Canada's Crombie REIT Q3 property revenue rises 6.2% on rental rate growth

Crombie Real Estate Investment Trust

Yesterday 22:20

Overview
Canada retail property REIT's Q3 property revenue grew 6.2% yr/yr
Q3 FFO per unit rose 3.0% yr/yr
Q3 adjusted FFO per unit was unchanged yr/yr

Outlook
Company expects Ontario retail property acquisition to close in November 2026
Company expects non-major developments to enhance portfolio quality and create value

Result Drivers
RENTAL RATE GROWTH - Co said renewal rents rose 13.9% over expiring rates, supporting revenue and NOI growth
HIGH OCCUPANCY - Committed occupancy matched record at 97.7%, driven by new leasing and acquisitions
LEASE RENEWALS & STEP-UPS - Increase in same-asset property cash NOI attributed to renewals, contractual rent step-ups and new leasing

Company press release: ID:nNFC5LM61h

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Adjusted FFO Per Share
 
C$0.30
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy"
Wall Street's median 12-month price target for Crombie Real Estate Investment Trust is C$18.00, about 11.3% above its November 3 closing price of C$16.17
The stock recently traded at 24 times the next 12-month earnings vs. a P/E of 28 three months ago

Reuters Recommended Reads
Nov 2 - Canada's First Capital REIT Q3 operating FFO per unit rises on higher net operating income
Nov 3 - Canada's Dream Industrial REIT Q3 net rental income jumps on strong leasing activity 
Nov 3 - Canada's Boardwalk REIT Q3 FFO per unit falls; tightens 2026 guidance

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)