CT Real Estate Investment Trust

CRT-UN.TO

REIT - Retail · Real Estate

Price

C$17.89

-0.38 (-2.08%)

Market Cap

C$4.26B

Exchange

Toronto Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Strong

Cash Flow

Exceptional

Stability

Mixed

Valuation

Good

Dividends

Good

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Share count falling — buybacks

−36.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 314.4M (2021) → 200.0M (2025)

Winston Score History

The full picture

CT Real Estate Investment Trust is a Canadian company that owns commercial properties and rents them out to tenants. Its portfolio is made up almost entirely of retail properties, and its anchor tenant is Canadian Tire Corporation, one of Canada's largest and most recognized retail chains. CT REIT owns over 370 properties across Canada, including Canadian Tire stores, mixed-use developments, and distribution centres.

CT REIT makes money by collecting rent from its tenants under long-term lease agreements, which provides stable and predictable income. The trust operates exclusively in Canada and distributes most of its income to unitholders, which is the standard model for a REIT. Its biggest competitive advantage is its deep relationship with Canadian Tire Corporation, which accounts for the vast majority of its rental revenue — but that concentration is also its main risk, since CT REIT's financial health is closely tied to the performance and strategic decisions of a single parent company.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+165.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

31.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$7.9B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

CT Real Estate Investment Trust is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

78.2%

Premium pricing power — 78.2% gross margin

Profit after running costs

Operating Margin

73.9%

Excellent — 73.9% operating margin

Return on the money invested

ROCE

9.0%

Below par — 9.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+4.8%

Slow sales growth (+4.8% YoY)

Profit growth

EPS YoY

+175.0%

Earnings growing fast (+175.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

159%

Turns 159% of profit into real cash

Spare cash per sale

FCF Margin

62.2%

Converts sales into free cash efficiently (62.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.51

Elevated debt (1.51)

Covers its interest

Interest Cover

3.42x

Tight — interest eats into profit (3.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

7.7x

Attractive valuation — P/E 7.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-5.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

5.40%

Healthy income — 5.40% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+1.8%

Dividend flat

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