Q2 2026 CT Real Estate Investment Trust Earnings Call Transcript

Aug 11, 2026 / 01:00 PM GMT

Release Date Price: $12.5 (-2.95%)

Transcript

Key Points

Positve

Same property NOI grew 2.5% and overall NOI increased 4.8% in Q2 2026.
AFFO per unit increased 2.5% year-over-year, with FFO per unit up 3.2%.
Portfolio occupancy remained robust at 99.5%, with Canadian Tire leases averaging 7.1 years.
Completed $13 million vending and closed $76 million in investments, adding over 230,000 square feet of GLA.
Issued $300 million in Series K debentures at a 3.57% coupon, improving debt metrics and liquidity.
Board approved a 3.5% increase in monthly distributions, supported by a conservative AFFO payout ratio of 72.7%.
Development pipeline remains healthy with 94.2% of GLA under development pre-leased, 91.6% to Canadian Tire.

Negative

G&A expenses as a percentage of property revenue increased to 4.4% from 4.0% due to fair value adjustments and deferred tax timing.
Interest coverage ratio slightly declined to 3.49 times from 3.55 times in Q2 2025.
Investment market competition and elevated pricing are limiting attractive acquisition opportunities.
Canadian Tire's reduced focus on store development may slow future retail intensification opportunities.
Credit rating is linked to Canadian Tire, limiting potential for independent upgrades.
Bond yields have risen approximately 35 basis points since the June issuance, increasing future refinancing costs.
Third-party renewal spreads were lower at 8.3%, impacted by fixed-rate options and shorter-term leases.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CRT_u.TO - CT Real Estate Investment Trust
Q2 2026 CT Real Estate Investment Trust Earnings Call
Aug 11, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by.

My name is Jonathan and I will be your conference operator today.

At this time I would like to welcome everyone to CT Reed's second quarter 2026 earnings results conference call.

All lines have been placed on mute to prevent any background noise.

After the speaker's remarks, there will be a question-and-answer period.

If you would like to ask a question during this time, simply press 11 on your telephone keypad.

To withdraw your questions, simply press 11 again.

The speakers on today's caller, Kevin Salzberg, President and Chief Executive Officer of CT Reed, Jody Spiegel, senior Vice President, real estate, and Leslie

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