Crombie Real Estate ate (TSE:CRR.UN)
TSX:CRR.UN
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Crombie Real Estate ate
(TSX:CRR.UN)
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Rating:74Outperform
Price Target:
C$18.00
▲(5.14% Upside)
Action:ReiteratedDate:02/18/26
The score is driven primarily by solid fundamentals with strong profitability/growth trends and generally healthy cash generation, plus a notably positive earnings call highlighting record occupancy, strong leasing spreads, and rising FFO/AFFO. Technicals support the view with a clear uptrend. The main offset is leverage and a negative P/E, which temper valuation and increase sensitivity to financing conditions.
Positive Factors
Record Occupancy
Near‑full occupancy (97.7%) demonstrates durable tenant demand for Crombie’s grocery‑anchored portfolio, supporting stable rental cash flows and lower vacancy risk. Sustained high occupancy enhances predictability of NOI and FFO, reducing downside from leasing cycles over the next several quarters.
Negative Factors
Elevated Leverage & Interest Sensitivity
High leverage (7.69x) and modest interest coverage (3.39x) increase sensitivity to rising rates and refinancing risk. Even with ~97% fixed‑rate debt and a ~4‑year WA maturity, elevated leverage constrains strategic flexibility and raises the cost of incremental growth during periods of higher interest expense.
Read all positive and negative factors
Positive Factors
Negative Factors
Record Occupancy
Near‑full occupancy (97.7%) demonstrates durable tenant demand for Crombie’s grocery‑anchored portfolio, supporting stable rental cash flows and lower vacancy risk. Sustained high occupancy enhances predictability of NOI and FFO, reducing downside from leasing cycles over the next several quarters.
Read all positive factors
Crombie Real Estate ate (CRR.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.16B
Dividend Yield5.82%
Average Volume (3M)207.94K
Price to Earnings (P/E)24.3
Beta (1Y)0.52
Revenue Growth4.98%
EPS Growth-1075.63%
CountryCA
Employees303
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)-0.28
Shares Outstanding110,602,280
10 Day Avg. Volume142,966
30 Day Avg. Volume207,938
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)1.54
Price to Sales (P/S)5.66
P/FCF Ratio10.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$16.38Price Target Upside-4.35% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.6
Revenue Forecast (FY)C$516.05M
Crombie Real Estate ate Business Overview & Revenue Model
Company Description
Crombie Real Estate Investment Trust ("Crombie") is an unincorporated, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie is one of the country's leading national retail propert...
How the Company Makes Money
Crombie REIT generates revenue primarily through leasing its retail and commercial properties to tenants, which includes grocery stores, restaurants, and other retail outlets. The company earns rental income from long-term leases, typically struct...
Crombie Real Estate ate Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
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.Positive Updates
Record High Occupancy
Committee occupancy reached a record 97.7% at year-end 2025, reflecting strong tenant demand and portfolio stability.
Negative Updates
Higher Finance Costs
Finance costs increased to $97.4M in 2025, up $4.9M YoY, primarily due to higher interest expense related to 2024 net issuance of senior unsecured notes.
Read all updates
Q4-2025 Updates
Positive
Negative
Record High Occupancy
Committee occupancy reached a record 97.7% at year-end 2025, reflecting strong tenant demand and portfolio stability.
Read all positive updates
Company Guidance
The call reiterated Crombie’s guidance to stay disciplined while targeting steady same‑asset NOI growth (long‑term target 2%–3%, with 2026 expected toward the higher end), and to pursue accretive, necessity‑based investments (e.g., the Whitby acquisition ~ $115.4M, fully leased, accretive from day 1, initially funded from the revolver). Management expects non‑major development yields on cost of roughly 6%–8% and Marlstone yields on cost of 4.5%–5.5% (Crombie share) with ~ $22M cost to complete; they continue to advance 26 major development sites (6 zoned, 3 with applications). Key operating and balance‑sheet metrics backing the guidance include record occupancy of 97.7%, average annual minimum rent growth 4.8%, commercial same‑asset cash NOI +3.7% for FY2025 (+4.1% in Q4), FFO per unit +4.8% to $1.30 and AFFO per unit +6.5% to $1.15, full‑year FFO/AFFO payout ratios ~69.1%/78.1%, available liquidity $669.2M, unencumbered assets >$3.9B, debt/gross fair value 42.1%, debt/TTM adj. EBITDA 7.69x and interest coverage 3.39x—while leasing momentum (WALT 7.9 years; year‑1 renewal spread ~10.4%; 768k sq ft renewed at 10.4%; 259k sq ft new leases at $16.67/sq ft) and rising fee income (management & development fees $11.4M, +113% y/y) are expected to support that outlook.Crombie Real Estate ate Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 500.07M | 476.36M | 444.37M | 419.59M | 408.89M |
| Gross Profit | 328.15M | 307.02M | 290.84M | 281.82M | 283.03M |
| EBITDA | 303.28M | 332.85M | 264.47M | 260.81M | 270.68M |
| Net Income | 116.48M | 158.26M | 98.82M | 167.80M | 155.40M |
Balance Sheet | |||||
| Total Assets | 4.38B | 4.43B | 4.15B | 4.08B | 4.02B |
| Cash, Cash Equivalents and Short-Term Investments | 1.66M | 10.02M | 2.22M | 6.12M | 3.92M |
| Total Debt | 2.39B | 2.42B | 2.19B | 2.08B | 2.25B |
| Total Liabilities | 2.54B | 2.57B | 2.32B | 2.23B | 2.43B |
| Stockholders Equity | 1.84B | 1.86B | 1.82B | 1.85B | 1.60B |
Cash Flow | |||||
| Free Cash Flow | 269.77M | 264.12M | 239.71M | 233.29M | 224.65M |
| Operating Cash Flow | 270.14M | 264.96M | 239.91M | 233.54M | 224.84M |
| Investing Cash Flow | -61.24M | -100.73M | -143.89M | -47.28M | 18.49M |
| Financing Cash Flow | -217.26M | -154.22M | -102.14M | -185.29M | -302.71M |
Crombie Real Estate ate Technical Analysis
Positive
17.12
Price Trends
16.00
Positive
15.62
Positive
15.05
Positive
Market Momentum
0.25
Negative
76.99
Negative
87.72
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CRR.UN, the sentiment is Positive. The current price of 17.12 is above the 20-day moving average (MA) of 16.08, above the 50-day MA of 16.00, and above the 200-day MA of 15.05, indicating a bullish trend. The MACD of 0.25 indicates Negative momentum. The RSI at 76.99 is Negative, neither overbought nor oversold. The STOCH value of 87.72 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CRR.UN.
Crombie Real Estate ate Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$3.16B | 24.31 | 6.29% | 5.82% | 4.98% | -1075.63% | |
73 Outperform | C$4.20B | 7.47 | 18.40% | 5.74% | 4.42% | 18.32% | |
73 Outperform | C$4.97B | 3.77 | 25.30% | 4.71% | -1.05% | 418.79% | |
69 Neutral | C$3.86B | 21.64 | 3.54% | 5.56% | 7.71% | -35.23% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
53 Neutral | C$2.80B | -3.39 | -17.10% | 7.05% | -0.23% | -559.38% |
* Real Estate Sector Average
TSE:CRR.UN
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21.76%
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Crombie Real Estate ate Corporate Events
Dividends
Crombie REIT Declares February 2026 Monthly Distribution
Positive
Feb 17, 2026
Crombie Real Estate Investment Trust has declared a monthly cash distribution of $0.075 per unit for the period from February 1 to February 28, 2026, reinforcing its regular income stream to unitholders. The distribution is scheduled to be paid on...
Business Operations and StrategyDividendsFinancial Disclosures
Crombie REIT Delivers Record Occupancy and Strong 2025 Operating Performance
Positive
Feb 10, 2026
Crombie REIT reported a standout 2025, with record committed occupancy of 97.7%, economic occupancy of 97.4%, and solid commercial same-asset property cash NOI growth, supported by disciplined execution of its “Building Together” strat...
Business Operations and Strategy
Crombie REIT Sees No Material Impact From Empire’s Calgary CFC Wind‑Down
Positive
Jan 29, 2026
Crombie REIT said Empire Company’s decision to wind down its Customer Fulfillment Centre operations in Alberta, while continuing its Voilà e‑commerce service in Ontario and Quebec, will not alter Crombie’s lease position on ...
Dividends
Crombie REIT Declares January 2026 Monthly Distribution
Positive
Jan 16, 2026
Crombie Real Estate Investment Trust has declared a monthly cash distribution of $0.075 per unit for the period from January 1 to January 31, 2026, with payment scheduled for February 13, 2026 to unitholders of record as of January 31. The announc...
Dividends
Crombie REIT Declares December 2025 Distribution
Positive
Dec 16, 2025
Crombie Real Estate Investment Trust announced a distribution of $0.07500 per unit for December 2025, payable on January 15, 2026, to unitholders of record as of December 31, 2025. This announcement reflects Crombie’s ongoing commitment to p...
Financial Disclosures
Crombie REIT Announces Q4 2025 Conference Call
Neutral
Dec 12, 2025
Crombie Real Estate Investment Trust has scheduled a conference call for February 11, 2026, to discuss its financial and operational results for the fourth quarter and year ending December 31, 2025. The results will be released on February 10, 202...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.