Crombie REIT - Earnings & Price Target Update
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Crombie is an open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie currently owns a portfolio of 281 income-producing properties across Canada, comprising approximately 19.1 million square feet with a strategy to own, operate and develop a portfolio of high quality grocery and drug store anchored shopping centres, freestanding stores and mixed use developments primarily in Canada's top urban and suburban markets.
Crombie REIT currently owns a portfolio of 281 properties as of Mar-31-2017, (284, Mar-31-2016, 251 properties, Dec-31-2014-256) retail, mixed use and office properties across Canada, comprising approximately 19M sq. ft. with a strategy to own and operate a portfolio of high quality grocery and drug store anchored shopping centres and freestanding stores primarily in Canada's top 36 markets. Annual minimum rent by province consists of: Atlantic Canada 38%; Central Canada 24%; and the balance from Western Canada.
Empire Company Ltd (EMP.A) formed Crombie REIT to hold their retail shopping centre properties in an IPO in Mar-2006, comprised of 44 properties. They have since grown to 281 properties (19.1M sq. ft), almost all purchased from Empire Company Ltd. Sobeys headquarters in Stellarton, Nova Scotia is a wholly-owned subsidiary of Empire Company Limited (TSX: EMP.A), Sobeys owns or franchises more than 1,500 stores in all 10 provinces under retail banners that include Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, and Lawton's Drug Stores as well as more than 350 retail fuel locations. Empire Company Limited (EMP.A) holds a 41.5% interest as of Mar-31-2017 unchanged from 41.5% at Jun-30-2016.
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