Crombie Real Estate Investment Trust (OTCPK:CROMF)
$ 10.88 0 (0%) Market Cap: 1.91 Bil Enterprise Value: 3.47 Bil PE Ratio: 0 PB Ratio: 1.48 GF Score: 76/100
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Q2 2024 Crombie Real Estate Investment Trust Earnings Call Transcript

Aug 08, 2024 / 04:00PM GMT
Release Date Price: $10.02

Key Points

Positve
  • Crombie Real Estate Investment Trust (CROMF) achieved a high occupancy rate with committed and economic occupancy at 96.4% and 95.9%, respectively.
  • The company reported a 6.7% increase in normalized FFO per unit, demonstrating strong financial performance.
  • Leasing activities resulted in renewal spreads of 9.6% on 293,000 square feet of GLA, indicating robust leasing performance.
  • Crombie Real Estate Investment Trust (CROMF) maintained a strong and flexible balance sheet with ample liquidity and a debt-to-EBITDA ratio of 7.6 times.
  • The company successfully acquired a 48,000 square foot retail property anchored by Empire's FreshCo banner, aligning with its grocery-anchored asset strategy.
Negative
  • The macroeconomic environment remains challenging, which could impact future performance.
  • Acquisition investment activity is muted, with limited opportunities to acquire quality grocery-anchored assets in Canada.
  • Higher interest expenses partially offset the positive financial performance, impacting overall profitability.
  • The company faces a competitive market for retail space, which may affect future leasing spreads and occupancy rates.
  • Crombie Real Estate Investment Trust (CROMF) is maintaining its same-property NOI growth guidance at 2% to 3%, indicating potential challenges in achieving higher growth rates.
Operator

Good day, everyone, and welcome to Crombie REIT's Q2 Conference Call.

(Operator Instructions) This call is being recorded on August 8, 2024. I would now like to turn the conference over to Ruth Martin. Please go ahead.

Ruth Martin
Crombie Real Estate Investment Trust - Senior Director, Investor Relations & Financial Analysis

Thank you. Good day, everyone, and welcome to Crombie REIT's second quarter 2024 conference call and Webcast. Thank you for joining us. This call is being recorded in live audio and is available on our website at www.crombie.ca. Slides to accompany today's call are available on the Investors section of our website under Presentations and Events. On the call today are Mark Holly, President and Chief Executive Officer; Kara Cameron, Chief Financial Officer; and Arie Bitton, Executive Vice President; leasing and operations.

Today's discussion includes forward-looking statements. As always, we want to caution you that such statements are based on management's

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