The earnings call reflected a generally positive outlook with strong financial metrics, high occupancy rates, and successful new investments. However, there were some concerns regarding lower same-store NOI growth and challenges with interest rates.
Company Guidance
During the Q3 2024 earnings call for CT REIT, the guidance highlighted several key metrics and strategic developments. The REIT reported a 3.4% increase in NOI and a 2.3% rise in AFFO per unit for the quarter. CT REIT announced $85 million in new investments, expected to yield 6.2%, adding approximately 283,000 square feet of GLA to their portfolio. The occupancy rate remained strong at 99.4%, with a weighted average lease term of 7.8 years. Same-store NOI grew by 1.2%, driven by contractual rent escalations, although it faced a slight offset from decreased property operating recoveries. The REIT's interest coverage ratio stood at 3.52x, and the AFFO payout ratio was approximately 75.0%. With $291 million available through its committed credit facility, CT REIT is well-positioned to continue its growth trajectory.
Strong Financial Performance
NOI increased by 3.4% and AFFO per unit increased by 2.3% in Q3 2024. Same-store NOI grew 1.2% and same-property NOI grew 1.8%.
High Occupancy Rate
CT REIT maintained its 99.4% occupancy rate, indicating a strong asset portfolio.
Successful Developments and Investments
Announced $85 million of new investments with a 6.2% yield, adding 283,000 square feet to the portfolio. Completed a $47 million acquisition adding 141,000 square feet.
Positive Market Conditions
Recent rally in REIT equities and rate cuts by the Bank of Canada are driving interest back to the real estate sector.
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CT Real Estate Investment (TSE:CRT.UN) Earnings, Revenues Date & History
The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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TSE:CRT.UN Earnings-Related Price Changes
Report Date
Price 1 Day Before
Price 1 Day After
Percentage Change
Nov 05, 2024
C$15.01
C$14.96
-0.33%
Aug 01, 2024
C$13.94
C$14.20
+1.87%
May 06, 2024
C$13.32
C$12.96
-2.70%
Feb 13, 2024
C$13.23
C$13.42
+1.44%
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does CT Real Estate Investment (TSE:CRT.UN) report earnings?
CT Real Estate Investment (TSE:CRT.UN) is schdueled to report earning on Feb 18, 2025, TBA Not Confirmed.
What is CT Real Estate Investment (TSE:CRT.UN) earnings time?
CT Real Estate Investment (TSE:CRT.UN) earnings time is at Feb 18, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.