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$19.00
▲(10.92% Upside)
Action:ReiteratedDate:03/03/26
The score is driven most by solid operating performance but elevated financial risk from higher leverage and softer recent cash-flow momentum. Technicals are supportive (uptrend with positive momentum), valuation is favorable (low P/E and strong yield), and the latest earnings call reinforced positive fundamentals while noting interest-cost and liquidity/refinancing sensitivities.
Positive Factors
High occupancy and long lease term
Extremely high occupancy and a 7.2-year WALE provide durable rental cash flows and low vacancy risk. Long leases limit rollover exposure, protect against short-term retail cycles, and underpin predictable NOI and distribution coverage across the 2–6 month horizon and beyond.
Negative Factors
Higher leverage step-up in 2025
A material increase in debt raises refinancing and interest-rate sensitivity, constraining financial flexibility. Higher leverage amplifies earnings volatility impacts, limits capacity for opportunistic investment or distribution support, and increases downside risk if cash flows weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy and long lease term
Extremely high occupancy and a 7.2-year WALE provide durable rental cash flows and low vacancy risk. Long leases limit rollover exposure, protect against short-term retail cycles, and underpin predictable NOI and distribution coverage across the 2–6 month horizon and beyond.
Read all positive factors
CT Real Estate Investment (CRT.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.15B
Dividend Yield5.74%
Average Volume (3M)178.35K
Price to Earnings (P/E)5.1
Beta (1Y)0.60
Revenue Growth4.11%
EPS Growth35.99%
CountryCA
Employees71
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.64
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$17.50Price Target Upside2.16% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)1.27
Revenue Forecast (FY)C$630.47M
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 Real Estate Investment generates revenue primarily through rental income from its portfolio of retail properties. The company leases space to a range of tenants, including national and regional retailers, which provides a steady stream of cash ...
CT Real Estate Investment Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 11, 2026
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.Positive Updates
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.
Negative Updates
Higher Interest Costs and Reduced Interest Coverage
Interest coverage ratio declined to 3.34x in Q4 from 3.52x in Q4 2024 due to higher interest costs from rate resets on Class C LP units, increased credit facility utilization, and issuance of $200 million Series J unsecured debentures in June 2025.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
The company reiterated that it will “lean into” growth levers and expects 2026 to shape up similarly to 2025, pointing to a committed development pipeline of roughly $329 million (about $112 million spent to date) with 11 projects (4 expected to complete in 2026) that will add just over 600,000 sq ft of GLA (≈95% pre-leased) and an anticipated ~$78 million of investment over the next 12 months; operationally it highlighted its 2025 deployment of ≈$235 million and addition of ~900,000 sq ft (≈400,000 sq ft in Q4, where Q4 projects represented ~$116 million of investment), and reiterated targets to grow distributions while keeping the AFFO payout ratio in the low- to mid-70% range (Q4 AFFO payout 74.8%, full-year 73.5%), with Q4 AFFO per diluted unit of $0.317 (up 2.9%) and FFO $0.339 (up 1.5%); balance-sheet and liquidity guidance included an improved indebtedness ratio of 39.8% (from 41.1%), total indebtedness to EBIT of 6.77x (from 6.81x), interest coverage of 3.34x, cash on hand of ≈$4 million, an undrawn $300 million committed bank facility and ~$104 million available on a $300 million uncommitted CTC facility, a plan to refinance the $200 million debenture maturing in June, and a preference to deploy balance-sheet capacity into portfolio growth rather than buybacks.CT Real Estate Investment Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 604.25M | 578.69M | 552.77M | 532.79M | 514.54M |
| Gross Profit | 471.69M | 453.00M | 437.25M | 421.66M | 407.25M |
| EBITDA | 648.84M | 436.88M | 422.01M | 435.29M | 562.58M |
| Net Income | 238.44M | 434.22M | 105.29M | 324.61M | 351.14M |
Balance Sheet | |||||
| Total Assets | 7.74B | 7.25B | 6.97B | 6.84B | 6.50B |
| Cash, Cash Equivalents and Short-Term Investments | 4.16M | 3.06M | 20.77M | 2.61M | 3.56M |
| Total Debt | 3.33B | 1.63B | 1.53B | 1.44B | 1.30B |
| Total Liabilities | 3.33B | 3.15B | 3.12B | 3.02B | 2.82B |
| Stockholders Equity | 1.98B | 1.83B | 1.71B | 1.70B | 1.62B |
Cash Flow | |||||
| Free Cash Flow | 390.91M | 399.62M | 393.31M | 369.13M | 371.34M |
| Operating Cash Flow | 390.91M | 436.04M | 425.06M | 399.27M | 407.20M |
| Investing Cash Flow | -211.52M | -217.84M | -186.53M | -219.62M | -146.77M |
| Financing Cash Flow | -178.30M | -235.91M | -220.37M | -180.60M | -261.41M |
CT Real Estate Investment Technical Analysis
Positive
17.13
Price Trends
16.67
Positive
16.34
Positive
15.93
Positive
Market Momentum
0.07
Negative
61.37
Neutral
85.22
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 17.13 is above the 20-day moving average (MA) of 16.63, above the 50-day MA of 16.67, and above the 200-day MA of 15.93, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 61.37 is Neutral, neither overbought nor oversold. The STOCH value of 85.22 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$3.06B | 24.31 | 6.29% | 5.82% | 6.32% | ― | |
74 Outperform | C$474.87M | 8.66 | 10.04% | 6.56% | 4.53% | 197.86% | |
73 Outperform | C$4.15B | 5.06 | 18.40% | 5.74% | 4.11% | 35.99% | |
73 Outperform | C$4.51B | 3.77 | 25.30% | 4.71% | -0.83% | -28.93% | |
71 Outperform | C$4.73B | 18.23 | 4.85% | 7.22% | 0.48% | 96.32% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | C$5.86B | 79.85 | 0.92% | 6.21% | 22.22% | -71.38% |
* Real Estate Sector Average
TSE:CRT.UN
CT Real Estate Investment
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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.