CT Real Estate Investment Trust

Thank you for standing by. My name is Lauren Cannon, and I will be your conference operator today. At this time, I would like to welcome everyone to CTREIT's Q3 2025 Earnings Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer period. If you would like to ask a question during that time, simply press star 1 1 on your telephone keypad. To withdraw your question, please press star 1 1. The speakers on the call today are Kevin Salzberg, President and Chief Executive Officer of CT REIT, Jody Spiegel, Senior Vice President, Real Estate, and Leslie Gibson, Chief Financial Officer. Today's discussion contains information that may constitute forward-looking information within the meaning of applicable securities laws. Although the REIT believes that the forward-looking information in today's discussion is based on information, estimates, and assumptions that are reasonable, such information is necessarily subject to a number of risks uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking information. For information on these material risks, uncertainties, factors, and assumptions, please see the REIT's Q3 2025 and Annual 2024 MDNA, as well as the 2024 AIF, which are available on our website and filed on CEEDAR. The REIT does not undertake to update any forward-looking information, whether written or oral, except as is required by applicable laws. I will now turn the call over to Kevin Salzberg, President and Chief Executive Officer of CTREIT. Kevin?

Thank you, Lauren. Good morning, everyone, and thank you for joining us today on CTREIT's quarterly investor conference call. I am happy to report that Q3 2025 was another strong quarter for CTREIT, as we delivered growth in net operating income of 5.5%, growth in AFFO per unit of 2.9% and continue to maintain our portfolio occupancy above 99%. CTREIT's stable portfolio and reliable growth have, for more than a decade now, provided our investors with an opportunity to participate in a real estate strategy that leverages our privileged relationship with Canadian Tire in order to deliver value for all of our unit holders. In the quarter, We acquired a strong performing Canadian Tire Anchor Shopping Centre in Calgary from a third party, completed the redevelopment of an enclosed mall that we own in Winkler, Manitoba, and began construction on the Canadian Tire head office retrofit at Canada Square. And subsequent to the quarter end, we bought out the underlying freehold interest in a property that we had previously land leased in Fort Saskatchewan, Alberta. While each of these projects is different and unique in terms of geography, asset type, and real estate intervention, they collectively tell a story about CTREIT's ability to find new ways of deploying capital and source different avenues of growth. We continue to work closely with Canadian Tire on their development requirements and the real estate components of their True North strategy as we continue to build our own pipeline of deals with over 1 million square feet of development projects currently expected to be delivered between now and the end of 2028, including the newly announced expansion of a Canadian tire store in Collingwood at a property that we acquired from a third party several years ago. Whether from organic growth derived from our existing portfolio of properties, new CTC-related development opportunities, or strategically consolidating the ownership of third-party-owned CTC-related assets, CT REIT's growth prospects continue to look bright. And with a conservative and prudently managed balance sheet, we have the financial flexibility to lean into these opportunities so that CT REIT can continue to deliver strong, reliable, and durable results and create value for our stakeholders as we look to the road ahead. I will now turn it over to Jody and Leslie to provide some additional details on the quarter, our results, and our leasing, investment, and development activities.

Jody? Thanks, Kevin, and good morning, everyone. As highlighted in our press release yesterday, we are pleased to announce two new investments this quarter. Our first new investment involves the acquisition of the freehold interest underlying an existing ground lease along with an adjacent multi-tenant commercial retail building in Fort Saskatchewan, Alberta. Additionally, we are expanding the Canadian Tire store located in Collingwood, Ontario that Kevin mentioned earlier. These new investments require a total of $19 million to complete and are projected to earn Agonian yields of 6.45%. Combined, they will add approximately 50,000 square feet of high-quality GLA to our portfolio. In the third quarter, we completed two previously announced projects, the acquisition of a Canadian Tire anchored property in Calgary, Alberta, that we discussed last quarter, and the redevelopment of our existing enclosed mall in Winkler, Manitoba. Since acquiring Southland Mall in Winkler, Manitoba in 2016, the REIT has made substantial improvements to the property, including the expansion of the Canadian Tire Store in 2018, as well as a significant demalling and renovation that has allowed us to introduce new retailers to the mall, including Winners, Anytime Fitness, Stack Pancake House, and a relocated and expanded Marks. Part of the rationale for acquiring this property originally was was based on the strength of the Canadian Tire Store and the steps that we have taken since that time illustrate how the REIT has been able to create value in an asset that we decided to invest in based on the insights that we gleaned through our relationship with Canadian Tire. The Calgary acquisition and the Winkler redevelopment totaled $72 million and have added over 350,000 square feet of additional GLA to our portfolio. our development pipeline overall remains strong with 20 projects at various stages, seven of which are expected to be completed by the end of this year and the remainder expected to be completed in 2026 and beyond. These developments, including Canada Square office retrofit projects, represent a total committed investment of approximately 427 million upon finalization, 113 million of which has already been spent, and 148 million of which we anticipate will be spent in the next 12 months. Once built, these projects will add a total incremental GLA of just over one million square feet to the portfolio, approximately 90% of which has been leased. With respect to our leasing activities, During the third quarter, CTREIT completed four Canadian Tire store lease extensions, and as at the end of Q3, the weighted average lease term for our portfolio was 7.3 years, which remains one of the longest in the sector. At the end of the quarter, CTREIT's occupancy rate remains strong at 99.4%. I will now turn it over to Leslie to discuss our financial results. Leslie.