CT Real Estate Investment Trust : Q1 2026 Interim Report to Unitholders

FIRST QUARTER REPORT TO UNITHOLDERS

RELIABLE. DURABLE. GROWING.

CT REIT | 2026 First Quarter Report

2026 Highlights

$124.3M

Net Operating Income (NOI)1

$0.409

Net Income Per Unit Diluted

6.46X

Total Indebtedness/EBITFV2

+4.7%

NOI Growth2

$18.77

Net Asset Value (NAV) Per Unit

3.52X

Interest Coverage Ratio2

72.5%

AFFO Payout Ratio2

+2.8%

AFFO Per Unit Diluted Growth (Non-GAAP)2

+7.1%

NAV Per Unit Growth

$0.327

AFFO Per Unit Diluted (Non-GAAP)2

39.0%

Indebtedness Ratio

+12.7%

Net Income Per Unit Diluted Growth

1 Non-GAAP financial measure. Refer to Section 10.1 in the enclosed Management’s Discussion & Analysis Report for further information.

2 Non-GAAP ratio. Refer to Section 10.2 in the enclosed Management’s Discussion & Analysis Report for further information.

Featured on cover: Multi-tenant shopping centre anchored by a Canadian Tire store at Leslie St & Lake Shore Blvd, Toronto, Ontario

Featured on this page: Canadian Tire store, Upper James St, Hamilton, Ontario

CT REIT | 2026 First Quarter Report

About Us

CT Real Estate Investment Trust (CT REIT) is an unincorporated, closed end real estate investment trust formed to own income producing commercial properties primarily located in Canada. Its portfolio is comprised of over 378 properties totalling 31.7 million square feet of gross leasable area, consisting primarily of net lease retail properties located across Canada.

CT REIT is Canada’s premier net lease real estate investment trust with the principal objective of creating long-term value for unitholders by growing its portfolio of income producing properties and development projects, benefiting from its relationship with Canadian Tire Corporation, its most significant tenant and controlling unitholder. This close association and alignment provides important insights into potential real estate acquisitions and development opportunities that, together with long-term leases with embedded annual rent escalations, serve as a competitive differentiator for CT REIT.

CT REIT is listed on the Toronto Stock Exchange under the symbol CRT.UN.

Western Canada (28.4%)

110 / 9.0M

Assets / Sq. Ft.

Atlantic Canada (8.7%)

44 / 2.7M

Assets / Sq. Ft.

Ontario (39.2%)

145 / 12.4M

Assets / Sq. Ft.

Quebec (23.7%)

79 / 7.5M

Assets / Sq. Ft.

Portfolio Highlights

99.4%

Occupancy

7.0

Year Weighted Average Lease Term

95.9%

Annualized base minimum rent from investment grade tenants

66.5%

Annualized Base Minimum Rent from Urban Markets

$7.8B

Fair Market Value of Investment Properties

TABLE OF CONTENTS

Forward-looking Disclaimer 1

1. Business Strategy and Objectives 4

2. Summary of Selected Financial and Operational Information 5

3. Portfolio Overview 6

   1. Portfolio Profile 6

   2. Revenue by Region 8

   3. Six Largest Urban Markets 8

   4. Fair Value of Property Portfolio 9

   5. Development Activities 11

   6. Investment and Development Funding 12

   7. Lease Maturities 13

   8. Top 10 Tenants Excluding CTC Related Tenancies 14

   9. Leasing Activities 14

   10. Maintenance Capital Expenditures 14

4. Results of Operations 15

   1. Financial Results for the Three Months Ended March 31, 2026 15

   2. Non-GAAP Financial Measures and Non-GAAP Ratios 18

5. Liquidity and Financial Condition 21

   1. Liquidity 21

   2. Discussion of Cash Flows 21

   3. Credit Ratings 21

   4. Indebtedness and Capital Structure 22

   5. Interest Coverage Ratio 24

   6. Indebtedness Ratio 24

   7. Class C LP Units 24

   8. Debentures 26

   9. Mortgage Payable 26

   10. Credit Facilities 26

   11. Capital Strategy 27

       TABLE OF CONTENTS (continued)

   12. Commitments and Contingencies 28

   13. Base Shelf Prospectus and At-the-Market Program 28

6. Equity 29

   1. Authorized Capital and Outstanding Units 29

   2. Equity 30

   3. Distributions 31

   4. Net Asset Value Per Unit 32

7. Related Party Transactions 33

8. Accounting Policies and Estimates 35

   1. Significant Areas of Estimation 35

   2. Standards, Amendments and Interpretations Issued and Not Yet Adopted 35

1. Selected Quarterly Consolidated Information 45

2. Enterprise Risk Management 46

3. Internal Controls and Procedures 46

4. Forward-Looking Information 46

Interim Financial Statements 49

Notes to the Interim Financial Statements 54

CT REAL ESTATE INVESTMENT TRUST MANAGEMENT’S DISCUSSION AND ANALYSIS FIRST QUARTER 2026

Forward-looking Disclaimer

This Management’s Discussion and Analysis (“MD&A”) contains statements that are forward-looking. Actual results or events may differ materially from those forecasted in this disclosure because of the risks and uncertainties associated with the business of CT Real Estate Investment Trust® and its subsidiaries, (referred to herein as “CT REIT”, “Trust” or “REIT”, unless the context requires otherwise), and the general economic environment. CT REIT cannot provide any assurance that any forecasted financial or operational performance will actually be achieved or, if achieved, that it will result in an increase in the price of CT REIT’s Units. See section 14.0 in this MD&A for a more detailed discussion of the REIT’s use of forward-looking statements.

CT REIT is an unincorporated, closed-end real estate investment trust established on July 15, 2013 pursuant to a declaration of trust as amended and restated as of October 22, 2013 and as further amended and restated as of April 5, 2020 and as may be further amended from time to time (“Declaration of Trust”). CT REIT commenced operations on October 23, 2013. The principal, registered and head office of CT REIT is located at 2180 Yonge Street, Toronto, Ontario, M4S 2B9. CTC owned a 68.0% effective interest in CT REIT as at March 31, 2026, consisting of 33,989,508 of the issued and outstanding units of CT REIT (“Units”) and all of the issued and outstanding Class B limited partnership units (“Class B LP Units”) of CT REIT Limited Partnership (the “Partnership”), which are economically equivalent to and exchangeable for Units. The holders of Units and Class B LP Units are collectively referred to as “unitholders”. CTC also owns all of the issued and outstanding Class C limited partnership units (“Class C LP Units”) of the Partnership. The Units are listed on the Toronto Stock Exchange (“TSX”) and are traded under the symbol CRT.UN.

CT REIT has one segment for financial reporting purposes which comprises the ownership and management of primarily net-lease single tenant Retail Properties located across Canada.

1. BUSINESS STRATEGY AND OBJECTIVES

   CT REIT owns, manages and develops income-producing commercial properties located in all ten provinces and in two territories across Canada. The REIT’s geographically diversified portfolio is comprised of stand-alone Properties (typically occupied by a Canadian Tire store), multi-tenanted Properties (typically anchored by a Canadian Tire store), Industrial Properties and Development Properties (including Canada Square) with primarily triple-net, long-term leases to investment grade tenants.

   The principal objective of CT REIT, as a real estate investment trust investing mainly in net-lease single tenant Retail Properties, is to create unitholder value over the long-term by generating reliable, durable and growing monthly distributions on a tax-efficient basis. To achieve this objective, management is focused on driving net operating income from its existing asset base and expanding the REIT’s portfolio to increase both its Adjusted Funds From Operations (“AFFO”) per unit, as well as its net asset value per unit.

2. SUMMARY OF SELECTED FINANCIAL AND OPERATIONAL INFORMATION

   Readers are reminded that certain key performance measures may not have standardized meanings under GAAP. For further information on the REIT’s operating measures, non-GAAP financial measures and non-GAAP ratios, refer to section 1.6, section 10.1 and section 10.2.

   (in thousands of Canadian dollars, except unit, per unit and square footage amounts) Three Months Ended

   As at and for the three months ended March 31,	2026	2025		Change
   Property revenue	$ 157,558	$ 150,396		4.8 %
   EBITFV 1	$ 117,765	$ 112,636		4.6 %
   Net operating income 1	$ 124,265	$ 118,703		4.7 %
   Net income	$ 115,738	$ 105,654		9.5 %
   Net income per unit – basic 2	$ 0.486	$ 0.446		9.0 %
   Net income per unit – diluted 2,3	$ 0.409	$ 0.363		12.7 %
   Funds from operations 1	$ 84,464	$ 81,097		4.2 %
   FFO per unit – diluted (non-GAAP) 2,4,5	$ 0.354	$ 0.342		3.5 %
   Adjusted funds from operations 1,6	$ 78,135	$ 75,462		3.5 %
   AFFO per unit – diluted (non-GAAP) 2,4,5,6	$ 0.327	$ 0.318		2.8 %
   Distributions per unit – paid 2	$ 0.237	$ 0.231		2.5 %
   AFFO payout ratio 4,6	72.5 %	72.6	%	(0.1)%
   Excess of AFFO 1 over distributions:
   Excess of AFFO over distributions paid 1,6,7	$ 21,667	$ 20,657		4.9 %
   Per unit – diluted (non-GAAP) 2,4,5,6	$ 0.091	$ 0.087		4.6 %
   Cash generated from operating activities	$ 125,663	$ 114,033		10.2 %
   Adjusted cashflow from operations 1,6	$ 81,824	$ 69,880		17.1 %
   Weighted average number of units outstanding 2
   Basic	238,216,036	236,992,202		0.5 %
   Diluted 3	326,134,650	336,833,653		(3.2)%
   Diluted (non-GAAP) 5	238,628,883	237,434,797		0.5 %
   Period-end units outstanding 2	238,348,760	237,205,108		0.5 %
   Total assets	$ 7,792,657	$ 7,315,512		6.5 %
   Total non-current liabilities	$ 2,804,480	$ 2,547,307		10.1 %
   Total indebtedness	$ 3,041,250	$ 2,949,144		3.1 %
   Net asset value per unit 2, 8	$ 18.77	$ 17.52		7.1 %
   Closing market price per unit 2	$ 16.54	$ 14.51		14.0 %
   OTHER INFORMATION
   Weighted average interest rate 9	4.36 %	4.13	%	0.2 %
   Indebtedness ratio	39.0 %	40.3	%	(1.3)%
   Interest coverage ratio 4,10	3.52	3.55		(0.8)%
   Weighted average term to debt maturity (in years) 9	4.3	4.5		(4.4)%
   Gross leasable area (square feet) 11	31,709,453	31,027,002		2.2 %
   Occupancy rate 11, 12	99.4 %	99.4	%	– %

   1 Non-GAAP financial measure. Refer to section 10.1 for further information.

   2 Total units means Units and Class B LP Units outstanding.

   3 Diluted units determined in accordance with IFRS Accounting Standards 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.

   4 Non-GAAP ratio. Refer to section 10.2 for further 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.

   6 Comparative data has been restated using normalized maintenance capital expenditures, consistent with current period methodology. Refer to section 10.1 (e).

   7 Refer to section 7.0 for further information.

   8 Refer to section 7.4 for further information.

   9 Excludes the Credit Facilities. Refer to section 6.10 for definition.

   10 Refer to section 6.5 for further information.

   11 Excludes Development Properties and Properties Under Development. Refer to the Glossary of Terms in the 2025 AIF for definition.

   12 Occupancy and other leasing key performance measures have been prepared on a committed basis, which includes the impact of lease agreements contracted on or before March 31, 2026 and March 31, 2025, and vacancies as at the end of those reporting periods.

   Portfolio Overview

   Results of Operations

   Liquidity and Financial Condition

   Equity

   Related Party Transactions

   Accounting Policies and Estimates

   Specified Financial Measures

   Selected Quarterly Consolidated Information

   Enterprise Risk Management

   Internal Controls and Procedures

   Forward-Looking Information

3. PORTFOLIO OVERVIEW

   1. Portfolio Profile
      

      The Property portfolio, as at March 31, 2026, consisted of 372 Retail Properties, five Industrial Properties and one Development Property (collectively, “Properties”). The Properties are located in each of the provinces and in two territories across Canada. The Retail Properties and Industrial Properties contain approximately 31.7 million square feet of gross leasable area (“GLA”).

      CT REIT’s consolidated financial position, results of operations and portfolio metrics include the REIT’s one-half interest in Canada Square, a mixed-use commercial property, in Toronto, Ontario.

      CTC is CT REIT’s most significant tenant. As at March 31, 2026, CTC leased 29.2 million square feet, representing 92.1% of total GLA (December 31, 2025 – 92.1%) and 90.9% of total annualized base minimum rent (December 31, 2025 – 90.7%). Approximately 85.1% of the total GLA leased by CTC is attributable to Retail Properties and 14.9% is attributable to Industrial Properties.

      As at March 31, 2026

      CT REIT’s occupancy, excluding Properties Under Development, is as follows:

      Property Type (in square feet)	GLA	Occupied GLA	Occupancy rate 1
      Retail Properties	27,151,821	26,974,912	99.3 %
      Industrial Properties	4,557,632	4,557,632	100.0 %
      Total	31,709,453	31,532,544	99.4 %

      1 Occupancy and other leasing key performance measures have been prepared on a committed basis, which includes the impact of lease agreements contracted on or before March 31, 2026, and vacancies as at the end of the reporting period.

      As at December 31, 2025

      Property Type (in square feet)	GLA	Occupied GLA	Occupancy rate 1
      Retail Properties	27,151,821	26,982,329	99.4 %
      Industrial Properties	4,557,632	4,557,632	100.0 %
      Total	31,709,453	31,539,961	99.5 %

      1Occupancy and other leasing key performance measures have been prepared on a committed basis, which includes the impact of lease agreements contracted on or before December 31, 2025, and vacancies as at the end of the reporting period.

      Portfolio Overview

      Results of Operations

      Liquidity and Financial Condition

      Equity

      Related Party Transactions

      Accounting Policies and Estimates

      Specified Financial Measures

      Selected Quarterly Consolidated Information

      Enterprise Risk Management

      Internal Controls and Procedures

      Forward-Looking Information

      The REIT’s Property portfolio consists of:

As at

Canadian Tire store single tenant properties 1

Other single tenant properties 1

Multi-tenant properties anchored by Canadian Tire store Multi-tenant properties not anchored by Canadian Tire store Industrial Properties

Total operating properties Development Property Total Properties

December 31, 2025

264

25

74

9

5

377

1

378

As at

Gas bars at Retail Properties

1 Comparatives have been restated to conform with current year’s presentation.

Properties by region, as a percentage of total GLA, as of March 31, 2026 are as follows:

December 31, 2025

113

Properties by Region ¹ ² (% of Total GLA)

Atlantic Canada 8.7%

Western Canada ³ 28.4%

Ontario 39.2%

Quebec 23.7%

1 Excluding Development Property and Properties Under Development.

2 Occupancy and other leasing key performance measures have been prepared on a committed basis, which includes the impact of lease agreements contracted on or before March 31, 2026, and vacancies as at the end of the reporting period.

3 Including the territories.

1. 1. Development Activities
      

      The following table provides details of the REIT’s development activities as at March 31, 2026. The total “GLA” column represents the maximum anticipated area of the developments. The “Not committed to lease” column includes areas which may be under construction but not committed to lease. The “Committed additional investment” column represents the approximate financial commitment required to complete the “Committed to lease” areas and related site works.

      			(in	GLA square feet)	Total investment (in thousands of Canadian dollars)
      	Anticipated date of	Committed	Not committed		Development Committed Total costs additional development
      Property 1	completion	to lease	to lease	Total	incurred 6 investment costs
      Penticton, BC 2	Q2 2026	54,000	–	54,000
      Burlington North, ON 2	Q2 2026	29,000	–	29,000
      Valleyfield, QC 2	Q2 2026	35,000	–	35,000
      Saskatoon East, SK 2, 3	Q4 2026	51,000	–	51,000
      Port Hawkesbury, NS 2	Q2 2027	13,000	–	13,000
      Barrhaven, ON 2	Q2 2027	8,000	–	8,000
      Collingwood, ON 2	Q2 2027	30,000	–	30,000
      Dryden, ON 2	Q4 2028	43,000	–	43,000
      Fenelon Falls, ON 2	Q4 2028	26,000	–	26,000
      Toronto (Canada Square), ON -Office Retrofit 3, 4	Q4 2028	310,000	30,000	340,000
      Toronto (Canada Square), ON -Future Phases 3, 5	TBD	TBD	TBD	TBD
      TOTAL		599,000	30,000	629,000	$ 176,658 $ 203,172 $ 379,830

      1 Properties Under Development under 5,000 square feet that are not anticipated to be completed within the next 12 months have not been included.

      2 Intensification of an existing income-producing property.

      3 Ground Lease.

      4 Redevelopment property. GLA shown is at the REIT’s 50% share.

      5 Development property. Potential building area and investment costs to be determined (“TBD”).

      6 Includes amounts related to projects in early stages of development.

      CT REIT, and Oxford Properties Group (the “Co-owners”), entered into a binding lease with CTC to occupy space in two of the existing office buildings at Canada Square in 2025. CTC will lease approximately 550,000 square feet of GLA for a 21-year term. As part of these lease arrangements, the Co-owners will significantly refurbish the CTC leased buildings (the “Office Retrofit”). Upon completion, the Office Retrofit will deliver approximately 680,000 square feet of modernized office space, over 80% of which will be anchored by CTC, and will stabilize the existing commercial portion of the complex. The Co-owners also intend to unlock the full redevelopment potential of the Canada Square property by continuing to work towards advancing the revised master plan which was resubmitted to the municipality in December 2022.

      As at March 31, 2026, CT REIT had committed lease agreements for 599,000 square feet, representing 95.2% of total GLA under development, of which 94.5% has been leased to CTC. A total of $176,658 has been expended to date, and CT REIT anticipates investing an additional $203,172 to complete the developments, of which $82,328 is due to CTC. In the next 12 months, the REIT expects to spend approximately $78,000 on these development activities. These commitments include the Office Retrofit costs and certain approved pre-development consultant related expenses at the Canada Square property, but do not include the development costs associated with future phases of the project.

      Portfolio Overview

      Results of Operations

      Liquidity and Financial Condition

      Equity

      Related Party Transactions

      Accounting Policies and Estimates

      Specified Financial Measures

      Selected Quarterly Consolidated Information

      Enterprise Risk Management

      Internal Controls and Procedures

      Forward-Looking Information

   2. 
      Investment and Development Funding
      

      Q1 2026 Investment and Development Activity

      Funding of investment and development activities for the three months ended March 31, 2026 was as follows:

      (in thousands of Canadian dollars)		Property investments	Developments	Intensifications Total
      Funded with working capital to third parties		–	3,775	– 3,775
      Capitalized interest and property taxes		–	3,223	– 3,223
      Total costs	$	– $	6,998	$ – $ 6,998

      Funding of investment and development activities for the year ended December 31, 2025 was as follows:

      2025 Investment and Development Activity

      (in thousands of Canadian dollars)	Property investments	Developments	Intensifications	Total
      Funded with working capital to CTC	$ –	$ 66,140	$ 67,597	$ 133,737
      Funded with working capital to third parties	65,636	29,414	–	95,050
      Capitalized interest and property taxes	–	6,499	–	6,499
      Total costs	$ 65,636	$ 102,053	$ 67,597	$ 235,286

      Portfolio Overview

      Results of Operations

      Liquidity and Financial Condition

      Equity

      Related Party Transactions

      Accounting Policies and Estimates

      Specified Financial Measures

      Selected Quarterly Consolidated Information

      Enterprise Risk Management

      Internal Controls and Procedures

      Forward-Looking Information

   3. 
      Lease Maturities
      

      The weighted average lease term of the portfolio of leases with Canadian Tire is 7.2 years. The weighted average lease term of all leases in the REIT’s portfolio, excluding Properties Under Development, is 7.0 years.

      2.0%

      
      1.0

      
      2.0%

      
      2.1%

      
      4.0%

      
      1.5

      
      3.9%

      
      4.4%

      
      Canadian Tire Retail GLA Industrial Properties GLA Other GLA Annualized Base Minimum Rent

      
      2.0

      
      1.3%

      
      0.8% 0.9% 0.9%

      
      0.6%

      
      0.5

      
      0.0%

      
      –

      
      Q2- 27

      
      Q4 2026

      
      28

      
      29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44

      
      8.7%

      
      Lease Expiry by % of Annualized Minimum Rent and GLA¹

      
      14.0%

      
      4.5

      
      11.6%

      
      12.0% 11.9%

      
      4.0

      
      12.0%

      
      3.5

      
      10.0%

      
      5.4%

      
      3.0

      
      8.0%

      
      7.5%

      
      6.9%

      
      2.5

      
      6.5%

      
      6.5%

      
      6.1%

      
      6.0%

      Square Feet (millons)

      Annualized Base Minimum Rent

      The following graph presents the lease maturity profile from 2026 to 2044 (assuming tenants do not exercise renewal options or termination rights, if any) as a percentage of total annualized base minimum rent and GLA as of the time of the lease expiry.

      1 Excludes Properties Under Development.

      Total base minimum rent excludes future contractual escalations.

      Occupancy and other leasing key performance measures have been prepared on a committed basis, which includes the impact of lease agreements contracted on or before March 31, 2026, and vacancies as at the end of the reporting period.

      Excludes any lease renewal options and termination rights, if any.

      Portfolio Overview

      Results of Operations

      Liquidity and Financial Condition

      Equity

      Related Party Transactions

      Accounting Policies and Estimates

      Specified Financial Measures

      Selected Quarterly Consolidated Information

      Enterprise Risk Management

      Internal Controls and Procedures

      Forward-Looking Information

   4. 
      Top 10 Tenants Excluding CTC Related Tenancies
      

      CT REIT’s 10 largest tenants, excluding all CTC related tenancies, as represented by the percentage of total annualized base minimum rent, are:

      Rank	Tenant Name	Percentage of total annualized base minimum rent 1
      1	Loblaws/No Frills/Shoppers Drug Mart	0.66 %
      2	Save-On-Foods/Buy-Low Foods	0.59 %
      3	Winners/Marshalls/HomeSense	0.55 %
      4	Sobeys/FreshCo/Farm Boy/Lawton’s	0.46 %
      5	Bank of Montreal	0.43 %
      6	Canadian Imperial Bank of Commerce	0.38 %
      7	Landmark Cinemas	0.37 %
      8	Dollarama	0.34 %
      9	Tim Horton’s/Burger King/Popeyes/Firehouse Subs	0.32 %
      10	Sleep Country	0.31 %
      	Total	4.41 %

      1 Occupancy and other leasing key performance measures have been prepared on a committed basis, which includes the impact of lease agreements contracted on or before March 31, 2026, and vacancies as at the end of the reporting period.

   5. 
      Leasing Activities
      

      CT REIT’s financial performance is impacted by many different factors including renewal of expiring leases within the portfolio and occupancy rates. During the current quarter, the REIT completed two Canadian Tire store lease extensions. Renewal leasing activity for the portfolio was as follows (assuming rental increases based on the first-year rental rate and excluding future rental step-ups that may occur over the renewal term):

      For the periods ended March 31, 2026 Three Months Ended

      Rental

      Property portfolio (in square feet)	GLA	Increase
      Canadian Tire stores	142,729	10.2 %
      Other	196,859	4.2 %
      Total	339,588	5.9 %

      As at March 31, 2026, the REIT’s occupancy rate, excluding the Development Property and Properties Under Development, was 99.4% (Q1 2025 – 99.4%). Refer to section 4.1 for further details.

   6. Maintenance Capital Expenditures
      

      Many of the capital costs incurred by CT REIT are recoverable from tenants pursuant to the terms of their leases. These recoveries occur either in the year in which such expenditures are incurred or, in the case of a major item of replacement or betterment, on a straight-line basis over the expected useful life thereof. Capital expenditures of $932 (Q1 2025 – $699) were incurred during the three months ended March 31, 2026. Most of the REIT’s recoverable capital expenditures relate to parking lots, roofs and heating, ventilation and air conditioning equipment, the timing of which are typically seasonal in nature. As a result, recoverable capital costs may vary widely from period to period.

      Portfolio Overview

      Results of Operations

      Liquidity and Financial Condition

      Equity

      Related Party Transactions

      Accounting Policies and Estimates

      Specified Financial Measures

      Selected Quarterly Consolidated Information

      Enterprise Risk Management

      Internal Controls and Procedures

      Forward-Looking Information

2. RESULTS OF OPERATIONS

   1. Financial Results for the Three Months Ended March 31, 2026
      

      CT REIT’s financial results for the three months ended March 31, 2026 and March 31, 2025 are summarized below:

      (in thousands of Canadian dollars, except per unit amounts) Three Months Ended

      For the periods ended March 31,	2026	2025	Change
      Property revenue	$ 157,558	$ 150,396	4.8 %
      Property expense	(35,390)	(33,562)	5.4 %
      General and administrative expense	(4,167)	(4,305)	(3.2)%
      Net interest and other financing charges	(33,430)	(31,688)	5.5 %
      Fair value adjustment on investment properties	31,167	24,813	25.6 %
      Net income and comprehensive income	$ 115,738	$ 105,654	9.5 %
      Net income per unit – basic	$ 0.486	$ 0.446	9.0 %
      Net income per unit – diluted	$ 0.409	$ 0.363	12.7 %
      Property Revenue

      Three Months Ended

      2026 2025 Change Property revenue $ 157,558 $ 150,396 4.8%

      Property revenue includes all amounts earned from tenants pursuant to lease agreements including base rent, property taxes, operating costs and other recoveries. Many of CT REIT’s expenses are recoverable from tenants pursuant to the terms of their leases, with the REIT absorbing these expenses to the extent that vacancies exist. The total amount of base rent to be received from operating leases is recognized on a straight-line basis over the term of the leases.

      Total revenue for the three months ended March 31, 2026 was $7,162 (4.8%) higher compared to the same period in the prior year primarily for the following reasons:

      • acquisitions, intensifications and developments completed during 2025 contributed $5,031;

      • property expense recoveries increased by $2,615; and

      • base rent increases as part of lease renewals within the Property portfolio contributed $529; partially offset by

      • development fee revenue of $1,000 earned in Q1 2025.

        Property Expense
        

        Three Months Ended

        2026 2025 Change Property expense $ 35,390 $ 33,562 5.4%

        Property expense consists primarily of property taxes and operating costs. The majority of property expenses are recoverable from tenants, with the REIT absorbing these expenses to the extent that vacancies exist.

        Portfolio Overview

        Results of Operations

        Liquidity and Financial Condition

        Equity

        Related Party Transactions

        Accounting Policies and Estimates

        Specified Financial Measures

        Selected Quarterly Consolidated Information

        Enterprise Risk Management

        Internal Controls and Procedures

        Forward-Looking Information

        Property expense for the three months ended March 31, 2026, increased by $1,828 (5.4%) compared to the same period in the prior year primarily due to higher property tax expenses related to acquisitions and developments, and increased operating expenses related to general building repairs and maintenance.

        General and Administrative Expense
        

        Three Months Ended

        2026 2025 Change General and Administrative Expense $ 4,167 $ 4,305 (3.2)%

        CT REIT has three primary categories of general and administrative expense, namely: (i) personnel costs; (ii) Services Agreement expense; and (iii) public entity and other costs, including external audit fees, trustee compensation expense, legal and professional fees, travel and deferred income tax related to CT REIT GP Corp.’s (“GP”) activities, which may fluctuate depending on when such costs are incurred. The Services Agreement expense costs are largely related to certain administrative, information technology, internal audit and other support services provided by CTC to the REIT pursuant to the Services Agreement, as further described in section 8.0 of this MD&A. The personnel, public entity and other costs reflect the expenses related to ongoing operations of CT REIT.

        (in thousands of Canadian dollars) Three Months Ended

        For the periods ended March 31,	2026	2025	Change
        Personnel expense 1	$ 3,273	$ 2,853	14.7 %
        Services Agreement expense	212	271	(21.8)%
        Public entity and other 1	682	1,181	(42.3)%
        General and administrative expense	$ 4,167	$ 4,305	(3.2)%
        As a percent of property revenue	2.6 %	2.9 %
        Adjusted general and administrative expense as a percent of property revenue 2, 3	2.5 %	2.7 %

        1 Includes unit-based awards, including adjustments as a result of the change in the fair market value of the Units of $283 (Q1 2025 – $241) for three months ended March 31, 2026.

        2 Adjusted for fair value adjustments on unit-based awards.

        3 Non-GAAP ratio. Refer to section 10.2 for further information.

        General and administrative expenses amounted to $4,167 or 2.6% of property revenue for the three months ended March 31, 2026 which is $138 (3.2%) lower compared to the same period in the prior year primarily due to the timing of deferred income tax provision of $386.

        Net Interest and Other Financing Charges
        

        Three Months Ended

        2026 2025 Change Net Interest and Other Financing Charges $ 33,430 $ 31,688 5.5%

        As at March 31, 2026 the Partnership had 1,451,550 Class C LP Units outstanding with a face value of $1,451,550 and bearing a weighted average distribution rate of 4.88% per annum. The Class C LP Units are subject to redemption rights. Accordingly, the Class C LP Units are classified as financial liabilities and distributions on the Class C LP Units are presented in the net interest and other financing charges in the interim statements of income and comprehensive income.

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        Net interest and other financing charges are comprised of the following:

        (in thousands of Canadian dollars) Three Months Ended

        For the periods ended March 31,	2026	2025	Change
        Interest on Class C LP Units 1	$ 17,720	$ 16,456	7.7 %
        Interest and financing costs – debentures	13,963	13,571	2.9 %
        Interest and financing costs – Credit Facilities 2	1,844	1,256	46.8 %
        Interest on mortgage payable	11	38	(71.1)%
        Interest on lease liabilities	1,802	1,648	9.3 %
        	$ 35,340	$ 32,969	7.2 %
        Less: capitalized interest	(1,872)	(1,244)	50.5 %
        Interest expense and other financing charges	$ 33,468	$ 31,725	5.5 %
        Less: interest income	(38)	(37)	2.7 %
        Net interest and other financing charges	$ 33,430	$ 31,688	5.5 %

        1 CTC elected to defer receipt of distributions on Series 3-9 and Series 16 and 19 of the Class C LP Units for the three months ended March 31, 2026 in the amount of $17,463 (Q1 2025 –

        $16,317), until the first business day following the end of the fiscal year. The deferred distributions have been netted against interest payable on Class C LP Units and are included under the heading “other liabilities” on the interim balance sheets.

        2 See section 6.10 for details on Credit Facilities.

        Net interest and other financing charges for the three months ended March 31, 2026 was $1,742 (5.5%) higher compared to the same period in the prior year. The increase was a result of increased interest costs from resetting the interest rate on the Series 3, 16-19 Class C LP Units, effective June 1, 2025, higher Credit Facilities utilization to fund 2025 acquisitions, intensifications and developments, and issuance of $200,000 Series J unsecured debentures, which closed on June 9, 2025, partially offset by higher capitalized interest on Properties Under Development.

        Fair Value Adjustment on Investment Properties
        

        Three Months Ended

        2026 2025 Change Fair value adjustment on investment properties $ 31,167 $ 24,813 25.6%

        The fair value adjustment on investment properties for the three months ended March 31, 2026 increased by $6,354 compared to the adjustment in the same period in the prior year. The increase in the fair value of investment properties is primarily driven by contractual rent increases and leasing activity within the Property portfolio.

        Income Tax Expense
        

        Management operates CT REIT in a manner that enables the REIT to continue to qualify as a real estate investment trust pursuant to the Income Tax Act (Canada) (“ITA”). CT REIT distributes 100% of its taxable income to unitholders and therefore does not incur income tax expense in relation to its activities. The REIT only records deferred income tax in relation to the GP activities.

        If CT REIT fails to distribute all of its taxable income to unitholders, or if CT REIT fails to qualify as a “real estate investment trust” under the ITA, substantial adverse tax consequences may occur. Refer to section 12.0 for further information.

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        Net Income
        

        Three Months Ended

        2026 2025 Change Net Income $ 115,738 $ 105,654 9.5%

        (in thousands of Canadian dollars, except per unit amounts) Three Months Ended

        For the periods ended March 31,	2026	2025	Change
        Net income and comprehensive income	$ 115,738	$ 105,654	9.5 %
        Net income per unit – basic	$ 0.486	$ 0.446	9.0 %
        Net income per unit – diluted	$ 0.409	$ 0.363	12.7 %

        Net income increased by $10,084 (9.5%) for the three months ended March 31, 2026 compared to the same period in the prior year. This increase was attributable to the fair value adjustment on investment properties, higher property revenue resulting from acquisitions, intensifications and developments completed in 2025 and contractual rent escalations, partially offset by higher net interest expense and property expense, and development fee revenue earned in 2025.

   2. Non-GAAP Financial Measures and Non-GAAP Ratios
      

      In addition to the GAAP measures previously described, management uses non-GAAP financial measures and non-GAAP ratios in assessing the financial performance of CT REIT. Refer to section 1.0 and section 10.0 in this MD&A for further information, including details on adjusting items.

      (in thousands of Canadian dollars, except per unit amounts) Three Months Ended

      For the periods ended March 31,	2026	2025	Change
      Net operating income 1	$ 124,265	$ 118,703	4.7 %
      Same store NOI 1	$ 118,148	$ 116,706	1.2 %
      Same property NOI 1	$ 119,431	$ 116,706	2.3 %
      Funds from operations 1	$ 84,464	$ 81,097	4.2 %
      FFO per unit – basic 2	$ 0.355	$ 0.342	3.8 %
      FFO per unit – diluted (non-GAAP) 2	$ 0.354	$ 0.342	3.5 %
      Adjusted funds from operations 1,3	$ 78,135	$ 75,462	3.5 %
      AFFO per unit – basic 2,3	$ 0.328	$ 0.318	3.1 %
      AFFO per unit – diluted (non-GAAP) 2,3	$ 0.327	$ 0.318	2.8 %
      AFFO payout ratio 2,3	72.5 %	72.6 %	(0.1)%
      Adjusted Cashflow From Operations 1,3	$ 81,824	$ 69,880	17.1 %
      EBITFV 1	$ 117,765	$ 112,636	4.6 %

      1 Non-GAAP financial measure. Refer to section 10.1 for further information.

      2 Non-GAAP ratio. Refer to section 10.2 for further information.

      3 Comparative data has been restated using normalized maintenance capital expenditures, consistent with current period methodology. Refer to section 10.1 (e).

      
      Net Operating Income
      

      Three Months Ended

      2026 2025 Change Net Operating Income 1 $ 124,265 $ 118,703 4.7%

      1 Non-GAAP financial measure. Refer to section 10.1 for further information.

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      For the three months ended March 31, 2026, same store NOI increased by $1,442 (1.2%) compared to the prior year. The increase was driven primarily by average contractual rent escalations of 1.5% per annum on Canadian Tire leases, generally effective January 1, which contributed $1,839, partially offset by a decrease in property tax and operating expense recoveries, which reduced NOI by $398.

      Same property NOI for the three months ended March 31, 2026 increased by $2,725 (2.3%) compared to the prior year due to the increase in same store NOI noted above, as well as an increase in NOI of $1,283 from intensifications completed in 2025.

      NOI for the three months ended March 31, 2026 increased by $5,562 (4.7%) compared to the same period in the prior year primarily due to an increase in same property NOI, coupled with an increase in NOI due to properties that were acquired and developed in 2025.

      Funds From Operations
      

      Three Months Ended
      	2026	2025	Change
      Funds From Operations 1	$ 84,464 $	81,097	4.2%
      FFO per unit – diluted (non-GAAP) 2	$ 0.354 $	0.342	3.5%

      1 Non-GAAP financial measure. Refer to section 10.1 for further information.

      2 Non-GAAP ratio. Refer to section 10.2 for further information.

      FFO for the three months ended March 31, 2026 was $84,464 which was $3,367 (4.2%) higher than the same period in 2025, primarily due to the acquisitions, intensifications and developments completed during 2025, and base rent increases as part of lease renewals, partially offset by higher property expenses, interest costs and development fee revenue in 2025. FFO per unit

      – diluted (non-GAAP) for the three months ended March 31, 2026 was $0.354, which was $0.012 (3.5%) higher than the same period in 2025 due to the growth of FFO exceeding the growth in weighted average units outstanding – diluted (non-GAAP).

      Adjusted Funds From Operations
      

      Three Months Ended
      	2026	2025	Change
      Adjusted Funds From Operations 1,2	$ 78,135 $	75,462	3.5%
      AFFO per unit – diluted (non-GAAP) 2,3	$ 0.327 $	0.318	2.8%

      1 Non-GAAP financial measure. Refer to section 10.1 for further information.

      2 Comparative data has been restated using normalized maintenance capital expenditures, consistent with current period methodology. Refer to section 10.1 (e).

      3 Non-GAAP ratio. Refer to section 10.2 for further information.

      AFFO for the three months ended March 31, 2026 was $78,135 which was $2,673 (3.5%) higher than the same period in 2025, primarily due to the acquisitions, intensifications and developments completed during 2025, and contractual rent escalations, partially offset by higher property expense, interest costs, development fee revenue in 2025 and higher maintenance capital expenditure. AFFO per unit – diluted (non-GAAP) was $0.327, which was $0.009 (2.8%) higher than the same period in 2025 due to the growth of AFFO exceeding the growth in weighted average units outstanding – diluted (non-GAAP).

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      Adjusted Funds From Operations Payout Ratio
      

      Three Months Ended

      2026 2025 Change AFFO payout ratio 1,2 72.5 % 72.6 % (0.1)%

      1 Non-GAAP ratio. Refer to section 10.2 for further information.

      2 Comparative data has been restated using normalized maintenance capital expenditures, consistent with current period methodology. Refer to section 10.1 (e).

      The AFFO payout ratio for the three months ended March 31, 2026 was consistent with the same period in 2025.

      Adjusted Cashflow From Operations
      

      Three Months Ended

      2026 2025 Change ACFO 1 $ 81,824 $ 69,880 17.1%

      1 Non-GAAP financial measure. Refer to section 10.1 for further information.

      ACFO for the three months ended March 31, 2026 was $81,824 which was $11,944 (17.1%) higher than the same period in 2025 primarily due to an increase in cash generated from operating activities, and non-operating adjustments to changes in working capital, partially offset by higher interest expense.

      Earnings Before Interest and Other Financing Costs, Taxes and Fair Value Adjustments
      

      Three Months Ended

      2026 2025 Change EBITFV 1 $ 117,765 $ 112,636 4.6%

      1 Non-GAAP financial measure. Refer to section 10.1 for further information.

      EBITFV for the three months ended March 31, 2026 increased by $5,129 (4.6%) over the same period in 2025, primarily due to the impact of NOI variances, discussed earlier.

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3. LIQUIDITY AND FINANCIAL CONDITION

   1. Liquidity
      

      CT REIT intends to fund capital expenditures for acquisitions and development activities through a combination of (i) cash on hand, (ii) issuances of Class B LP Units and/or Class C LP Units, (iii) draws on the Credit Facilities, (iv) assumption of debt, and/or (v) new public or private issuance of debt or equity.

      (in thousands of Canadian dollars)
      As at	March 31, 2026	December 31, 2025
      Cash and cash equivalents	$ 6,373	$ 4,160
      Unused portion of available Bank Credit Facility 1	298,576	298,551
      Liquidity	$ 304,949	$ 302,711
      1 See section 6.10 for details on Credit Facilities.

   2. Discussion of Cash Flows
      

      Cash flow generated from operating the Property portfolio represents the primary source of liquidity to service debt and to fund planned maintenance expenditures, leasing costs, general and administrative expenses and distributions. Other sources being interest income, as well as cash on hand.

      (in thousands of Canadian dollars) Three Months Ended

      For the periods ended March 31,	2026	2025	Change ¹
      Cash generated from operating activities	$ 125,663	$ 114,033	10.2 %
      Cash used for investing activities	(7,834)	(6,931)	13.0 %
      Cash used for financing activities	(115,616)	(106,990)	8.1 %
      Cash (used)/generated in the period	$ 2,213	$ 112	NM
      ¹ NM – not meaningful.

      Cash generated in the three months ended March 31, 2026 was $2,213, primarily the result of cash generated from operating activities, partially offset by cash used for distribution payments, repayment on the Credit Facility, interest payments, repayment of an existing mortgage which matured, development of investment properties and capital expenditures.

   3. Credit Ratings
      

      The senior unsecured debt of CT REIT is rated by Morningstar DBRS, an independent credit rating agency that provides issuer credit ratings and credit ratings of debt securities of an issuer. A credit rating generally provides an indication of the risk that the borrower will not fulfill its full obligations in a timely manner with respect to both interest and principal commitments. Rating categories range from highest credit quality (generally “AAA”) to default in payment (generally “D”).

      The credit rating of CT REIT is related to, and currently equivalent to that of CTC, as CTC holds a significant ownership position in CT REIT and CTC is CT REIT’s most significant tenant.

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      The following table sets out CT REIT’s issuer and senior unsecured debenture credit ratings:
      	Morningstar DBRS
      	Credit Rating	Trend
      Issuer Rating	BBB	Stable
      Senior unsecured debentures	BBB	Stable

      6.4 Indebtedness and Capital Structure CT REIT’s indebtedness and capital structure is as follows:
      (in thousands of Canadian dollars)
      As at	March 31, 2026	December 31, 2025
      Class C LP Units	$ 1,451,550	$ 1,451,550
      Mortgage payable	–	8,102
      Debentures	1,422,100	1,421,802
      Credit Facilities 1	167,600	195,800
      Total indebtedness	$ 3,041,250	$ 3,077,254
      Unitholders’ equity	2,012,577	1,980,949
      Non-controlling interests	2,461,779	2,429,933
      Total capital under management	$ 7,515,606	$ 7,488,136
      1 See section 6.10 for details on Credit Facilities.

      CT REIT’s total indebtedness as at March 31, 2026 was slightly lower than December 31, 2025, primarily due to the repayments of amounts drawn on the Credit Facilities and repayment of an existing mortgage which matured. Refer to section

      6.6 of this MD&A for further details.

      CT REIT’s unitholders’ equity and non-controlling interests as at March 31, 2026 increased as compared to December 31, 2025 primarily as a result of net income exceeding distributions.

      Future payments in respect of CT REIT’s indebtedness as at March 31, 2026 are as follows:

      (in thousands of Canadian dollars)	Class C LP Units	Debentures 1	Credit Facilities	Total
      2026	$ –	$ 200,000 $	167,600	$ 367,600
      2027	–	375,000	–	375,000
      2028	200,000	250,000	–	450,000
      2029	200,000	250,000	–	450,000
      2030 and thereafter	1,051,550	350,000	–	1,401,550
      Total contractual obligation	$ 1,451,550	$ 1,425,000 $	167,600	$ 3,044,150
      Unamortized transaction costs	–	(2,900)	–	(2,900)
      	$ 1,451,550	$ 1,422,100 $	167,600	$ 3,041,250
      1 Refer to section 6.8.

      Interest rates on CT REIT’s indebtedness range from 2.37% to 5.83%. The maturity dates on the indebtedness range from June 2026 to May 2038, excluding the Credit Facilities.

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      Total indebtedness as at March 31, 2026 had a weighted average interest rate of 4.36% and a weighted average term to maturity of 4.3 years, excluding the Credit Facilities.

      As at March 31, 2026, variable rate and fixed rate indebtedness were $167,600 and $2,873,650, respectively.

      As at	March 31, 2026	December 31, 2025
      Variable rate indebtedness	$ 167,600	$ 195,800
      Total indebtedness	3,041,250	3,077,254
      Variable rate indebtedness / total indebtedness	5.51 %	6.36 %

      CT REIT’s variable rate debt-to-total indebtedness ratio as at March 31, 2026 decreased as compared to December 31, 2025 due to the repayments of amounts drawn under the Credit Facilities.

      The table below presents CT REIT’s secured debt as a percentage of total indebtedness:

      Secured debt

      Total indebtedness

      $

      8,102

      3,077,254

$

–

3,041,250

(in thousands of Canadian dollars) As at

December 31, 2025

Secured debt / total indebtedness 0.26 %

CT REIT’s secured debt-to-total indebtedness ratio as of March 31, 2026 decreased as compared to December 31, 2025 due to the repayment of an existing mortgage which matured.

Indebtedness to EBITFV ratios are used to measure an entity’s ability to meet its debt obligations. Generally, the lower the ratio the less an entity is leveraged which increases its ability to pay its debts.

CT REIT’s indebtedness to EBITFV ratio as at March 31, 2026 decreased as compared to December 31, 2025 primarily due to increase in EBITFV and the decrease in total indebtedness due to repayments of amounts drawn under the Credit Facilities.

(in thousands of Canadian dollars) As at

December 31, 2025

During the quarter, an existing mortgage in the amount of $8,070 matured and was repaid in full.

On June 10, 2025, CT REIT renewed its short form base shelf prospectus under which it may issue debt and/or equity (including the sale of Units by CTC), and its at-the-market program (the “ATM Program”) that allows the REIT, in its discretion, to issue up to $100,000 of Units from treasury to the public from time to time over the 25-month period ending July 10, 2027.

During the three months ended March 31, 2026, no Units were issued under the ATM Program.

1. EQUITY

   1. Authorized Capital and Outstanding Units
      

      CT REIT is authorized to issue an unlimited number of Units. As at March 31, 2026, CT REIT had a total of 110,302,431 Units outstanding, 33,989,508 of which were held by CTC, and 128,046,329 Class B LP Units outstanding (together with a corresponding number of Special Voting Units, as hereinafter defined), all of which were held by CTC.

      Class B LP Units are economically equivalent to Units, are accompanied by a Special Voting Unit and are exchangeable at the option of the holder for Units (subject to certain conditions). Holders of the Class B LP Units are entitled to receive distributions when declared by the Partnership equal to the per Unit amount of distributions payable on the Units. However, Class B LP Units have limited voting rights over the Partnership.

      The following tables summarize the total number of units issued:

      As at March 31, 2026
      	Units	Class B LP Units	Total
      Total outstanding at beginning of year	110,042,367	128,046,329	238,088,696
      Units issued under Distribution Reinvestment Plan and other	260,064	–	260,064
      Total outstanding at end of period	110,302,431	128,046,329	238,348,760
      As at December 31, 2025
      	Units	Class B LP Units	Total
      Total outstanding at beginning of year	108,796,495	128,046,329	236,842,824
      Units issued under Distribution Reinvestment Plan	1,245,872	–	1,245,872
      Total outstanding at end of year	110,042,367	128,046,329	238,088,696

      Each Unit is transferable and represents an equal, undivided beneficial interest in the REIT and in any distributions from the REIT. Each Unit entitles the holder to one vote at all meetings of Voting Unitholders.

      Special Voting Units are only issued in tandem with Class B LP Units or in limited circumstances to holders of the Class C LP Units and are not transferable separately from the Class B LP Units or Class C LP Units to which they relate. Each Special Voting Unit entitles the holder thereof to one vote at all meetings of Voting Unitholders or with respect to any written resolution of Voting Unitholders. Except for the right to attend meetings and vote on resolutions, Special Voting Units do not confer upon the holders thereof any other rights.

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      For the three months ended March 31, 2026

      Net income attributable to unitholders and weighted average units outstanding used in determining basic and diluted net income per unit are calculated as follows:

      (in thousands of Canadian dollars, except unit amounts)		Units		Class B LP Units	Total
      Net income attributable to unitholders – basic	$	53,533	$	62,205	$ 115,738
      Income effect of settling Class C LP Units with Class B LP Units					17,720
      Net income attributable to unitholders – diluted					$ 133,458
      Weighted average units outstanding – basic		110,169,707		128,046,329	238,216,036
      Dilutive effect of other unit plans					412,847
      Dilutive effect of settling Class C LP Units with Class B LP Units					87,505,767
      Weighted average number of units outstanding – diluted					326,134,650

      (in thousands of Canadian dollars, except unit amounts)	Units	Class B LP Units	Total
      Net income attributable to unitholders – basic	$ 48,575	$ 57,079	$ 105,654
      Income effect of settling Class C LP Units with Class B LP Units			16,456
      Net income attributable to unitholders – diluted			$ 122,110
      Weighted average units outstanding – basic	108,945,873	128,046,329	236,992,202
      Dilutive effect of other unit plans			442,595
      Dilutive effect of settling Class C LP Units with Class B LP Units			99,398,856

      For the three months ended March 31, 2025

      Weighted average number of units outstanding – diluted		336,833,653
      7.2 Equity
      (in thousands of Canadian dollars)
      As at	March 31, 2026	December 31, 2025
      Equity – beginning of period	$ 4,410,882	$ 4,098,755
      Net income and comprehensive income for the period	115,738	517,087
      Issuance of Class B LP Units, net of issue costs	–	(30)
      Distributions to non-controlling interests	(30,359)	(120,198)
      Distributions to unitholders	(26,131)	(102,795)
      Issuance of Units under Distribution Reinvestment Plan and other	4,226	18,063
      Equity – end of the period	$ 4,474,356	$ 4,410,882

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      Forward-Looking Information

      The following section contains forward-looking information and readers are cautioned that actual results may vary.

Net asset value per unit represents total equity from the consolidated balance sheets divided by the number of units outstanding as at period end. It is an indication of the residual net asset value available to unitholders. As well, net asset value per unit is compared to the REIT’s Unit trading price in order to measure a premium or discount.

CT REIT’s net asset value per unit as at March 31, 2026 increased from the net asset value per unit as at December 31, 2025 primarily due to net income exceeding distributions.

1. RELATED PARTY TRANSACTIONS

As at March 31, 2026, CT REIT’s controlling unitholder, CTC, held a 68.0% effective interest in the REIT, through the ownership of 33,989,508 Units and all of the issued and outstanding Class B LP Units. CTC also owns all of the Class C LP Units. Refer to section 6.7 of this MD&A for additional information on Class C LP Units.

In addition to its ownership interest, CTC is CT REIT’s most significant tenant representing approximately 90.9% of the total annualized base minimum rent earned by CT REIT and 92.1% of total GLA as at March 31, 2026.

In the normal course of its operations, CT REIT enters into various transactions with related parties that have been valued at amounts agreed to between the parties and recognized in the interim financial statements. Refer to Note 3 of the interim financial statements for additional information.

CT REIT entered into the CTC Credit Facility in December 2019. Refer to section 6.10 of this MD&A for additional information.

CT REIT’s policy is to conduct all transactions and settle all balances, with related parties, on market terms and conditions. Pursuant to the Declaration of Trust, related party transactions are generally subject to the approval of the independent trustees of the Board.

CT REIT and CTC are parties to a number of commercial agreements which govern the relationships among such parties, including the Services Agreement and the Property Management Agreement described below.

Services Agreement

Under the Services Agreement, as amended and restated as of August 8, 2023, CTC provides the REIT with certain administrative, information technology, internal audit and other support services as may be reasonably required from time to time (the “Services”). CTC provides these Services to the REIT on a cost recovery basis pursuant to which CT REIT reimburses CTC for all costs and expenses incurred by CTC in connection with providing the Services, plus applicable taxes. The Services Agreement is automatically renewable for one year terms, unless otherwise terminated in accordance with its terms. The Services Agreement was automatically renewed for 2026 and CTC will continue to provide such Services on a cost recovery basis.

Property Management Agreement

Under the Property Management Agreement, as amended and restated as of August 8, 2023, CTC provides the REIT with certain property management services (the ”Property Management Services”). CTC provides these Property Management Services to the REIT on a cost recovery basis pursuant to which the REIT reimburses CTC for all costs and expenses incurred by CTC in connection with providing the Property Management Services, plus applicable taxes. The Property Management Agreement is automatically renewable for one year terms, unless otherwise terminated in accordance with its terms. The Property Management Agreement was automatically renewed for 2026 and CTC will continue to provide such Property Management Services on a cost recovery basis.

CTC Credit Facility

CT REIT has a Credit Facility with CTC that was entered into on December 18, 2019 and which is automatically renewed for one year terms, unless otherwise terminated in accordance with its terms. The CTC Credit Facility was automatically renewed for 2026. The CTC Credit Facility bears interest at a rate based on a stipulated bank prime rate or CORRA rate plus a margin.

Refer to Section 10 of CT REIT’s 2025 AIF for additional information on related party agreements and arrangements with CTC.

The following table summarizes CT REIT’s related party transactions for the period ended March 31, 2026, excluding acquisition, intensification and development activities which are contained in section 4.0:

Property revenue

Property Management and Services Agreement expense Distributions on Units

Distributions on Class B LP Units 1

Interest expense on Class C LP Units Interest expense on the CTC Credit Facility

$

$

$

$

$

$

134,674

374

7,862

29,617

16,456

973

139,631

249

8,059

30,359

17,720

1,553

$

$

$

$

$

$

(in thousands of Canadian dollars) Three Months Ended

For the periods ended March 31,

2025

1 Includes distributions deferred at the election of the holders of the Class B LP Units.

The net balance due to CTC is comprised of the following:

(in thousands of Canadian dollars) As at

March 31, 2026

December 31, 2025

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CT Real Estate Investment Trust published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 21:24 UTC.