CT REIT Announces Strong Fourth Quarter and Year-End 2023 Results

Completes new net zero distribution centre development in Calgary, Alberta

TORONTO, Feb. 13, 2024 /CNW/ - CT Real Estate Investment Trust ("CT REIT" or "the REIT") (TSX: CRT.UN) today reported its consolidated financial results for the fourth quarter and year ended December 31, 2023.

"2023 was a successful year for CT REIT and I am pleased with our results and the team's accomplishments. We invested over $150 million, added approximately 840,000 square feet to the portfolio, including our new 350,000 square foot net zero distribution centre in Calgary, Alberta, which was completed in Q4, and extended 28 Canadian Tire store leases. We also concluded the year, our tenth since our initial public offering, with the issuance of $250 million in unsecured debentures," said Kevin Salsberg, President and Chief Executive Officer of CT REIT. "Our achievements last year contributed to both solid earnings and distribution growth, as well as our ability to maintain a strong balance sheet and conservative debt metrics. I am excited about our prospects for 2024 as the strategic investments that we have made continue to drive growth for CT REIT."

New Investment Activity
CT REIT announced one new investment, which will require an estimated $9.1 million to complete. This investment is expected to earn a weighted average cap rate of 9.00%.

The table below summarizes the new investment and its anticipated completion date:

Property	Type	GLA (sf.)	Timing	Activity
Winkler, MB	Redevelopment	141,000	Q4 2025	Redevelopment of an existing enclosed mall

Update on Previously Announced Investment and Development Activities
CT REIT invested $96 million in previously disclosed projects that were completed in the fourth quarter of 2023, adding 455,000 square feet of incremental GLA to the portfolio as detailed in the table below:

Property	Type	GLA (sf.)	Timing	Activity
Calgary, AB  (Dufferin Distribution Centre)	Development	352,000	Q4 2023	Development of a net zero distribution centre for Canadian Tire
Invermere, BC	Intensification	33,000	Q4 2023	Expansion of an existing Canadian Tire store
Sydney, NS	Intensification	40,000	Q4 2023	Expansion of an existing Canadian Tire store
Bedford, NS	Store Expansion	-	Q4 2023	Expansion of an existing Canadian Tire store into an existing space
Hamilton, ON	Intensification	3,000	Q4 2023	Development of a third-party pad at an existing property
Napanee, ON	Intensification	27,000	Q4 2023	Expansion of an existing Canadian Tire store
Kingston, ON	Ground Lease	-	Q4 2023	Entered into a ground lease with a third party to facilitate the future development of a new Canadian Tire store

Update on Full-Year 2023 Investment and Development Activity
In 2023, CT REIT invested approximately $151 million in completed projects and ongoing developments and grew the portfolio by approximately 839,000 square feet of GLA. As of December 31, 2023, CT REIT had 571,000 square feet of GLA under development, of which approximately 98.8% is subject to committed lease agreements. These developments represent an investment of approximately $258 million upon completion, of which $86 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 December 31,			Year Ended December 31,
	2023	2022	Change	2023	2022	Change
Property revenue	$      139,968	$      135,175	3.5 %	$       552,772	$      532,795	3.7 %
Net operating income ^1	$      111,512	$      106,763	4.4 %	$       438,956	$      419,818	4.6 %
Net income	$        38,239	$        74,749	(48.8) %	$      229,434	$      324,613	(29.3) %
Net income per unit - basic ^2	$          0.162	$          0.319	(49.2) %	$          0.976	$          1.387	(29.6) %
Net income per unit - diluted ^3	$          0.161	$          0.276	(41.7) %	$          0.870	$          1.185	(26.6) %
Funds from operations ^1	$        77,704	$        75,570	2.8 %	$      307,914	$      296,204	4.0 %
Funds from operations per unit - diluted ^2,4,5	$          0.330	$          0.322	2.5 %	$          1.308	$          1.264	3.5 %
Adjusted funds from operations ^1	$        71,474	$        68,515	4.3 %	$      283,389	$      268,783	5.4 %
Adjusted funds from operations per unit - diluted ^2,4,5	$          0.303	$          0.292	3.8 %	$          1.203	$          1.147	4.9 %
Distributions per unit - paid ^2	$          0.225	$          0.217	3.5 %	$          0.883	$          0.854	3.5 %
AFFO payout ratio ^4	74.3 %	74.3 %	— %	73.4 %	74.5 %	(1.1) %
Cash generated from operating activities	$      118,316	$      123,937	(4.5) %	$      425,055	$      399,273	6.5 %
Weighted average number of units outstanding ^2
Basic	235,378,921	234,537,637	0.4 %	235,159,596	234,017,377	0.5 %
Diluted ^3	337,577,223	328,542,758	2.7 %	337,339,769	328,011,845	2.8 %
Diluted (non-GAAP) ^5	235,723,101	234,836,723	0.4 %	235,485,646	234,305,809	0.5 %
Indebtedness ratio				41.4 %	40.7 %	0.7 %
Gross leasable area (square feet)^6				30,833,056	30,078,518	2.5 %
Occupancy rate^6,7				99.1 %	99.3 %	(0.2) %

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 December 31, 2023 and December 31, 2022.

Financial Highlights

Net Income – Net income was $38.2 million for the quarter, a decrease of $36.5 million or 48.8%, 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 $140.0 million, which was $4.8 million or 3.5% higher compared to the same period in the prior year. In the fourth quarter, NOI was $111.5 million, which was $4.7 million or 4.4% higher compared to the same period in the prior year. This was primarily due to rent escalations from Canadian Tire leases, which contributed $1.6 million, and the intensifications of income-producing properties completed in 2022 and 2023, which contributed a further $1.5 million to NOI growth. The recovery of capital expenditures and interest earned on the unrecovered balance also contributed $0.9 million to NOI growth in the quarter.

Same store NOI was $107.6 million and same property NOI was $109.7 million for the quarter, which were $2.3 million or 2.2%, and $3.8 million or 3.6%, 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 the intensifications completed in 2022 and 2023.

Funds from Operations (FFO)* – FFO for the quarter was $77.7 million, which was $2.1 million or 2.8% higher than the same period in 2022, primarily due to the impact of NOI variances, partially offset by increased interest costs on the public debentures, and an increase in costs related to the Credit Facilities due to higher utilization and a higher rate of interest. FFO per unit - diluted (non-GAAP) for the quarter was $0.330, which was $0.008 or 2.5% 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 $71.5 million, which was $3.0 million or 4.3% higher than the same period in 2022, primarily due to the impact of NOI variances, partially offset by increased interest costs on the public debentures, and an increase in costs related to the Credit Facilities due to higher utilization and a higher rate of interest. AFFO per unit - diluted (non-GAAP) for the quarter was $0.303, which was $0.011 or 3.8% 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 $0.225, which was 3.5% higher than the same period in 2022 due to an increase in the rate of distributions which became effective with the monthly distributions paid in July 2023.

Operating Results

Leasing – CTC is CT REIT's most significant tenant. As at December 31, 2023, CTC represented 92.1% of total GLA and 91.3% of annualized base minimum rent. For the full year, CT REIT achieved a weighted average renewal spread of 10.3% on 312,000 square feet of non-Canadian Tire Store/Gas+ gas bar lease extensions.

Occupancy – As at December 31, 2023, CT REIT's portfolio occupancy rate, on a committed basis, was 99.1%.

*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			Year Ended
For the periods ended December 31,	2023	2022	Change ¹	2023	2022	Change ¹
Property revenue	$         139,968	$        135,175	3.5 %	$         552,772	$         532,795	3.7 %
Less:
Property expense	(28,842)	(27,833)	3.6 %	(115,523)	(111,133)	4.0 %
Property straight-line rent revenue	386	(579)	NM	1,707	(1,844)	NM
Net operating income	$         111,512	$        106,763	4.4 %	$         438,956	$         419,818	4.6 %
¹ NM - not meaningful.

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			Year Ended
For the periods ended December 31,	2023	2022	Change ¹	2023	2022	Change ¹
Net Income and comprehensive income	$       38,239	$       74,749	(48.8) %	$     229,434	$     324,613	(29.3) %
Fair value adjustment on investment property	39,334	860	NM	78,636	(27,845)	NM
GP income tax expense	(628)	(495)	26.9 %	31	(115)	NM
Lease principal payments on right-of-use assets	(171)	(145)	17.9 %	(852)	(564)	51.1 %
Fair value adjustment of unit-based compensation	523	276	89.5 %	(625)	(866)	(27.8) %
Internal leasing expense	407	325	25.2 %	1,290	981	31.5 %
Funds from operations	$       77,704	$       75,570	2.8 %	$     307,914	$     296,204	4.0 %
Property straight-line rent revenue	386	(579)	NM	1,707	(1,844)	NM
Direct leasing costs ^2, 3	(290)	(233)	24.5 %	(1,190)	(547)	NM
Capital expenditure reserve ^2	(6,326)	(6,243)	1.3 %	(25,042)	(25,030)	— %
Adjusted funds from operations	$       71,474	$       68,515	4.3 %	$     283,389	$     268,783	5.4 %
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 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 since 2013 to the capital expenditure reserve used in the calculation of AFFO during that period:

(in thousands of Canadian dollars)	Capital expenditure reserve^1	Recoverable capital expenditures	Variance
For the periods indicated
October 23, 2013 to December 31, 2021	$            168,855	$            156,751	$             12,104
Year ended December 31, 2022	$              25,030	$              26,835	$              (1,805)
Year ended December 31, 2023	$              25,042	$              34,276	$              (9,234)
Total	$            218,927	$            217,862	$               1,065
^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 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. When 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			Year Ended
For the periods ended December 31,	2023	2022	Change	2023	2022	Change
Funds from operations/unit - basic	$         0.330	$         0.322	2.5 %	$         1.309	$         1.266	3.4 %
Funds from operations/unit - diluted	$         0.330	$         0.322	2.5 %	$         1.308	$         1.264	3.5 %

	Three Months Ended			Year Ended
For the periods ended December 31,	2023	2022	Change	2023	2022	Change
Adjusted funds from operations/unit - basic	$         0.304	$         0.292	4.1 %	$         1.205	$         1.149	4.9 %
Adjusted funds from operations/unit - diluted	$         0.303	$         0.292	3.8 %	$         1.203	$         1.147	4.9 %

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 measures 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			Year Ended
For the periods ended December 31,	2023	2022	Change	2023	2022	Change
Distribution per unit - paid (A)	$   0.225	$   0.217	3.5 %	$   0.883	$   0.854	3.5 %
AFFO per unit - diluted (non-GAAP) ^1 (B)	$   0.303	$   0.292	3.8 %	$   1.203	$   1.147	4.9 %
AFFO payout ratio (A)/(B)	74.3 %	74.3 %	— %	73.4 %	74.5 %	(1.1) %

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			Year Ended
For the periods ended December 31,	2023	2022	Change ¹	2023	2022	Change ¹
Same store	$    107,552	$    105,210	2.2 %	$    421,694	$    411,478	2.5 %
Intensifications
2023	1,175	—	NM	2,294	—	NM
2022	967	665	45.4 %	8,994	3,521	NM
Same property	$    109,694	$    105,875	3.6 %	$    432,982	$    414,999	4.3 %
Acquisitions, developments and dispositions
2023	1,445	—	NM	4,947	966	NM
2022	373	888	(58.0) %	1,027	3,853	(73.3) %
Net operating income	$    111,512	$    106,763	4.4 %	$    438,956	$    419,818	4.6 %
Add:
Property expense	28,842	27,833	3.6 %	115,523	111,133	4.0 %
Property straight-line rent revenue	(386)	579	NM	(1,707)	1,844	NM
Property Revenue	$    139,968	$    135,175	3.5 %	$    552,772	$    532,795	3.7 %
¹ NM - not meaningful.

Management's Discussion and Analysis (MD&A) and audited Consolidated Financial Statements 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 year ended December 31, 2023 (Q4 2023 MD&A) and audited Consolidated Financial Statements and Notes for the year ended December 31, 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 December 31, 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 future growth, the REIT's ability to complete the investment under the heading "New Investment Activity", the timing and terms of any such investment and the benefits expected to result from such investment, 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 5 "Risk Factors" of CT REIT's Annual Information Form for fiscal 2023, and to section 12.0 "Enterprise Risk Management" and 14.0 "Forward-looking Information" of CT REIT's MD&A for fiscal 2023 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. ET on February 14, 2024. The conference call will be available simultaneously and in its entirety to all interested investors and the news media through a webcast by visiting https://edge.media-server.com/mmc/p/rdgf47o4/ or by visiting 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)

Media: Joscelyn Dosanjh, 416-845-8392, [email protected]; Investors: Lesley Gibson, 416-480-8566, [email protected]