Ct Real Estate Investment Trust · TSX:CRT.UN
Ct Real Estate Investment Trust — Investor Presentation (February 2026)
41 slides from Ct Real Estate Investment Trust's investor presentation, Feb 23, 2026
Slide 1: CT REIT Investor Presentation
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Slide 2: Disclaimer
Disclaimer Q4 2025 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 Q4 2025 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
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Slide 5: Investment Highlights
Investment Highlights Q4 2025 Canada’s premier net lease REIT AFFO/Unit CAGR1,2: 4.1% Occupancy Rate3: 99.5% NAV/Unit CAGR1: 4.8% Annualized base minimum rent from Distribution/Unit CAGR1: 3.4% investment grade tenants: 95.8% 31.7M Sq. Ft. 7.2 Years Irreplaceable National Portfolio Long weighted ave
Slide 6: Irreplaceable National Portfolio
Irreplaceable National Portfolio Q4 2025 378 TOTAL PROPERTY COUNT 31.7M SQUARE FEET OF GLA1 YUKON ~$7.7B 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 Q4 2025 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, 21.2% Montreal, 10.7% URBAN- VECTOM, MEDIUM, 12.3% 43.5% Industrial
Slide 8: An Exceptional Major Tenant
An Exceptional Major Tenant Q4 2025 Canadian Tire Corporation is one of Canada’s most admired and trusted companies $9.4B 1,690 Market Retail Capitalization1 Locations ▪ 100% Brand Recognition ▪ Celebrated 100 years in business in 2022 $16.3B BBB ▪ An iconic and trusted omni-channel retailer Consoli
Slide 9: Top Tenants
Top 10 Tenants1 Q4 2025 High quality tenant base PERCENTAGE OF TENANT ANNUALIZED BASE RENT 1 0.66 % 2 0.59 % 3 0.56 % 4 0.44 % 5 0.39 % 6 0.39 % 7 0.37 % 8 0.34 % 9 0.32 % 10 0.31 % TOTAL 4.37 % All figures as at December 31, 2025. 1 Excluding Canadian Tire Corporation related tenancies. 9
Slide 10: Long-Term Lease Maturities
Long-Term Lease Maturities Q4 2025 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% 4.0 11.6% 12.0% 11.2% 3.5 Annualized Base Minimum Rent 10.0% Square Feet (millons) 8.7% 3.0 8.0% 7.5% 2
Slide 11: Strategic Locations
Strategic Locations Q4 2025 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 Q4 2025 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 Q4 2025 Industrial node in southeast Calgary provides critical mass and attractive fundamentals 13
Slide 14: Growth Strategies
Growth | Strategies |
Slide 15: Growth Levers
Growth Levers Q4 2025 Uniquely positioned to leverage relationship with CTC and pursue third party net lease opportunities to complement organic growth EMBEDDED ORGANIC GROWTH 1.5% 7.5 years ANNUAL RENT ESCALATION (ON AVERAGE)1 WEIGHTED AVERAGE REMAINING LEASE TERM1 1 Canadian Tire leases as at Dece
Slide 16: Solid Growth Pipeline
Solid Growth Pipeline Q4 2025 Development pipeline highlights meaningful opportunities for future growth Ongoing Development By Type1 ▪ 629,000 square feet of ongoing Canada Square Office Retrofit, 54% development activity totaling Retail Intensification, 46% $329M1,2 ▪ Completed one acquisition, si
Slide 17: Case Studies
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Slide 18: Development
Development Q4 2025 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 Q4 2025 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 Q4 2025 Nine-acre mixed-use redevelopment site located on two subway 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 mill
Slide 21: Intensifications
Intensifications Q4 2025 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 Q4 2025 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 Q4 2025 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
Third Party Acquisitions Q4 2025 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 Q4 2025 Property revenue is reliable and growing 7.2 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 December 31, 2025. 1 Occupancy and oth
Slide 27: Lean Cost Structure
Lean Cost Structure Q4 2025 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 2.8%1 ▪ Internalized property management functions; any services provided by CTC ar
Slide 28: Investment Grade Capital Structure
Investment Grade Capital Structure Q4 2025 Predictable and durable - strong balance sheet supports growth and distributions BBB 39.8% 6.8x 3.5x Investment Indebtedness Total Interest Grade Rating1 Ratio Indebtedness to Coverage Ratio2 EBITFV2 All figures as at or for the year ended December 31, 2025
Slide 29: Solid Financial Metrics
Solid Financial Metrics Q4 2025 Strong credit metrics – low leverage Indebtedness Ratio, Debt to EBITFV¹ and Interest Coverage¹ 50.0% 9.0 7.9 48.0% 7.6 7.6 8.0 7.4 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 44.0% 6.0 42.0% 5.0 40.0% 3.7 3.7 3.7 3.6
Slide 30: Debt
Debt Q4 2025 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, 2.6% Mortgage (secured) $ 8,102 Debentures, 19.0% Debentures (unsecured) $ 1,421,802 Equity, 58.9% Credit Facilities (unsecured)
Slide 31: Debt Maturities
Debt Maturities Q4 2025 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% ▪ 93.6% of total debt is fixed rate debt Interest Ra
Slide 32: Growing FFO and AFFO
Growing FFO and AFFO Q4 2025 Attractive record of per unit growth FFO1, AFFO1 and Net Asset Value per Unit Metrics2,3 1.50 19.00 1.40 1.360 18.00 1.333 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 1.104 1.071 1
Slide 33: Solid Distribution Growth
Solid Distribution Growth Q4 2025 History of growing distributions every year post IPO while conservatively managing payout ratio AFFO Payout Ratio1 and Distribution Growth 100.0% 2.8% 0.95 3.3% 0.90 3.4% 3.9% 90.0% 88.3% 0.85 3.6% Annual Distribution Payout Percentage 4.7% 0.80 82.1% 4.0% 78.9% 80.
Slide 34: Environmental, Social and Governance
Environmental, Social and Governance
Slide 35: ESG - An Imperative for CT REIT
ESG - An Imperative for CT REIT Q4 2025 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 unitholder
Slide 36: Majority Independent Board
Majority Independent Board Q4 2025 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 Q4 2025 “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 Q4 2025 FFO & AFFO Reconciliation from Net Income YTD Q4 2025 Net income and comprehensive income $517,087 Fair value adjustment on investment property ($195,448) Deferred income tax ($254) Lease principal payments on right-of-use assets ($600) Fair value adjustment of u
Slide 40: Specified Financial Measures
Specified Financial Measures Q4 2025 EBITFV1 CAPITAL STRUCTURE Net income and comprehensive income $517,087 Equity $4,410,882 58.9 % Fair value adjustment on investment ($195,448) Class C LP Units $1,451,550 19.4 % properties Fair value adjustment on unit-based awards $1,383 Debentures $1,421,802 19
Slide 41: Specified Financial Measures
Specified Financial Measures Q4 2025 5-YEAR COMPOUND ANNUAL GROWTH RATE1 Q4 2020 Q4 2025 5 Year CAGR (A) (B) AFFO/Unit2 0.260 0.317 4.1% NAV/Unit 14.620 18.53 4.8% Distribution/ 0.201 0.237 3.4% Unit – Paid SECURED DEBT/ VARIABLE RATE INDEBTEDNESS/ TOTAL INDEBTEDNESS TOTAL INDEBTEDNESS Secured Debt
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