CT Real Estate Investment Trust ($CRTUN)

Meeting of unitholders. We are sincerely appreciative that you have joined us here today. I will now proceed to read John O'Bryan's prepared comments on his behalf. 2025 was an excellent year for CT REIT despite the backdrop of difficult macroeconomic and geopolitical conditions. I am once again proud of the REIT's accomplishments as it announced its 13th distribution increase further expansion of its portfolio through strategic investments, development and intensifications generated through its strong relationship with Canadian Tire and continued prioritization of financial flexibility. This distribution growth, portfolio expansion and financial prudence has contributed to long-term value creation and demonstrates our steadfast commitment to delivering reliable, durable and growing results for you, our unitholders. While we take great pride in CT REIT's track record, we remain focused on the future. Your Board continues to meaningfully engage with prudent oversight that balances the long-term interest of the REIT with disciplined, sustainable growth. We are committed to ensuring that as a Board, we maintain the right mix of skills to provide good governance and objective advice in support of this strategy. We will continue to work with management as the REIT executes its strategy to drive performance and deliver strong financial results over the long term. In closing, I wish to express my appreciation to my fellow trustees and to management for their tireless dedication and efforts to our valued unitholders. I would also like to thank you for your continued support of CT REIT. It is now my pleasure to invite the President and Chief Executive Officer of CT REIT, Kevin Salsberg to say a few words. Kevin, over to you.

Thank you, Heather. I join you in welcoming our unitholders, team members and business partners to CT REIT's virtual Annual Meeting of Unitholders. Reflecting on 2025, I am extremely proud of our achievements. Despite the challenging environment that Heather noted in John's remarks, CT REIT continued to deliver on its value proposition to you, our unitholders, namely a growing asset base, solid returns and financial stability. This past year, disciplined investment and strong execution drove our results. We deployed approximately $235 million through acquisition, development and intensification activities, adding approximately 900,000 square feet of incremental gross leasable area to our portfolio. Across 13 discrete investments, our team found new opportunities to acquire assets from third parties to redevelop and improve existing REIT properties and to build new locations, both for Canadian Tire and for other third-party tenants. In addition, we announced a new 20-year lease with Canadian Tire Corporation at our Canada Square property, committing with our co-owner, Oxford Properties, to invest and improve the build buildings in order to deliver what will become a AAA complex, whether from organic growth, new development opportunities or strategic acquisitions, by executing against our growth levers and leaning into our core competencies, we continued to drive results in 2025 and to set the stage for sustainable long-term growth. Turning to operations. We ended the year with an occupancy rate of 99.5% and a weighted average lease term of 7.2 years. We delivered consistent growth across our key metrics on a year-over-year basis. with same-property NOI growing by 2.2%, NOI overall growing by 4.6%, AFFO per unit growing by 2.8% on a diluted basis, and net asset value per unit increasing to $18.53 at year-end, a 7% year-over-year increase. We achieved this growth while maintaining a payout ratio in the low 70% range and further reducing our indebtedness ratio to 39.8%. And the strength of our balance sheet and debt metrics, coupled with our liquidity puts us into an enviable position to continue to capitalize on opportunities going forward. Overall, we are very pleased with the results delivered in 2025. We continue to manage our business, focusing on opportunities that leverage our strategic relationship with Canadian Tire, optimize our existing asset base, and allow us to maintain a strong balance sheet. This continued focus on our hallmarks and our people remain foundational to our success and positions us well as we continue to build value for you, our unitholders. We released our results for the first quarter of 2026 yesterday evening and held our quarterly analyst call earlier this morning. To avoid repetition, I'll just highlight that we delivered increases in net operating income of 4.7% and and adjusted funds from operations per unit of 2.8% on a diluted basis, a testament to the success of our strategy and execution in the face of a continued macroeconomic uncertainties we also announced that the REIT's Board of Trustees approved a 3.5% increase to our distributions payable to unitholders. This increase represents the 13th time that CT REIT has raised its distributions since our IPO in 2013 and a 3.31% compound annual growth rate, a track record we are extremely proud of. If you were a unitholder with us since the time of our IPO, the monthly distributions that you will receive once this latest increase goes into effect will be over 50% greater than those provided to unitholders at the time we went public. We also continue to do important ESG work focusing on creating sustainable outcomes for our stakeholders by striving toward a more climate-resilient, socially responsible and well-governed business. In 2025, we advanced our ESG priorities while navigating our path for the future. We continue to support Canadian Tire with sustainable initiatives, including a dual fuel air source heat pump pilot project and the development of its first net 0 ready store in, British Columbia that opened in October 2025. Strong governance and inclusive leadership have always been a priority for the REIT. And so I am proud of the fact that, again, this year, we were included in the Globe and Mail's ROB Magazine's women League here list. I look forward to the release of our 2025 ESG report later this month, which will further highlight the progress that we have made over the course of this past year. CT rate remains steadfast in seeking out ways to deliver value for our unitholders. Our core tenants remain strong. long weighted average lease terms, a portfolio that is virtually fully occupied contractual rent growth and our unique relationship with Canadian Tire. These enablers allow us to balance growth, along with prudent fiscal management. It is with great optimism that I look to the future and CT REIT's prospects. We are proud of what we have accomplished to date, and we will continue to build upon this strong foundation. I would like to conclude my remarks today by thanking our Board of Trustees for their ongoing leadership, guidance and commitment to CT REIT. I would also like to thank the entire CT REIT team for their ongoing hard work. We are fortunate to have a talented team of leaders and employees who are extremely engaged and contribute every day to the REIT's success. Before I hand it back to Heather, I want to extend 1 last thank you to you, our unitholders, for your continued support of CT REIT. Heather, back over to you.

Thank you, Kevin. And now we will move to the formal business of the meeting. I will act as Chair of this meeting, and Kimberly Graham will act as Secretary. I appoint a new DAS of Computershare Trust Company of Canada, who is joining us remotely to act as the scrutineer of the meeting. Notice calling this meeting, together with the management information circular or the notice and access notification as applicable were mailed to unitholders of record as of the close of business on March 19, 2026. The Copies of the management information circular and other meeting materials are available on the REIT's website and on SEDAR. I direct the Secretary to keep a copy of such proxy related materials and the proof of mailing with the minutes of this meeting. The scrutineer has confirmed that a quorum of unitholders is present and represented by proxy. I therefore declare this meeting duly constituted for the transaction of business. I will ask the Secretary to prepare a final report on attendance as soon as practicable following the meeting and keep a copy of the preliminary and final scrutineers' reports on attendance with the minutes of this meeting and to provide any unitholder and proxy holder with the details on attendance at this meeting upon request. We have a few guidelines on how the formal business of this meeting will proceed, which the Secretary will now speak to. Kim?

Thank you, and Chair. To facilitate the introduction of motions and the conduct of the meeting, the chair has arranged in advance for certain employee unitholders to move and second motion unitholders and proxy holders accessing the meeting online with a control number may submit comments or ask questions related to any motions through the online platform prior to the motions being voted upon. Also, there will be an opportunity to ask general questions following the formal business of the meeting. The items to be voted on today are the election of trustees and the appointment of the REIT's auditor. These items are each ordinary resolutions a simple majority of the votes cast to be approved. For unitholders that have voted in advance of the meeting, your voting instructions have been recorded, and you do not need to take any further steps. In order to vote at the meeting, Registered unitholders should have logged into the webcast by entering the 15-digit control number on the proxy form as their control number. duly appointed proxy holders, including beneficial unitholders who appointed themselves as proxy holder should have logged into the webcast by entering the 4-digit alpha code sent to them by Computershare as their control number. If you have logged in as a guest, you will not be able to vote at the meeting. Each item of business to be voted on at today's meeting will be conducted by a way of a separate resolution. Once the chair declares that voting for a specific motion has been opened, the ballot for such resolution will appear on your screen. You can also view the resolution by clicking on the voting icon on the navigation bar at the top left-hand side of your screen. Ballots will remain open during the entire voting period. After voting on all items has been completed, the preliminary voting results will be read. The final voting results will be available after the meeting. unitholders and proxy holders who are accessing the meeting online with a control number may submit questions. To submit a question, click on the messaging icon on the navigation bar at the top left-hand side of your screen type your question in the messaging text box and then click the send button. When submitting your question, please identify whether it relates to a motion being considered as part of the formal business of the meeting. or whether it is general in nature. Questions relating to any of the formal items of the business that are being voted on today will be answered once that motion has been introduced and will be read aloud at the appropriate time. If time permits, we will attend to general questions received after the formal business has been completed. If you have a question, you may submit it at any point during the meeting. However, if possible, please submit your questions as early as possible during the meeting and prior to the commencement of the question period. We will do our best to respond to all questions during the meeting. However, in the interest of time, we will limit the Q&A period to 20 minutes and any pertinent questions that cannot be answered today due to time constraints will be answered and posted online at www.ctragm.com as soon as practical following the meeting and will remain online for a week after posting. I will now pass it back to the Chair of our meeting. Heather?

Thank you, Kim. The first item of business is for the unitholders to receive the REIT's audited consolidated financial statements for the year ended December 31, 2025, and and the auditor's report thereon, which can be found in our 2025 annual report. The report was sent to all registered unitholders, except those who requested that these materials not be sent to them. and to all beneficial unitholders who requested that these materials be sent to them. A copy of the materials was also filed on SEDAR+ and posted on our website. Unless there is an objection, I will dispense with the reading of the auditor's report. We will now move to the next point on today's agenda. The next item of business is the nomination and election of trustees of the REIT. The size of our Board has been set at and our management information circular contains detailed biographies and sets out the qualifications and backgrounds of the 8 nominees standing for election. I invite him to nominate the 3 Canadian Tire Corporation nominees named in the circular. Adam Chair, I nominate TJ Flood, Dean McCann and Kevin Salsberg, for election as trustees of the REIT to serve until the next annual meeting of unitholders or until their earlier resignation or retirement. Thank you. I will now ask Kim to nominate the remaining 5 trustees named in the circular.

Madam Chair, I nominate Pauline Alimchandani, Heather Briant, Anna Martini, John O'Bryan and Kelly Smith for election as trustees of the REIT to serve until the next Annual Meeting of Unitholders or until their earlier resignation or retirement.

Thank you, Kim. We have we received any questions on the nominations?

We have not received any questions on this matter.

Thank you. I will ask Bruce Detlor Vice President, Finance, to make a motion to elect the persons nominated.

Chair, I move that the persons nominated for election as trustees be elected as trustees of the REIT to serve until the next annual election of trustees or until their earlier resignation or retirement.

Thank you. May I have a seconder?

Madam Chair, my name is Brad Chapman, and I second the motion.

Thank you, Bruce and Brad. I declare that nominations are closed. Voting will now be opened on this matter, and the ballot will appear momentarily on your screen. Unitholders have been provided with the opportunity to vote for or withhold their vote in respect of each individual trustee nominee. Please vote now by selecting for or withhold I remind you that the Board of Trustees and management recommend voting for all of the trustees set out in the circular. Also, May I remind you that if you have already voted or sent in your proxy, there is no need to do anything unless you wish to change your vote. We will pause for a moment to allow for voting to be completed. [Voting]

The next item of business is the appointment of the REIT's auditor for the ensuing year and to authorize the trustees to set the auditor's compensation. The trustees of the REIT recommend the reappointment of Deloitte LLP, chartered professional accountants as the REIT's auditor for the ensuing year. Have we received any questions on this motion?

Madam Chair, we have not received any questions on this motion.

Thank you, Kim. I will now ask Brad Chapman, Vice President, Legal, to make the motion appointing Deloitte LLP as the auditor of the REIT and authorizing the Board of Trustees to set the auditor's compensation.

Madam Chair, I move that Deloitte LLP Chartered Professional Accountants be appointed as the auditor of the REIT to hold office until the next Annual Meeting of Unitholders and to authorize the Board of Trustees to set the auditor's compensation.

Thank you. May I have a seconder?

I second the motion.

Unitholders have been provided with the opportunity to vote for this motion or to withhold their vote. Please vote now by selecting for or withhold I remind you that the Board of Trustees and management recommend voting for the reappointment of the REIT's auditor. Also, may I remind you that if you have already voted or sent in your proxy, there is no need to do anything unless you wish to change your vote. We will pause for a moment to allow for voting to be completed. This concludes the formal items of business to be considered at today's meeting. Voting will now be closed. We will proceed to answer general questions from our unitholders momentarily. If you have not yet submitted a question and wish to do so, please submit your question now. Before we proceed to questions, I will ask Ken to report on the preliminary voting results. Based on the preliminary scrutineers' report, approximately 80.56% of the units were voted by proxy in advance of the meeting. As such, sufficient votes were cast prior to the meeting in favor of the election of each trustee nominee and the motion approving the appointment of the auditor to carry both motions. Thank you, Kim. I, therefore, declare each of the nominated trustees has been elected and the auditors have been reappointed. The final voting results will be included in the records of this meeting and available after the meeting, which we will announce by way of press release. We will also file the final voting results on SEDAR. Before proceeding with the question period, as there is no further business, I hereby declare the formal part of this meeting terminated. I will now ask Kim if there are any questions from unitholders.

Thank you, Madam Chair. As a reminder, unitholders and proxy holders who are accessing the meeting online, with a control number or alpha code may submit questions. To submit a question, click on the messaging icon on the navigation bar at the top left-hand side of your screen. Take your question within the messaging text box and then click the than button. We will pause for a few moments to allow for questions to be submitted. Madam Chair, we have not received any questions.

Thank you, Kim. Thank you, everybody, for joining us today, and we look forward to the upcoming financial year. Have a wonderful day.

This concludes CT REIT's Annual Meeting of Unitholders. The lines are now closed.