Crombie REIT Announces Third Quarter 2025 Results
Executive Summary
- Cromwell Real Estate Investment Trust reported third‑quarter 2025 results, showing a 4.9% increase in property revenue to C$120.1 M and a 16.0% rise in operating income attributable to unitholders to C$30.8 M versus Q3 2024.
- Same‑asset cash NOI grew 4.6% YoY to C$83.3 M; FFO per unit increased 6.5% to $0.33 and AFFO per unit rose 11.1% to $0.30.
- Distributions were raised to $0.90 per Unit per year (effective for unitholders of record Aug‑31‑2025).
Key Details
- Operational Highlights
- Committed occupancy: 97.5% (up 140 bps YoY); economic occupancy: 97.2% (up 130 bps YoY).
- Renewals: 92,000 sq ft at rents 10.6% above expiring rates; weighted‑average rent for renewals up 13.5% QoQ.
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Modernization spend Q3: C$14.9 M (total non‑major modernization spend YTD C$24.0 M).
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Financial Highlights – Quarter
- Property revenue: C$120,084 k (+4.9%).
- Revenue from management & development services: C$4,428 k (+308.9%).
- Operating income attributable to unitholders: C$30,817 k (+16.0%).
- Same‑asset cash NOI: C$83,329 k (+4.6%).
- FFO per Unit (basic & diluted): $0.33 (+6.5%).
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AFFO per Unit (basic & diluted): $0.30 (+11.1%).
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Financial Highlights – Year‑to‑Date
- Net property income: C$237,961 k (+6.5%).
- Operating income attributable to unitholders: C$91,244 k (+11.1%).
- Same‑asset cash NOI YTD: C$245,543 k (+3.5%).
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FFO YTD: C$179,512 k (+6.3%); AFFO YTD: C$158,703 k (+8.7%).
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Liquidity & Debt
- Available liquidity (undrawn credit facilities): $676.1 M (≈ unchanged YoY).
- Debt to gross fair value: 41.9% (down from 42.9% YoY).
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Debt to trailing‑12‑month adjusted EBITDA: 7.70× (slightly improved).
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Acquisition Activity
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Oct 30 2025 – acquired 100% of a 51,000 sq ft grocery‑anchored retail property in Etobicoke, Ontario for $28.472 M (C$4.660 M cash at closing; C$23.812 M pre‑development costs).
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Development Pipeline
- Major development: The Marlstone – 291‑unit residential project in Halifax, under joint‑venture construction; completion expected H1 2026.
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Non‑major developments (54 projects) total estimated cost C$67.154 M; cost to complete C$18.862 M.
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Distribution Increase
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Declared increase in distributions to $0.90 per Unit per year, effective for unitholders of record Aug 31 2025.
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Conference Call
- Management will discuss results on Nov 6 2025 at 10:00 a.m. EST; webcast and replay details provided.
Notable Quotes
“Our third‑quarter results demonstrate the continued strength of Crombie's high‑quality, coast‑to‑coast portfolio… delivered same‑asset cash NOI growth of 4.6% and achieved another period of record committed occupancy at 97.5%,” – Mark Holly, President & CEO.