- Announces three new investments totalling $47 million, including new urban Canadian Tire
store development in core market of Toronto
- Releases inaugural ESG Report
TORONTO, Nov. 7, 2022
/CNW/ - CT Real Estate Investment Trust ("CT REIT" or "the REIT")
(TSX: CRT.UN) today reported its consolidated financial results for
the third quarter ending September 30, 2022.
"Stability and growth have been the hallmarks of CT REIT's
performance since going public nine years ago and this quarter was
no exception," said Kevin Salsberg,
President and Chief Executive Officer of CT REIT. "We achieved
strong results in AFFO per unit, announced a new flagship
development project in Toronto and
continued addressing Canadian Tire store lease expiries, extending
12 maturing leases in the quarter. We also released our inaugural
Environmental, Social and Governance report, a key milestone in our
ESG journey that allows us to proudly share the details of the work
that we have been undertaking to advance ESG priorities and
initiatives here at CT REIT."
New Investment Activity
CT REIT announced three new investments, which will require
an estimated $47 million to complete. The investments are, in
aggregate, expected to earn a weighted average cap rate of 6.67%
and represent approximately 192,000 square feet of incremental
gross leasable area ("GLA").
The table below summarizes the new investments and their
anticipated completion dates:
Property
|
Type
|
GLA
(sf.)
|
Timing
|
Activity
|
Toronto (Islington
& 401), ON
|
Land Lease /
Development
|
130,000
|
Q3 2022 / Q4
2023
|
Land lease with a third
party and development of a new Canadian Tire store
|
Granby, QC
|
Intensification
|
27,000
|
Q2 2024
|
Expansion of an
existing Canadian Tire store
|
Valleyfield,
QC
|
Intensification
|
35,000
|
Q4 2024
|
Expansion of an
existing Canadian Tire store
|
Update on Previously Announced
Investment and Development Activity
CT REIT invested $11 million in previously disclosed
investments that were completed in the third quarter, and added
18,000 square feet of incremental GLA to the portfolio, as detailed
in the table below:
Property
|
Type
|
GLA
(sf.)
|
Timing
|
Activity
|
Lloydminster,
AB
|
Vend-in
|
—
|
Q3 2022
|
Vend-in of land for the
development of a new Canadian Tire store
|
Goderich, ON
|
Intensification
|
18,000
|
Q3 2022
|
Expansion of an
existing Canadian Tire store
|
As of September 30, 2022, CT
REIT had 1,466,000 square feet of GLA under development, of which
approximately 99% is subject to committed lease agreements. These
developments represent an investment of approximately $444 million upon completion, of which
$116 million has been spent to
date.
Normal Course Issuer Bid
Intention
CT REIT intends to file with the Toronto Stock Exchange for
approval a Notice of Intention to make a Normal Course Issuer Bid
("NCIB"). A NCIB will provide the REIT with an incremental capital
allocation tool that will allow it to prudently and selectively, in
appropriate circumstances, take action in support of Unitholder
value.
Financial and Operational
Summary
Summary of Selected
Information
|
|
|
|
|
|
|
(in thousands of
Canadian dollars, except unit, per unit and square footage
amounts)
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|
2022
|
2021
|
Change
|
2022
|
2021
|
Change
|
Property
revenue
|
$
133,155
|
$ 125,537
|
6.1 %
|
$
397,620
|
$ 385,000
|
3.3 %
|
Net operating income
1
|
$
106,181
|
$ 100,756
|
5.4 %
|
$
313,055
|
$ 300,148
|
4.3 %
|
Net income
|
$
77,014
|
$
78,307
|
(1.7) %
|
$
249,864
|
$ 331,493
|
(24.6) %
|
Net income per unit -
basic 2
|
$ 0.329
|
$ 0.337
|
(2.4) %
|
$ 1.069
|
$ 1.431
|
(25.3) %
|
Net income per unit -
diluted 3
|
$ 0.285
|
$ 0.300
|
(5.0) %
|
$ 0.913
|
$ 1.209
|
(24.5) %
|
Funds from operations
1
|
$
75,397
|
$
72,535
|
3.9 %
|
$
220,634
|
$ 215,630
|
2.3 %
|
Funds from operations
per unit - diluted 2,4,5
|
$ 0.321
|
$ 0.312
|
2.9 %
|
$ 0.942
|
$ 0.929
|
1.4 %
|
Adjusted funds from
operations 1
|
$
68,595
|
$
64,903
|
5.7 %
|
$
200,268
|
$ 192,380
|
4.1 %
|
Adjusted funds from
operations per unit - diluted 2,4,5
|
$ 0.292
|
$ 0.279
|
4.7 %
|
$ 0.854
|
$ 0.829
|
3.0 %
|
Distributions per unit
- paid 2
|
$ 0.217
|
$ 0.210
|
3.3 %
|
$ 0.639
|
$ 0.612
|
4.4 %
|
AFFO payout ratio
4
|
74.3 %
|
75.3 %
|
(1.3) %
|
74.8 %
|
73.8 %
|
1.4 %
|
Cash generated from
operating activities
|
$
84,708
|
$ 102,521
|
(17.4) %
|
$
275,336
|
$ 290,183
|
(5.1) %
|
Weighted average number
of units outstanding 2
|
|
|
|
|
|
|
Basic
|
234,230,736
|
232,178,903
|
0.9 %
|
233,842,051
|
231,722,644
|
0.9 %
|
Diluted
3
|
326,494,184
|
314,425,802
|
3.8 %
|
326,101,969
|
313,970,865
|
3.9 %
|
Diluted (non-GAAP)
5
|
234,519,127
|
232,473,547
|
0.9 %
|
234,126,912
|
232,018,610
|
0.9 %
|
Indebtedness
ratio
|
|
|
|
40.6 %
|
41.1 %
|
(1.2) %
|
Gross leasable area
(square feet) 6
|
|
|
|
29,787,436
|
28,739,115
|
3.6 %
|
Occupancy rate
6,7
|
|
|
|
99.3 %
|
99.3 %
|
— %
|
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 September 30, 2022 and September
30, 2021.
|
Financial Highlights
Net Income – Net income was $77.0 million for the quarter, a decrease of
$1.3 million or 1.7%, compared to the
same period in the prior year, primarily due to a decrease in the
fair value adjustment on investment properties, partially offset by
an increase in net operating income.
Net Operating Income (NOI)* – Total property revenue for
the quarter was $133.2 million,
which was $7.6 million or 6.1%
higher compared to the same period in the prior year. In the third
quarter, NOI was $106.2 million,
which was $5.4 million or 5.4% higher
compared to the same period in the prior year. This was primarily
due to the acquisition and development of income-producing
properties completed in 2022 and 2021, which contributed
$1.7 million to NOI growth and rent
escalations from Canadian Tire leases which contributed a further
$1.5 million. Same store NOI was
$102.5 million and same property NOI
was $103.7 million for the quarter,
which were $2.5 million or 2.5%, and
$3.8 million or 3.8%, respectively,
higher when compared to the prior year. This was primarily due to
increased revenue derived from contractual rent escalations, and
recovery of capital expenditures and interest earned thereon.
Funds from Operations (FFO)* - FFO for the
quarter was $75.4 million, which was
$2.9 million or 3.9% higher than the
same period in 2021 primarily due to the impact of NOI variances,
partially offset by an increase in public debentures, an increase
in the prime rate on the variable rate mortgage and the CTC Credit
Facility and increased consulting costs. FFO per unit - diluted
(non-GAAP) for the quarter was $0.321
per unit - diluted (non-GAAP), which was $0.009 per unit - diluted (non-GAAP) or 2.9%
higher, compared to the same period in 2021, 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 $68.6 million, which was $3.7 million or 5.7% higher than the same period
in 2021 primarily due to the impact of NOI variances, partially
offset by an increase in public debentures, an increase in the
prime rate on the variable rate mortgage and the CTC Credit
Facility and increased consulting costs. AFFO per unit - diluted
(non-GAAP) for the quarter was $0.292
per unit - diluted (non-GAAP), which was $0.013 or 4.7% higher, compared to the same
period in 2021, 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
were 3.3% higher than the same period in 2021 due to increases in
the rate of distribution which became effective with the monthly
distributions paid in July 2021 and
in July 2022.
Operating Results
Leasing – CTC is CT REIT's most significant tenant.
As at September 30, 2022, CTC represented 92.2% of total GLA
and 91.5% of annualized base minimum rent.
Occupancy – As at September 30, 2022, CT REIT's portfolio occupancy rate, on a
committed basis, was 99.3%.
*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
|
Nine Months
Ended
|
For the periods ended
September 30,
|
2022
|
2021
|
Change
|
2022
|
2021
|
Change
|
Property
revenue
|
$
133,155
|
$
125,537
|
6.1 %
|
$
397,620
|
$
385,000
|
3.3 %
|
Less:
|
|
|
|
|
|
|
Property
expense
|
(26,624)
|
(23,363)
|
14.0 %
|
(83,300)
|
(80,236)
|
3.8 %
|
Property
straight-line rent revenue
|
(350)
|
(1,418)
|
(75.3) %
|
(1,265)
|
(4,616)
|
(72.6) %
|
Net operating
income
|
$
106,181
|
$
100,756
|
5.4 %
|
$
313,055
|
$
300,148
|
4.3 %
|
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
|
Nine Months
Ended
|
For the periods ended
September 30,
|
2022
|
2021
|
Change
1
|
2022
|
2021
|
Change
1
|
Net Income and
comprehensive income
|
$
77,014
|
$
78,307
|
(1.7) %
|
$ 249,864
|
$ 331,493
|
(24.6) %
|
Fair value adjustment
on investment property
|
(608)
|
(5,849)
|
(89.6) %
|
(28,705)
|
(116,657)
|
(75.4) %
|
GP income tax
expense
|
(181)
|
(181)
|
— %
|
380
|
364
|
4.4 %
|
Lease principal
payments on right-of-use assets
|
(213)
|
(230)
|
(7.4) %
|
(419)
|
(822)
|
(49.0) %
|
Fair value adjustment
of unit-based compensation
|
(834)
|
344
|
NM
|
(1,142)
|
746
|
NM
|
Internal leasing
expense
|
219
|
144
|
52.1 %
|
656
|
506
|
29.6 %
|
Funds from
operations
|
$
75,397
|
$
72,535
|
3.9 %
|
$ 220,634
|
$ 215,630
|
2.3 %
|
Property straight-line
rent revenue
|
(350)
|
(1,418)
|
(75.3) %
|
(1,265)
|
(4,616)
|
(72.6) %
|
Capital expenditure
reserve 2
|
(6,452)
|
(6,214)
|
3.8 %
|
(19,101)
|
(18,634)
|
2.5 %
|
Adjusted funds from
operations
|
$
68,595
|
$
64,903
|
5.7 %
|
$ 200,268
|
$ 192,380
|
4.1 %
|
1 NM -
not meaningful.
|
2 This is a
non-GAAP financial measure. See below for more
information.
|
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 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 2021-2022 period to the capital expenditure
reserve used in the calculation of AFFO:
(in thousands of
Canadian dollars)
|
Capital
expenditure
reserve
|
Recoverable
capital
expenditures
|
Variance
|
For the periods
indicated
|
Year ended December 31,
2021
|
$
24,893
|
$
33,994
|
$
(9,101)
|
Period ended
September 30, 2022
|
$
19,101
|
$
11,932
|
$
7,169
|
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 is 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 excludes 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,
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 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
|
Nine Months
Ended
|
For the periods ended
September 30,
|
2022
|
2021
|
Change
|
2022
|
2021
|
Change
|
Funds from
operations/unit - basic
|
$
0.322
|
$
0.312
|
3.2 %
|
$
0.944
|
$
0.931
|
1.4 %
|
Funds from
operations/unit - diluted
|
$
0.321
|
$
0.312
|
2.9 %
|
$
0.942
|
$
0.929
|
1.4 %
|
|
Three Months
Ended
|
Nine Months
Ended
|
For the periods ended
September 30,
|
2022
|
2021
|
Change
|
2022
|
2021
|
Change
|
Adjusted funds from
operations/unit - basic
|
$0.293
|
$0.280
|
4.6 %
|
$0.856
|
$0.830
|
3.1 %
|
Adjusted funds from
operations/unit - diluted
|
$0.292
|
$0.279
|
4.7 %
|
$0.854
|
$0.829
|
3.0 %
|
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 as 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
|
Nine Months
Ended
|
For the periods ended
September 30,
|
2022
|
2021
|
Change
|
2022
|
2021
|
Change
|
Distribution per
unit - paid (A)
|
$
0.217
|
$
0.210
|
3.3 %
|
$
0.639
|
$
0.612
|
4.4 %
|
AFFO per unit -
diluted (non-GAAP) 1 (B)
|
$
0.292
|
$
0.279
|
4.7 %
|
$
0.854
|
$
0.829
|
3.0 %
|
AFFO payout ratio
(A)/(B)
|
74.3 %
|
75.3 %
|
(1.3) %
|
74.8 %
|
73.8 %
|
1.4 %
|
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
|
Nine Months
Ended
|
For the periods ended
September 30,
|
2022
|
2021
|
Change
1
|
2022
|
2021
|
Change
1
|
Same store
|
$
102,464
|
$ 99,994
|
2.5 %
|
$
303,789
|
$
296,707
|
2.4 %
|
Intensifications
|
|
|
|
|
|
|
2022
|
1,185
|
—
|
— %
|
2,023
|
—
|
— %
|
2021
|
95
|
—
|
— %
|
552
|
169
|
NM
|
Same
property
|
$
103,744
|
$ 99,994
|
3.8 %
|
$
306,364
|
$
296,876
|
3.2 %
|
Acquisitions,
developments and dispositions
|
|
|
|
|
|
|
2022
|
986
|
756
|
30.4 %
|
1,881
|
2,949
|
(36.2) %
|
2021
|
1,451
|
6
|
NM
|
4,810
|
323
|
NM
|
Net operating
income
|
$
106,181
|
$
100,756
|
5.4 %
|
$
313,055
|
$
300,148
|
4.3 %
|
Add:
|
|
|
|
|
|
|
Property
expense
|
26,624
|
23,363
|
14.0 %
|
83,300
|
80,236
|
3.8 %
|
Property straight-line
rent revenue
|
350
|
1,418
|
(75.3) %
|
1,265
|
4,616
|
(72.6) %
|
Property
Revenue
|
$
133,155
|
$
125,537
|
6.1 %
|
$
397,620
|
$
385,000
|
3.3 %
|
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 September 30, 2022 (Q3
2022 MD&A) and Interim Condensed Consolidated Financial
Statements (Unaudited) and Notes for the period ended
September 30, 2022, which are both available on SEDAR at
http://www.sedar.com and at http://www.ctreit.com.
Note: Unless otherwise indicated, all figures in this press
release are as at September 30, 2022 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 the REIT's plans to file a
Notice of Intention to make a NCIB with the Toronto Stock Exchange
and 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. In
addition, the effects of the coronavirus (COVID-19) pandemic,
including variants of concern and any future waves, create
additional uncertainties.
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 our Annual
Information Form for fiscal 2021, and to section 12.0 "Enterprise
Risk Management" and section 14.0 "Forward-looking Information" of
CT REIT's MD&A for fiscal 2021 as well as the REIT's other
public filings available at http://www.sedar.com and at
http://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
http://www.sedar.com and at http://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. ET on November
8, 2022. 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:
1054876#) 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 approximately 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)