Crombie Real Estate Investment Trust

Latest Results (15.01.2025):

Improvement in AFFO Payout Ratio

Crombie Real Estate Investment Trust reported an improvement in its AFFO payout ratio for the third quarter of 2024 compared to the previous year. This improvement was primarily driven by higher distributions due to Units issued under the DRIP, along with other factors affecting total AFFO. The year-to-date improvement in the AFFO payout ratio was also noted compared to the same period in 2023.

Operational Metrics and Renewal Activity

In the third quarter of 2024, Crombie Real Estate Investment Trust saw a significant increase in renewal activity, with 359,000 square feet of space renewed, marking a 50.8% increase from the previous year. Year-to-date renewal activity reached 901,000 square feet, although this was an 11.9% decrease compared to the same period in 2023. The primary driver of renewal growth was attributed to retail properties.

Committed and Economic Occupancy

At the end of the third quarter of 2024, Crombie Real Estate Investment Trust reported a committed occupancy rate of 96.1%, a slight decrease from 96.4% in the third quarter of 2023. Economic occupancy was recorded at 95.9%, down from 96.0% in the previous year. These decreases were primarily due to natural lease expiries, early terminations, and tenant downsizing, partially offset by new leases.

Financial Condition Metrics

Crombie Real Estate Investment Trust's debt to trailing 12 months adjusted EBITDA ratio improved to 7.72x in the third quarter of 2024, down from 8.13x in the same period of 2023. This improvement was due to increased trailing adjusted EBITDA, despite higher outstanding debt. The interest coverage ratio for the quarter was 3.31x, a decrease from 3.41x in the previous year, primarily due to higher finance costs from operations.

Available Liquidity

In the third quarter of 2024, Crombie Real Estate Investment Trust reported an increase in available liquidity, with unutilized credit facilities amounting to $676,649, a 19.8% increase from $564,903 in the third quarter of 2023. This increase was attributed to lower balances of floating rate debt outstanding compared to the previous year.