# Crombie REIT's Q3 Funds From Operations Per Unit Rise 3%

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/49983
Published: 2026-11-06T09:20:23.000Z
Updated: 2026-11-06T09:20:23.000Z
Section: Business

> Operating income attributable to unitholders fell 8.7%. The Canadian property trust also agreed to buy 13 Ontario retail properties for C$134 million.

Crombie Real Estate Investment Trust reported a 3% increase in third-quarter funds from operations per unit, while operating income attributable to unitholders declined, giving the Canadian retail property trust mixed results.

The quarter ended Sept. 30, and Crombie released the results Nov. 4. Funds from operations, or FFO, reached C$0.34 per unit. Total FFO increased 2.9% from a year earlier to C$63.891 million. FFO is a non-GAAP measure, meaning it is calculated outside standard accounting rules. All monetary figures in this article are in Canadian dollars.

Operating income attributable to unitholders fell 8.7% to C$28.260 million from C$30.950 million a year earlier. Property revenue moved in the other direction, rising 6.2% to C$127.586 million from C$120.084 million. Commercial same-asset property cash net operating income, another non-GAAP measure, grew 2.7% to C$86.513 million.

Crombie is a grocery-anchored retail property trust listed on the Toronto Stock Exchange as CRR.UN. At Sept. 30, its committed occupancy stood at 97.7%, while economic occupancy was 96.8%. The two figures are separate measures of occupancy.

The trust renewed leases covering 107,000 square feet during the quarter. Rents on those renewals were 13.9% higher than the expiring rates, and the weighted-average rental rate over the renewal terms increased 16.7%.

“Renewal growth of 13.9% over expiring rental rates was our strongest in more than five years,” said Mark Holly, Crombie’s president and CEO.

Crombie also entered a binding agreement Oct. 13 to acquire 13 retail properties in Ontario. The properties cover approximately 588,000 square feet, and the agreed price is C$134 million before closing and transaction costs. Crombie plans to finance the purchase through its existing unsecured revolving credit facility. It expects the transaction to close in November.