Crombie Real Estate ate (CRR.UN) AI Stock Analysis

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Crombie Real Estate ate

(TSX:CRR.UN)

Select Model

Rating:72Outperform

Price Target:CAD 18.50▲(14.69% Upside)

Action:upgraded

Date:11/07/26

The score is driven primarily by solid operating and cash-flow performance but tempered by elevated/recently rising leverage and reduced cash cushion in TTM. Technicals add support (positive momentum and price above key moving averages). Valuation is mixed: an attractive yield helps, but the negative P/E limits confidence in earnings-based valuation. Earnings-call tone and guidance were supportive, though refinancing and finance-cost pressures remain key risks.

Positive Factors

Leasing strengthHigh occupancy and repeated double-digit renewal spreads support durable rental income and demonstrate tenant demand across the portfolio. These leasing gains can lift same-asset cash NOI over multiple periods through contractual increases and renewed space at higher rents.

Negative Factors

Leverage and refinancingHigher debt and substantial upcoming maturities increase sensitivity to refinancing terms and financing costs. Even with active refinancing efforts, replacing this debt could pressure cash flow, reduce financial flexibility, and constrain capital available for acquisitions or development.

Crombie Real Estate ate (CRR.UN) vs. iShares MSCI Canada ETF (EWC)

Market Cap: CAD 3.05B
Dividend Yield: 5.61%
Average Volume (3M): 240.74K
Price to Earnings (P/E): -51.7
Beta (1Y): 0.45
Revenue Growth: 3.35%
EPS Growth: -2183.33%
Country: Canada
Employees: 281
Sector: Real Estate
Sector Strength: 65
Industry: REIT - Diversified

Crombie Real Estate ate Business Overview & Revenue Model

Company Description

Crombie Real Estate Investment Trust ("Crombie") operates as an unincorporated, open-ended real estate investment trust, constituted and governed by the laws of Ontario. The entity is recognized as a premier retail property landlord throughout Canada...

How the Company Makes Money

Crombie primarily makes money by earning rental and related property income from tenants under lease agreements across its portfolio of retail-anchored and mixed-use properties. Its core revenue stream is base rent paid by tenants for occupying space...

Crombie Real Estate ate Earnings Call Summary

Earnings Call Date:Nov 04, 2026(Q3-2026)|% Change Since:-1.22%|Next Earnings Date:Feb 24, 2027

Earnings Call SentimentPositive

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.

Positive Updates

Strong Leasing Renewals and Rental Rate Growth

Crombie 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.

Negative Updates

AFFO per Unit Was Unchanged

Q3 AFFO was $57.1 million, or $0.30 per unit, unchanged year over year.

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.

Crombie Real Estate ate Financial Statement Overview

Summary

Income statement and cash flow are solid (steady revenue growth, generally strong margins, and reliable cash generation), but the balance sheet is a clear constraint. Leverage has edged higher, returns have softened in TTM, and cash coverage is weaker in TTM, increasing sensitivity to funding costs.

Income Statement

78Positive

Balance Sheet

62Positive

Cash Flow

74Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	515.10M	500.07M	476.36M	444.37M	419.59M	408.89M
Gross Profit	334.51M	328.15M	307.02M	290.84M	281.82M	283.03M
EBITDA	309.87M	303.28M	332.85M	264.47M	331.22M	324.67M
Net Income	108.82M	116.48M	158.26M	98.82M	167.80M	155.40M
Balance Sheet
Total Assets	4.54B	4.38B	4.43B	4.15B	4.08B	4.02B
Cash, Cash Equivalents and Short-Term Investments	5.46M	1.66M	10.02M	2.22M	6.12M	3.92M
Total Debt	2.54B	2.39B	2.42B	2.19B	2.08B	2.25B
Total Liabilities	2.71B	2.54B	2.57B	2.32B	2.23B	2.43B
Stockholders Equity	1.83B	1.84B	1.86B	1.82B	1.85B	1.60B
Cash Flow
Free Cash Flow	254.43M	269.77M	264.12M	239.71M	233.29M	224.65M
Operating Cash Flow	254.67M	270.14M	264.96M	239.91M	233.54M	224.84M
Investing Cash Flow	-191.15M	-61.24M	-100.73M	-143.89M	-47.28M	18.49M
Financing Cash Flow	-62.85M	-217.26M	-154.22M	-102.14M	-185.29M	-302.71M

Crombie Real Estate ate Technical Analysis

Technical Analysis SentimentNeutral

Last Price16.13

Price Trends

50DMA15.81Positive

100DMA16.36Negative

200DMA16.15Positive

Market Momentum

MACD0.15Negative

RSI52.21Neutral

STOCH51.18Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CRR.UN, the sentiment is Neutral. The current price of 16.13 is above the 20-day moving average (MA) of 16.11, above the 50-day MA of 15.81, and below the 200-day MA of 16.15, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 52.21 is Neutral, neither overbought nor oversold. The STOCH value of 51.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:CRR.UN.

Crombie Real Estate ate Peers Comparison

Overall Rating

UnderperformOutperform

Sector (65)

Financial Indicators

TSE:CRR.UN against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TSE:CRT.UN	82Outperform	CAD 4.40B	7.99	12.39%	5.30%	5.32%	17.11%
TSE:FCR.UN	79Outperform	CAD 4.94B	4.56	22.26%	3.92%	2.56%	338.68%
TSE:CRR.UN	72Outperform	CAD 3.04B	-51.74	5.93%	5.61%	3.35%	-2183.33%
TSE:DIR.UN	68Neutral	CAD 3.56B	19.43	3.96%	5.60%	6.46%	-24.32%
Sector *	65Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
TSE:BEI.UN	60Neutral	CAD 2.95B	-60.68	-1.01%	2.95%	3.19%	-115.36%
TSE:HR.UN	53Neutral	CAD 2.51B	-4.33	-13.51%	6.41%	-6.50%	-488.63%

* Real Estate Sector Average

Performance Comparison

TSE:CRR.UN and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TSE:CRR.UN	Crombie Real Estate	16.13	1.71	11.84%
TSE:CRT.UN	Ct Real Estate Investment	18.17	3.00	19.81%
TSE:DIR.UN	Dream Industrl Reit	12.57	1.03	8.94%
TSE:FCR.UN	First Capital Realty	23.19	4.67	25.24%
TSE:HR.UN	H&R Real Estate Staple	9.36	-0.21	-2.20%
TSE:BEI.UN	Boardwalk Real Estate Investment Trust	58.93	-2.81	-4.55%

Crombie Real Estate ate Corporate Events

Financial Disclosures

Crombie REIT Sets Date for Q3 2026 Results Call

Neutral

Sep 28, 2026

Crombie Real Estate Investment Trust has scheduled a conference call for November 5, 2026, at 10:00 a.m. EST, where senior management will review the financial and operational performance for the third quarter ended September 30, 2026. The REIT plans...

Business Operations and StrategyDividends

Crombie REIT Declares August 2026 Monthly Distribution

Positive

Aug 14, 2026

Crombie Real Estate Investment Trust, a leading Canadian landlord and developer, manages 311 properties spanning approximately 19.5 million square feet, largely in grocery‑anchored retail, industrial, and mixed‑use residential segments. The REIT purs...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 07, 2026

Crombie Real Estate ate AI Stock Analysis