Crombie Real Estate Investment Trust (CRR.UN) Q1 2026 earnings summary

Executive summary

• Q1 2026 results featured disciplined execution of a necessity-based, grocery-anchored real estate strategy, with strong leasing, high occupancy at 97.6%, and stable cash flows.

• Property revenue rose 3.6% year-over-year to CAD 127.1 million, with commercial same-asset property cash NOI up 3.7% and AFFO per unit up 7.4%.

• Strategic focus remains on grocery-anchored, necessity-based retail, with a coast-to-coast presence and 310 properties valued at $6.4B.

• Distribution increased by CAD 0.01 (1.11%) to $0.91 per unit, marking the second consecutive year of growth, underpinned by robust FFO and AFFO performance.

• The Marlstone project in Halifax achieved partial occupancy, with first residents welcomed in May 2026.

Financial highlights

• Property revenue for Q1 was CAD 127.1 million; net property income reached CAD 79.7 million, up CAD 2.5 million YoY.

• FFO was CAD 61.6 million (CAD 0.33 per unit), up 6.5% YoY; AFFO was CAD 54.3 million (CAD 0.29 per unit), up 7.4% YoY.

• Commercial same-asset property cash NOI grew 3.7% YoY, exceeding the long-term 2%-3% target.

• Operating income attributable to unitholders grew 12.2% YoY to $27.8 million.

• Available liquidity at quarter-end was CAD 536.3 million.

Outlook and guidance

• Same-asset NOI growth is expected to remain at or above the high end of the 2%-3% long-term target for 2026.

• Double-digit blended renewal spreads are anticipated to continue in the short to medium term.

• Modernization investments of $6.4M in Q1 2026 are expected to yield 6-7% returns.

• Major development pipeline could add 10.7M sq. ft. and ~11,600 residential units, with several projects advancing through entitlement.

• The Marlstone is expected to be dilutive to FFO in 2026, turning accretive in the back half of 2027 as occupancy stabilizes.