CT REIT (TSX: CRT.UN:CA )( OTC:CTRRF ) is a Canadian-based REIT that primarily rents to Canadian Tire stores, an iconic retailer that recently celebrated its 100th anniversary. The REIT is attractive today because it trades at a very reasonable valuation, paysNelson retired from the corporate world at 39 and now manages his own portfolio full-time. His focus is on under covered and unappreciated Canadian dividend stocks, excellent companies at solid values which happen to pay dividends.Analyst’s Disclosure: ...

Financial Performance - Net profits income for 2024 was $6,563,177, a 47% decrease from $12,300,176 in 2023, primarily due to decreased oil and gas production and lower prices[132]. - Total income for 2024 was $6,623,430, down from $12,364,073 in 2023, reflecting a decline of 46.6%[182]. - Distributable income for 2024 was $5,677,818, compared to $11,547,888 in 2023, representing a decrease of 50.8%[182]. - Distributable income per unit for 2024 was $0.946303, down from $1.924648 in 2023, a decline of 50.8%[182]. - Fourth quarter 2024 net profits income totaled $1,462,841, a 43% decrease from $2,548,233 in the fourth quarter of 2023[143]. - Distributable income for the fourth quarter of 2024 was $1,317,594, or $0.219599 per unit, compared to $2,416,884, or $0.402814 per unit in the fourth quarter of 2023[144]. Production and Reserves - Approximately 46% of the net profits income received by the Trust during 2024 was attributable to natural gas, with 40% of the Trust's estimated future net cash flows from proved reserves at December 31, 2024[30]. - Estimated proved reserves for the net profits interests are based on estimates of reserves for the underlying properties and can be significantly affected by fluctuations in oil and gas prices[41]. - The Trust's total proved reserves as of December 31, 2024, consist of 1,301,000 Bbls of oil and 8,334,000 Mcf of gas[87]. - The Trust's net profits are derived from the sale of hydrocarbons from depleting assets, and if no successful development projects are performed, the assets may deplete faster than expected[46]. - The underlying properties include over 2,900 producing properties with an average reserve-to-production index of approximately 11 years as of December 31, 2024[72]. Costs and Expenses - Total costs deducted in the calculation of net profits income were $9.8 million in 2024, a 14% decrease from $11.5 million in 2023[141]. - Average production cost per BOE for oil is $2.33 in 2024, an increase of 39.5% from $1.67 in 2023 and an increase of 25.3% from $1.86 in 2022[92]. - Average production cost per BOE for gas is $54.04 in 2024, an increase of 1.8% from $53.09 in 2023 and an increase of 95.0% from $27.71 in 2022[92]. - Total underlying development costs for 2024 were $1,509,510, representing a 42% increase from 2023 development costs of $1,061,887[84]. Market and Pricing - The Trust's monthly cash distributions are highly dependent on the prices realized from the sale of natural gas and oil, which can fluctuate widely due to various uncontrollable factors[36]. - Average sales price for oil in 2024 is $78.78 per Bbl, a slight decrease of 0.9% from $79.50 in 2023 and a decrease of 3.4% from $81.62 in 2022[92]. - Average sales price for gas in 2024 is $3.92 per Mcf, a significant decrease of 34.1% from $5.94 in 2023 and a decrease of 50.7% from $7.95 in 2022[92]. Risks and Liabilities - The Trust's financial performance is subject to various risk factors, including geopolitical instability and market volatility, which could materially affect its distributable income[32]. - The Trust's distributions may be adversely affected by operational risks and hazards associated with the production and transportation of oil and natural gas[42]. - Government actions or regulations aimed at reducing oil and natural gas production could impact the price of these commodities and, consequently, the Trust's net profits[38]. - Cybersecurity threats pose risks that could materially affect the Trust's business, financial condition, and results of operations[68]. - The Trust unitholders may be exposed to personal liability due to the structure of the Trust not providing the same limited liability protections as a corporation[55]. Trust Structure and Governance - Trust unitholders have limited voting rights and cannot influence the operations or future development of the underlying properties[52]. - The Trust's financial statements are prepared on a modified cash basis of accounting, differing from U.S. GAAP[54]. - The Trust expects to continue being exempt from Texas franchise tax as a passive entity[200]. - The Trust's only cash requirement is the declared monthly distribution of income to unitholders, funded by net profits income after administration expenses[149]. Future Outlook - Future net cash flows from proved reserves are approximately 38% natural gas and 62% oil, with total future net cash flows estimated at $52.652 million, discounted at an annual rate of 10%[87]. - Future net profits may be impacted by the creditworthiness of operators and purchasers of crude oil and natural gas, influenced by market prices[44]. - The Trust will terminate if it fails to generate gross revenues of at least $1,000,000 per year over any successive two-year period[49].

Cash Distribution - The Registrant announced a monthly cash distribution to unitholders of record on January 31, 2025[5] - The news release regarding the cash distribution was issued on January 21, 2025[5] - The cash distribution details are included in Exhibit 99.1 of the report[7]

DALLAS, Jan. 21, 2025 /PRNewswire/ -- Argent Trust Company, as Trustee of the Cross Timbers Royalty Trust (the "Trust") (NYSE: CRT), today declared a cash distribution to the holders of its units of beneficial interest of $0.095045 per unit, payable on February 14, 2025, to unitholders of record on January 31, 2025. The following table shows underlying oil and gas sales and average prices attributable to the current month and prior month distributions. Underlying Sales Volumes (a)  Average Pri ...

Core Insights - CT REIT has become the largest REIT position in the investment portfolio, indicating strong confidence in its performance and potential growth [3] Company Overview - CT REIT is highlighted as a significant player in the REIT sector, with a focus on high-quality investment opportunities [3] - The company is part of a broader investment strategy that includes European small-cap ideas, emphasizing capital gains and dividend income [3] Investment Strategy - The investment group offers exclusive access to actionable research on appealing Europe-focused investment opportunities, particularly in the small-cap space [3] - Features of the investment group include two model portfolios, weekly updates, and educational content aimed at enhancing understanding of European investment opportunities [3]

Cash Distribution - The Registrant announced a monthly cash distribution to unitholders of record on October 31, 2024[2] - The news release regarding the cash distribution was issued on October 21, 2024[2] - The cash distribution details are included in Exhibit 99.1 of the report[2] Report Filing - The report is filed under Item 2.02 of Form 8-K, indicating results of operations and financial condition[2] - The report is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934[2] - The report was submitted to the SEC on October 21, 2024[1] Signatories - The report was signed by Nancy Willis, Director of Royalty Trust Services[2] - The report was also signed by Kristy Walker, Unconventional Finance General Manager of Exxon Mobil Corporation[2] Company Information - The Registrant is Cross Timbers Royalty Trust, with Argent Trust Company as the trustee[1] - The Registrant's principal executive offices are located in Dallas, Texas[1]

Financial Performance - For the quarter ended September 30, 2024, net profits income decreased by 37% to $1,697,724 compared to $2,676,180 in Q3 2023[44]. - Distributable income for the quarter was $1,521,252, or $0.253542 per unit, down from $2,451,192, or $0.408532 per unit in Q3 2023[45]. - Total revenues for Q3 2024 were $4,588,397, a 15% decrease from $5,372,316 in Q3 2023[51]. - For the nine months ended September 30, 2024, net profits income was $5,100,336, a 48% decrease from $9,751,943 in the same period of 2023[47]. - Distributable income for the nine months was $4,360,224, or $0.726704 per unit, down from $9,131,004, or $1.521834 per unit in the prior year[47]. Sales and Pricing - Oil sales volumes decreased by 23% in Q3 2024, while gas sales volumes increased by 17% for the same period[55][56]. - Average oil price increased by 4% to $77.54 per Bbl in Q3 2024, while average gas price decreased by 14% to $3.65 per Mcf[57][58]. Expenses and Costs - Production expenses increased by 34% in Q3 2024, primarily due to higher processing costs and increased labor[60]. - Development costs increased by 103% for the nine-month period due to timing of drilling activity costs[61]. - Underlying cumulative excess costs for the Texas working interest conveyance totaled $3.8 million as of September 30, 2024[62]. Governance and Compliance - The Trust's disclosure controls and procedures are effective in ensuring timely reporting of required information under the Securities Exchange Act of 1934[66]. - There have been no material changes in the risk factors disclosed in the Trust's Annual Report for the year ended December 31, 2023[67]. - The Trust does not have any directors or officers, which affects the adoption or termination of trading arrangements[68].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Units of Beneficial Interest CRT New York Stock Exchange FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 20, 2024 CROSS TIMBERS ROYALTY TRUST (Exact name of registrant as specified in its charter) Texas 001-10982 75-6415930 (State or other jurisdiction ...

Core Viewpoint - The article discusses the performance and outlook of CT Real Estate Investment Trust (CT REIT), highlighting its strong financial metrics despite rising interest expenses and the potential for future growth in earnings and dividends as interest rates decrease [2][3][20]. Financial Performance - The net operating income (NOI) increased by approximately 4.4% year-over-year, reaching nearly C$115 million, with a quarter-over-quarter increase of about 1% [3][4]. - Funds from operations (FFO) rose by 2.1% in the second quarter, while adjusted funds from operations (AFFO) increased by 3.6% to C$74.25 million [12][14]. - The AFFO per share is projected to be C$1.26 annually, with a current distribution of C$0.925 per unit, yielding approximately 6.03% based on the recent share price [17][19]. Debt and Interest Expenses - Total interest and finance expenses increased by approximately C$1.7 million year-over-year, with net interest expenses rising by about C$2.3 million [5][7][10]. - The average cost of debt was approximately 4.13% at the end of June 2024, and the REIT has primarily fixed-rate debt, insulating it from rising interest rates [10][11]. Dividend and Distribution Growth - CT REIT has a history of gradually increasing its distributions, with the current annualized distribution being about 20% higher than in 2019 [18]. - The AFFO payout ratio is around 73%, indicating a healthy balance between earnings and distributions [19]. Market Position and Valuation - The stock is trading at a discount of nearly 10% to its net asset value (NAV), based on a multiple of approximately 16 times the NOI from Q2 [20]. - The current price-to-AFFO multiple is around 12, which is considered attractive [20].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to _ . CROSS TIMBERS ROYALTY TRUST (Exact name of registrant as specified in its charter) Texas 1-10982 75-6415930 (State or other jurisdiction of incor ...