Crombie Real Estate Investment Trust (CRR.UN) Q4 2025 earnings summary

Executive summary

• Achieved record committed occupancy of 97.7% for 2025, with economic occupancy at 97.4% and a weighted average lease term of 7.9 years.

• Portfolio focused on grocery-anchored, necessity-based retail, with 82.9% of annual minimum rent from these assets and strategic alignment with Empire, which anchors 90.5% of retail properties.

• Coast-to-coast presence with 308 properties totaling 18.9M sq. ft. of GLA, valued at $6.2B.

• AFFO per unit increased 6.5% and FFO per unit rose 4.8% year-over-year, supporting a distribution increase and a credit rating upgrade.

• Established programmatic partnerships in Halifax and Vancouver, contributing management and development fees.

Financial highlights

• FY2025 property revenue grew 3.8% to $488.7M, with Q4 revenue at $122.1M, up 0.4% year-over-year.

• Commercial same-asset property cash NOI rose 3.7% to $329.9M for the year, with Q4 up 4.1% to $84.3M.

• FFO per unit for the year was $1.30 (up 4.8%), and AFFO per unit was $1.15 (up 6.5%).

• Q4 FFO per unit was $0.33 (up 3.1%), and AFFO per unit was $0.29 (up 3.6%).

• Management and development fee revenue doubled to $11.4M for the year, with Q4 up 82.5%.

Outlook and guidance

• Entering 2026 well-positioned for dependable growth, with a focus on high-quality, necessity-based assets and executing the Building Together strategy.

• Major development pipeline could add 10.7M sq. ft. and ~11,600 residential units, with 23% of pipeline properties already zoned.

• Major development, The Marlstone in Halifax, is on track for Q2 2026 completion.

• Expecting same asset NOI growth at the higher end of the 2%-3% long-term target range for 2026.

• Ongoing capital recycling, selective acquisitions, and ESG initiatives support long-term value creation.