Ct Real Estate Investment Trust · TSX:CRT.UN
Ct Real Estate Investment Trust — Q2 2026 Earnings Presentation
41 slides from Ct Real Estate Investment Trust's earnings presentation, Aug 13, 2026
Slide 1: Q2 2026 Investor Presentation
Q2 2026 INVESTOR PRESENTATION Q2 2026 RELIABLE. DURABLE. GROWING. 1
Slide 2: Disclaimer
Disclaimer Q2 2026 Forward Looking Statements This presentation contains statements and other information that constitute “forward-looking information” or “forward-looking statements” under applicable securities legislation (collectively, “forward-looking statements”) that reflect management’s curre
Slide 3: Executive Team
Executive Team Q2 2026 Highly experienced with in-depth market knowledge Kevin Salsberg Former EVP and CIO, Plaza Retail REIT President & CEO Former COO, KEYreit Lesley Gibson CPA, CA Former CAO, Choice Properties REIT SVP & CFO Former EVP Finance, Primaris Retail REIT Jodi Shpigel Former SVP Develo
Slide 4: Strategic Overview
Strategic Overview se CANADIAN TIRE meee ain — , CANADIAN, ] J i / j R - Boston: Pizza TIRE 6p, aeres w . = | Cee pees sebl Mark's
Slide 5: Investment Highlights
Investment Highlights Q2 2026 Canada’s premier net lease REIT AFFO/Unit CAGR1,2: 3.3% Occupancy Rate3: 99.5% NAV/Unit CAGR1: 4.5% Annualized base minimum rent from Distribution/Unit CAGR1: 3.4% investment grade tenants: 95.8% 32.0M Sq. Ft. 6.9 Years Irreplaceable National Portfolio Long weighted ave
Slide 6: Irreplaceable National Portfolio
Irreplaceable National Portfolio Q2 2026 380 TOTAL PROPERTY COUNT 32.0M SQUARE FEET OF GLA1 YUKON ~$7.9B 1 NORTHWEST FAIR MARKET VALUE TERRITORIES 2 NEWFOUNDLAND AND LABRADOR 8 BRITISH COLUMBIA 29 ALBERTA 57 SASKATCHEWAN MANITOBA 9 13 ONTARIO QUEBEC 79 NOVA 146 SCOTIA 19 PRINCE NEW EDWARD ISLAND 2 B
Slide 7: High Quality Portfolio
High Quality Portfolio Q2 2026 43.6% of Base Minimum rent from: Vancouver, Edmonton, Calgary, Toronto, Ottawa and Montreal (“VECTOM”) BY MARKET1,2 BY ASSET TYPE1 % OF ANNUALIZED BASE MINIMUM RENT % OF TOTAL GLA Toronto, 17.6% SMALL, 20.8% Montreal, 10.9% URBAN- VECTOM, 43.6% MEDIUM, 12.8% Industrial
Slide 8: An Exceptional Major Tenant
An Exceptional Major Tenant Q2 2026 Canadian Tire Corporation is one of Canada’s most admired and trusted companies $10.4B 1,635 Market Retail Capitalization1 Locations ▪ 100% Brand Recognition ▪ Over 100 years in business $16.5B ▪ An iconic and trusted omni-channel retailer Consolidated BBB with sc
Slide 9: Top Tenants
Top 10 Tenants1 Q2 2026 High quality tenant base PERCENTAGE OF TENANT ANNUALIZED BASE RENT 1 0.65 % 2 0.58 % 3 0.54 % 4 0.47 % 5 0.45 % 6 0.38 % 7 0.36 % 8 0.34 % 9 0.32 % 10 0.31 % TOTAL 4.40 % All figures as at June 30, 2026. 1 Excluding Canadian Tire Corporation related tenancies. 9
Slide 10: Long-Term Lease Maturities
Long-Term Lease Maturities Q2 2026 One of the longer weighted average lease terms in the sector with well staggered maturities Lease Expiry by % of Annualized Minimum Rent and GLA¹ 14.0% 5.0 11.9% 11.9% 4.5 11.6% 12.0% 4.0 Annualized Base Minimum Rent 10.0% 3.5 Square Feet (millons) 8.6% 8.6% 7.9% 3
Slide 11: Strategic Locations
Strategic Locations Q2 2026 High traffic and transit-oriented locations in growing markets Leslie St. & Sheppard Ave., Toronto, ON ▪ Prime locations in urban centres ▪ Dominant positions in secondary markets 11
Slide 12: Industrial Properties
Industrial Properties Q2 2026 4.6M square feet of prime warehouse space in Canada’s largest markets Net Zero Development1 11 Dufferin Place SE 25 Dufferin Place SE 5500 Dufferin Blvd. SE Calgary, AB Calgary, AB Calgary, AB 201K sq. ft 655K sq. ft 350K sq. ft 8400 Healey Road 50 Boulevard Dupont Bolt
Slide 13: Dufferin District
Dufferin District Q2 2026 Industrial node in southeast Calgary provides critical mass and attractive fundamentals 13
Slide 14: Growth Strategies
Growth Strategies }
Slide 15: Growth Levers
Growth Levers Q2 2026 Uniquely positioned to leverage relationship with CTC and pursue third party net lease opportunities to complement organic growth EMBEDDED ORGANIC GROWTH 1.5% 7.1 years ANNUAL RENT ESCALATION1 WEIGHTED AVERAGE REMAINING LEASE TERM1 1 Canadian Tire leases as at June 30, 2026 (on
Slide 16: Solid Growth Pipeline
Solid Growth Pipeline Q2 2026 Development pipeline highlights meaningful opportunities for future growth Ongoing Development By Type1 ▪ 518,000 square feet of ongoing development activity Retail Intensification, 33% ▪ Total development costs of $354M1,2 Canada Square Office Retrofit: ▪ Phase 1 Offic
Slide 17: Case Studies
Case Studies
Slide 18: Development
Development Q2 2026 CT REIT has a preferential right to participate in the development of CTC owned properties Kingston, ON ▪ CT REIT is uniquely positioned to participate in the development of Canadian Tire stores and Canadian Tire anchored developments ▪ 19 new Canadian Tire stores developed since
Slide 19: Development: Orillia Square Mall
Development Q2 2026 Acquiring and repositioning under-managed assets; leveraging strategic relationship Redevelopment Project: Orillia Square Mall ▪ Acquired from a third party in 2017 ▪ Occupancy increased from 61% at time of purchase to 93% as at June 30, 2026 ▪ Former vacant Target and portion of
Slide 20: Development - Canada Square - Toronto
Development - Canada Square - Toronto Q2 2026 Nine-acre mixed-use redevelopment site located on two transit lines at Yonge and Eglinton, one of Toronto’s most prominent intersections Urban Mixed Use Redevelopment ▪ Partnership and Investment: Oxford Properties and CT REIT are investing over $200 mil
Slide 21: Intensifications
Intensifications Q2 2026 Incremental density on owned surplus lands ▪ Since IPO, CT REIT has funded 125 intensification projects for Canadian Tire Corporation and ancillary tenants ▪ Over 1.9M square feet of incremental GLA added ▪ 6 Intensifications currently in the pipeline ▪ 2 Pad Developments (7
Slide 22: CTC Acquisitions
CTC Acquisitions Q2 2026 Privileged relationship – right of first offer on all CTC properties Napanee, ON ▪ CTC owned properties that can be acquired by CT REIT and leased back to CTC on a long term basis or redeveloped ▪ Over 2M square feet of industrial assets acquired and leased to CTC since IPO
Slide 23: Third Party Acquisitions
Third Party Acquisitions Q2 2026 Consolidating the ownership of Canadian Tire tenanted properties from third parties ▪ Approximately 1/4 of Canadian Tire properties are owned by third parties ▪ Opportunity to consolidate Canadian Tire stores and supply chain assets ▪ CT REIT has acquired 22 Canadian
Slide 24: Third Party Acquisitions: Non-CTC Opportunities
Third Party Acquisitions Q2 2026 Non-CTC related opportunities Halifax, NS Waterloo, ON ▪ Broader investment strategy to acquire third party net lease assets ▪ Leverage CTC’s local insight and market knowledge Banff, AB 24
Slide 25: Financial Overview
Financial Overview
Slide 26: Stable and Resilient Asset Base
Stable and Resilient Asset Base Q2 2026 Property revenue is reliable and growing 6.9 95.8% Years Of annualized base minimum rent Long weighted average lease term from investment grade tenants 99.5% 1.5% Occupancy Rate1 Annual Rent Escalations2 All figures as at June 30, 2026. 1 Occupancy and other l
Slide 27: Lean Cost Structure
Lean Cost Structure Q2 2026 One of the lowest cost structures in the REIT sector ▪ CTC leases triple net; base rent, operating costs (including insurance) and capex paid by tenant ▪ G&A as a percentage of revenues is 3.0%1 ▪ Internalized property management functions; any services provided by CTC ar
Slide 28: Investment Grade Capital Structure
Investment Grade Capital Structure Q2 2026 Predictable and durable - strong balance sheet supports growth and distributions BBB 38.9% 6.6x 3.5x Investment Indebtedness Total Interest Grade Rating1 Ratio Indebtedness to Coverage Ratio2 EBITFV2 All figures as at or for the six months ended June 30, 20
Slide 29: Solid Financial Metrics
Solid Financial Metrics Q2 2026 Strong credit metrics – low leverage Indebtedness Ratio, Debt to EBITFV¹ and Interest Coverage¹ 50.0% 9.0 7.6 8.0 48.0% 7.3 Debt to EBITFV, Interest Coverage 6.9 7.0 6.9 6.8 6.8 6.8 6.8 6.6 7.0 46.0% Indebtedness Ratio 6.0 44.0% 5.0 42.0% 3.7 3.7 3.7 3.6 4.0 3.5 3.4 3
Slide 30: Debt
Debt Q2 2026 Conservative leverage – strong credit metrics Capital Structure Total Debt (000’s)1 Class C LP Units (unsecured) $ 1,451,550 Mortgage, 0.1% Credit Facilities, 1.5% Mortgage (secured) $ 10,897 Equity, 59.5% Debentures, 19.9% Debentures (unsecured) $ 1,520,931 Credit Facilities (unsecured
Slide 31: Debt Maturities
Debt Maturities Q2 2026 Staggered debt maturities – one of the longest weighted average terms to maturity in the sector Debt Principal Repayments 700 7.00% ▪ 99.7% of total debt is unsecured; all unsecured 600 6.00% debt is interest only 500 5.00% ▪ 96.4% of total debt is fixed rate debt Interest Ra
Slide 32: Growing FFO and AFFO
Growing FFO and AFFO Q2 2026 Attractive record of per unit growth FFO2, AFFO2 and Net Asset Value per Unit Metrics3,4 1.50 20.00 1.414 1.40 1.360 19.00 1.333 1.308 1.308 1.30 1.264 1.274 18.00 Net asset value per unit FFO and AFFO per unit 1.238 1.239 1.203 1.175 1.181 1.20 1.147 17.00 1.144 1.124 1
Slide 33: Solid Distribution Growth
Solid Distribution Growth Q2 2026 History of growing distributions every year since 2017 while conservatively managing payout ratio AFFO Payout Ratio2 and Distribution Growth 90.0% 1.00 3.0% 0.95 2.8% 3.3% 0.90 3.4% Annual Distribution Payout Percentage 80.0% 3.9% 0.85 3.6% 76.2% 76.3% 4.7% 76.8% 0.
Slide 34: Environmental, Social and Governance
Environmental, Social and Governance
Slide 35: ESG - Highlights
ESG - Highlights Q2 2026 CT REIT strives to operate a business that is climate resilient, socially responsible and well-governed. We believe that investing in ESG initiatives will create sustainable outcomes for our stakeholders, including maximizing long-term value for our unitholders. 1025 Lake Sh
Slide 36: Majority Independent Board
Majority Independent Board Q2 2026 Committed to maintaining a Board with diverse experiences, skills and perspectives TRUSTEES COMMITTEES HIGHLIGHTS John O’Bryan Governance, Compensation and Corporate Director Chair of the Board Nominating (GCN) Committee Honorary Chairman, CBRE Limited Investment C
Slide 37: Appendix: Specified Financial Measures
Appendix: Specified Financial Measures
Slide 38: Specified Financial Measures
Specified Financial Measures Q2 2026 “FFO” is a non-GAAP financial measure and has the meaning given to it in the REALPAC Guidance on FFO & AFFO. It is calculated as net income in accordance with IFRS Accounting Standards, FFO: adjusted by removing the impact of: (i) fair value adjustments on invest
Slide 39: Specified Financial Measures: FFO & AFFO Reconciliation
Specified Financial Measures Q2 2026 FFO & AFFO Reconciliation from Net Income YTD Q2 2026 Net income and comprehensive income $241,971 Fair value adjustment on investment property ($75,454) Deferred income tax $599 Lease principal payments on right-of-use assets ($505) Fair value adjustment of unit
Slide 40: Specified Financial Measures: EBITFV and Capital Structure
Specified Financial Measures Q2 2026 EBITFV¹˒⁴ CAPITAL STRUCTURE Net income and comprehensive income $241,971 Equity $4,555,788 59.5 % Fair value adjustment on investment Class C LP Units $1,451,550 19.0 % ($75,454) properties Fair value adjustment on unit-based awards $1,440 Debentures $1,520,931 1
Slide 41: Specified Financial Measures: 5-Year CAGR
Specified Financial Measures Q2 2026 5-YEAR COMPOUND ANNUAL GROWTH RATE1 Q2 2021 Q2 2026 5 Year CAGR (A) (B) AFFO/Unit2 0.277 0.326 3.3% NAV/Unit 15.31 19.06 4.5% Distribution/ 0.201 0.237 3.4% Unit – Paid SECURED DEBT/ VARIABLE RATE INDEBTEDNESS/ TOTAL INDEBTEDNESS TOTAL INDEBTEDNESS Secured Debt $
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