Crombie Real Estate Investment Trust · TSX:CRR.UN
Crombie Real Estate Investment Trust — Q2 2024 Earnings Presentation
14 slides from Crombie Real Estate Investment Trust's earnings presentation, Aug 8, 2024
Slide 1: Building Together
Building Together Q2 2024 Conference Call August 8, 2024
Slide 2: Cautionary statements
Cautionary statements Forward-looking Information: Readers are cautioned that such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from these statements. This presentation contains forward-looking statements that reflect
Slide 3: Solid and consistent operational and financial results
Solid and consistent operational and financial results +3.1% property revenue 1 +3.4% same-asset NOI growth +9.6% renewal growth $707m available liquidity 1. This is a non-GAAP measures which includes fair value of properties held in joint ventures, at Crombie’s share. Non-GAAP financial measures ar
Slide 4: Building Together
Building Together ® © Own and Operate Optimize Partner © © © Financial Strength ESG People and Culture Crombie
Slide 5: Resilient necessity-based portfolio
Resilient necessity-based portfolio Number of Asset Type GLA Properties Retail 283 15,343,000 Retail-related industrial 8 2,460,000 Mixed-use residential 3 514,000 Office 5 963,000 Other1 5 - Total 304 19,280,000 5 1. Other includes properties under development (“PUD”) and land.
Slide 6: Major Development
The Marlstone Rendering Aberdeen Sobeys Halifax, Nova Scotia New Glasgow, Nova Scotia Major Development Non-major Development
Slide 7: Non-major developments
Non-major developments1,2 Estimated GLA on Estimated Under construction cost to completion total cost complete Land-use intensification, redevelopment, and 54,000 $35M $26M other Modernizations3 - 26M - Total 54,000 $61M $26M Yield on cost projections 5.5% - 10.7% 1. Non-major developments, includin
Slide 8: Leveraging partnerships
Leveraging partnerships Strategic alignment with Empire ▪ Acquisitions ▪ Modernizations ▪ Banner conversions ▪ Land-use intensifications ▪ Development management services ▪ Right-to-develop agreements Belmont Market Langford, British Columbia
Slide 9: Crombie's commitment to ESG
Crombie River Riders 2024 Race on the River Crombie’s commitment to ESG New Glasgow, Nova Scotia Environmental Climate Action Leasing and Operations Design and Development Social Diversity, Equity, and Inclusion Building and Attracting Talent Health, Safety, and Well-being Governance Board Compositi
Slide 10: Q2'24 Financial highlights
Q2’24 Financial highlights Property Revenue Growth 5.5% 3.9% 3.1% 1.0% 1 1 Q3'23 Q4'23 Q1'24 Q2'24 SANOI2 Growth 4.0% 3.2% 3.4% 2.8% Q3'23 Q4'23 Q1'24 Q2'24 1. Calculations have been restated to reflect a change in the presentation of recoverable property taxes for certain properties where a tenant
Slide 11: Persistent pursuit of delivering operational excellence
Persistent pursuit of delivering operational excellence New leases Committed space Renewals Renewals spreads YTD 2024 Q2 2024 Q2 2024 Q2 2024 122,000 sq. ft. 89,000 sq. ft. 293,000 sq. ft. 9.6% YTD 2023 419,000 sq. ft. Q2 2023 87,000 sq. ft. Q2 2023 245,000 sq. ft. Q2 2023 3.3% VECTOM TOTAL TOTAL 99
Slide 12: Q2'24 Financial highlights
Q2’24 Financial highlights Operating income attributable to Unitholders per Unit $0.15 $0.15 $0.14 $0.16 Q3'23 Q4'23 Q1'24 Q2'24 AFFO per Unit1 $0.28 $0.28 $0.26 $0.26 Q3'23 Q4'23 Q1'24 Q2'24 FFO per Unit1 $0.32 $0.31 $0.30 $0.30 Q3'23 Q4'23 Q1'24 Q2'24 1. Non-GAAP financial measures used by managem
Slide 13: Financial strength and flexibility
Financial strength and flexibility $2.7B $707M 3.47x 7.68x BBB (low) Fair value of Available Interest Debt to positive trend unencumbered assets liquidity coverage1 adjusted EBITDA1 Morningstar DBRS credit rating Debt to adjusted EBITDA1 52.1% 50.7% 10.32x 48.9% 8.99x 45.3% 45.2% 45.1% 44.6% 8.02x 8
Slide 14: Building Together
Dp Building Together
Crombie Real Estate Investment Trust — Q2 2024 Earnings Presentation on 6ix