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Crombie Real Estate Investment Trust (CRR.UN) investor relations material

Crombie Real Estate Investment Trust Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Coast-to-coast portfolio of 306 properties valued at $6.1B, focused on grocery-anchored, necessity-based retail assets, with 97.5% committed occupancy and 8.1 years weighted average lease term, supporting long-term stability.

  • Strategic alignment with Empire, which anchors 90.2% of retail properties and generates 60.5% of annual minimum rent, driving recurring cash flow and value creation.

  • Major and non-major development pipelines, including The Marlstone in Halifax, drive long-term value and flexibility.

  • Record occupancy and robust leasing demand, with renewal leasing spreads up 10.6%-13.5% over expiring leases for the fourth consecutive quarter.

  • Annual distributions increased to $0.90 per unit effective August 31, 2025.

Financial highlights

  • Q3 2025 property revenue was $120.1M, up 4.9% year-over-year; management and development fee revenue rose to $4.4M from $1.1M.

  • FFO per unit grew 6.5% to $0.33; AFFO per unit up 11.1% to $0.30; FFO for the quarter was $61.9M, AFFO was $55.0M.

  • Net property income margin was 66.2%; net property income for the quarter was $79.5M, up 6.0% year-over-year.

  • Operating income attributable to unitholders increased 16.0% to $30.8M.

  • FFO payout ratio 67.3%, AFFO payout ratio 75.8%, both improved from prior year.

Outlook and guidance

  • Same-asset property cash NOI grew 4.6% in Q3 and 3.5% year-to-date, exceeding the upper end of the 2%-3% annual average target range.

  • Management expects to remain at the high end of the 2%-3% same-asset NOI growth range for 2026, supported by strong leasing and retail demand.

  • Major development pipeline could add 10.7M sq. ft. and ~11,600 residential units, supporting future growth.

  • ESG targets include 50% reduction in Scope 1 and 2 GHG emissions by 2030 and 90% by 2050 from 2019 base year.

  • Completion of The Marlstone, a 291-unit residential project, expected in H1 2026.

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Q4 202519 Feb, 2026
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Frequently asked questions

Crombie Real Estate Investment Trust is a Canadian real estate investment trust (REIT) that owns, operates, and develops a portfolio of commercial properties across Canada. Its portfolio consists primarily of grocery-anchored retail properties, along with mixed-use and office buildings. Crombie REIT focuses on generating stable income through long-term leases with major tenants, including national and regional retailers. The company is headquartered in New Glasgow, Canada, and its shares are listed on the TSX.

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