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

Crombie Real Estate Investment Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

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.

Major development rationale vs non-major yield?
Mitigate Empire concentration risk?
Floating rate debt and refinancing strategy?
Impact of BBB credit rating on capital strategy
Operating income decrease: recurring vs. one-off
Role of partnerships in development pipeline funding
Outlook for significant acquisitions post-Whitby deal?
Timeline for major entitled development sites?
Strategy for new pad development given high costs?
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Next Crombie Real Estate Investment Trust earnings date

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Q1 20267 May, 2026
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Q1 20267 May, 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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