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CT Real Estate Investment
(TSX:CRT.UN)
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Rating:73Outperform
Price Target:
C$20.00
â–²(13.83% Upside)
Action:Upgraded
Date:08/17/26
The score is driven primarily by attractive valuation (low P/E and high dividend yield) alongside solid underlying operating cash flow and profitability, tempered by elevated leverage and historical earnings volatility. Near-term technical momentum is softer (below 20/50-day averages with negative MACD), while the latest earnings call was broadly positive on operations, occupancy, renewals, and distribution growth despite interest-cost and concentration risks.
Positive Factors
High occupancy and long lease duration
Near-full occupancy and long remaining lease terms support predictable rental income, reduce rollover risk and provide a durable foundation for cash flow across the next several years.
Negative Factors
Elevated leverage
The more debt-heavy balance sheet increases sensitivity to refinancing costs and asset values, potentially limiting financial flexibility and raising execution risk for acquisitions or developments.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy and long lease duration
Near-full occupancy and long remaining lease terms support predictable rental income, reduce rollover risk and provide a durable foundation for cash flow across the next several years.
Read all positive factors
CT Real Estate Investment (CRT.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.13B
Dividend Yield5.59%
Average Volume (3M)211.18K
Price to Earnings (P/E)7.4
Beta (1Y)0.52
Revenue Growth4.77%
EPS Growth24.61%
CountryCA
Employees67
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)2.31
Shares Outstanding110,675,690
10 Day Avg. Volume178,777
30 Day Avg. Volume211,181
Financial Highlights & Ratios
PEG Ratio0.40
Price to Book (P/B)0.90
Price to Sales (P/S)2.95
P/FCF Ratio4.16
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$18.94Price Target Upside7.78% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)1.36
Revenue Forecast (FY)C$632.12M
CT Real Estate Investment Business Overview & Revenue Model
Company Description
CT Real Estate Investment Trust (TSX:CRT.UN) functions as an unincorporated, closed-end real estate investment trust primarily focused on acquiring and managing income-generating commercial properties across Canada. Its extensive portfolio compris...
How the Company Makes Money
CT REIT makes money primarily by earning rental revenue from tenants leasing space in its properties. A significant portion of this revenue is generated through long-term leases with Canadian Tire Corporation and its affiliated entities (including...
CT Real Estate Investment Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The quarter was fundamentally constructive: operating metrics (same property NOI +2.5%, overall NOI +4.8%), solid leasing uplifts (+10.4% blended renewals), strong portfolio occupancy (99.5%) and prudent capital moves ($300M debenture issuance, improved indebtedness to EBITFV) point to durable performance and disciplined growth. Offsetting items include modest increases in G&A and interest expense, competitive market conditions limiting accretive acquisition opportunities, concentration risk tied to Canadian Tire, and near-term development funding needs. On balance, positive operating momentum and a strengthened balance sheet outweigh the identified challenges.Positive Updates
Same Property NOI and Overall NOI Growth
Same property NOI (including intensifications) grew 2.5% year-over-year in Q2 2026; overall NOI increased 4.8% (~$5.8 million), supported by contractual escalations, completed intensifications and recent acquisitions/developments.
Negative Updates
Rising G&A and One-Time Adjustments
General & administrative expenses as a percentage of property revenue increased to 4.4% from 4.0%; excluding fair value on unit awards, G&A rose to 3.6% from 3.4%, driven by fair value adjustments on unit-based awards and timing of deferred tax.
Read all updates
Q2-2026 Updates
Positive
Negative
Same Property NOI and Overall NOI Growth
Same property NOI (including intensifications) grew 2.5% year-over-year in Q2 2026; overall NOI increased 4.8% (~$5.8 million), supported by contractual escalations, completed intensifications and recent acquisitions/developments.
Read all positive updates
Company Guidance
Management reiterated a confident, disciplined outlook, saying CT REIT will fund its development pipeline and pursue opportunistic acquisitions while maintaining conservative payout and leverage targets; key metrics cited include same‑property NOI growth of 2.5% (including intensifications), overall NOI up 4.8% (~$5.8M), AFFO/unit (diluted) $0.326 (+2.5% YoY) and FFO/unit $0.353 (+3.2% YoY), a Board‑approved distribution increase of 3.5% (cash distribution of $0.237/unit in the quarter, +2.5%), AFFO payout ratio of 72.7%, occupancy 99.5% and Canadian Tire lease WALT of 7.1 years; development pipeline: nine projects totaling ~ $354M (≈$191M spent to date, ~ $66M expected to be invested over the next 12 months) with 488,000 sq ft committed (94.2% of GLA under development) and 91.6% leased to Canadian Tire; leasing/transaction activity included nine CT store renewals and 618,000 sq ft of renewal leasing at a blended +10.4% (515,000 sq ft at +10.9%; other tenancies 103,000 sq ft at +8.3%), a $13M vend‑in (≈52,400 sq ft, 6.9% going‑in yield), ~ $76M of closed investments adding >232,000 sq ft, financing via $300M Series K debentures (5.5‑year, 3.57% coupon) used to repay $200M Series D, improved total indebtedness/EBITFV to 6.56x (from 6.77x at end‑2025), interest coverage ~3.49x, and liquidity of ≈$312M (cash ≈$12M, $300M committed facility undrawn, ≈$187M available on a $300M uncommitted CT facility).CT Real Estate Investment Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
60
Neutral
Cash Flow
73
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 618.34M | 604.25M | 578.69M | 552.77M | 532.79M | 514.54M |
| Gross Profit | 482.45M | 471.69M | 453.00M | 437.25M | 421.66M | 407.25M |
| EBITDA | 685.95M | 648.84M | 438.03M | 343.92M | 436.19M | 562.58M |
| Net Income | 254.39M | 238.44M | 434.22M | 105.29M | 324.61M | 351.14M |
Balance Sheet | ||||||
| Total Assets | 7.96B | 7.74B | 7.25B | 6.97B | 6.84B | 6.50B |
| Cash, Cash Equivalents and Short-Term Investments | 11.94M | 4.16M | 3.06M | 20.77M | 2.61M | 3.56M |
| Total Debt | 3.22B | 3.33B | 1.63B | 1.53B | 1.44B | 1.30B |
| Total Liabilities | 3.41B | 3.33B | 3.15B | 3.12B | 3.02B | 2.82B |
| Stockholders Equity | 2.05B | 1.98B | 1.83B | 1.71B | 1.70B | 1.62B |
Cash Flow | ||||||
| Free Cash Flow | 400.12M | 428.36M | 399.62M | 393.31M | 369.13M | 371.34M |
| Operating Cash Flow | 404.07M | 390.91M | 436.04M | 425.06M | 399.27M | 407.20M |
| Investing Cash Flow | -250.43M | -211.52M | -217.84M | -186.53M | -219.62M | -146.77M |
| Financing Cash Flow | -150.06M | -178.30M | -235.91M | -220.37M | -180.60M | -261.41M |
CT Real Estate Investment Technical Analysis
Positive
17.57
Price Trends
17.29
Negative
17.59
Negative
16.99
Positive
Market Momentum
-0.06
Negative
49.58
Neutral
55.89
Neutral
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 17.57 is above the 20-day moving average (MA) of 16.85, above the 50-day MA of 17.29, and above the 200-day MA of 16.99, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 49.58 is Neutral, neither overbought nor oversold. The STOCH value of 55.89 is Neutral, 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$583.28M | 9.42 | 11.07% | 5.30% | 2.84% | 78.07% | |
73 Outperform | C$4.13B | 7.43 | 12.79% | 5.59% | 4.77% | 24.61% | |
70 Outperform | C$4.89B | 4.75 | 22.27% | 3.94% | 0.07% | 295.34% | |
66 Neutral | C$4.50B | 28.34 | 3.03% | 7.01% | -1.11% | -31.75% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | C$2.95B | -50.10 | 6.03% | 5.78% | 3.98% | -1411.59% | |
60 Neutral | C$5.97B | 23.87 | 3.53% | 5.65% | -2.62% | -8.84% |
* 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.