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Crombie Real Estate ate (CROMF) Q3 2026 Earnings Report

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CROMF Q3 2026 EPS Results

Actual EPS
-$0.04
Consensus EPS
―
Beat/Miss
―
One Year Ago EPS
-$0.04

CROMF Q3 2026 Revenue Results

Actual Revenue
$92.10M
Expected Revenue
$91.62M
Beat/Miss
Beat by +$484.87K
YoY Revenue Growth
+4.96%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/04/2026
Time
After Close
Conference Call
Wednesday, November 4, 2026
CROMF Upcoming Earnings

Crombie Real Estate ate's next earnings date is estimated for February 24, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 04, 2026|% Change Since:-2.69%|
Earnings Call Sentiment|Positive

The call was strongly positive overall. Crombie reported consistent leasing momentum, record-high committed occupancy, same-asset NOI growth, higher FFO per unit, expanded development activity, a fully occupied Ontario acquisition, strong liquidity, and disciplined capital allocation. Offsetting items included unchanged AFFO per unit, higher finance costs, lower Q3 management and development services revenue due to the absence of a prior-year one-time item, upcoming mortgage maturities, market volatility, and the ongoing lease-up of The Maristone.

Company Guidance

Management said the Ontario portfolio acquisition is anticipated to close in Q4, with tenants expected to take possession throughout 2026 and 2027; the McDonald’s at Fauberg is expected to open by year end. Non-major development under construction is approximately 120 thousand square feet, with a targeted yield on cost in the 6% to 8% range, while Maristone’s stabilization timeline has not changed and committed units were around 42.5% roughly at the time of the call. Approximately $280 million in mortgages are coming due next year at an average rate of about 3.36%, including about $90 million occurring sporadically over the year and a larger maturity at the end of the year; management is actively working on refinancing and is looking at CMHC and conventional options through 2027. Management expects natural deleveraging over the longer term as the acquired portfolio contributes EBIT.

  • Strong Leasing Renewals and Rental Rate GrowthCrombie completed 107,000 square feet of lease renewals in Q3 at a 13.9% first-year increase over expiring rents, its strongest result in more than 5 years and its 8th consecutive quarter of double-digit renewal spreads. The weighted average rental rate over the renewal terms represented a 16.7% increase versus expiring rates.
  • High Occupancy and Same-Asset NOI GrowthCommitted occupancy reached a record-high 97.7%, while economic occupancy was 96.8%. Commercial same-asset property cash NOI increased 2.7% in Q3 and 3.2% year to date, driven by leasing activity and contractual rent step-ups.
  • Growth in FFO per UnitQ3 FFO was $63.9 million, or $0.34 per unit, up 3% year over year. Management attributed the result to growth in property revenue from acquisitions, new leasing, and renewals, partially offset by lower development management fees and higher interest expense.
  • Property Revenue and Net Property Income GrowthQ3 property revenue was $128 million, up 6.2% year over year, and net property income was $85.2 million, up 7.2%, driven primarily by acquisitions, renewals, and new leasing.
  • New Leasing ActivityYear to date, new commercial leases increased by 121,000 square feet at an average first-year rate of $28.44 per square foot. At quarter end, 170,000 square feet of space was committed at an average first-year rate of $30.39 per square foot, with tenants expected to take possession throughout 2026 and 2027.
  • Modernization Program ProgressCrombie invested $6 million in its Empire modernization program during Q3, bringing year-to-date investment to $23.1 million across 24 projects. Management described modernizations as a repeatable lever and said the investments were contributing to leasing spreads, same-asset cash NOI, and FFO growth.
  • Faubourg Greenfield Project CompletedCrombie completed a greenfield project at Faubourg in Montreal, adding approximately 27,000 square feet at Crombie's share. The property is anchored by IGA Extra and Dollarama, both of which opened during the summer, with a McDonald's expected to open by year end.
  • Expansion of Non-Major Development PipelineFour new projects were added to the non-major pipeline in Q3, including grocery-anchored greenfield developments in Windsor, Nova Scotia, and Martinsville, Saskatchewan. Phase 1 construction began at Martinsville on 48,000 square feet of an 8-acre site. Non-major development under construction increased to approximately 120,000 square feet from approximately 30,000 square feet at the end of June, with targeted yields on cost of 6% to 8%.
  • Sustainable Intensification and Greenfield OpportunityManagement said it continues to pursue land-use intensification and greenfield opportunities, including approximately 10 to 20 locations where additional intensification may be possible. Empire was identified as a driver of the greenfield pipeline.
  • Ontario Necessity-Based Portfolio AcquisitionSubsequent to quarter end, Crombie entered into a binding agreement to acquire 13 necessity-based retail properties in Ontario totaling approximately 588,000 square feet for $134 million, excluding closing and transaction costs. The portfolio is 100% leased and occupied, includes 9 Sobeys, 2 Walmart Supercenters, and 2 Shoppers Drug Mart locations, and is expected to close in Q4.
  • Attractive Growth Characteristics of Ontario AcquisitionThe Ontario portfolio has an approximately 4.6-year weighted average lease term, limited fixed-rate renewals, and opportunities for mark-to-market growth. Management said the portfolio's growth profile is greater than the base business and that it adds approximately 3% to overall GLA and about one percentage point to the retail asset class.
  • Disciplined Acquisition ProcessCrombie said it has invested approximately $150 million in acquisitions year to date before the Ontario transaction and has underwritten more opportunities than it has pursued. The Ontario portfolio was sourced off-market, was not obtained through Empire, and was acquired from a private vendor. Management said it proceeds only with opportunities that fit its portfolio and strategy.
  • Capital Recycling Through DispositionsCrombie sold Charlotte Mall, a 116,000-square-foot retail property in St. Stephen, New Brunswick, during the quarter. Subsequent to quarter end, it sold County Fair Mall, a 271,000-square-foot property in New Minas, Nova Scotia, for $5.5 million before closing and transaction costs, including $2.7 million of vendor-take-back financing over three years. Crombie retained the Empire grocery component through a long-term lease.
  • Portfolio Quality ImprovementManagement said the dispositions reduce exposure to lower-growth assets with higher vacancies and high maintenance capital expenditures and free capital for redeployment into higher-quality properties. County Fair Mall was approximately half full, and management said its disposition would reduce the portfolio's vacancy denominator.
  • Maristone Leasing ProgressAt September 30, 40% of the units at The Maristone in Halifax were committed, up from 22% at the end of June. Management later said commitments were approximately 42.5% and that the stabilization timeline had not changed.
  • Major Development FlexibilityCrombie said no projects in its major development pipeline are committed to construction. Almost all sites currently earn income, allowing the company to pursue rezoning and development permits before making capital commitments and to retain flexibility on timing and scale.
  • Strong Liquidity and Unencumbered Asset BaseCrombie ended Q3 with $592 million of available liquidity. Its unencumbered asset pool increased to $4.3 billion from $3.9 billion at year end, primarily due to acquisitions, higher property values, and mortgage maturities.
  • Balance Sheet Metrics and Fixed-Rate DebtDebt to gross fair value was 41.9%, debt to trailing 12-month adjusted EBITDA was 7.91 times, and interest coverage was 3.33 times. Approximately 94% of debt, including joint ventures at Prometheus's share, carries fixed rates, with a 3.9-year weighted average term to maturity on fixed-rate debt.
  • Manageable Payout RatiosQ3 payout ratios were 67.1% of FFO and 75.1% of AFFO.
  • Long-Term Leased Calgary FacilityCrombie said the Calgary warehouse facility developed with Empire is not being marketed for sale and remains under a long-term lease. Management said it is satisfied with the asset and is working with Empire on its longer-term plan.
  • Limited Immediate Impact from Bad Debt and TI Amortization ItemsManagement said the increase in bad debt expense was not material and reflected a cleanup exercise during reconciliation. It also said the reduction in tenant-improvement amortization was a one-time item and was not expected to represent a run rate.

CROMF Earnings History

CROMF earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 24, 20272026 (Q4)―--0.06――
Nov 04, 20262026 (Q3)―-0.04-0.041.64% (+0.00)
Aug 05, 20262026 (Q2)―-0.06-0.02-189.29% (-0.04)
May 06, 20262026 (Q1)―-0.06-0.0720.39% (+0.01)
Feb 10, 20262025 (Q4)―-0.060.15-143.20% (-0.21)
Nov 05, 20252025 (Q3)―-0.04-0.0737.11% (+0.03)
Aug 06, 20252025 (Q2)―-0.02-0.0450.00% (+0.02)
May 07, 20252025 (Q1)―-0.07-0.05-32.05% (-0.02)
Feb 19, 20252024 (Q4)―0.15-0.06342.35% (+0.21)
Nov 06, 20242024 (Q3)―-0.07-0.04-56.45% (-0.02)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed