Northwire Canada EditionThursday, October 15, 2026
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GOLD 4107.90 −1.7% SILVER 55.88 −6.1% COPPER 6.62 −1.6% OIL 95.09 +1.0% PALLADIUM 1096.50 −2.7% CIA 2.64 −0.4% BTO 7.09 −4.3% MCI 0.155 +0.0% CAN 0.065 +0.0% BLDS 0.335 +8.1% SAO 0.050 +0.0% SF 0.315 +0.0% BEA 0.055 −15.4% BMM 3.90 +11.1% AUGC 0.295 −13.2% MFG 3.34 −3.8% CDE 21.33 −7.7% CYG 0.160 −5.9% RSMX 0.100 −4.8% TUF 0.830 −5.7% GPG 0.285 −3.4% GOLD 4107.90 −1.7% SILVER 55.88 −6.1% COPPER 6.62 −1.6% OIL 95.09 +1.0% PALLADIUM 1096.50 −2.7% CIA 2.64 −0.4% BTO 7.09 −4.3% MCI 0.155 +0.0% CAN 0.065 +0.0% BLDS 0.335 +8.1% SAO 0.050 +0.0% SF 0.315 +0.0% BEA 0.055 −15.4% BMM 3.90 +11.1% AUGC 0.295 −13.2% MFG 3.34 −3.8% CDE 21.33 −7.7% CYG 0.160 −5.9% RSMX 0.100 −4.8% TUF 0.830 −5.7% GPG 0.285 −3.4%
Earnings

Crombie REIT Announces Fourth Quarter and Year End 2025 Results

By The Northwire Desk — AI Analysis Feb 10, 2026 · 17:01 CRR · 15.83 CONSOLIDATED EXCELLERATED
CRR · Price

Executive Summary

  • Cromwell Real Estate Investment Trust (Crombie) reported Q4 2025 and full‑year 2025 results, showing modest revenue growth, record committed occupancy of 97.7%, and per‑unit FFO/AFFO increases of ~4–6%.
  • The REIT announced a binding agreement to acquire a 484,000 sq ft retail support centre industrial property for $115.4 M, expected to close in February 2026.
  • Management highlighted a credit rating upgrade (BBB‑low to BBB) and a $0.01 per unit increase to the annual distribution.

Key Details

  • Occupancy & Leasing – Committed occupancy 97.7% (up 90 bps YoY); economic occupancy 97.4%. Renewals of 239,000 sq ft at rents 10.0% above expiring rates; new leases added 259,000 sq ft at $16.67/‑sf average first‑year rent.
  • Acquisitions – Purchased a 51,000 sq ft grocery‑anchored retail property in Etobicoke for $28.472 M. Announced acquisition of a 484,000 sq ft retail support centre industrial property from Empire for $115.4 M (closing Feb 2026).
  • Financial Highlights – Q4 2025 vs Q4 2024
  • Property revenue: $122.1 M (+0.4%).
  • Revenue from management & development services: $2.55 M (+82.5%).
  • Operating income attributable to unitholders: $25.2 M (‑66.9%).
  • FFO per unit: $0.33 (+3.1%); AFFO per unit: $0.29 (+3.6%).
  • Commercial same‑asset property cash NOI: $84.3 M (+4.1%).
  • Financial Highlights – Full Year 2025 vs 2024
  • Net property income: $316.8 M (+5.0%).
  • Operating income attributable to unitholders: $116.5 M (‑26.4%).
  • FFO: $240.1 M (+5.8%); AFFO: $212.4 M (+7.6%).
  • Debt to gross fair value improved to 42.1% from 43.6%; debt/EBITDA ratio fell to 7.69× from 7.96×.
  • Liquidity – Available liquidity $669.2 M (down 1.9% YoY).
  • Development Activity – Major development: The Marlstone, a 291‑unit residential project in Halifax, slated for completion Q2 2026. Non‑major projects: 62 initiatives covering 26,000 sq ft GLA, total cost $48.7 M (cost to complete $8.9 M). Modernization spend $13.984 K in Q4 2025.
  • Distribution – Annual distribution increased by $0.01 per unit following credit rating upgrade.
  • Conference Call – Management will discuss results on Feb 11 2026 at 10:00 a.m. EST; webcast available.

Notable Quotes

“All pillars of our Building Together strategy combined to deliver a standout 2025… Prudent financial management continued to strengthen our balance sheet, earning us a credit rating upgrade…” – Mark Holly, President & CEO.

Read the original news release →

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