Crombie Real Estate ate (TSE:CRR.UN)
TSX:CRR.UN
Earnings Data
Report Date
May 06, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
-0.1Same Quarter Last Year
Moderate Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The earnings call presented a broadly positive operational and financial update: record occupancy, robust lease renewals and rent growth, outperformance of same-asset NOI, meaningful FFO/AFFO growth, a doubling of fee revenue, accretive strategic acquisitions (including the Whitby distribution center), and a strengthened liquidity and credit profile. Headwinds mentioned were manageable: higher interest expense, certain lower-yielding major development economics, isolated underperforming noncore assets that were sold, construction cost pressures that constrain some new-pad projects, and a few development timing uncertainties. Overall, the positives materially outweigh the negatives, with management signaling disciplined capital recycling and ample liquidity to execute growth while maintaining balance-sheet flexibility.Company Guidance
Record High Occupancy
Committee occupancy reached a record 97.7% at year-end 2025, reflecting strong tenant demand and portfolio stability.
Strong Rent Growth and Lease Spreads
Year 1 renewal spreads averaged 10.4% for the year; Q4 renewals (239,000 sq ft) achieved a 10% first-year increase versus expiring rents and a 12.1% increase when comparing expiring rates to the weighted average rental rate over the renewal term. Weighted average lease term remained healthy at 7.9 years.
Same-Asset NOI Outperformance
Commercial same-asset property cash NOI grew 3.7% for the full year and 4.1% in Q4, exceeding the long-term target range of 2%–3%.
FFO and AFFO Growth
FFO per unit increased 4.8% year-over-year to $1.30; AFFO per unit rose 6.5% year-over-year to $1.15. Q4 FFO per unit was $0.33 (up 3.1% YoY).
Revenue and Fee Growth
Full-year property revenue grew 3.8% to $488.7M; Q4 property revenue was $122.1M (up 0.4% YoY). Management and development fee revenue doubled year-over-year to $11.4M (up 113%), with Q4 fee revenue of $2.5M versus $1.4M in Q4 2024.
Accretive and Strategic Acquisitions
Added five Empire-bannered grocery properties (197,000 sq ft) for $49.7M and entered a binding agreement to acquire a Whitby, ON grocery-related industrial distribution facility (484,000 sq ft) for ~ $115M—fully leased to Sobeys and described as accretive from day one.
Active Portfolio Recycling and Modernization
Sold two noncore New Brunswick properties to redeploy capital; completed 60+ modernization projects with Empire in 2025 to enhance asset quality and leasing performance. Nonmajor development activity continued with expected yields on cost of 6%–8%.
Balance Sheet Strength and Liquidity
Available liquidity of $669.2M (undrawn credit + cash) and an unencumbered asset pool exceeding $3.9B. Debt to gross fair value was 42.1%; interest coverage improved to 3.39x; ~97% of debt is fixed-rate with ~4-year weighted average term to maturity. Received a credit rating upgrade from Morningstar DBRS.
Distribution and Payout Discipline
FFO and AFFO payout ratios remained within targeted ranges: year-end FFO payout ~69.1% and AFFO payout ~78.1% for the full year, even after a distribution increase implemented in 2025.
Major Development Progress (Marlstone)
Marlstone (Halifax) is the only major project under construction; pre-leasing response positive, occupancy starting in Q2 for some tenants. Estimated cost to complete at Crombie share was ~$22M with expected yields on cost of 4.5%–5.5% and planned conversion to CMHC mortgage financing upon completion.
TSE:CRR.UN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:CRR.UN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 10, 2026 | C$15.68 | C$15.64 | -0.25% |
Nov 05, 2025 | C$14.49 | C$14.55 | +0.40% |
Aug 06, 2025 | C$13.90 | C$14.21 | +2.22% |
May 07, 2025 | C$14.30 | C$14.02 | -1.99% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Crombie Real Estate ate (TSE:CRR.UN) report earnings?
Crombie Real Estate ate (TSE:CRR.UN) is schdueled to report earning on May 06, 2026, After Close (Confirmed).
What is Crombie Real Estate ate (TSE:CRR.UN) earnings time?
Crombie Real Estate ate (TSE:CRR.UN) earnings time is at May 06, 2026, After Close (Confirmed).
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