Q1/26: On Pace For Another Year of Steady Growth and Active Investing

研报英文原文证据摘录

Q1/26: On Pace For Another Year of Steady Growth and Active Investing

Real Estate/REITs

CT REIT

TD SECURITIES INC. - CANADA EARNINGS UPDATE

May 12, 2026

Price: C$17.60 (05/11/2026) Q1/26: On Pace For Another Year of Steady

Price Target: C$18.00 (Prior C$17.50) Growth and Active Investing

HOLD (2)

ESG SCORE: 65/100

Sam Damiani, CFA^ THE TD COWEN INSIGHT

416 983 9640

Q1 saw a continuation of steady & predictable growth. New investments got off to a healthy

sam.damiani@tdsecurities.com

start with $43mm announced YTD & with more likely later this year. Outside two anomalous

Golden Nguyen-Halfyard^ renewals in Q1, leasing spreads overall remain strong. IFRS NAV continued its impressive

416 308 3842 run, rising +7% y/y, while our NAV is +5% y/y. Our forecast AFFO/unit CAGR remains +4%. We

golden.nguyenhalfyard@tdsecurities.com

continue to view the valuation as fair.

Linda Wang^

416 983 9259 Impact: NEUTRAL

linda.wang@tdsecurities.com

Expecting an active year of investments. Following a strong start to the year, mgmt is

Key Data optimistic that a healthy pace of investment activity can continue through the balance of

Symbol TSX: CRT.UN-T

2026. Investments are expected to focus on acq'ns of CT-related banners as well as adjacent/

Beta: 0.84 complementary properties. On the 3.4-acre land parcel (Oliver, BC) acq'n announced in

52-Week Range: C$17.84-C$15.08 Q1, mgmt sees the potential to develop up to 50k sf of GLA. Early tenant interest has been

Market Cap: C$4.2B encouraging, and mgmt expects the project to be added to the development pipeline.

Current Dist per Unit: $0.95 Together, two IPP investments will add ~130k sf of GLA at a 6.28% yield, with upside from the

Current Dist Yield: 5.4% land parcel of ~50k sf from future development.

Units O/S (f.d.) (mm): 238.3