CRR.UN: Flexing its advantages

研报英文原文证据摘录

CRR.UN: Flexing its advantages

30 1.33 1.36

LTA and renewal leasing spreads in double-digits (+12.1%). Amid muted P/FFO 13.7x 13.2x 12.9x 12.5x

new supply and tight availability, demand from grocers and essential needs AFFO/Unit 1.08 1.15 1.17 1.21

retailers remains robust. Our 2026E SP NOI growth is >3%, with CRR Prev. 1.18

P/AFFO 15.8x 14.9x 14.6x 14.1x acknowledging the potential to surpass its typical +2-3% outlook. Distribution/Unit 0.89 0.89 0.91 0.92

Prev. 0.90 0.90

Flexing its advantages; expect near-term earnings drag from Marlstone. Payout Ratio 82% 78% 78% 76%

CRR completed $130MM of industrial acquisitions, including the previously

announced $115MM in ON from Empire and a $14MM vacant property FFO/Unit Q1 Q2 Q3 Q4 2025 0.30A 0.34A 0.33A 0.33A

in QC. The latter was subsequently leased to Sobeys, with economic 2026 0.33A 0.33E 0.33E 0.33E

occupancy commencing in 12-18M after CRR completes fit out work. Prev. 0.32E 0.34E

Though costs and returns were not available, CRR will earn development All estimates are on a diluted basis unless otherwise noted.

fees to completion, providing another example of its ability to leverage FFO/Unit and AFFO/Unit are shown as REALPAC. Capex, leasing costs and TIs reflect

its parental ties. More deals are likely on the way. As for the recently normalizedAll values inspending.CAD unlessBVPSotherwiseis derivednoted.using disclosed fair value of assets.

completed Marlstone residential rental in Halifax, an occupancy update Priced as of prior trading day's market close, EST (unless otherwise noted).

was not provided. We expect the project to create a modest earnings drag

in the near-term, with stabilization not anticipated until 2H/27.

Forecasts reflect steady, moderate growth. Our 2026E-27E FFOPU are