Q2 2024 CT Real Estate Investment Trust Earnings Call Transcript
Key Points
- CT Real Estate Investment Trust (CTRRF) reported a 4.4% increase in net operating income (NOI) and a 3.6% increase in adjusted funds from operations (AFFO) per unit.
- The company has raised its distributions 11 times since its IPO in 2013, with a compound annual growth rate of 4.1% over the last five years.
- CT Real Estate Investment Trust (CTRRF) successfully acquired a Canadian Tire-anchored property in a strong market on Vancouver Island, British Columbia.
- The company maintains a high occupancy rate of 99.4% with a weighted average lease term of 8.0 years, one of the longest in the sector.
- CT Real Estate Investment Trust (CTRRF) released its third annual ESG report, highlighting its ongoing commitment to environmental, social, and governance initiatives.
- The property transaction market remains slow, impacting the ability to source new acquisitions.
- Interest coverage ratio decreased to 3.59 times from 3.74 times in the previous year, due to higher interest expenses.
- The indebtedness ratio increased slightly to 40.9% from 39.9% in the previous year.
- The company anticipates a potential slowdown in same-asset NOI growth due to lower recovery of capital expenditures and interest rate changes.
- The pace of new development projects has slowed, influenced by Canadian Tire's strategic decisions and the current interest rate environment.
Good morning. My name is Gigi, and I'll be your conference operator today. At this time, I would like to welcome everyone to CT REIT's Q2 2024 earnings results conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)
The speakers on the call today are Kevin Salsberg, President and Chief Executive Officer of CT REIT; Jodi Shpigel, Senior Vice President, Real Estate; and Lesley Gibson, Chief Financial Officer. Today's discussions may include forward-looking statements. Such statements are based on management's assumptions and beliefs.
These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements. Please see CT REIT's public filings for a discussion of these risk factors, which are included in their 2023 Management's Discussion and Analysis and 2023 Annual Information Form, which can be found on CT REIT's website and on SEDAR+.
I will now turn the call over to Kevin
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
