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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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Select Model
Rating:70Outperform
Price Target:
C$17.00
▲(7.26% Upside)
The score is supported primarily by solid underlying financial performance and a strong, upbeat earnings update (AFFO growth, record occupancy, and above-target same-asset NOI). Technicals are mildly constructive with neutral momentum. The main constraint is valuation, as the extremely high P/E outweighs the otherwise attractive dividend yield.
Positive Factors
Revenue Growth
Consistent revenue growth indicates robust demand for Crombie's properties and effective leasing strategies, supporting long-term stability.
Record Occupancy
High occupancy rates reflect strong tenant demand and effective property management, ensuring steady cash flow and asset utilization.
Cash Flow Management
Strong cash flow management enhances Crombie's ability to reinvest in growth opportunities and maintain financial flexibility.
Negative Factors
High Leverage
High leverage can limit financial flexibility and increase risk, especially in economic downturns, impacting long-term financial health.
Increased Interest Expense
Rising interest expenses reduce net income and cash available for growth initiatives, potentially affecting profitability.
Residential Vacancy Increase
Increased residential vacancy can lead to reduced rental income and indicates potential challenges in tenant retention.
Crombie Real Estate ate (CRR.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.96B
Dividend Yield5.82%
Average Volume (3M)207.94K
Price to Earnings (P/E)1057.3
Beta (1Y)0.49
Revenue Growth6.32%
EPS GrowthN/A
CountryCA
Employees303
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)-0.06
Shares Outstanding110,239,296
10 Day Avg. Volume142,966
30 Day Avg. Volume207,938
Financial Highlights & Ratios
PEG Ratio-0.16
Price to Book (P/B)1.30
Price to Sales (P/S)5.06
P/FCF Ratio9.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$16.17Price Target Upside2.02% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Crombie Real Estate ate Business Overview & Revenue Model
Company DescriptionCrombie 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 property landlords with a strategy to own, operate and develop a portfolio of high-quality grocery- and pharmacy-anchored shopping centres, freestanding stores and mixed-use developments primarily in Canada's top urban and suburban markets.
How the Company Makes MoneyCrombie 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 structured with escalations to ensure revenue growth over time. Additionally, Crombie benefits from property management fees, as well as income from development projects when they are completed and leased. The REIT's strong relationships with tenants and its focus on high-traffic locations contribute to its stable occupancy rates and predictable cash flows. Furthermore, strategic partnerships with developers and local businesses enhance its ability to identify and capitalize on new investment opportunities, thereby contributing to its earnings.
Crombie Real Estate ate Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 10, 2026
Earnings Call Sentiment Positive
The earnings call presented a strong performance for Crombie, with significant growth in AFFO per unit, record occupancy, strategic acquisitions, and robust same-asset NOI growth. Although there were challenges with increased interest expenses and a slight increase in residential vacancy, these were relatively minor compared to the overall positive achievements. The company continues to leverage partnerships and strategic acquisitions to drive growth.Q3-2025 Updates
Positive Updates
AFFO Growth
AFFO per unit grew 11.1% year-over-year, showcasing strong financial performance driven by leasing activities and tenant demand.
Record Occupancy
Achieved the fourth consecutive quarter of record occupancy, with renewal spreads increasing by 13.5% over expiring leases.
Successful Acquisitions
Acquired a newly constructed Longo's anchored retail property in Toronto for $28.5 million, enhancing the portfolio with a yield on cost between 6% and 7%.
Strong Same-Asset NOI Growth
Same-asset property cash NOI grew by 4.6% in the quarter and 3.5% year-to-date, exceeding the upper end of the annual average target range.
Partnership Revenue
Programmatic partnerships in Vancouver and Halifax contributed to almost half of the $4.4 million fee revenue recognized during Q3.
Negative Updates
Increased Interest Expense
Interest expenses increased by $1.7 million year-over-year, primarily due to the impact of the $300 million of unsecured notes issued in late 2024.
Residential Vacancy Increase
A slight dip in residential occupancy due to multiple expiries at one property, though efforts are underway to address this.
Company Guidance
During Crombie REIT's Third Quarter 2025 Conference Call, the company announced key financial and operational metrics, reflecting robust performance. The AFFO per unit grew by 11.1% year-over-year, driven by strong leasing activities with renewal spreads increasing by 13.5% over expiring leases. Same-asset property cash NOI grew by 4.6% for the quarter and 3.5% year-to-date, surpassing the upper end of management's target range. Crombie's occupancy reached a record high, fueled by its grocery-anchored retail platform. The REIT's portfolio optimization included the acquisition of a $28.5 million Longo's anchored property in Toronto and divestment of noncore assets. Additionally, Crombie's development initiatives yielded 6% to 7% on-cost, with major projects like The Marlstone tracking on schedule. Financially, the REIT reported $61.9 million in funds from operations, with a strong balance sheet featuring a debt to gross fair value of 41.9% and liquidity of $676 million. The company reiterated its strategic focus on owning essential retail real estate, optimizing assets, and leveraging partnerships for sustainable growth.Crombie Real Estate ate Financial Statement Overview
Summary
Crombie Real Estate's financial performance in 2024 is impressive, with strong revenue and profit growth, efficient cash flow management, and a stable balance sheet. The company benefits from robust margins and cash generation, although high leverage remains a concern typical for its industry.Income Statement
The company exhibits strong revenue growth with a 7.2% increase from 2023 to 2024. The gross profit margin remains healthy at approximately 64.4% for 2024. Net profit margin improved significantly from 22.2% in 2023 to 33.2% in 2024, indicating enhanced profitability. The EBITDA margin is robust at 69.9%, reflecting efficient operations. However, the absence of EBIT margin data for 2024 suggests some operational challenges.Balance Sheet
Crombie Real Estate demonstrates a stable financial position with a debt-to-equity ratio of 1.3 in 2024, showing a moderate level of leverage typical for REITs. The equity ratio is 41.9%, indicating a solid equity base. Return on equity improved from 5.4% in 2023 to 8.5% in 2024, showcasing better shareholder returns. The balance sheet stability is strong, but high liabilities relative to assets pose potential risks.Cash Flow
The company shows excellent cash flow management with a substantial increase in free cash flow from 2023 to 2024, growing by 10.2%. The operating cash flow to net income ratio is 1.7, reflecting strong cash generation capability. Free cash flow to net income ratio is 1.7, indicating efficient capital expenditure management. These metrics highlight significant positive cash flow performance.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 498.40M | 476.36M | 444.37M | 419.59M | 408.89M | 388.73M |
| Gross Profit | 296.54M | 307.02M | 290.84M | 281.82M | 283.03M | 258.86M |
| EBITDA | 361.24M | 332.85M | 264.47M | 260.81M | 270.68M | 238.64M |
| Net Income | 125.26M | 158.26M | 98.82M | 167.80M | 155.40M | 67.61M |
Balance Sheet | ||||||
| Total Assets | 4.38B | 4.43B | 4.15B | 4.08B | 4.02B | 4.11B |
| Cash, Cash Equivalents and Short-Term Investments | 4.79M | 10.02M | 2.22M | 6.12M | 3.92M | 63.29M |
| Total Debt | 2.39B | 2.42B | 2.19B | 2.08B | 2.25B | 2.48B |
| Total Liabilities | 2.54B | 2.57B | 2.32B | 2.23B | 2.43B | 2.63B |
| Stockholders Equity | 1.85B | 1.86B | 1.82B | 1.85B | 1.60B | 1.48B |
Cash Flow | ||||||
| Free Cash Flow | 257.36M | 264.12M | 239.71M | 233.29M | 224.65M | -75.30M |
| Operating Cash Flow | 257.78M | 264.96M | 239.91M | 233.54M | 224.84M | -73.90M |
| Investing Cash Flow | -93.00M | -100.73M | -143.89M | -47.28M | 18.49M | -124.28M |
| Financing Cash Flow | -159.99M | -154.22M | -102.14M | -185.29M | -302.71M | 261.47M |
Crombie Real Estate ate Technical Analysis
Positive
15.85
Price Trends
15.24
Positive
15.07
Positive
14.62
Positive
Market Momentum
0.14
Negative
69.33
Neutral
90.83
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 15.85 is above the 20-day moving average (MA) of 15.43, above the 50-day MA of 15.24, and above the 200-day MA of 14.62, indicating a bullish trend. The MACD of 0.14 indicates Negative momentum. The RSI at 69.33 is Neutral, neither overbought nor oversold. The STOCH value of 90.83 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | C$4.04B | 8.68 | 11.49% | 5.74% | 4.11% | 35.99% | |
74 Outperform | C$3.65B | 10.92 | 6.23% | 2.46% | 6.52% | -54.45% | |
72 Outperform | C$3.76B | 15.32 | 5.27% | 5.56% | 7.31% | 74.70% | |
70 Outperform | C$2.96B | 1,057.33 | 0.14% | 5.82% | 6.32% | ― | |
68 Neutral | C$4.12B | 16.71 | 6.18% | 4.71% | -0.83% | -28.93% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
52 Neutral | C$2.89B | -7.06 | -8.74% | 7.05% | -0.83% | -56.21% |
* Real Estate Sector Average
TSE:CRR.UN
Crombie Real Estate ate
15.85
3.43
27.62%
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Crombie Real Estate ate Corporate Events
Dividends
Crombie REIT Declares December 2025 Distribution
Positive
Dec 16, 2025
Crombie Real Estate Investment Trust announced a distribution of $0.07500 per unit for December 2025, payable on January 15, 2026, to unitholders of record as of December 31, 2025. This announcement reflects Crombie’s ongoing commitment to providing value to its stakeholders and highlights its strong position within the real estate market, particularly in grocery-anchored retail and mixed-use residential properties.
The most recent analyst rating on ($TSE:CRR.UN) stock is a Hold with a C$16.00 price target. To see the full list of analyst forecasts on Crombie Real Estate ate stock, see the TSE:CRR.UN Stock Forecast page.
Financial Disclosures
Crombie REIT Announces Q4 2025 Conference Call
Neutral
Dec 12, 2025
Crombie Real Estate Investment Trust has scheduled a conference call for February 11, 2026, to discuss its financial and operational results for the fourth quarter and year ending December 31, 2025. The results will be released on February 10, 2026, after market close. This announcement highlights Crombie’s commitment to transparency and engagement with stakeholders, potentially impacting investor confidence and market positioning.
The most recent analyst rating on ($TSE:CRR.UN) stock is a Hold with a C$16.00 price target. To see the full list of analyst forecasts on Crombie Real Estate ate stock, see the TSE:CRR.UN Stock Forecast page.
Dividends
Crombie REIT Declares November 2025 Distribution
Positive
Nov 17, 2025
Crombie Real Estate Investment Trust announced a monthly distribution of $0.07500 per unit for November 2025, payable on December 15, 2025, to unitholders of record as of November 30, 2025. This announcement reflects Crombie’s ongoing commitment to providing value to its stakeholders and highlights its stable financial operations within the real estate sector.
The most recent analyst rating on ($TSE:CRR.UN) stock is a Hold with a C$16.50 price target. To see the full list of analyst forecasts on Crombie Real Estate ate stock, see the TSE:CRR.UN Stock Forecast page.
Business Operations and StrategyDividendsFinancial Disclosures
Crombie REIT Achieves Record Occupancy and FFO Growth in Q3 2025
Positive
Nov 5, 2025
Crombie Real Estate Investment Trust reported strong third-quarter results for 2025, showcasing record occupancy levels and significant growth in funds from operations (FFO). The company achieved a committed occupancy rate of 97.5% and a same-asset cash net operating income (NOI) growth of 4.6%, reflecting the resilience and strategic execution of its portfolio. Crombie also announced an increase in distributions to $0.90 per Unit per year, highlighting its commitment to delivering value to stakeholders.
The most recent analyst rating on ($TSE:CRR.UN) stock is a Hold with a C$16.00 price target. To see the full list of analyst forecasts on Crombie Real Estate ate stock, see the TSE:CRR.UN Stock Forecast page.
Dividends
Crombie REIT Declares October 2025 Distribution
Positive
Oct 16, 2025
Crombie Real Estate Investment Trust announced a monthly distribution of $0.07500 per unit for October 2025, payable to unitholders on November 14, 2025. This announcement reflects Crombie’s ongoing commitment to delivering value to its stakeholders and maintaining its position as a prominent player in the real estate investment sector.
The most recent analyst rating on ($TSE:CRR.UN) stock is a Buy with a C$17.50 price target. To see the full list of analyst forecasts on Crombie Real Estate ate stock, see the TSE:CRR.UN Stock Forecast page.
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.