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CT REIT - 2020 Earnings, Price Target Forecast

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CT REIT (CRT.UN-TSX) was established in Oct-2013 to acquire ownership of retail shopping centre properties previously owned directly by Canadian Tire Corp.(CTC-TSX) and to acquire and develop new locations. CTC has been in business for over 90 years. Canadian Tire offers a range of products and services to Canadians through a portfolio of the leading retail banners in Canada including; Canadian Tire, PartSource, Petroleum, Gas+, Party City, Mark's, Mark's Work Wearhouse, L'Équipeur, Helly Hansen, SportChek, Sports Experts, Atmosphere, Pro Hockey Life, National Sports, Sports Rousseau, and Hockey Experts. Canadian Tire Corp. operates 1,742 retail and gasoline outlets in Canada. CT REIT's holding (Dec-31-2020) consisted of 357 retail properties, four industrial properties, one mixed-use commercial property and one development properties located in each of the provinces and in two territories across Canada. The initial portfolio was valued at $3.6B comprised of 258 properties compared to 357 properties valued at $6.1B as at Dec-31-2020.

The properties are located in each of the provinces and in two territories across Canada. The retail properties, Industrial Properties and mixed-use commercial property contain 28.7M sq. ft. This includes the REIT's one-half interest in Canada Square, a mixed-use commercial property in Toronto. CTC is CT REIT's most significant tenant. As at Dec-31-2020, CTC, including Canadian Tire stores and other CTC banners occupying 98% of the square footage. The average term of the retail leases with CTC, including Canadian Tire stores and other CTC banners, was 8.8 years, excluding the exercise of any renewal options. The average term of the Canadian Tire store leases was 9 years, with an average rental rate of $13.98 per sq. ft. The average lease term for the CTC industrial properties was 12.8 years. The average lease term of all leases in the portfolio, excluding properties under development, was 8.9 years. CTC leases are triple net; utilities, operating costs and capex paid by the tenant. The Canadian Tire store leases contain contractual annual rent escalations of approximately 1.5% per year, on average, over the initial term of the leases. Distributions have been increased every year since the IPO.

The majority shareholder at Canadian Tire Corp.(CTC) is M. G. Billes, controlling 61.4%. Canadian Tire Corp. (CTC) owned 85.5% of CT REIT as of Dec-31-2018 and 69.1% as at Dec-31-2020. CTC has reduced their interest with secondary offerings combined with treasury offerings.

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