Crombie REIT Announces Fourth Quarter and Year End 2024 Results
Summary
"Driven by a clear emphasis on operational excellence, we reached occupancy levels amongst the highest in our history, grew same-asset property cash NOI by 2.9%, and increased AFFO per unit by 6.9%," said Mark Holly, President and CEO. "FOURTH QUARTER SUMMARY (In thousands of Canadian dollars, except per Unit amounts and square feet and as otherwise noted) Committed occupancy of 96.8% and economic occupancy of 96.5%; a 30 basis point increase and a 50 basis point increase, respectively, compared to the fourth quarter of 2023 Renewals of 171,000 square feet at rents 10.0% above expiring rental rates An increase of 12.3% using the weighted average rent during the renewal term Strategic acquisition of the remaining 50% of Zephyr residential, in , for a purchase price of excluding transaction and closing costs The purchase price included in cash, financed through a new unsecured credit facility, and the assumption of of debt with a blended interest rate of 3.5% Acquisition of an underlying land parcel at an existing freestanding grocery property for a purchase price of excluding transaction and closing costs Disposition of two retail assets, in Rest of markets, totalling 338,000 square feet for gross proceeds of Half of the proceeds will be in the form of interest free vendor take-back financing for three years As part of this transaction, Crombie will retain the grocery component at one location through a long term land lease Completed offering of Series M senior unsecured notes maturing , bearing an interest rate of 4.73% per annum Redeemed principal amount of Series E senior unsecured notes, bearing an interest rate of 4.80% per annum, which were originally scheduled to mature on Converted the secured revolving credit facility to an unsecured revolving credit facility, increasing the maximum principal amount to and extending the maturity date to The existing unsecured non-revolving credit facility I has been closed in conjunction with the amendment to the revolving credit facilityInformation in this press release is a select summary of results. Total proceeds, before closing adjustments and transaction costs, were approximately $3,300.Crombie will provide additional details regarding its fourth quarter ended December 31, 2024 results on a conference call to be held Thursday, February 20, 2025, beginning at 10:00 a.m. (EST). There can be no assurance that the expectations of management of Crombie will prove to be correct, and Crombie can give no assurance that actual results will be consistent with these forward-looking statements.Specifically, this document includes, but is not limited to, forward-looking statements regarding expected timing and cost of development, which may be impacted by ordinary real estate market cycles, the availability of labour, ability to attract tenants, estimated GLA, tenant rents, building sizes, financing and the cost of any such financing, capital resource allocation decisions and general economic conditions, as well as development activities undertaken by related parties not under the direct control of Crombie.Crombie invests in real estate with a vision of enriching communities together by building spaces and value today that leave a positive impact on tomorrow. As one of the countrys leading owners, operators, and developers of quality real estate assets, Crombies portfolio primarily includes grocery-anchored retail, retail-related industrial, and mixed-use residential properties.