CT REIT

What CT REIT does

CT Real Estate Investment Trust (CT REIT) is a Canadian unincorporated, closed-end real estate investment trust listed on the Toronto Stock Exchange under the symbol CRT.UN. Founded in 2013 and headquartered in Toronto, Ontario, CT REIT owns and manages a Canada-wide portfolio of over 375 net-lease commercial properties totaling 31.7 million square feet of gross leasable area, with assets spread across every province and two territories. Total assets stand at approximately $7.8 billion and occupancy was 99.5% as of December 31, 2025.

CT REIT's portfolio is overwhelmingly leased to Canadian Tire Corporation (CTC), which is also the REIT's controlling unitholder. Lease structures are long-term net leases with annual rent escalations built in, providing recurring contractual revenue growth. The portfolio composition is primarily retail, supplemented by four industrial properties, one mixed-use commercial property, and one development property. Supplementary revenue and capital-raising tools include a Distribution Reinvestment Plan (DRIP) that reinvests monthly distributions with a 3% bonus, administered by Computershare.

The REIT's revenue model is rental income from net lease agreements, primarily subscription-style recurring contractual rent from CTC and its retail banners (Canadian Tire Retail, SportChek, Mark's, and others). Growth is pursued through property acquisitions, developments, and intensifications of existing assets, often sourced through the CTC relationship, alongside third-party transactions. Capital is raised through public unitholder equity, a Distribution Reinvestment Plan, and senior unsecured debenture offerings (most recently a $300 million Series K issuance in May 2026). Monthly cash distributions to unitholders, together with embedded lease escalations and active portfolio expansion, form the core investor return proposition.

Name

CT REIT

Legal name

CT Real Estate Investment Trust

Website

https://ctreit.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

CT REIT is a Toronto-based, TSX-listed Canadian REIT (CRT.UN) that owns over 375 net-lease commercial properties totaling 31.7 million square feet across Canada, primarily leased to its controlling unitholder Canadian Tire Corporation under long-term leases with built-in annual rent escalations.

Ownership category

akta.pro rank

Product category

Net Lease Real Estate Investment Trust (Retail)

NAICS

Lessors of Real Estate (5311), Other Financial Vehicles (52599)

SIC

Real Estate Investment Trusts (6798), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industries

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA), Real Assets — Operating Platforms & Direct Investments (FSAAAKAL)

Keywords

• Net lease real estate
• Commercial property leasing
• Real estate investment trust
• Retail property portfolio
• Investment property management

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Others

Revenue model

1. Rental Income from Net Lease Properties: CT REIT generates revenue through long-term net lease agreements with tenants, primarily Canadian Tire Corporation and its retail banners. Leases include annual rent escalations built into the contract structure. Properties are located across Canada in each province and two territories, with over two-thirds of rent derived from large urban markets.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

CT REIT owns, manages, and grows a Canada-wide portfolio of more than 375 net lease commercial properties totaling 31.7 million square feet of gross leasable area. The portfolio is leased primarily to Canadian Tire Corporation under long-term net lease agreements with built-in annual rent escalations, providing contractually recurring rental income and predictable monthly cash distributions to unitholders.

Product overview

CT REIT is a Real Estate Investment Trust that operates as a single, unified business focused on owning and managing a portfolio of net lease commercial properties in Canada. The company's core offering is its property portfolio, primarily leased to Canadian Tire Corporation, comprising over 375 properties totalling 31.7 million square feet of gross leasable area across retail, industrial, mixed-use, and development segments. CT REIT does not operate a platform-plus-modules architecture; rather, it functions as a single-asset business where the property portfolio represents the core product and supplementary services include its Distribution Reinvestment Plan (DRIP) for investor distributions. The portfolio is geographically diverse across all Canadian provinces and two territories, with over two-thirds of rental income derived from large urban markets.

Differentiator

Problem solved

Functional benefit

Products and services

• CT REIT Net Lease Property Portfolio A Canada-wide portfolio of more than 375 net lease commercial properties totaling 31.7 million square feet of gross leasable area, leased primarily to Canadian Tire Corporation and its retail banners under long-term net lease agreements with built-in annual rent escalations. Geographically diversified across all provinces and two territories, with more than two-thirds of rent derived from large urban markets.
• Retail Properties Over 375 net lease retail properties located across Canada, primarily leased to Canadian Tire Corporation and its retail banners, including Canadian Tire Retail, SportChek, Mark's, and Party City (Hudson's Bay Company IP acquisition). Properties are conveniently located near high-traffic routes, highly visible from the street, easy to access, and offer ample parking.
• Industrial Properties Four industrial properties within CT REIT's diversified portfolio, complementing the primarily retail-focused property holdings across Canada.
• Mixed-Use Commercial Property One mixed-use commercial property within CT REIT's portfolio, offering diversified income streams alongside the primarily retail-focused net lease assets.
• Distribution Reinvestment Plan (DRIP) A plan that allows eligible Canadian resident unitholders to elect to have all or a portion of their cash distributions automatically reinvested in additional CT REIT units at a price calculated by reference to the five-day volume weighted average closing price. Participants receive additional units equal to 3% of each distribution reinvested. Administered by Computershare Trust Company of Canada.

Quantifiable outcome

• 99.5% occupancy rate as of December 31, 2025
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• Canadian Tire Corporation (CTC)coreStrategic or Co-development PartnerCTC is CT REIT's most significant tenant and controlling unitholder. The relationship provides preferred access to real estate opportunities, insights into retail marketplace evolution, and aligned long-term planning. CTC is an investment grade tenant with strong covenants. Properties are leased to CTC under long-term net lease agreements with annual rent escalations built in.
• Canadian Tire Jumpstart CharitiesminorOthersCT REIT supports Canadian Tire Jumpstart Charities, which helps kids overcome financial and accessibility barriers to sport and recreation. CT REIT announced support for Jumpstart's new soccer initiative developing soccer pitches in communities across Canada.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• H&R Real Estate Investment Trust: Diversified Canadian REIT with office, industrial, retail, and residential exposure across North America. Comparable as a large-cap Canadian REIT with retail exposure, though broader in geography and property type than CT REIT.
• Morguard Real Estate Investment Trust: Diversified Canadian REIT with retail, office, industrial, and hotel exposure. Comparable as a Canadian publicly traded REIT operating a multi-sector portfolio, though broader in scope than CT REIT's retail-focused mandate.

Direct peers

• First Capital Real Estate Investment Trust: Canadian REIT focused on grocery-anchored, mixed-use urban retail and office properties. Comparable to CT REIT in Canadian retail focus and urban-market concentration, though with greater mixed-use and office exposure.
• Primaris Real Estate Investment Trust: Canada's only REIT focused exclusively on enclosed shopping centres. Comparable to CT REIT in Canadian retail focus and public REIT structure; CT REIT's CFO Lesley Gibson previously served as EVP Finance at Primaris.
• Choice Properties Real Estate Investment Trust: Canada's largest open-ended REIT and another controlled-affiliate retail REIT (anchored by Loblaw Companies). Most directly comparable to CT REIT in structure (controlled-affiliate, retail-focused, Canada-only) and in tenant concentration dynamics.
• RioCan Real Estate Investment Trust: One of Canada's largest retail REITs with a portfolio of urban-focused retail properties across Canada. Directly comparable to CT REIT as a publicly traded Canadian retail REIT, with overlapping target geography and similar net-lease and retail-anchored business model.
• Plaza Retail REIT: Canadian open-ended REIT focused on open-format retail centres in mid-sized markets across Canada. Comparable to CT REIT in net-lease retail focus and Canadian footprint; notably, CT REIT's CEO Kevin Salsberg previously served as CIO of Plaza Retail REIT.
• National Retail Properties (NNN REIT): U.S. net-lease REIT focused on single-tenant retail properties with long-term leases and contractual rent escalations. Closely comparable to CT REIT in net-lease retail business model, embedded rent growth, and tenant-relationship-driven portfolio construction.
• SmartCentres Real Estate Investment Trust: Canadian retail REIT with a portfolio of predominantly Walmart-anchored unenclosed shopping centres across Canada. Directly comparable in retail focus, Canadian geography, and net-lease anchored structure.
• Realty Income Corporation: U.S.-listed net-lease REIT that is the global bellwether for the net-lease retail model. Directly comparable to CT REIT in business model (long-term net leases with built-in escalators, single-tenant concentration themes), though diversified across many U.S. and European tenants.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ct-reit

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CT REIT