The following is a summary of the CT Real Estate Investment Trust (CTRRF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• CT Real Estate Investment Trust reported a 3.4% increase in NOI and a 2.3% increase in AFFO per unit for Q3 2024.

• Same-store NOI grew by 1.2% driven by contractual rent escalations.

• FFO per unit increased by 1.2% to $0.331, with AFFO per unit up by 2.3% to $0.308.

• The REIT maintained a stable AFFO payout ratio of 75.0%, in line with the previous year.

Business Progress:

• Announced $85 million of new investments, which are expected to generate a going-in yield of 6.2%.

• Completed the acquisition of a property in Nanaimo, BC for $47 million, adding 141,000 square feet of GLA.

• Sold an outparcel in Orillia, Ontario for $4 million, effectively reducing the cost base.

• Continuing development projects expected to add 769,000 square feet by 2026, with 95.2% pre-leased.

• CT REIT holds a strong 99.4% occupancy rate, demonstrating the robustness of its asset portfolio.

Opportunities:

• The recent rate cuts by the Bank of Canada are expected to drive interest back to the real estate sector and stimulate market reengagement.

• Strong pipeline of over 0.5 million square feet of new development projects expected to be delivered by the end of 2025.

Risks:

• Transaction volumes remain low by historic standards, indicating potential market hesitancy.

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