Crombie Real Estate Investment Trust (CRR.UN) Q2 2026 earnings summary

Executive summary

• Coast-to-coast presence with 311 properties valued at $6.5B, focused on grocery-anchored, necessity-based retail, with 83.4% of annual minimum rent from such tenants.

• Achieved near-record committed occupancy of 97.5% and economic occupancy of 96.6%, with a weighted average lease term of 7.9 years and 19.5M sq. ft. of GLA.

• Commercial same-asset property cash NOI grew 3.2% year-over-year, driven by renewals and new leasing.

• Strategic alignment with Empire, which anchors 90.6% of retail properties and generates 61.5% of AMR.

• The Marlstone, a 291-unit residential project in Halifax, reached substantial completion and welcomed first residents.

Financial highlights

• Property revenue was $126.2M, up 1.9% year-over-year; net property income was $81.8M, up 0.6%.

• FFO per unit was $0.33 (down 2.9% year-over-year); AFFO per unit was flat at $0.30; FFO was $62.4M and AFFO was $55.4M.

• Payout ratios: FFO payout at 68.2%, AFFO payout at 76.9%.

• Renewal leasing spread of 11.3% on 121,000 sq. ft. in Q2 2026.

• Available liquidity at quarter-end was $478.7M.

Outlook and guidance

• Expecting to meet or exceed long-term same property NOI growth target of 2%-3% for the year.

• Major development pipeline could add ~11,300 residential units and 10.5M sq. ft. across key Canadian markets.

• No major new developments planned in the near term; focus on non-major projects, acquisitions, and entitlements.

• The Marlstone residential project targeted for stabilization in the back half of 2027.

• Target yield on cost for non-major developments is 6–8%.