Crombie REIT Announces Third Quarter 2025 Results

Core Insights - Crombie Real Estate Investment Trust reported strong third-quarter results for 2025, highlighting record occupancy rates and continued growth in funds from operations (FFO) [2][3] Financial Highlights - Property revenue for the third quarter of 2025 was CAD 120.084 million, a 4.9% increase from CAD 114.460 million in 2024 [6] - FFO per Unit increased to CAD 0.33, up 6.5% from CAD 0.31 in the same quarter of 2024 [6][13] - Adjusted funds from operations (AFFO) per Unit rose to CAD 0.30, reflecting an 11.1% increase from CAD 0.27 in 2024 [6][14] - Same-asset property cash net operating income (NOI) grew by 4.6% to CAD 83.329 million compared to CAD 79.670 million in 2024 [6][13] Operational Highlights - Committed occupancy reached 97.5%, a 140 basis point increase from the third quarter of 2024, while economic occupancy was 97.2%, up 130 basis points [7][9] - Renewals for 92,000 square feet were completed at rents 10.6% above expiring rates, with a 13.5% increase in weighted average rent during the renewal term [7][12] - The company invested CAD 14.932 million in modernization during the quarter [7][26] Portfolio Metrics - As of September 30, 2025, Crombie owned 297 investment properties with a gross leasable area of approximately 18.198 million square feet [9][49] - The total number of properties, including joint ventures and residential properties, was 306, with a gross leasable area of 18.815 million square feet [9][49] Debt and Financial Condition - Available liquidity stood at CAD 676.106 million, with a debt to gross fair value ratio of 41.9% [8][22] - The interest coverage ratio improved to 3.46x, while debt to trailing 12 months adjusted EBITDA was 7.70x [8][22] Subsequent Events - On October 30, 2025, Crombie acquired a 100% interest in a grocery-anchored retail property in Etobicoke, Ontario, totaling 51,000 square feet for CAD 28.472 million [30]