnings time?
CT Real Estate Investment (TSE:CRT.UN) earnings time is at May 11, 2026, After Close (Confirmed).
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What is TSE:CRT.UN EPS forecast?
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