Canadian Investment Regulatory Organization Trading Halt - VSBY.WT.B Français
Company: VSBLTY Groupe Technologies Corp.
CSE Symbol: VSBY.WT.B
All Issues: No
Reason: Pending Delisting
Halt Time (ET): 12:00 PM
CIRO can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. CIRO is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
SOURCE Canadian Investment Regulatory Organization (CIRO) – Halts/Resumptions
For further information about CIRO's trading halt policy, please see Trading Halts & Timely Disclosure at www.ciro.ca under the Markets tab. Please note that CIRO staff cannot provide any information about a specific halt beyond what is contained in this halt notice. For general information about CIRO, contact CIRO's Complaints & Inquiries team by submitting a Secure Form located on our contact page at www.ciro.ca or dialing 1-877-442-4322 (Option 1). For company-related enquiries, please contact the company directly.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Cision Canada
18 minutes ago
- Cision Canada
Chorus Announces Redemption of its Remaining 6.00% Convertible Senior Unsecured Debentures due June 30, 2026 Français
HALIFAX, NS, Aug. 5, 2025 /CNW/ - Chorus Aviation Inc. (TSX: CHR) (" Chorus") announced today that it will redeem on September 30, 2025 (the " Redemption Date") all of its remaining 6.00% convertible senior unsecured debentures due June 30, 2026 (" Series B Debentures") in accordance with the terms of the indenture dated April 6, 2021 between Chorus and Computershare Trust Company of Canada (the " Trustee"), as amended by a supplemental indenture thereto (collectively, the " Indenture"), pursuant to which the Series B Debentures were issued (the " Redemption"). The Series B Debentures are listed on the Toronto Stock Exchange under the symbol " On the Redemption Date, holders of Series B Debentures will (unless converted prior to the Redemption Date in accordance with the Indenture) receive approximately $1,015 for each $1,000 principal amount of Series B Debentures, representing their principal amount, plus all accrued and unpaid interest thereon to but excluding the Redemption Date. The Series B Debentures will cease to bear interest from and after the Redemption Date. Formal notice of the Redemption is being delivered today to the Trustee and holders of the Series B Debentures in accordance with the terms of the Indenture. Holders of Series B Debentures have the right, by giving a conversion notice and all necessary documentation to the Trustee by no later than 5:00 p.m. (Toronto time) on September 8, 2025, to elect to convert their Series B Debentures into Class A Variable Voting Shares or Class B Voting Shares of Chorus at the conversion price in effect on the date of conversion in accordance with the terms of the Indenture. In circumstances where Series B Debentures are held through a broker or other financial institution, the broker or financial institution should be contacted well in advance of the conversion deadline to ensure sufficient time to comply with the conversion process and internal deadlines set by their broker or financial institution. No action is required to be taken by holders who wish to have their Series B Debentures redeemed in cash. The aggregate principal amount of Series B Debentures outstanding as of the date hereof is $28,727,000. Chorus will use cash on hand to fund the Redemption. Forward-Looking Information This news release contains forward-looking information and statements within the meaning of applicable securities laws (collectively, " forward-looking information"). Forward-looking information may be identified by the use of terms such as "believes", "expects", "anticipates", "assumes", "outlook", "plans", "targets", "could", "intend", "may", "project" or other similar terms and phrases, including negative versions thereof, although not all forward-looking information contains these identifying words. Examples of forward-looking information in this news release include statements and expectations regarding the Redemption. Actual results could differ materially from those described in forward-looking information due to known or unknown risks, including, but not limited to, the risk factors described in Chorus' most recent Annual Information Form, Management's Discussion and Analysis and public disclosure record available under Chorus' profile on SEDAR+ at The forward-looking information contained in this news release represents Chorus' expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and is subject to change after such date. Chorus disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, subsequent events or otherwise, except as required by applicable securities laws. Readers are cautioned that the foregoing factors and risks are not exhaustive. About Chorus Aviation Inc. Chorus is a holding company which owns the following principal operating subsidiaries: Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus' subsidiaries provide services that encompass every stage of an aircraft's lifecycle, including: contract flying, aircraft refurbishment, engineering, modification, repurposing and transition; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; and pilot training. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. Chorus' 6.00% Convertible Senior Unsecured Debentures due June 30, 2026 and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange under the trading symbols ' and ' respectively. For further information on Chorus, please visit
Cision Canada
18 minutes ago
- Cision Canada
Parkland Reports 2025 Second Quarter Results
Demonstrates strength and run rate potential of Parkland's diversified business Advancing the Sunoco Transaction 2 CALGARY, AB, Aug. 5, 2025 /CNW/ - Parkland Corporation ("Parkland", "we", the "Company", or "our") (TSX: PKI), today announced its financial and operating results for the three and six months ended June 30, 2025. "I want to thank the Parkland team for safely serving our customers to deliver record second quarter results," said Bob Espey, President and Chief Executive Officer. "Our Canadian and International businesses continue to demonstrate strength and resilience, while strong supply optimization coupled with solid operations at the Burnaby refinery enabled us to capture above mid-cycle refining margins. These results reflect the run rate potential of Parkland's integrated platform and together with Sunoco, the combined scale is well positioned to grow cash flow for years to come." Q2 2025 Highlights Delivered Adjusted EBITDA of $508 million, as compared to $504 million in Q2 2024, primarily driven by strong operations and margins at the Burnaby Refinery and robust performance in the Canada segment. These were partially offset by lower fuel unit margins in the International segment and continued softness in the USA segment primarily due to ongoing macroeconomic pressures. Net earnings of $172 million ($0.99 per share, basic), as compared to $70 million ($0.40 per share, basic) in Q2 2024, and Adjusted earnings 3 of $158 million ($0.91 per share, basic 3), as compared to $156 million ($0.89 per share, basic) in Q2 2024. Trailing twelve months ("TTM") Available cash flow 3 of $551 million ($3.17 per share 3), as compared to $823 million ($4.69 per share) in 2024, primarily reflecting a significantly lower refining margin environment during the second half of 2024 and realized losses due to the wind down of California compliance market positions in the first quarter of 2025. TTM Cash generated from (used in) operating activities 4 of $1,656 million ($9.52 per share 4), as compared to $1,612 million ($9.19 per share) in 2024, reflecting favourable working capital movements in the current period. Leverage Ratio 5 decreased to 3.4 times (3.6 times in Q4 2024) and liquidity available 4 of approximately $2.2 billion. Parkland's total recordable injury frequency rate 6 on a TTM basis was 1.15, compared to 1.21 in Q2 2024, reflecting the Parkland team's continued focus on operational integrity. Q2 2025 Segment Highlights Canada delivered Adjusted EBITDA of $190 million, as compared to $168 million in Q2 2024. The increase was primarily driven by stronger fuel unit margins from continued price and supply optimization, and volume growth in our company-owned network. We delivered company same-store volume growth ("Company SSVG") 6 of 4.6 percent and Food and Company C-Store same-store sales growth ("Food and Company C-Store SSSG") 3 excluding cigarettes of 4.2 percent, reflecting stronger site execution, and increased engagement though our loyalty program. International delivered Adjusted EBITDA of $168 million, as compared to $180 million in Q2 2024. Continued strength in the retail business was more than offset by lower unit margins driven by market instability from global conflicts resulting in price volatility, particularly in diesel. USA delivered Adjusted EBITDA of $26 million, as compared to $47 million in Q2 2024. The decrease was primarily driven by lower fuel unit margins due to an ongoing competitive pricing environment and reduced rail and regional arbitrage opportunities. Lower retail volumes, consumer spending, and foot traffic in convenience stores were consistent with broader industry trends. Refining delivered Adjusted EBITDA of $136 million, as compared to $119 million in Q2 2024. The increase was primarily driven by higher refining margins combined with strong composite utilization 6 of 94.0 percent. Update on the Sunoco Transaction Parkland shareholders approved the Sunoco Transaction at the June 24, 2025 Annual and Special Meeting, with more than 93 percent of votes cast in favour. Following this strong shareholder endorsement, Parkland received a final order from the Court of King's Bench of Alberta's approval and the parties have obtained Competition Act (Canada) clearance. The Sunoco Transaction continues to advance through the remaining regulatory review processes and other closing conditions, including the ongoing review under the Investment Canada Act, and is expected to close in the fourth quarter of 2025. The Company will terminate its Dividend Reinvestment Plan ("DRIP") effective August 6, 2025. The DRIP has been suspended since November 2, 2022. 2025 Guidance Following strong second quarter 2025 operating and financial results, Parkland remains on track to be within its previously stated 2025 Adjusted EBITDA Guidance 4 range of $1,800 to $2,100 million and 2025 Capital Expenditure Guidance 4 range of $475 to $525 million. Due to expected transaction-related costs and certain restrictions associated with the Sunoco Transaction, and to simplify external guidance, Parkland will no longer provide updates with respect to its 2025 Available cash flow per share, 2025 Leverage Ratio, non-core asset divestment program from 2023 to 2025 and 2025 Adjusted EBITDA for its Refining segment. Consolidated Financial Overview (1) Total of segments measure. See "Measures of Segment Profit (Loss) and Total of Segments Measures" section of this news release. (2) For comparative purposes, certain amounts in 2024 were revised to conform to the presentation used in the current period with respect to the allocation of Corporate costs. See Note 2d of the Interim Condensed Consolidated Financial Statements for further details (3) Measure of segment profit (loss). See "Measures of Segment Profit (Loss) and Total of Segments Measures" section of this news release. (4) Supplementary financial measure. See "Supplementary Financial Measures" section of this news release. (5) For comparative purposes, certain amounts were reclassified between realized and unrealized gain/(loss) on risk management with no changes to Adjusted EBITDA or net earnings to conform to the presentation used in the current period. (6) Non-GAAP financial measure or non-GAAP financial ratio. See "Non-GAAP Financial Measures and Ratios" section of this news release. MD&A and Annual Consolidated Financial Statements The Management's Discussion and Analysis for the three and six months ended June 30, 2025 (the "Q2 2025 MD&A") and Interim Condensed Consolidated Financial Statements for the three and six months ended June 30, 2025 (the "Q2 2025 Condensed Consolidated Financial Statements") provide a detailed explanation of Parkland's operating results for the three and six months ended June 30, 2025. An English version of these documents will be available online at and the System for Electronic Data Analysis and Retrieval+ ("SEDAR+") after the results are released by newswire under Parkland's profile at The French versions of the Q2 2025 MD&A and the Q2 2025 Condensed Consolidated Financial Statements will be posted to and SEDAR+ as soon as they become available. About Parkland Corporation Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in 26 countries across the Americas. Our retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers' needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance. Our strategy is focused on two interconnected pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers through our proprietary brands, differentiated offers, extensive network, competitive pricing, reliable service, and compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community and respect, which are embedded across our organization. Forward-Looking Statements Certain statements contained herein constitute forward-looking information and statements (collectively, "forward-looking statements"). When used the words "expect", "will", "could", "would", "believe", "continue", "pursue" and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: business strategies, objectives and initiatives; run rate potential of Parkland's integrated platform; Parkland and Sunoco well positioned to grow cash flow for years to come; the Sunoco Transaction, including progress of regulatory approvals and other closing conditions and expectation to close in the fourth quarter of 2025; expected costs relating to the Sunoco Transaction; expected to remain on track to be within its 2025 Adjusted EBITDA Guidance and 2025 Capital Expenditure Guidance ranges; and the termination of the DRIP and timing thereof. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligation to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to: the completion of the Sunoco Transaction, including the ability to obtain the approvals required in connection thereto, the timing thereof and realizing the benefits resulting therefrom; Parkland's ability to successfully integrate its operations with Sunoco following the Sunoco Transaction; general economic, market and business conditions; micro and macroeconomic trends and conditions, including increases in interest rates, inflation, imposition of tariffs and fluctuating commodity prices; Parkland's ability to execute its business objectives, projects and strategies, including the completion, financing and timing thereof, realizing the benefits therefrom, meeting our targets, outlook and commitments relating thereto, and the impact of the Sunoco Transaction thereon; ability to fall within its 2025 Adjusted EBITDA Guidance and 2025 Capital Expenditure Guidance ranges and the assumptions relating thereto; and other factors, many of which are beyond the control of Parkland and the assumptions and risks described in "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" included in Parkland's most recently filed Annual Information Form, and in "Forward-Looking Information" and "Risk Factors" in the Q4 2024 MD&A, each as filed on SEDAR+ and available on the Parkland website at In addition, the 2025 Adjusted EBITDA Guidance reflects continued integration of acquired businesses and synergy capture, and progression of organic growth initiatives, and key material assumptions include: market trends in line with Parkland's current expectations; expected performance from Parkland's retail and commercial lines of business during the 2025 financial year that is consistent with the prior year; Burnaby Refinery composite utilization of 90 to 95% based on the Burnaby Refinery's crude processing capacity of 55,000 bpd, and completion of planned maintenance, including deferral of the previously planned turnaround to 2026; and implementation of ongoing cost reductions across the business. The 2025 Capital Expenditure Guidance is mainly driven by increased Adjusted EBITDA and assumes no material change to underlying operations and no planned turnaround at the Burnaby Refinery. The forward-looking statements contained in this news release as expressly qualified by these cautionary statements. Specified Financial Measures This news release contains total of segments measures, non-GAAP financial measures and non-GAAP financial ratios, supplementary financial measures and capital management measures (collectively, "specified financial measures"). Parkland's management uses certain specified financial measures to analyze the operating and financial performance, leverage, and liquidity of the business. These specified financial measures do not have any standardized meaning under International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and are therefore unlikely to be comparable to similar measures presented by other companies. The specified financial measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with the IFRS Accounting Standards. See Section 15 of the Q2 2025 MD&A, which is incorporated by reference into this news release, for further details regarding specified financial measures used by Parkland. Non-GAAP Financial Measures and Ratios Adjusted earnings (loss) is a non-GAAP financial measure and Adjusted earnings (loss) per share is a non-GAAP financial ratio, each representing the underlying core operating performance of business activities of Parkland at a consolidated level. The most directly comparable financial measure to Adjusted earnings (loss) and Adjusted earnings (loss) per share is Net earnings (loss). Adjusted earnings (loss) and Adjusted earnings (loss) per share represent how well Parkland's operational business is performing, while considering depreciation and amortization, interest on leases and long-term debt, accretion and other finance costs, and income taxes. The Company uses these measures because it believes that Adjusted earnings (loss) and Adjusted earnings (loss) per share are useful for management and investors in assessing the Company's overall performance, as they exclude certain items that are not reflective of the Company's underlying business operations. See Section 15 of the Q2 2025 MD&A, which is incorporated by reference into this news release, for the detailed definition and composition of Adjusted earnings (loss) and Adjusted earnings (loss) per share. Please see below for the reconciliation of Adjusted earnings (loss) to net earnings (loss) and the calculation of Adjusted earnings (loss) per share. (1) Other adjusting items for the three months ended June 30, 2025 include: (i) realized gains and losses on risk management and other assets and liabilities related to underlying physical sales activity in another period of $12 million loss (2024 - $1 million loss); (ii) the share of depreciation, income taxes and other adjustments for investments in joint ventures and associates of $8 million (2024 - $3 million); (iii) other income of $1 million (2024 - $3 million); (iv)adjustment to foreign exchange gains and losses related to cash pooling arrangements of $4 million (2024 - $2 million); and (v) adjustment to realized risk management gains related to interest rate swaps, as these gains do not relate to commodity sale and purchase transactions, of nil (2024 - $1 million). Other adjusting items for the six months ended June 30, 2025 include: (i) realized gains and losses on risk management and other assets and liabilities related to underlying physical sales activity in another period of $1 million gain (2024 - $12 million loss); (ii) the share of depreciation, income taxes and other adjustments for investments in joint ventures and associates of $13 million (2024 - $7 million) (iii) other income of $3 million (2024 - $5 million); (iv) adjustment to foreign exchange gains and losses related to cash pooling arrangements of $4 million (2024 - $4 million); and (v) adjustment to realized risk management gains related to interest rate swaps, as these gains do not relate to commodity sale and purchase transactions, of nil (2024 - $2 million gain). For comparative purposes, certain amounts were reclassified between realized and unrealized gain/(loss) on risk management with no changes to Adjusted EBITDA or net earnings, to conform to the presentation used in the current period. (2) The tax normalization adjustment was applied to net earnings (loss) adjusting items that were considered temporary differences, such as acquisition, integration and other costs, unrealized foreign exchange gains and losses, unrealized gains and losses on risk management and other, gains and losses on asset disposals, changes in fair value of redemption options, changes in estimates of environmental provisions, loss on inventory write-downs for which there are offsetting associated risk management derivatives with unrealized gains, impairments of non-current assets and strategic transaction costs. The tax impact was estimated using the effective tax rates applicable to jurisdictions where the related items occur. (3) Weighted average number of common shares is calculated in accordance with Parkland's accounting policy contained in Note 2 of the Annual Consolidated Financial Statements. (4) For comparative purposes, certain amounts were reclassified between realized and unrealized gain/(loss) on risk management with no changes to Adjusted earnings (loss) to conform to the presentation used in the current period. Available cash flow is a non-GAAP financial measure and Available cash flow per share is a non-GAAP financial ratio. The most directly comparable financial measure for Available cash flow and Available cash flow per share is cash generated from (used in) operating activities. Parkland uses these measures to set targets (including annual guidance and variable compensation target) and monitor its ability to generate cash flow for capital allocation, including distributions to shareholders, investment in the growth of the business, and deleveraging. See Section 15 of the Q2 2025 MD&A, which is incorporated by reference into this news release, for the detailed definition and composition of Available cash flow and Available cash flow per share. See the following table for a calculation of historical Available cash flow and Available cash flow per share and a reconciliation to cash generated from (used in) operating activities. Three months ended Trailing twelve months ended June 30, 2024 ($ millions, unless otherwise noted) September 30, 2023 December 31, 2023 March 31, 2024 (1) June 30, 2024 Cash generated from (used in) operating activities 528 417 217 450 1,612 Reverse: Change in other assets and other liabilities 7 (4) 28 3 34 Reverse: Net change in non-cash working capital related to operating activities (1) (14) 17 55 (34) 24 Include: Maintenance capital expenditures (52) (93) (59) (53) (257) Include: Dividends received from investments in associates and joint ventures 4 3 2 8 17 Include: Interest on leases and long-term debt (83) (88) (85) (88) (344) Include: Payments on principal amount on leases (57) (71) (71) (64) (263) Available cash flow 333 181 87 222 823 Weighted average number of common shares (millions) (2) 175 TTM Available cash flow per share 4.69 (1) For comparative purposes, certain amounts within the net change in non-cash working capital related to operating activities for the three months ended March 31, 2024, were revised to conform to the current period presentation. (2) Weighted average number of common shares is calculated in accordance with Parkland's accounting policy contained in Note 2 of the Annual Consolidated Financial Statements. ROIC is a non-GAAP financial ratio. The measure is calculated as a ratio of Net operating profit after tax ("NOPAT") divided by average invested capital. NOPAT describes the profitability of Parkland's base operations, excluding the impact of leverage and certain other items of income and expenditure that are not considered representative of Parkland's underlying core operating performance. NOPAT is based on Adjusted EBITDA, defined in the "Measures of Segment Profit (Loss) and Total of Segments Measures" section of this news release, less depreciation and amortization expense, including pro-forma depreciation on assets classified as held for sale, and the estimated tax expense using the expected average tax rate estimated using statutory tax rates in each jurisdiction where Parkland operates. Average invested capital is the amount of capital deployed by Parkland that represents the average of opening and closing debt, including debt liabilities classified as held for sale, as well as shareholder's equity, including equity reserves, net of cash and cash equivalents. We use this non-GAAP measure to assess Parkland's efficiency in investing capital. ($ millions, unless otherwise noted) Three months ended ROIC September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Trailing twelve months ended June 30, 2025 Net earnings (loss) 91 (29) 64 172 298 Add/(less): Income tax expense (recovery) 17 (8) 8 39 56 Acquisition, integration and other costs 61 81 29 46 217 Depreciation and amortization 207 210 202 220 839 Finance cost 96 92 99 93 380 (Gain) loss on foreign exchange - unrealized 1 (2) (5) (4) (10) (Gain) loss on risk management and other - unrealized (48) 34 3 (51) (62) Costs related to the Sunoco Transaction — — — 46 46 Other (gains) and losses (1) 30 (19) (70) (60) Other adjusting items 7 20 (6) 17 38 Adjusted EBITDA 431 428 375 508 1,742 Less: Depreciation and amortization (207) (210) (202) (220) (839) Less: Pro-forma depreciation and amortization on assets classified as held for sale — (7) (7) 14 — Adjusted EBIT 224 211 166 302 903 Average effective tax rate 21.0 % Less: Taxes (189) Net operating profit after tax 714 Opening invested capital 9,362 Closing invested capital 9,201 Average invested capital 9,282 Return on invested capital 7.7 % Invested Capital June 30, ($ millions, unless otherwise noted) 2025 2024 Long-term debt - current portion 847 213 Long-term debt 5,618 6,275 Long-term debt in liabilities classified as held for sale (1) 2 52 Shareholders' equity 3,173 3,138 Exclude: Cash and cash equivalents (439) (316) Total 9,201 9,362 ($ millions, unless otherwise noted) Three months ended ROIC September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 Trailing twelve months ended June 30, 2024 Net earnings (loss) 230 86 (5) 70 381 Add/(less): Income tax expense (recovery) 54 (15) (29) 20 30 Acquisition, integration and other costs 38 42 30 46 156 Depreciation and amortization 205 222 206 202 835 Finance cost 93 89 91 99 372 (Gain) loss on foreign exchange - unrealized 1 — 3 4 8 (Gain) loss on risk management and other - unrealized (2) (19) 28 3 56 68 Other (gains) and losses (37) 5 10 (1) (23) Other adjusting items (2) 20 6 18 8 52 Adjusted EBITDA 585 463 327 504 1,879 Less: Depreciation and amortization (205) (222) (206) (202) (835) Less: Pro-forma depreciation and amortization on assets classified as held for sale — — — — — Adjusted EBIT 380 241 121 302 1,044 Average effective tax rate 19.9 % Less: Taxes (208) Net operating profit after tax 836 Opening invested capital 9,191 Closing invested capital 9,362 Average invested capital 9,277 Return on invested capital 9.0 % (1) For comparative purposes, long-term debt in liabilities classified as held for sale were included as part of invested capital as at March 31, 2024, to conform to the current period presentation. (2) For comparative purposes, certain amounts were reclassified between realized and unrealized gain/(loss) on risk management for the three months ended March 31, 2024, with no changes to Adjusted EBITDA. Food and Company C-Store SSSG is a non-GAAP financial ratio and refers to the period-over-period sales growth generated by retail food and convenience stores at the same Company sites. The effects of opening and closing stores, temporary closures (including closures for On the Run / Marché Express conversions), expansions of stores, renovations of stores, and stores with changes in food service models in the period are excluded to derive a comparable same-store metric. Same-store sales growth is a metric commonly used in the retail industry that provides meaningful information to investors in assessing the health and strength of Parkland's brands and retail network, which ultimately impacts financial performance. The most directly comparable financial measure to Food and Company C-Store SSSG is food and convenience store revenue within sales and operating revenue. Below is a reconciliation of convenience store revenue (Food and C-Store revenue) for the Canada segment with the Food and Company C-Store same store sales ("SSS"), and the calculation of the Food and Company C-Store SSSG. (1) Percentages are calculated based on actual amounts and are impacted by rounding. (2) POS values used to calculate Food and Company C-Store SSSG are not a Parkland financial measure and do not form part of Parkland's consolidated financial statements as Parkland earns rental income from retailers in the form of a percentage rent on convenience store sales. POS values are calculated based on the information obtained from Parkland's POS systems at retail sites, including transactional data, such as sales, costs and volumes, which are subject to internal controls over financial reporting. We also use this data to calculate rental income from retailers in the form of a percentage rent on convenience store sales, which is recorded as revenue in our consolidated financial statements. (3) Includes rental income from retailers in the form of a percentage rent on Food and Company C-Store sales, royalty, and franchisee fees and excludes revenues from automated teller machines, POS system licensing fees, and other. (4) This adjustment excludes the effects of acquisitions, opening and closing stores, temporary closures (including closures for On the Run / Marché Express conversions), expansions of stores, renovations of stores, and stores with changes in food service models, to derive a comparable same-store metric. (5) Excludes sales from acquisitions completed within the year as these will not impact the metric until after the completion of one year of the acquisitions when the sales or volume generated establishes the baseline for these metrics. These non-GAAP financial measures and ratios should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Except as otherwise indicated, these non-GAAP financial measures and ratios are calculated and disclosed on a consistent basis from period to period. See Section 15 of the Q2 2025 MD&A, which is incorporated by reference into this news release, for further details regarding Parkland's non-GAAP financial measures and ratios. Capital Management Measures Parkland's primary capital management measure is the Leverage Ratio, which is used internally by key management personnel to monitor Parkland's overall financial strength, capital structure flexibility, and ability to service debt and meet current and future commitments. In order to manage its financing requirements, Parkland may adjust capital spending or dividends paid to shareholders or issue new shares or new debt. The Leverage Ratio is calculated as a ratio of Leverage Debt to Leverage EBITDA and does not have any standardized meaning prescribed under IFRS Accounting Standards. It is, therefore, unlikely to be comparable to similar measures presented by other companies. The detailed calculation of the Leverage Ratio is as follows: ($ millions, unless otherwise noted) June 30, 2025 December 31, 2024 Leverage Debt 4,979 5,268 Leverage EBITDA 1,468 1,481 Leverage Ratio 3.4 3.6 ($ millions, unless otherwise noted) June 30, 2025 December 31, 2024 Long-term debt 6,465 6,641 Less: Lease obligations (1,104) (1,054) Cash and cash equivalents (439) (385) Non-recourse debt (1) (55) (30) Risk management liability (asset) (2) 1 (30) Add: Non-recourse cash (1) 35 31 Letters of credit and other 76 95 Leverage Debt 4,979 5,268 (1) Represents non-recourse debt and non-recourse cash balance related to project financing. (2) Represents the risk management asset/liability associated with the spot element of the cross-currency swap designated in a cash flow hedge relationship to hedge the variability of principal cash flows of the 2024 Senior Notes resulting from changes in the spot exchange rates. Three months ended Trailing twelve months ended June 30, 2025 ($ millions, unless otherwise noted) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Adjusted EBITDA 431 428 375 508 1,742 Share incentive compensation 6 11 8 7 32 Reverse: IFRS 16 impact (1) (84) (91) (93) (90) (358) 353 348 290 425 1,416 Acquisition pro-forma adjustment (2) 6 Other adjustments (3) 46 Leverage EBITDA 1,468 (1) Includes the impact of operating leases prior to the adoption of IFRS 16, previously recognized under operating costs, which aligns with management's view of the impact of earnings. (2) Includes the impact of pro-forma pre-acquisition EBITDA estimates based on anticipated benefits, costs and synergies from acquisitions. (3) Includes adjustments to normalize Adjusted EBITDA for non-recurring events relating to the unplanned shutdown at the Burnaby Refinery, and the EBITDA attributable to EV charging operations financed through non-recourse project financing. Three months ended Trailing twelve months ended December 31, 2024 ($ millions, unless otherwise noted) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Adjusted EBITDA 327 504 431 428 1,690 Share incentive compensation 6 8 6 11 31 Reverse: IFRS 16 impact (1) (83) (80) (84) (91) (338) 250 432 353 348 1,383 Acquisition pro-forma adjustment (2) 11 Other adjustments (3) 87 Leverage EBITDA 1,481 (1) Includes the impact of operating leases prior to the adoption of IFRS 16, previously recognized under operating costs, which aligns with management's view of the impact of earnings. (2) Includes the impact of pro-forma pre-acquisition EBITDA estimates based on anticipated benefits, costs and systems from acquisitions. (3) Includes adjustments to normalize Adjusted EBITDA for non-recurring events relating to the unplanned shutdowns at the Burnaby Refinery and the EBITDA attributable to EV charging operations financed through non recourse project financing. Measures of Segment Profit (Loss) and Total of Segments Measures Adjusted earnings (loss) before interest, taxes, depreciation and amortization ("Adjusted EBITDA") is a measure of segment profit (loss) and its aggregate is a total of segments measure used by the chief operating decision maker to make decisions about resource allocation to the segment and to assess its performance. In accordance with IFRS Accounting Standards, adjustments and eliminations made in preparing an entity's financial statements and allocations of revenue, expenses, and gains or losses shall be included in determining reported segment profit (loss) only if they are included in the measure of the segment's profit (loss) that is used by the chief operating decision maker. As such, Parkland's Adjusted EBITDA is unlikely to be comparable to measures of segment profit (loss) presented by other issuers, who may calculate these measures differently. Parkland views Adjusted EBITDA as the key measure for the underlying core operating performance of business segment activities at an operational level. Adjusted EBITDA is used by management to set targets for Parkland (including annual guidance and variable compensation targets) and is used to determine Parkland's ability to service debt, finance capital expenditures and provide for dividend payments to shareholders. See Section 15 of the Q2 2025 MD&A, which is incorporated by reference into this news release, for the detailed definition and composition of Adjusted EBITDA. Refer to the table below for the reconciliation of Adjusted EBITDA to net earnings (loss), which is the most directly comparable financial measure, for the three and six months ended June 30, 2025 and June 30, 2024. (1) Total of segments measure. See Section 15 of the Q2 MD&A. (2) Other (gains) and losses for the three months ended June 30, 2025, include: (i) $55 million non-cash valuation gain (2024 - $11 million loss) due to change in fair value of redemption options; (ii) $8 million non-cash valuation gain (2024 - $12 million gain) due to the change in estimates of environmental provisions; (iii) $3 million (2024 - $3 million) in other income; (iv) $3 million gain (2024 - $1 million gain) on disposal of assets; and (v) $1 million gain (2024 -$4 million loss) in others. Other (gains) and losses for the six months ended June 30, 2025, include: (i) $76 million non-cash valuation gain (2024 - $24 million loss) due to change in fair value of redemption options; (ii) $7 million (2024 - $5 million) in other income; (iii) $4 million non-cash valuation gain (2024 - $16 million gain) due to the change in estimates of environmental provisions; (iv) $2 million gain (2024 - $3 million gain) on disposal of assets; and (v) nil (2024 -$9 million loss) in others. (3) Other adjusting items for the three months ended June 30, 2025, include: (i) realized gains and losses on risk management and other assets and liabilities related to underlying physical sales activity in another period of $12 million loss (2024 - $1 million loss); (ii) the share of depreciation, income taxes and other adjustments for investments in joint ventures and associates of $8 million (2024 - $3 million); (iii) adjustment to foreign exchange loss related to cash pooling arrangements of $4 million (2024 - $2 million); (iv) other income of $1 million (2024 - $3 million); and (v) realized risk management gains related to interest rate swaps, as these gains do not relate to commodity sale and purchase transactions, of nil (2024 -$1 million gain). Other adjusting items for the six months ended June 30, 2025, include: (i) the share of depreciation, income taxes and other adjustments for investments in joint ventures and associates of $13 million (2024 - $7 million); (ii) adjustment to foreign exchange losses related to cash pooling arrangements of $4 million (2024 - $4 million); (iii) other income of $3 million (2024 - $5 million); (iv) realized gains and losses on risk management and other assets and liabilities related to underlying physical sales activity in another period of $1 million gain (2024 - $12 million loss); (v) realized risk management gains related to interest rate swaps, as these gains do not relate to commodity sale and purchase transactions, of nil (2024 -$2 million gain). (4) For comparative purposes, certain amounts were reclassified between realized and unrealized gain/(loss) on risk management for the six months ended June 30, 2024, with no changes to Net earnings (loss). Supplementary Financial Measures Parkland uses a number of supplementary financial measures, including TTM Cash generated from (used in) operating activities, TTM Cash generated from (used in) operating activities per share, liquidity available and Adjusted EBITDA Guidance and Capital Expenditure Guidance, to evaluate the success of our strategic objectives. These measures may not be comparable to similar measures presented by other issuers, as other issuers may calculate these measures differently. See Section 15 of the Q2 2025 MD&A, which is incorporated by reference into this news release, for further details regarding supplementary financial measures used by Parkland, including the composition of such measures. Non-Financial Measures Parkland uses a number of non-financial measures, including Company SSVG, composite utilization and total recordable injury frequency rate, to measure the success of our strategic objectives and to set variable compensation targets for employees, where applicable. These non-financial measures are not accounting measures, do not have comparable IFRS Accounting Standards measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 15 of the Q2 2025 MD&A, which is incorporated by reference into this news release, for further details on the non-financial measures used by Parkland.
Cision Canada
18 minutes ago
- Cision Canada
CT REIT Reports Second Quarter 2025 Results Français
TORONTO, Aug. 5, 2025 /CNW/ - CT Real Estate Investment Trust ("CT REIT" or "the REIT") (TSX: today reported its consolidated financial results for the second quarter ending June 30, 2025. "We are pleased to report another strong quarter of growth for CT REIT. In a busy Q2, we expanded our portfolio with two new investments totaling over 250,000 square feet and renewed 10 Canadian Tire store leases," said Kevin Salsberg, President and Chief Executive Officer, CT REIT. "We also continue to advance our Environmental, Social and Governance (ESG) priorities and are proud to have recently published our fourth annual ESG report that highlights our approach, progress and achievements." "Additionally, with the recent announcement of the significant retrofit that will be undertaken at our Canada Square property in midtown Toronto, anchored by a new 20-year office lease with Canadian Tire Corporation, and the successful completion of our $200 million Series J unsecured debenture issuance, we continue to improve the quality of our portfolio and successfully execute our core strategy," added Salsberg. New Investment Activity CT REIT announced two new investments which will require an estimated $66 million to complete. The investments are, in aggregate, expected to earn a going-in yield of 7.55% and represent approximately 252,000 square feet of incremental gross leasable area ("GLA"). Update on Previously Announced Investments CT REIT invested $45 million in previously disclosed projects that were completed in the second quarter of 2025, adding 142,000 square feet of incremental GLA to the portfolio as detailed in the table below. Financial and Operational Summary Summary of Selected Information (in thousands of Canadian dollars, except unit, per unit and square footage amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Change 2025 2024 Change Property revenue $ 149,782 $ 144,438 3.7 % $ 300,178 $ 288,659 4.0 % Net operating income 1 $ 118,909 $ 114,946 3.4 % $ 237,612 $ 228,427 4.0 % Net income $ 103,003 $ 103,285 (0.3) % $ 208,657 $ 204,430 2.1 % Net income per unit - basic 2 $ 0.434 $ 0.439 (1.1) % $ 0.880 $ 0.868 1.4 % Net income per unit - diluted 2,3 $ 0.365 $ 0.346 5.5 % $ 0.737 $ 0.686 7.4 % Funds from operations 1 $ 81,245 $ 79,439 2.3 % $ 162,342 $ 157,628 3.0 % Funds from operations per unit - diluted 2,4,5 $ 0.342 $ 0.337 1.5 % $ 0.683 $ 0.668 2.2 % Adjusted funds from operations 1 $ 76,071 $ 74,253 2.4 % $ 152,125 $ 146,883 3.6 % Adjusted funds from operations per unit - diluted 2,4,5 $ 0.320 $ 0.315 1.6 % $ 0.640 $ 0.623 2.7 % Distributions per unit - paid 2 $ 0.231 $ 0.225 3.0 % $ 0.463 $ 0.449 3.0 % AFFO payout ratio 4 72.2 % 71.4 % 0.8 % 72.3 % 72.1 % 0.2 % Cash generated from operating activities $ 100,181 $ 96,374 4.0 % $ 214,184 $ 208,293 2.8 % Weighted average number of units outstanding 2 Basic 237,370,297 235,424,848 0.8 % 237,182,294 235,531,039 0.7 % Diluted 3 328,334,913 344,749,865 (4.8) % 328,183,384 344,835,287 (4.8) % Diluted (non-GAAP) 5 237,740,125 235,823,443 0.8 % 237,588,596 235,908,865 0.7 % Indebtedness ratio 39.8 % 40.9 % (1.1) % Gross leasable area (square feet) 6 31,169,260 30,588,037 1.9 % Occupancy rate 6,7 99.5 % 99.4 % 0.1 % 1 This is a non-GAAP financial measure. See "Specified Financial Measures" below for more 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 of the MD&A. 4 This is a non-GAAP ratio. See "Specified Financial Measures" below for more 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 of the MD&A. 6 Refers to retail, mixed-use commercial and industrial properties and excludes Properties Under Development. 7 Occupancy and other leasing key performance measures have been prepared on a committed basis which includes the impact of existing lease agreements contracted on or before June 30, 2025 and June 30, 2024, and vacancies as at the end of those reporting periods. Financial Highlights Net Income – Net income was $103.0 million for the quarter was in line with the same period in the prior year. Net Operating Income (NOI) * – Total property revenue for the quarter was $149.8 million, which was $5.3 million or 3.7% higher compared to the same period in the prior year. In the second quarter, NOI was $118.9 million, which was $4.0 million or 3.4% higher compared to the same period in the prior year. This was primarily due to the acquisition, intensification and development of income-producing properties completed in 2024 and 2025, which added $3.1 million, and rent escalations from Canadian Tire leases, which contributed $1.7 million. Same store NOI was $115.0 million and same property NOI was $115.8 million for the quarter, which were $1.8 million or 1.6%, and $2.5 million or 2.2%, respectively, higher when compared to the prior year. Same store NOI increased primarily due to the increased revenue derived from contractual rent escalations. Same property NOI increased primarily due to the increase in same store NOI noted, as well as from the intensifications completed in 2024 and 2025. Funds from Operations (FFO)* – FFO for the quarter was $81.2 million, which was $1.8 million or 2.3% higher than the same period in 2024, primarily due to the impact of NOI variances discussed earlier, partially offset by higher interest expense and lease surrender revenue earned in Q2 2024. FFO per unit - diluted (non-GAAP) for the quarter was $0.342, which was $0.005 or 1.5% higher, compared to the same period in 2024, due to the growth of FFO exceeding the growth in weighted average units outstanding - diluted (non-GAAP). Adjusted Funds from Operations (AFFO)* – AFFO for the quarter was $76.1 million, which was $1.8 million or 2.4% higher than the same period in 2024, primarily due to the impact of NOI variances discussed earlier, partially offset by higher interest expense and lease surrender revenue earned in Q2 2024. AFFO per unit - diluted (non-GAAP) for the quarter was $0.320, which was $0.005 or 1.6% higher, compared to the same period in 2024, due to the growth of AFFO exceeding the growth in weighted average units outstanding - diluted (non-GAAP). Distributions – Distributions per Unit paid in the quarter amounted to $0.231, which was 3.0% higher than the same period in 2024 due to an increase in the rate of distributions which became effective with the monthly distributions paid in July 2024. Operating Results Leasing – CTC is CT REIT's most significant tenant. As at June 30, 2025, CTC represented 93.0% of total GLA and 91.9% of annualized base minimum rent. Occupancy – As at June 30, 2025, CT REIT's portfolio occupancy rate, on a committed basis, was 99.5%. *NOI, FFO and AFFO are non-GAAP financial measures. See below for additional information. Specified Financial Measures CT REIT uses specified financial measures as defined by National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators ("NI 52-112"). CT REIT believes these specified financial measures provide useful information to both management and investors in measuring the financial performance of CT REIT and its ability to meet its principal objective of creating unitholder value over the long term by generating reliable, durable and growing monthly cash distributions on a tax-efficient basis. These specified financial measures used in this document include non-GAAP financial measures and non-GAAP ratios, within the meaning of NI 52-112. Non-GAAP financial measures and non-GAAP ratios do not have a standardized meaning prescribed by IFRS Accounting Standards, also referred to as generally accepted accounting principles ("GAAP"), and therefore they may not be comparable to similarly titled measures and ratios presented by other publicly traded entities and should not be construed as an alternative to other financial measures determined in accordance with GAAP. See below for further information on specified financial measures used by management in this document and, where applicable, for reconciliations to the nearest GAAP measures. Net Operating Income NOI is a non-GAAP financial measure defined as property revenue less property expense, adjusted for straight-line rent. The most directly comparable primary financial statement measure is property revenue. Management believes that NOI is a useful key indicator of performance as it represents a measure of property operations over which management has control. NOI is also a key input in determining the fair value of the Property portfolio. NOI should not be considered as an alternative to property revenue or net income and comprehensive income, both of which are determined in accordance with IFRS Accounting Standards. Funds From Operations and Adjusted Funds From Operations Certain non-GAAP financial measures for the real estate industry have been defined by the Real Property Association of Canada under its publications, "REALPAC Funds From Operations & Adjusted Funds From Operations for IFRS" and "REALPAC Adjusted Cashflow from Operations for IFRS". CT REIT calculates Fund From Operations, Adjusted Funds From Operations and Adjusted Cashflow from Operations in accordance with these publications. The following table reconciles GAAP net income and comprehensive income to FFO and further reconciles FFO to AFFO: (in thousands of Canadian dollars) Three Months Ended Six Months Ended For the periods ended June 30, 2025 2024 Change ¹ 2025 2024 Change ¹ Net Income and comprehensive income $ 103,003 $ 103,285 (0.3) % $ 208,657 $ 204,430 2.1 % Fair value adjustment on investment property (23,560) (22,931) 2.7 % (48,373) (46,565) 3.9 % Deferred income tax 818 (159) NM 647 788 (17.9) % Lease principal payments on right-of-use assets (126) (210) (40.0) % (271) (416) (34.9) % Fair value adjustment of unit-based compensation 773 (826) NM 1,014 (1,177) NM Internal leasing expense 337 280 20.4 % 668 568 17.6 % Funds from operations $ 81,245 $ 79,439 2.3 % $ 162,342 $ 157,628 3.0 % Property straight-line rent adjustment 1,756 1,437 22.2 % 3,625 2,547 42.3 % Direct leasing costs 2 (186) (184) 1.1 % (365) (504) (27.6) % Capital expenditure reserve (6,744) (6,439) 4.7 % (13,477) (12,788) 5.4 % Adjusted funds from operations $ 76,071 $ 74,253 2.4 % $ 152,125 $ 146,883 3.6 % ¹ NM - not meaningful. ² Excludes internal and external leasing costs related to development projects. Funds From Operations FFO is a non-GAAP financial measure of operating performance used by the real estate industry, particularly by those publicly traded entities that own and operate income-producing properties. The most directly comparable primary financial statement measure is net income and comprehensive income. FFO should not be considered as an alternative to net income or cash flows provided by operating activities determined in accordance with IFRS Accounting Standards. The use of FFO, together with the required IFRS Accounting Standards presentations, has been included for the purpose of improving the understanding of the operating results of CT REIT. Management believes that FFO is a useful measure of operating performance that, when compared period-over-period, reflects the impact on operations of trends in occupancy levels, rental rates, operating costs and property taxes, acquisition activities and interest costs, and provides a perspective of the financial performance that is not immediately apparent from net income determined in accordance with IFRS Accounting Standards. FFO adds back to net income items that do not arise from operating activities, such as fair value adjustments. FFO, however, still includes non-cash revenues related to accounting for straight-line rent and makes no deduction for the recurring capital expenditures necessary to sustain the existing earnings stream. Adjusted Funds From Operations AFFO is a non-GAAP financial measure of recurring economic earnings used in the real estate industry to assess an entity's distribution capacity. The most directly comparable primary financial statement measure is net income and comprehensive income. AFFO should not be considered as an alternative to net income or cash flows provided by operating activities determined in accordance with IFRS Accounting Standards. CT REIT calculates AFFO by adjusting FFO for non-cash income and expense items such as amortization of straight-line rents. AFFO is also adjusted for a reserve for maintaining the productive capacity required for sustaining property infrastructure and revenue from real estate properties and direct leasing costs. As property capital expenditures do not occur evenly during the fiscal year or from year to year, the capital expenditure reserve in the AFFO calculation, which is used as an input in assessing the REIT's distribution payout ratio, is intended to reflect an average annual spending level. The reserve is primarily based on average expenditures as determined by building condition reports prepared by independent consultants. Management believes that AFFO is a useful measure of operating performance similar to FFO as described above, adjusted for the impact of non-cash income and expense items. Capital Expenditure Reserve The following table compares and reconciles recoverable capital expenditures since 2013 to the capital expenditure reserve used in the calculation of AFFO during that period: (in thousands of Canadian dollars) Capital expenditure reserve Recoverable capital expenditures Variance For the periods indicated October 23, 2013 to December 31, 2023 $ 218,927 $ 217,862 $ 1,065 Year ended December 31, 2024 $ 26,078 $ 33,099 $ (7,021) Period ended June 30, 2025 $ 13,477 $ 3,790 $ 9,687 The capital expenditure reserve is a non-GAAP financial measure and management believes the reserve is a useful measure to understand the normalized capital expenditures required to maintain property infrastructure. Recoverable capital expenditures are the most directly comparable measure disclosed in the REIT's primary financial statements. The capital expenditure reserve should not be considered as an alternative to recoverable capital expenditures, which is determined in accordance with IFRS Accounting Standards. The capital expenditure reserve varies from the capital expenditures incurred due to the seasonal nature of the expenditures. As such, CT REIT views the capital expenditure reserve as a meaningful measure. FFO per unit - Basic, FFO per unit - Diluted (non-GAAP), AFFO per unit - Basic and AFFO per unit - Diluted (non-GAAP) FFO per unit - basic, FFO per unit - diluted (non-GAAP), AFFO per unit - basic and AFFO per unit - diluted (non-GAAP) are non-GAAP ratios and reflect FFO and AFFO on a weighted average per unit basis. Management believes these non-GAAP ratios are useful measures to investors since the measures indicate the impact of FFO and AFFO, respectively, in relation to an individual per unit investment in the REIT. When calculating diluted per unit amounts, diluted units include restricted and deferred units issued under various plans and exclude the effects of settling the Class C LP Units with Class B LP Units. Management believes that FFO per unit ratios are useful measures of operating performance that, when compared period-over-period, reflect the impact on operations of trends in occupancy levels, rental rates, operating costs and property taxes, acquisition activities and interest costs, and provides a perspective of the financial performance that is not immediately apparent from net income per unit determined in accordance with IFRS Accounting Standards. Management believes that AFFO per unit ratios are useful measures of operating performance similar to FFO as described above, adjusted for the impact of non-cash income and expense items. The FFO per unit and AFFO per unit ratios are not standardized financial measures under IFRS Accounting Standards and should not be considered as an alternative to other ratios determined in accordance with IFRS Accounting Standards. The component of the FFO per unit ratios, which is a non-GAAP financial measure, is FFO, and the component of AFFO per unit ratios, which is a non-GAAP financial measure, is AFFO. Management calculates the weighted average units outstanding - diluted (non-GAAP) by excluding the full conversion of the Class C LP Units to Class B LP Units, which is not considered a likely scenario. As such, the REIT's fully diluted per unit FFO and AFFO amounts are calculated, excluding the effects of settling the Class C LP Units with Class B LP Units, which management considers a more meaningful measure. AFFO Payout Ratio The AFFO payout ratio is a non-GAAP ratio which measures the sustainability of the REIT's distribution payout. Management believes this is a useful measure to investors since this metric provides transparency on performance. Management considers the AFFO payout ratio to be the best measure of the REIT's distribution capacity. The AFFO payout ratio is not a standardized financial measure under IFRS Accounting Standards and should not be considered as an alternative to other ratios determined in accordance with IFRS Accounting Standards. The component of the AFFO payout ratio, which is a non-GAAP financial measure, is AFFO, and the composition of the AFFO payout ratio is as follows: ¹ For the purposes of calculating diluted per unit amounts, diluted units include restricted and deferred units issued under various plans and excludes the effects of settling the Class C LP Units with Class B LP Units. Same Store NOI Same store NOI is a non-GAAP financial measure which reports the period-over-period performance of the same asset base having consistent GLA in both periods. CT REIT management believes same store NOI is a useful measure to gauge the change in asset productivity and asset value. The most directly comparable primary financial statement measure is property revenue. Same store NOI should not be considered as an alternative to property revenue or net income and comprehensive income, both of which are determined in accordance with IFRS Accounting Standards. Same Property NOI Same property NOI is a non-GAAP financial measure that is consistent with the definition of same store NOI above, except that same property includes the NOI impact of intensifications. Management believes same property NOI is a useful measure to gauge the change in asset productivity and asset value, as well as measure the additional return earned by incremental capital investments in existing assets. The most directly comparable primary financial statement measure is property revenue. Same property NOI should not be considered as an alternative to property revenue or net income and comprehensive income, both of which are determined in accordance with IFRS Accounting Standards. The following table summarizes the same store and same property components of NOI: (in thousands of Canadian dollars) Three Months Ended Six Months Ended For the periods ended June 30, 2025 2024 Change ¹ 2025 2024 Change ¹ Same store $ 115,013 $ 113,236 1.6 % $ 228,283 $ 224,820 1.5 % Intensifications 2025 131 — NM 131 — NM 2024 641 66 NM 1,279 66 NM Same property $ 115,785 $ 113,302 2.2 % $ 229,693 $ 224,886 2.1 % Acquisitions, dispositions, developments and other 2025 365 294 24.1 % 1,470 1,452 1.2 % 2024 2,759 1,350 NM 6,449 2,089 NM Net operating income $ 118,909 $ 114,946 3.4 % $ 237,612 $ 228,427 4.0 % Add: Property expense 32,629 30,929 5.5 % 66,191 62,779 5.4 % Property straight-line rent adjustment (1,756) (1,437) 22.2 % (3,625) (2,547) 42.3 % Property Revenue $ 149,782 $ 144,438 3.7 % $ 300,178 $ 288,659 4.0 % ¹ NM - not meaningful. Management's Discussion and Analysis (MD&A) and Interim Condensed Consolidated Financial Statements (Unaudited) and Notes Information in this press release is a select summary of results. This press release should be read in conjunction with CT REIT's MD&A for the period ended June 30, 2025 (Q2 2025 MD&A) and Interim Condensed Consolidated Financial Statements (Unaudited) and Notes for the period ended June 30, 2025, which are both available on SEDAR+ at and at Note: Unless otherwise indicated, all figures in this press release are as at June 30, 2025, and are presented in Canadian dollars. Forward-Looking Statements This press release contains statements and other information that constitute "forward-looking information" or "forward-looking statements" under applicable securities legislation (collectively, "forward-looking statements") that reflect management's current expectations relating to matters such as future financial performance and operating results. Forward-looking statements provide information about management's current beliefs, expectations and plans and allow investors and others to better understand the REIT's anticipated financial condition, results of operations, business strategy and financial needs. Readers are cautioned that such information may not be appropriate for other purposes. All statements, other than statements of historical fact, included in this document that address activities, events or developments that CT REIT or a third-party expects or anticipates will or may occur in the future, including the REIT's future growth, financial condition, financial needs, results of operations, performance, business strategy, business prospects and opportunities and the assumptions underlying any of the foregoing, are forward-looking statements. Without limiting the foregoing, the REIT's ability to complete the investments under the heading "New Investment Activity", the timing and terms of any such investments and the benefits expected to result from such investments, are forward-looking statements. By its very nature, forward-looking information requires the use of estimates and assumptions and is subject to inherent risks and uncertainties. It is possible that the REIT's assumptions, estimates, analyses, beliefs, and opinions are not correct, and that the REIT's expectations and plans will not be achieved. Although the forward-looking statements contained in this press release reflect management's current beliefs and are based on information currently available to CT REIT and on assumptions CT REIT believes are reasonable about future events and financial trends that management believes may affect the REIT's financial condition, results of operations, business strategy and financial needs, such information is necessarily subject to a number of factors that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking statements. For more information on the risks, uncertainties, factors and assumptions that could cause the REIT's actual results to differ from current expectations, refer to section 5 "Risk Factors" of CT REIT's Annual Information Form for fiscal 2024, and to sections 12.0 "Enterprise Risk Management" and 14.0 "Forward-looking Information" of CT REIT's MD&A for fiscal 2024 as well as the REIT's other public filings available at and at The forward-looking statements contained herein are based on certain factors and assumptions as of the date hereof and do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made can have on the REIT's business. CT REIT does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as required by applicable securities laws. Information contained in or otherwise accessible through the websites referenced in this press release does not form part of this press release and is not incorporated by reference into this press release. All references to such websites are inactive textual references and are for information only. Additional information about CT REIT has been filed electronically with various securities regulators in Canada through SEDAR+ and is available at and at Conference Call About CT Real Estate Investment Trust CT REIT is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties located primarily in Canada. Its portfolio is comprised of over 375 properties totalling more than 31 million square feet of GLA, consisting primarily of net lease single-tenant retail properties across Canada. Canadian Tire Corporation, Limited, is CT REIT's most significant tenant. For more information, visit For Further Information
