Ct Real Estate Investment Trust · TSX:CRT.UN
Ct Real Estate Investment Trust — Q1 2026 Earnings Presentation
41 slides from Ct Real Estate Investment Trust's earnings presentation, May 12, 2026
Slide 1: Investor Presentation Q1 2026
Q1 2026 INVESTOR PRESENTATION Q1 2026 RELIABLE. DURABLE. GROWING. 1
Slide 2: Disclaimer
Disclaimer Q1 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 Q1 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 ASSO CANADIAN TIRE os ; a c A 15 : fANADIAN/ | ihe ‘ Pizza TIRE Y | . | = &.BOSIOD FMAL & — q efeerisuncineirsneaieea Mark's
Slide 5: Investment Highlights
Investment Highlights Q1 2026 Canada’s premier net lease REIT AFFO/Unit CAGR1,2: 3.7% Occupancy Rate3: 99.4% NAV/Unit CAGR1: 5.0% Annualized base minimum rent from Distribution/Unit CAGR1: 3.4% investment grade tenants: 95.9% 31.7M Sq. Ft. 7.0 Years Irreplaceable National Portfolio Long weighted ave
Slide 6: Irreplaceable National Portfolio
Irreplaceable National Portfolio Q1 2026 378 TOTAL PROPERTY COUNT 31.7M SQUARE FEET OF GLA1 YUKON ~$7.8B 1 NORTHWEST FAIR MARKET VALUE TERRITORIES 2 NEWFOUNDLAND AND LABRADOR 8 BRITISH COLUMBIA 29 ALBERTA 56 SASKATCHEWAN MANITOBA 9 13 ONTARIO QUEBEC 79 NOVA 145 SCOTIA 19 PRINCE NEW EDWARD ISLAND 2 B
Slide 7: High Quality Portfolio
High Quality Portfolio Q1 2026 43.5% 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, 17.8% SMALL, 21.0% Montreal, 10.8% URBAN- VECTOM, MEDIUM, 12.4% 43.5% Industrial
Slide 8: An Exceptional Major Tenant
An Exceptional Major Tenant Q1 2026 Canadian Tire Corporation is one of Canada’s most admired and trusted companies $9.3B 1,635 Market Retail Capitalization1 Locations ▪ 100% Brand Recognition ▪ Over 100 years in business $16.4B BBB ▪ An iconic and trusted omni-channel retailer Consolidated Investme
Slide 9: Top Tenants
Top 10 Tenants1 Q1 2026 High quality tenant base PERCENTAGE OF TENANT ANNUALIZED BASE RENT 1 0.66 % 2 0.59 % 3 0.55 % 4 0.46 % 5 0.43 % 6 0.38 % 7 0.37 % 8 0.34 % 9 0.32 % 10 0.31 % TOTAL 4.41 % All figures as at March 31, 2026. 1 Excluding Canadian Tire Corporation related tenancies. 9
Slide 10: Long-Term Lease Maturities
Long-Term Lease Maturities Q1 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% 4.5 12.0% 11.9% 11.6% 4.0 12.0% 3.5 Annualized Base Minimum Rent 10.0% Square Feet (millons) 8.7% 3.0 7.9% 8.0% 7
Slide 11: Strategic Locations
Strategic Locations Q1 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 Q1 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 Q1 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 Q1 2026 Uniquely positioned to leverage relationship with CTC and pursue third party net lease opportunities to complement organic growth EMBEDDED ORGANIC GROWTH 1.5% 7.2 years ANNUAL RENT ESCALATION1 WEIGHTED AVERAGE REMAINING LEASE TERM1 1 Canadian Tire leases as at March 31, 2026 (o
Slide 16: Solid Growth Pipeline
Solid Growth Pipeline Q1 2026 Development pipeline highlights meaningful opportunities for future growth Ongoing Development By Type1 Canada Square Office Retrofit, 54% Retail Intensification, 46% ▪ 629,000 square feet of ongoing development activity totaling $380M1,2 ▪ 129,800 square feet of increm
Slide 17: Case Studies
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Slide 18: Development
Development Q1 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 Q1 2026 Acquiring and repositioning under-managed assets; leveraging strategic relationship Redevelopment Project: Orillia Square Mall BEFORE ▪ Former vacant Target and portion of enclosed mall redeveloped for brand new large format Canadian Tire store ▪ Former Canadian Tire store re- de
Slide 20: Development - Canada Square - Toronto
Development - Canada Square - Toronto Q1 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 Q1 2026 Incremental density on owned surplus lands ▪ Since IPO, CT REIT has funded 122 intensification projects for Canadian Tire Corporation and ancillary tenants ▪ Over 1.8M square feet of incremental GLA added ▪ 9 Intensifications currently in the pipeline Thunder Bay, ON 21
Slide 22: CTC Acquisitions
CTC Acquisitions Q1 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 Q1 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 21 Canadian
Slide 24: Third Party Acquisitions: Non-CTC Opportunities
Third Party Acquisitions Q1 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 Q1 2026 Property revenue is reliable and growing 7.0 95.9% Years Of annualized base minimum rent Long weighted average lease term from investment grade tenants 99.4% 1.5% Occupancy Rate1 Annual Rent Escalations2 All figures as at March 31, 2026. 1 Occupancy and other
Slide 27: Lean Cost Structure
Lean Cost Structure Q1 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 2.5%1 ▪ Internalized property management functions; any services provided by CTC ar
Slide 28: Investment Grade Capital Structure
Investment Grade Capital Structure Q1 2026 Predictable and durable - strong balance sheet supports growth and distributions BBB 39.0% 6.5x 3.5x Investment Indebtedness Total Interest Grade Rating1 Ratio Indebtedness to Coverage Ratio2 EBITFV2 All figures as at or for the three months ended March 31,
Slide 29: Solid Financial Metrics
Solid Financial Metrics Q1 2026 Strong credit metrics – low leverage Indebtedness Ratio, Debt to EBITFV¹ and Interest Coverage¹ 50.0% 9.0 48.0% 7.6 8.0 Debt to EBITFV, Interest Coverage 7.3 6.9 7.0 6.9 6.8 6.8 6.8 6.8 46.0% 7.0 Indebtedness Ratio 6.5 44.0% 6.0 42.0% 5.0 40.0% 3.7 3.7 3.7 3.6 4.0 3.5
Slide 30: Debt
Debt Q1 2026 Conservative leverage – strong credit metrics Capital Structure Total Debt (000’s)1 Class C LP Units (unsecured) $ 1,451,550 Credit Facilities, 2.2% Debentures (unsecured) $ 1,422,100 Equity, 59.5% Debentures, 18.9% Credit Facilities (unsecured) $ 167,600 Total $ 3,041,250 Liquidity Cla
Slide 31: Debt Maturities
Debt Maturities Q1 2026 Staggered debt maturities – one of the longest weighted average terms to maturity in the sector Debt Principal Repayments 700 7.00% ▪ 100.0% of total debt is unsecured; all unsecured 600 6.00% debt is interest only 500 5.00% ▪ 94.5% of total debt is fixed rate debt Interest R
Slide 32: Growing FFO and AFFO
Growing FFO and AFFO Q1 2026 Attractive record of per unit growth FFO2, AFFO2 and Net Asset Value per Unit Metrics3,4 1.50 19.00 1.416 1.40 1.360 18.00 1.333 1.308 1.308 1.264 1.274 17.00 1.30 1.238 1.239 Net asset value per unit FFO and AFFO per unit 1.203 1.175 1.181 16.00 1.20 1.144 1.147 1.124 1
Slide 33: Solid Distribution Growth
Solid Distribution Growth Q1 2026 History of growing distributions every year since 2017 while conservatively managing payout ratio AFFO Payout Ratio2 and Distribution Growth3 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 Q1 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. 2024 ESG Rep
Slide 36: Majority Independent Board
Majority Independent Board Q1 2026 Committed to having 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 Commit
Slide 37: Appendix: Specified Financial Measures
Appendix: Specified Financial Measures
Slide 38: Specified Financial Measures
Specified Financial Measures Q1 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
Specified Financial Measures Q1 2026 FFO & AFFO Reconciliation from Net Income YTD Q1 2026 Net income and comprehensive income $115,738 Fair value adjustment on investment property ($31,167) Deferred income tax ($557) Lease principal payments on right-of-use assets ($200) Fair value adjustment of un
Slide 40: Specified Financial Measures
Specified Financial Measures Q1 2026 EBITFV¹˒⁴ CAPITAL STRUCTURE Net income and comprehensive income $115,738 Equity $4,474,356 59.5 % Fair value adjustment on investment ($31,167) Class C LP Units $1,451,550 19.3 % properties Fair value adjustment on unit-based awards $283 Debentures $1,422,100 18.
Slide 41: Specified Financial Measures
Specified Financial Measures Q1 2026 5-YEAR COMPOUND ANNUAL GROWTH RATE1 Q1 2021 Q1 2026 5 Year CAGR (A) (B) AFFO/Unit2 0.273 0.327 3.7% NAV/Unit 14.74 18.77 5.0% Distribution/ 0.201 0.237 3.4% Unit – Paid SECURED DEBT/ VARIABLE RATE INDEBTEDNESS/ TOTAL INDEBTEDNESS TOTAL INDEBTEDNESS Secured Debt $
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