TORONTO, Aug. 8, 2023
/CNW/ - CT Real Estate Investment Trust ("CT REIT" or "the REIT")
(TSX: CRT.UN) today reported its consolidated financial results for
the second quarter ending June 30, 2023.
"In the second quarter, we delivered 7.0% growth in AFFO per
unit, added 187,000 square feet to the portfolio through
development completions, increased our project pipeline by an
additional 53,000 square feet and successfully renewed over 1.3
million square feet of GLA," said Kevin
Salsberg, President and Chief Executive Officer of CT REIT.
"I am very pleased with the team's accomplishments and our strong
results in Q2 which, once again, highlight CT REIT's ability to
reliably provide growth and stability to our unitholders."
New Investment Activity
CT REIT announced three new investments, which will require
an estimated $22.4 million to
complete. These investments are expected to earn a weighted average
cap rate of 6.63%, and represent approximately 53,000 square feet
of incremental GLA.
The table below summarizes the new investments and their
anticipated completion dates:
Property
|
Type
|
GLA
(sf.)
|
Timing
|
Activity
|
Port Hawkesbury,
NS
|
Intensification
|
13,000
|
Q2 2025
|
Expansion of an
existing Canadian
Tire store
|
Barrhaven,
ON
|
Intensification
|
8,000
|
Q2 2025
|
Expansion of an
existing Canadian
Tire store
|
Peterborough,
ON
|
Intensification
|
32,000
|
Q2 2025
|
Expansion of an
existing Canadian
Tire store
|
Update on Previously Announced
Investment and Development Activity
CT REIT invested $54 million in previously disclosed
projects that were completed in the second quarter of 2023, adding
187,000 square feet of incremental GLA to the portfolio as detailed
in the table below:
Property
|
Type
|
GLA
(sf.)
|
Timing
|
Activity
|
Sherbrooke East,
QC
|
Development
|
101,000
|
Q2 2023
|
Development of a new
Canadian
Tire store
|
Casselman,
ON
|
Intensification
|
23,000
|
Q2 2023
|
Expansion of an
existing Canadian
Tire store
|
Chambly, QC
|
Intensification
|
18,000
|
Q2 2023
|
Expansion of an
existing Canadian
Tire store
|
Drummondville,
QC
|
Intensification
|
45,000
|
Q2 2023
|
Expansion of an
existing Canadian
Tire store
|
As of June 30, 2023, CT REIT had
1,130,000 square feet of GLA under development, of which
approximately 99.4% is subject to committed lease agreements. These
developments represent an investment of approximately $372 million upon completion, of which
$135 million has been spent to
date.
Financial and
Operational Summary
Summary of Selected
Information
|
|
|
|
|
|
|
(in thousands of
Canadian dollars, except unit, per unit and square
footage amounts)
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|
2023
|
2022
|
Change
|
2023
|
2022
|
Change
|
Property
revenue
|
$
137,819
|
$
132,515
|
4.0 %
|
$
275,325
|
$
264,465
|
4.1 %
|
Net operating income
1
|
$
110,097
|
$
104,088
|
5.8 %
|
$
217,514
|
$
206,874
|
5.1 %
|
Net income
|
$
109,357
|
$
79,771
|
37.1 %
|
$
179,868
|
$
172,850
|
4.1 %
|
Net income per unit -
basic 2
|
$
0.465
|
$
0.341
|
36.4 %
|
$
0.765
|
$
0.740
|
3.4 %
|
Net income per unit -
diluted 3
|
$
0.376
|
$
0.296
|
27.0 %
|
$
0.636
|
$
0.634
|
0.3 %
|
Funds from operations
1
|
$
77,809
|
$
73,412
|
6.0 %
|
$
153,137
|
$
145,237
|
5.4 %
|
Funds from operations
per unit - diluted 2,4,5
|
$
0.330
|
$
0.313
|
5.4 %
|
$
0.651
|
$
0.621
|
4.8 %
|
Adjusted funds from
operations 1
|
$
71,658
|
$
66,620
|
7.6 %
|
$
140,889
|
$
131,673
|
7.0 %
|
Adjusted funds from
operations per unit - diluted 2,4,5
|
$
0.304
|
$
0.284
|
7.0 %
|
$
0.599
|
$
0.562
|
6.6 %
|
Distributions per unit
- paid 2
|
$
0.217
|
$
0.212
|
2.2 %
|
$
0.434
|
$
0.422
|
2.8 %
|
AFFO payout ratio
4
|
71.4 %
|
74.6 %
|
(3.2) %
|
72.5 %
|
75.1 %
|
(2.6) %
|
Cash generated from
operating activities
|
$
103,209
|
$
91,232
|
13.1 %
|
$
208,065
|
$
190,628
|
9.1 %
|
Weighted average number
of units outstanding 2
|
|
|
|
|
|
|
Basic
|
235,116,352
|
233,929,140
|
0.5 %
|
234,977,624
|
233,644,486
|
0.6 %
|
Diluted
3
|
333,452,168
|
323,243,370
|
3.2 %
|
333,309,156
|
322,963,118
|
3.2 %
|
Diluted (non-GAAP)
5
|
235,435,011
|
234,207,831
|
0.5 %
|
235,291,999
|
233,927,579
|
0.6 %
|
Indebtedness
ratio
|
|
|
|
39.9 %
|
40.2 %
|
(0.3) %
|
Gross leasable area
(square feet) 6
|
|
|
|
30,228,996
|
29,768,415
|
1.5 %
|
Occupancy rate
6,7
|
|
|
|
99.0 %
|
99.4 %
|
(0.4) %
|
1 This is a
non-GAAP financial measure. See "Specified Financial Measures"
below for more information.
|
2 Total
units means Units and Class B LP Units outstanding.
|
3 Diluted
units determined in accordance with IFRS includes restricted and
deferred units issued under various plans and the effect of
assuming that all of the Class C LP
Units will be settled with Class B LP Units. Refer to section 7.0
of the MD&A.
|
4 This is a
non-GAAP ratio. See "Specified Financial Measures" below for more
information.
|
5 Diluted
units used in calculating non-GAAP measures include restricted and
deferred units issued under various plans and exclude the effect of
assuming that all of the
Class C LP Units will be settled with Class B LP Units. Refer to
section 7.0 of the MD&A.
|
6 Refers to
retail, mixed-use commercial and industrial properties and excludes
Properties Under Development.
|
7 Occupancy
and other leasing key performance measures have been prepared on a
committed basis which includes the impact of existing lease
agreements contracted on or
before June 30, 2023 and June 30, 2022.
|
Financial Highlights
Net Income – Net income was $109.4 million for the quarter, an increase of
$29.6 million or 37.1%, compared to
the same period in the prior year, primarily due to an increase in
net operating income and in the fair value adjustment on investment
properties.
Net Operating Income (NOI)* – Total property revenue for
the quarter was $137.8 million,
which was $5.3 million or 4.0%
higher compared to the same period in the prior year. In the second
quarter, NOI was $110.1 million,
which was $6.0 million or 5.8% higher
compared to the same period in the prior year. This was primarily
due to the intensifications of income-producing properties
completed in 2022 and 2023, which contributed $2.4 million to NOI growth, and rent escalations
from Canadian Tire leases, which contributed a further $1.3 million. The recovery of capital
expenditures and interest earned on the unrecovered balance also
contributed $2.4 million to NOI
growth in the quarter.
Same store NOI was $106.6 million
and same property NOI was $109.1
million for the quarter, which were $3.6 million or 3.5%, and $6.0 million or 5.9%, respectively, higher when
compared to the prior year. Same store NOI increased primarily due
to increased revenue derived from contractual rent escalations, and
the recovery of capital expenditures and interest earned thereon.
Same property NOI increased primarily due to the increase in same
store NOI noted, as well as from intensifications completed in
2022 and 2023.
Funds from Operations (FFO)* - FFO for the quarter
was $77.8 million, which was
$4.4 million or 6.0% higher than the
same period in 2022, primarily due to the impact of NOI
variances. FFO per unit - diluted (non-GAAP) for the quarter was
$0.330 per unit - diluted (non-GAAP),
which was $0.017 per unit - diluted
(non-GAAP) or 5.4% higher, compared to the same period in 2022, due
to the growth of FFO exceeding the growth in the weighted average
units outstanding - diluted (non-GAAP).
Adjusted Funds from Operations
(AFFO)* – AFFO for the quarter was $71.7 million, which was $5.0 million or 7.6% higher than the same period
in 2022, primarily due to the impact of NOI variances. AFFO
per unit - diluted (non-GAAP) for the quarter was $0.304 per unit - diluted (non-GAAP), which was
$0.020 or 7.0% higher, compared to
the same period in 2022, due to the growth of AFFO exceeding the
growth in the weighted average units outstanding - diluted
(non-GAAP).
Distributions – Distributions per unit in the
quarter amounted to $0.217, which was
2.2% higher than the same period in 2022 due to the increase in
distributions.
Operating Results
Leasing – CTC is CT REIT's most significant tenant.
As at June 30, 2023, CTC represented 91.9% of total GLA and
91.3% of annualized base minimum rent.
Occupancy – As at June 30, 2023, CT REIT's portfolio occupancy rate, on a
committed basis, was 99.0%.
*NOI, FFO and AFFO are Specified Financial Measures. See below
for additional information.
Specified Financial
Measures
CT REIT uses specified financial measures as defined
by National Instrument 52-112 Non-GAAP and Other Financial
Measures Disclosure of the Canadian Securities Administrators
("NI 52-112"). CT REIT believes these
specified financial measures provide useful information to both
management and investors in measuring the financial performance of
CT REIT and its ability to meet its principal objective of creating
Unitholder value over the long term by generating reliable, durable
and growing monthly cash distributions on a tax-efficient
basis.
These specified financial measures used in this document include
non-GAAP financial measures and non-GAAP ratios, within the meaning
of NI 52-112. Non-GAAP financial measures and non-GAAP ratios do
not have a standardized meaning prescribed by IFRS, also referred
to as generally accepted accounting principles ("GAAP"),
and therefore they may not be comparable to similarly titled
measures and ratios presented by other publicly traded entities and
should not be construed as an alternative to other financial
measures determined in accordance with GAAP.
See below for further information on specified financial
measures used by management in this document and, where applicable,
for reconciliations to the nearest GAAP measures.
Net Operating
Income
NOI is a non-GAAP financial measure defined as property revenue
less property expense, adjusted for straight-line rent. The most
directly comparable primary financial statement measure is property
revenue. Management believes that NOI is a useful key indicator of
performance as it represents a measure of property operations over
which management has control. NOI is also a key input in
determining the fair value of the portfolio of Properties. NOI
should not be considered as an alternative to property revenue or
net income and comprehensive income, both of which are determined
in accordance with IFRS.
(in thousands of
Canadian dollars)
|
Three Months
Ended
|
Six Months
Ended
|
For the periods ended
June 30,
|
2023
|
2022
|
Change
1
|
2023
|
2022
|
Change
1
|
Property
revenue
|
$
137,819
|
$
132,515
|
4.0 %
|
$
275,325
|
$
264,465
|
4.1 %
|
Less:
|
|
|
|
|
|
|
Property
expense
|
(28,114)
|
(27,974)
|
0.5 %
|
(58,625)
|
(56,676)
|
3.4 %
|
Property
straight-line rent revenue
|
392
|
(453)
|
NM
|
814
|
(915)
|
NM
|
Net operating
income
|
$
110,097
|
$
104,088
|
5.8 %
|
$
217,514
|
$
206,874
|
5.1 %
|
Funds From Operations and Adjusted Funds From Operations
Certain non-GAAP financial measures for the real estate industry
have been defined by the Real Property Association of Canada under its publications, "REALPAC Funds
From Operations & Adjusted Funds From Operations for IFRS" and
"REALPAC Adjusted Cashflow from Operations for IFRS". CT REIT
calculates Fund From Operations, Adjusted Funds From Operations and
Adjusted Cashflow from Operations in accordance with these
publications.
The following table reconciles GAAP net income and comprehensive
income to FFO and further reconciles FFO to AFFO:
(in thousands of
Canadian dollars)
|
Three Months
Ended
|
Six Months
Ended
|
For the periods ended
June 30,
|
2023
|
2022
|
Change
1
|
2023
|
2022
|
Change
1
|
Net Income and
comprehensive income
|
$ 109,357
|
$
79,771
|
37.1 %
|
$ 179,868
|
$ 172,850
|
4.1 %
|
Fair value adjustment
on investment property
|
(31,547)
|
(6,020)
|
NM
|
(27,367)
|
(28,097)
|
(2.6) %
|
GP income tax
expense
|
367
|
20
|
NM
|
811
|
561
|
44.6 %
|
Lease principal
payments on right-of-use assets
|
(154)
|
(94)
|
63.8 %
|
(505)
|
(206)
|
NM
|
Fair value adjustment
of unit-based compensation
|
(533)
|
(499)
|
6.8 %
|
(235)
|
(308)
|
(23.7) %
|
Internal leasing
expense
|
319
|
234
|
36.3 %
|
565
|
437
|
29.3 %
|
Funds from
operations
|
$
77,809
|
$
73,412
|
6.0 %
|
$ 153,137
|
$ 145,237
|
5.4 %
|
Property straight-line
rent revenue
|
392
|
(453)
|
NM
|
814
|
(915)
|
NM
|
Direct leasing costs
2, 3
|
(362)
|
(112)
|
NM
|
(554)
|
(209)
|
NM
|
Capital expenditure
reserve 2
|
(6,181)
|
(6,227)
|
(0.7) %
|
(12,508)
|
(12,440)
|
0.5 %
|
Adjusted funds from
operations
|
$
71,658
|
$
66,620
|
7.6 %
|
$ 140,889
|
$ 131,673
|
7.0 %
|
1 NM - not
meaningful.
|
2
Comparatives have been restated to conform with current year's
presentation.
|
3 Excludes
internal and external leasing costs related to development
projects.
|
Funds From Operations
FFO is a non-GAAP financial measure of operating performance
used by the real estate industry, particularly by those publicly
traded entities that own and operate income-producing properties.
The most directly comparable primary financial statement measure is
net income and comprehensive income. FFO should not be considered
as an alternative to net income or cash flows provided by operating
activities determined in accordance with IFRS. The use of FFO,
together with the required IFRS presentations, has been included
for the purpose of improving the understanding of the operating
results of CT REIT.
Management believes that FFO is a useful measure of operating
performance that, when compared period-over-period, reflects the
impact on operations of trends in occupancy levels, rental rates,
operating costs and property taxes, acquisition activities and
interest costs, and provides a perspective of the financial
performance that is not immediately apparent from net income
determined in accordance with IFRS.
FFO adds back to net income items that do not arise from
operating activities, such as fair value adjustments. FFO, however,
still includes non-cash revenues related to accounting for
straight-line rent and makes no deduction for the recurring capital
expenditures necessary to sustain the existing earnings stream.
Adjusted Funds From
Operations
AFFO is a non-GAAP financial measure of recurring economic
earnings used in the real estate industry to assess an entity's
distribution capacity. The most directly comparable primary
financial statement measure is net income and comprehensive income.
AFFO should not be considered as an alternative to net income or
cash flows provided by operating activities determined in
accordance with IFRS.
CT REIT calculates AFFO by adjusting FFO for non-cash income and
expense items such as amortization of straight-line rents. AFFO is
also adjusted for a reserve for maintaining the productive capacity
required for sustaining property infrastructure and revenue from
real estate properties and direct leasing costs. As property
capital expenditures do not occur evenly during the fiscal year or
from year to year, the capital expenditure reserve in the AFFO
calculation, which is used as an input in assessing the REIT's
distribution payout ratio, is intended to reflect an average annual
spending level. The reserve is primarily based on average
expenditures as determined by building condition reports prepared
by independent consultants.
Management believes that AFFO is a useful measure of operating
performance similar to FFO as described above, adjusted for the
impact of non-cash income and expense items.
Capital Expenditure
Reserve
The following table compares and reconciles recoverable capital
expenditures during the 2022-2023 period to the capital expenditure
reserve used in the calculation of AFFO:
(in thousands of
Canadian dollars)
|
Capital
expenditure
reserve 1
|
Recoverable
capital
expenditures
|
Variance
|
For the periods
indicated
|
Year ended
December 31, 2022
|
$
25,030
|
$
26,835
|
$
(1,805)
|
Period ended June
30, 2023
|
$
12,508
|
$
5,676
|
$
6,832
|
1 Comparatives have been restated to
conform with current year's presentation.
|
The capital expenditure reserve is a non-GAAP financial measure and
management believes the reserve is a useful measure to understand
the normalized capital expenditures required to maintain property
infrastructure. Recoverable capital expenditures are the most
directly comparable measure that is disclosed in the REIT's primary
financial statements. The capital expenditure reserve should not be
considered as an alternative to recoverable capital expenditures,
which is determined in accordance with IFRS.
The capital expenditure reserve varies from the capital
expenditures incurred due to the seasonal nature of the
expenditures. As such, CT REIT views the capital expenditure
reserve as a meaningful measure.
FFO per unit - Basic, FFO per unit
- Diluted (non-GAAP), AFFO per unit - Basic and AFFO per unit -
Diluted (non-GAAP)
FFO per unit - basic, FFO per unit - diluted (non-GAAP), AFFO
per unit - basic and AFFO per unit - diluted (non-GAAP) are
non-GAAP ratios and reflect FFO and AFFO on a weighted average per
unit basis. Management believes these non-GAAP ratios are useful
measures to investors since the measures indicate the impact of FFO
and AFFO, respectively, in relation to an individual per unit
investment in the REIT. For the purpose of calculating diluted per
unit amounts, diluted units include restricted and deferred units
issued under various plans and exclude the effects of settling the
Class C LP Units with Class B LP Units.
Management believes that FFO per unit ratios are useful measures
of operating performance that, when compared period-over-period,
reflect the impact on operations of trends in occupancy levels,
rental rates, operating costs and property taxes, acquisition
activities and interest costs, and provides a perspective of the
financial performance that is not immediately apparent from net
income per unit determined in accordance with IFRS. Management
believes that AFFO per unit ratios are useful measures of operating
performance similar to FFO as described above, adjusted for the
impact of non-cash income and expense items. The FFO per unit and
AFFO per unit ratios are not standardized financial measures under
IFRS and should not be considered as an alternative to other ratios
determined in accordance with IFRS. The component of the FFO per
unit ratios, which is a non-GAAP financial measure, is FFO, and the
component of AFFO per unit ratios, which is a non-GAAP financial
measure, is AFFO.
|
Three Months
Ended
|
Six Months
Ended
|
For the periods ended
June 30,
|
2023
|
2022
|
Change
|
2023
|
2022
|
Change
|
Funds from
operations/unit - basic
|
$
0.331
|
$
0.314
|
5.4 %
|
$
0.652
|
$
0.622
|
4.8 %
|
Funds from
operations/unit - diluted
|
$
0.330
|
$
0.313
|
5.4 %
|
$
0.651
|
$
0.621
|
4.8 %
|
|
Three Months
Ended
|
Six Months
Ended
|
For the periods ended
June 30,
|
2023
|
2022
|
Change
|
2023
|
2022
|
Change
|
Adjusted funds from
operations/unit - basic
|
$0.305
|
$0.285
|
7.0 %
|
$0.600
|
$0.564
|
6.4 %
|
Adjusted funds from
operations/unit - diluted
|
$0.304
|
$0.284
|
7.0 %
|
$0.599
|
$0.562
|
6.6 %
|
Management calculates the weighted average units outstanding -
diluted (non-GAAP) by excluding the full conversion of the Class C
LP Units to Class B LP Units, which is not considered a likely
scenario. As such, the REIT's fully diluted per unit FFO and AFFO
amounts are calculated, excluding the effects of settling the Class
C LP Units with Class B LP Units, which management considers a more
meaningful measure.
AFFO Payout Ratio
The AFFO payout ratio is a non-GAAP ratio which is a measure of
the sustainability of the REIT's distribution payout. Management
believes this is a useful measure to investors since this metric
provides transparency on performance. Management considers the AFFO
payout ratio to be the best measure of the REIT's distribution
capacity. The AFFO payout ratio is not a standardized financial
measure under IFRS and should not be considered as an alternative
to other ratios determined in accordance with IFRS. The component
of the AFFO payout ratio, which is a non-GAAP financial measure, is
AFFO, and the composition of the AFFO payout ratio is as
follows:
|
Three Months
Ended
|
Six Months
Ended
|
For the periods ended
June 30,
|
2023
|
2022
|
Change
|
2023
|
2022
|
Change
|
Distribution per
unit - paid (A)
|
$
0.217
|
$
0.212
|
2.2 %
|
$
0.434
|
$
0.422
|
2.8 %
|
AFFO per unit -
diluted (non-GAAP) 1 (B)
|
$
0.304
|
$
0.284
|
7.0 %
|
$
0.599
|
$
0.562
|
6.6 %
|
AFFO payout ratio
(A)/(B)
|
71.4 %
|
74.6 %
|
(3.2) %
|
72.5 %
|
75.1 %
|
(2.6) %
|
1 For the
purposes of calculating diluted per unit amounts, diluted units
include restricted and deferred units issued under various plans
and excludes the effects of settling the Class C LP Units with
Class B LP Units.
|
Same Store NOI
Same store NOI is a non-GAAP financial measure which reports the
period-over-period performance of the same asset base having
consistent GLA in both periods. CT REIT management believes same
store NOI is a useful measure to gauge the change in asset
productivity and asset value. The most directly comparable primary
financial statement measure is property revenue. Same store NOI
should not be considered as an alternative to property revenue or
net income and comprehensive income, both of which are determined
in accordance with IFRS.
Same Property NOI
Same property NOI is a non-GAAP financial measure that is
consistent with the definition of same store NOI above, except that
same property includes the NOI impact of intensifications.
Management believes same property NOI is a useful measure to gauge
the change in asset productivity and asset value, as well as
measure the additional return earned by incremental capital
investments in existing assets. The most directly comparable
primary financial statement measure is property revenue. Same
property NOI should not be considered as an alternative to property
revenue or net income and comprehensive income, both of which are
determined in accordance with IFRS.
Acquisitions, Developments and
Dispositions NOI
Acquisitions, developments and dispositions NOI is a non-GAAP
financial measure that is consistent with the definition of NOI
above with respect to new property or dispositions of property not
included in same property NOI. CT REIT management believes
acquisitions, developments, and dispositions NOI is a useful
measure to gauge the change in asset productivity and asset value.
The most directly comparable primary financial statement measure is
property revenue. Acquisitions, developments, and dispositions NOI
should not be considered as an alternative to property revenue or
net income and comprehensive income, both of which are determined
in accordance with IFRS.
The following table summarizes the same store and same property
components of NOI:
(in thousands of
Canadian dollars)
|
Three Months
Ended
|
Six Months
Ended
|
For the periods ended
June 30,
|
2023
|
2022
|
Change
1
|
2023
|
2022
|
Change
1
|
Same store
|
$
106,554
|
$
102,946
|
3.5 %
|
$
210,519
|
$
204,430
|
3.0 %
|
Intensifications
|
|
|
|
|
|
|
2023
|
376
|
—
|
NM
|
391
|
—
|
NM
|
2022
|
2,190
|
136
|
NM
|
4,511
|
382
|
NM
|
Same
property
|
$
109,120
|
$
103,082
|
5.9 %
|
$
215,421
|
$
204,812
|
5.2 %
|
Acquisitions,
developments and dispositions
|
|
|
|
|
|
|
2023
|
245
|
831
|
NM
|
229
|
1,638
|
NM
|
2022
|
732
|
175
|
NM
|
1,864
|
424
|
NM
|
Net operating
income
|
$
110,097
|
$
104,088
|
5.8 %
|
$
217,514
|
$
206,874
|
5.1 %
|
Add:
|
|
|
|
|
|
|
Property
expense
|
28,114
|
27,974
|
0.5 %
|
58,625
|
56,676
|
3.4 %
|
Property straight-line
rent revenue
|
(392)
|
453
|
NM
|
(814)
|
915
|
NM
|
Property
Revenue
|
$
137,819
|
$
132,515
|
4.0 %
|
$
275,325
|
$
264,465
|
4.1 %
|
Management's Discussion and Analysis (MD&A) and Interim
Condensed Consolidated Financial Statements (Unaudited) and
Notes
Information in this press release is a select summary of
results. This press release should be read in conjunction with CT
REIT's MD&A for the period ended June 30, 2023 (Q2 2023
MD&A) and Interim Condensed Consolidated Financial
Statements (Unaudited) and Notes for the period ended
June 30, 2023, which are both available on SEDAR+ at
www.sedarplus.ca and at www.ctreit.com.
Note: Unless otherwise indicated, all figures in this press
release are as at June 30, 2023, and are presented in Canadian
dollars.
Forward-Looking
Statements
This press release contains forward-looking statements and
information that reflect management's current expectations related
to matters such as future financial performance and operating
results. Forward-looking statements are provided for the purposes
of providing information about management's current expectations
and plans and allowing investors and others to get a better
understanding of our future outlook, anticipated events or results
and our operating environment. Readers are cautioned that such
information may not be appropriate for other purposes.
Certain statements other than statements of historical facts
included in this document may constitute forward-looking
information, including, but not limited to, statements concerning
the REIT's ability to complete the investments under the heading
"New Investment Activity", the timing and terms of any such
investments and the benefits expected to result from such
investments, statements concerning developments, intensifications,
results, performance, achievements, and prospects or opportunities
for CT REIT. Forward-looking information is based on reasonable
assumptions, estimates, analyses, beliefs, and opinions of
management made in light of its experience and perception of
prospects and opportunities, current conditions and expected
trends, as well as other factors that management believes to be
relevant and reasonable at the date such information is
provided.
By its very nature, forward-looking information requires the use
of estimates and assumptions and is subject to inherent risks and
uncertainties. It is possible that the REIT's assumptions,
estimates, analyses, beliefs, and opinions are not correct, and
that the REIT's expectations and plans will not be achieved.
Although the forward-looking information contained in this press
release is based on information, assumptions and beliefs which are
reasonable in the opinion of management and complete, this
information is necessarily subject to a number of factors that
could cause actual results to differ materially from management's
expectations and plans as set forth in such forward-looking
information.
For more information on the risks, uncertainties and assumptions
that could cause the REIT's actual results to differ from current
expectations, refer to section 4 "Risk Factors" of CT REIT's Annual
Information Form for fiscal 2022, and to section 12.0 "Enterprise
Risk Management" and 14.0 "Forward-looking Information" of CT
REIT's MD&A for fiscal 2022 as well as the REIT's other public
filings available at www.sedarplus.ca and at
www.ctreit.com.
The forward-looking statements and information contained herein
are based on certain factors and assumptions as of the date hereof.
CT REIT does not undertake to update any forward-looking
information, whether written or oral, that may be made from time to
time by it or on its behalf, to reflect new information, future
events or otherwise, except as is required by applicable securities
laws.
Information contained in or otherwise accessible through the
websites referenced in this press release does not form part of
this press release and is not incorporated by reference into this
press release. All references to such websites are inactive textual
references and are for information only.
Additional information about CT REIT has been filed
electronically with various securities regulators in Canada through SEDAR+ and is available at
www.sedarplus.ca and at www.ctreit.com.
Conference Call
CT REIT will conduct a conference call to discuss information
included in this news release and related matters at 9:00 a.m. (Eastern Time) on August 9, 2023. The conference call will be
available simultaneously and in its entirety to all interested
investors and the news media by dialing 416-340-2217 (Participant
passcode: 2919005#) or 1-800-806-5484 or through a webcast at
https://www.ctreit.com/English/news-and-events/events-and-webcasts/default.aspx
and will be available through replay for 12 months.
About CT Real Estate Investment
Trust
CT REIT is an unincorporated, closed-end real estate investment
trust formed to own income-producing commercial properties located
primarily in Canada. Its portfolio
is comprised of over 370 properties totalling more than 30 million
square feet of GLA, consisting primarily of net lease single-tenant
retail properties located across Canada. Canadian Tire Corporation, Limited is
CT REIT's most significant tenant. For more information, visit
ctreit.com.
SOURCE CT Real Estate Investment Trust (CT REIT)