CT Real Estate Investment (TSE:CRT.UN)
TSX:CRT.UN
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CT Real Estate Investment
(TSX:CRT.UN)
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Rating:73Outperform
Price Target:
C$19.50
â–²(9.30% Upside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by solid fundamentals and cash generation but tempered by higher leverage. Valuation is a clear positive (low P/E and strong yield), and the latest earnings call supported the outlook with high occupancy, steady NOI/FFO/AFFO growth, and a distribution increase. Technicals are supportive longer-term but show modest near-term softness.
Positive Factors
Very high occupancy
Sustained 99.4% occupancy materially reduces vacancy risk and supports predictable base rent and recoveries. For a retail REIT dependent on long-term leases, near-full occupancy underpins stable NOI, reliable FFO/AFFO and distribution coverage over the medium term.
Negative Factors
Elevated leverage
Material increase in leverage raises refinancing and interest-rate sensitivity, reducing financial flexibility. Higher debt levels constrain capital allocation options, amplify distribution and growth risk under rising rates, and make the REIT more vulnerable to funding stress.
Read all positive and negative factors
Positive Factors
Negative Factors
Very high occupancy
Sustained 99.4% occupancy materially reduces vacancy risk and supports predictable base rent and recoveries. For a retail REIT dependent on long-term leases, near-full occupancy underpins stable NOI, reliable FFO/AFFO and distribution coverage over the medium term.
Read all positive factors
CT Real Estate Investment (CRT.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.31B
Dividend Yield5.74%
Average Volume (3M)178.35K
Price to Earnings (P/E)8.5
Beta (1Y)0.62
Revenue Growth4.54%
EPS Growth19.18%
CountryCA
Employees71
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)2.21
Shares Outstanding110,211,760
10 Day Avg. Volume131,824
30 Day Avg. Volume178,354
Financial Highlights & Ratios
PEG Ratio0.40
Price to Book (P/B)0.90
Price to Sales (P/S)2.95
P/FCF Ratio4.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$18.30Price Target Upside2.58% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)1.24
Revenue Forecast (FY)C$631.39M
CT Real Estate Investment Business Overview & Revenue Model
Company Description
CT Real Estate Investment Trust (TSX:CRT.UN) is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties primarily located in Canada. Its portfolio is comprised of over 350 properties totaling...
How the Company Makes Money
CT REIT primarily makes money by earning rental income from leasing its properties to tenants under long-term commercial lease agreements. The trust’s largest and most important revenue stream is base rent paid by its anchor tenant(s), with Canadi...
CT Real Estate Investment Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call conveyed steady, predictable operational performance with multiple positive indicators: high occupancy (99.4%), same-property NOI growth (+2.3%), NOI up 4.7% (~$5.6M), FFO/AFFO per unit increases (FFO +3.5%, AFFO +2.8%), a distribution increase of 3.5% and a healthy, largely pre-leased development pipeline. Balance sheet metrics are conservative (indebtedness ratio 39%, indebtedness to EBITFV improved to 6.46x) and management has available liquidity to pursue accretive, capital-efficient acquisitions. Headwinds included modestly higher interest costs and slightly compressed coverage, higher development cost per square foot (notably from an office retrofit and smaller store expansions), some fixed flat renewals that moderated blended spreads, and low cash on hand. Overall, positives and visible growth drivers materially outweigh the manageable financing and development cost pressures.Positive Updates
High Portfolio Occupancy
Occupancy remained very high at 99.4%, consistent with prior periods, supporting stable cash flows and portfolio performance.
Negative Updates
Higher Interest Costs and Slight Coverage Pressure
Interest costs increased due to reset rates on several Class C LP units, greater utilization of credit facilities, and issuance of $200 million Series J debentures; interest coverage edged down slightly from 3.55x to 3.52x year-over-year.
Read all updates
Q1-2026 Updates
Positive
Negative
High Portfolio Occupancy
Occupancy remained very high at 99.4%, consistent with prior periods, supporting stable cash flows and portfolio performance.
Read all positive updates
Company Guidance
Management's guidance was for continued steady, visible organic growth and opportunistic, disciplined capital deployment rather than formal numerical earnings guidance: they pointed to a high‑quality, high‑occupancy portfolio (99.4% occupancy) delivering same‑property NOI growth of 2.3% and overall NOI up 4.7% y/y, AFFO/unit of $0.327 (+2.8%) and FFO/unit of $0.354 (+3.5%), with an AFFO payout ratio near the low‑to‑mid‑70% range (72.5% in Q1) and a 3.5% distribution increase effective July 2026 (13th since IPO; cumulative >50% growth). Near‑term deployment includes three Q2 acquisitions (~$43M, ~130k sq ft, 6.28% going‑in yield), a development pipeline of 11 projects with ~$380M committed ($177M spent) that will add ~629k sq ft (~95% pre‑leased) and ~ $78M of expected spend over the next 12 months (four completions this year), while preserving a strong balance sheet (total indebtedness 39%, interest coverage 3.52x, total indebtedness to EBIT (fair value) 6.46x), ~$6M cash on hand and roughly $132M available on credit lines; management said they expect the balance of 2026 to shape up similarly but provided no formal forward financial guidance.CT Real Estate Investment Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
54
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 611.41M | 604.25M | 578.69M | 552.77M | 532.79M | 514.54M |
| Gross Profit | 477.02M | 471.69M | 453.00M | 437.25M | 421.66M | 407.25M |
| EBITDA | 623.97M | 648.84M | 436.88M | 422.01M | 435.29M | 562.58M |
| Net Income | 298.95M | 238.44M | 434.22M | 105.29M | 324.61M | 351.14M |
Balance Sheet | ||||||
| Total Assets | 7.79B | 7.74B | 7.25B | 6.97B | 6.84B | 6.50B |
| Cash, Cash Equivalents and Short-Term Investments | 6.37M | 4.16M | 3.06M | 20.77M | 2.61M | 3.56M |
| Total Debt | 3.17B | 3.33B | 1.63B | 1.53B | 1.44B | 1.30B |
| Total Liabilities | 3.32B | 3.33B | 3.15B | 3.12B | 3.02B | 2.82B |
| Stockholders Equity | 2.01B | 1.98B | 1.83B | 1.71B | 1.70B | 1.62B |
Cash Flow | ||||||
| Free Cash Flow | 420.80M | 390.91M | 399.62M | 393.31M | 369.13M | 371.34M |
| Operating Cash Flow | 425.53M | 390.91M | 436.04M | 425.06M | 399.27M | 407.20M |
| Investing Cash Flow | -212.42M | -211.52M | -217.84M | -186.53M | -219.62M | -146.77M |
| Financing Cash Flow | -209.91M | -178.30M | -235.91M | -220.37M | -180.60M | -261.41M |
CT Real Estate Investment Technical Analysis
Positive
17.84
Price Trends
17.17
Positive
16.85
Positive
16.26
Positive
Market Momentum
0.16
Negative
69.07
Neutral
92.11
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CRT.UN, the sentiment is Positive. The current price of 17.84 is above the 20-day moving average (MA) of 17.58, above the 50-day MA of 17.17, and above the 200-day MA of 16.26, indicating a bullish trend. The MACD of 0.16 indicates Negative momentum. The RSI at 69.07 is Neutral, neither overbought nor oversold. The STOCH value of 92.11 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CRT.UN.
CT Real Estate Investment Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$4.95B | 10.78 | 7.00% | 7.22% | -1.84% | 48.17% | |
73 Outperform | C$4.31B | 8.51 | 15.35% | 5.74% | 4.54% | 19.18% | |
73 Outperform | C$3.23B | 26.59 | 6.51% | 5.82% | 5.35% | -430.27% | |
71 Outperform | C$495.85M | 9.29 | 10.53% | 6.56% | 3.46% | 135.29% | |
69 Neutral | C$5.01B | 11.88 | 24.22% | 4.71% | 0.35% | 399.29% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
TSE:CRT.UN
CT Real Estate Investment
17.97
3.33
22.73%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.