Crombie Real Estate Investment Trust · TSX:CRR.UN
Crombie Real Estate Investment Trust — Q3 2023 Earnings Presentation
15 slides from Crombie Real Estate Investment Trust's earnings presentation, Nov 9, 2023
Slide 1: Growth-focused. Resilient. Sustainable.
Growth-focused. Resilient. Sustainable. Q3 2023 Results Conference Call November 9, 2023
Slide 2: Cautionary Statements
Cautionary Statements Forward-looking Information: These factors should be considered carefully, and a reader should not place undue reliance on the forward-looking statements. There can be no assurance that the expectations of This presentation contains forward-looking statements that reflect the c
Slide 3: Well-positioned, stable grocery-anchored portfolio
Well-positioned, stable grocery-anchored portfolio Committed occupancy 96.4% Property revenue +0.8% SANOI1,2 +2.8% AFFO per Unit $0.28 Debt to gross book value 45.3% Debt to gross fair value1 1. Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See Q3’23 MD&A
Slide 4: Financial strength and multiple sources of capital
Financial strength and multiple sources of capital $565M Available liquidity 4.7 years Weighted average term to maturity 8.13x Debt to adjusted EBITDA1,2 1. Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See Q3’23 MD&A for additional information and compar
Slide 5: Major Developments
Major Developments Enhancing communities where people live, work, shop and play The Village at Bronte Harbour Oakville (Toronto), Ontario 5
Slide 6: The Marlstone
The Marlstone1 Estimated cost: $134M Estimated yield on cost: 4.5% - 5.5% The Marlstone Rendering 1. Please see the development section of the Q3’23 MD&A for additional information on Halifax, Nova Scotia assumptions and risks
Slide 7: Unlocking value through accretive non-major developments
Unlocking value through accretive non-major developments1 GLA on Estimated total Estimated cost completion cost to complete Land-use intensification 53,000 $ 30M $ 19M Modernizations2, - 22M 3M redevelopment and other Total 53,000 $ 52M $ 22M Yield on cost projections3 5.3% - 7.0% 1. Non-major devel
Slide 8: Unlocking value through a robust development pipeline
Unlocking value through a robust development pipeline Focused on accelerating pace of entitlements Number of Estimated Residential projects total sq. ft.1,2 units1,2 Zoned 4 1,503,000 1,821 Applications submitted 4 3,211,000 3,600 Applications to submit in 1 41,000 30 2023 Total 9 4,755,000 5,451 Br
Slide 9: Aligning strategies with Empire to maximize growth
Aligning strategies with Empire to maximize growth Recent transactions • Crombie paid $16.4 million to a subsidiary of Empire in connection with the assignment of 24 subleases for Shell fuel sites in Western Canada • Crombie entered into right-to-develop agreements at the below sites with a subsidia
Slide 10: Crombie's commitment to ESG
Crombie’s commitment to ESG ▪ 2023 GRESB results ▪ Received Green Star for excellence in both Standing Investments and Development ▪ Standing Investments and Development benchmark scores increased 45% and 25% from 2022, respectively ▪ Net zero commitment to reduce greenhouse gas emissions was valida
Slide 11: Strong fundamentals drive performance
Strong fundamentals drive performance Balanced portfolio of high-quality properties Committed Occupancy New leases Committed space Q3 2023 Q3 2023 457,000 sq. ft. 84,000 sq. ft. Q3 2022 286,000 sq. ft. Q3 2022 119,000 sq. ft. TOTAL Retail 96.2% 18.7m SF Retail-related Renewals Renewals spreads indus
Slide 12: Q3'23 Financial highlights
Q3’23 Financial highlights Property revenue SANOI1,2 2.7% 2.8% 4.8% 2.4% 4.0% 2.5% 0.9% 0.8% Q4'22 Q1'23 Q2'23 Q3'23 Q4'22 Q1'23 Q2'23 Q3'23 1. Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See Q3’23 MD&A for additional informa tion and comparable GAAP me
Slide 13: Q3'23 Financial highlights
Q3’23 Financial highlights Operating income attributable to Unitholders per Unit $0.49 $0.14 $0.15 $0.11 Q4'22 Q1'23 Q2'23 Q3'23 FFO per Unit1 AFFO per Unit1 $0.31 $0.26 $0.28 $0.30 $0.25 3 $0.29 $0.22 2 $0.26 Q4'22 Q1'23 Q2'23 Q3'23 Q4'22 Q1'23 Q2'23 Q3'23 1. Non-GAAP financial measures used by man
Slide 14: Financial strength and flexibility
Financial strength and flexibility $2.6B $565M 3.41x 8.13x BBB (low) Fair value of Available Interest Debt to stable trend unencumbered assets liquidity coverage1 adjusted EBITDA1 DBRS rating provides attractive unsecured debt financing As at September 30, 2023 Debt to adjusted EBITDA1 52.1% 50.6% 5
Slide 15: Growth-focused. Resilient. Sustainable.
Growth-focused. Resilient. Sustainable.
Crombie Real Estate Investment Trust — Q3 2023 Earnings Presentation on 6ix