05:21 PM EST, 02/10/2025 (MT Newswires) -- CT Real Estate Investment Trust (CRT-UN.TO) after trade Monday reported improved fourth quarter earnings, while providing an update on investments and activities.

The company said it earned $135.3 million in the fourth quarter, a rise of $97.1 million from the year-prior period, primarily due to higher fair value adjustments on investment properties and higher revenue from its property portfolio, partially offset by higher interest expense.

Total property revenue for the quarter was $145.4 million, $5.5 million, or 3.9%, higher compared to the same period in the prior year. NOI was $115.6 million, which was $4.0 million or 3.6% higher compared to the same period in the prior year. It said this was primarily due to the acquisition, intensification and development of income-producing properties completed in 2023 and 2024, which added $2.7 million, rent escalations from Canadian Tire leases, which contributed $1.4 million and a lift in property operating recoveries, which added $0.4 million.

AFFO for Q4 was $73.0 million, which was $1.5 million or 2.1% higher than the same period in 2023, primarily due to the impact of NOI variances, partially offset by higher interest expense. AFFO per unit diluted (non-GAAP) for the quarter was $0.308, which was $0.005 or 1.7% higher, compared to the same period in 2023, due to the growth of AFFO exceeding the growth in weighted average units outstanding diluted (non-GAAP).

"CT REIT delivered another strong financial performance in 2024, despite heightened uncertainty and sustained headwinds in the macroeconomic landscape, and we are proud of our accomplishments last year," said Kevin Salsberg, President and Chief Executive Officer. "As we look to the future, we will continue to deliver on our robust development pipeline and know that the strength of our balance sheet provides us with great flexibility to continue to capitalize on new opportunities and surface value for our unitholders."

On new investment activity, CT REIT announced three new investments which will require an estimated $59 million to complete. The investments are, in aggregate, expected to earn a going-in yield of 8.11% and represent near 284,000 square feet of incremental gross leasable area. In the fourth quarter, CT REIT also sold a portion of a property in Orillia, Ontario, for $4.0 million.

In an update on previously announced investments, CT REIT invested $103 million in previously disclosed projects that were completed in the fourth quarter of 2024, adding 322,000 square feet of incremental GLA to the portfolio.

For an update on full year 2024 investment and development activity, CT REIT said it invested approximately $176 million in completed projects and ongoing developments and grew the portfolio by approximately 400,000 square feet of GLA. As of December 31, 2024, CT REIT had 881,000 square feet of GLA under development, of which approximately 88.4% is subject to committed lease agreements. These developments represent an investment of approximately $328 million upon completion, of which $107 million has been spent to date.

CT units edged up $0.05 to $14.74 on the Toronto Stock Exchange.