Crombie Real Estate Investment Trust · TSX:CRR.UN
Crombie Real Estate Investment Trust — Q2 2026 Earnings Presentation
32 slides from Crombie Real Estate Investment Trust's earnings presentation, Aug 5, 2026
Slide 1: The Essential REIT Q2 2026 Investor Presentation
The Essential REIT Q2 2026 Investor Presentation
Slide 2: Cautionary Statements
Cautionary Statements Forward-looking Information Non-GAAP Measures This presentation contains forward-looking statements that reflect the current expectations of Certain terms used in this presentation, such as AFFO, FFO, Commercial same-asset property cash NOI, management of Crombie about Crombie'
Slide 3: Connecting Communities Across Canada
Connecting Communities Across Canada 46 14 10 BC NL 46 60 19 3 SK 17 Coast-to-coast 51 NS presence spanning AB 45 NB PE urban hubs to the centre of MB ON vibrant communities & towns QC COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 3
Slide 4: Focused on Grocery-Anchored, Necessity-Based Retail
Focused on Grocery-Anchored, Necessity-Based Retail AMR FROM GROCERY-ANCHORED AND NECESSITY-BASED RETAIL1 83.4% 1. Necessity-based retailers include tenants that provide essential products and services, and predominantly fall into the following categories: grocery, pharmacy, liquor, dollar store, co
Slide 5: Purpose-Driven, Results-Oriented
Purpose-Driven, Results-Oriented SCALE 311 $6.5B 19.5M properties1 fair value2,3 sq. ft. of GLA2 STABILITY 97.5% 83.4% 7.9 years committed occupancy of annual minimum rent (“AMR”) generated from weighted average lease term (“WALT”) necessity-based retailers inclusive of retail-related industrial OPE
Slide 6: Strategic Pillars Ensure Stability & Growth
Strategic Pillars Ensure Stability & Growth Building Together VALUE CREATION tidy Own & Operate Optimize Partner SOLID FOUNDATION Financial Strength ESG People & Culture Enriching communities by building spaces and value today that leave a positive impact on tomorrow COPYRIGHT © CROMBIE REIT OR ITS
Slide 7: Own & Operate
Own & Operate BUILT TO PERFORM COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 7
Slide 8: Grocery-Anchored Retail Portfolio with Strategic Complementary Assets
Grocery-Anchored Retail Portfolio with Strategic Complementary Assets1 Retail Retail-Related Industrial Mixed-Use Residential $5.0B 15.0M $0.7B 3.0M $0.6B 0.7M FAIR VA LUE 2,3 SQ. FT. FAIR VA LUE 2,3 SQ. FT. FAIR VA LUE 2,3 SQ. FT. 1. Crombie’s portfolio also includes $0.1b of fair value, equivalent
Slide 9: Coast-to-Coast Platform
Coast-to-Coast Platform BY GEOGRAPHY1 BY MARKET TYPE1 total 19.5M sq. ft Gross Leasable Area Gross Leasable Area West 6.6m sq. ft. VECTOM2 6.7m sq. ft. Central 5.9m sq. ft. Major Markets3 5.4m sq. ft. Atlantic 7.0m sq. ft. Regional Markets4 7.4m sq. ft. 1. Inclusive of joint ventures at Crombie’s sh
Slide 10: Optimal Mix of Lease Terms
Optimal Mix of Lease Terms 31% of leases expire over the next five years3 Other 7.9 years1,2 weighted average Empire lease term % of total portfolio Empire: 9.7 years2 Non-Empire: 4.1 years2 1,400 8% Thousands 7.6% 1,200 5.4%1,2 sq. ft (thousands) % of total portfolio 6.1% 6.2% 6% 1,000 5.4% 5.3% of
Slide 11: Essential Portfolio Drives Stability & Growth
Essential Portfolio Drives Stability & Growth COMMITTED OCCUPANCY 1 LAST 3 YEARS COMMERCIAL SAME-ASSET PROPERTY CASH NOI GROWTH Q2 2026 - 97.5% 2 3 96.1% 97.7% 2.8% 3.2% Low High Q2 2025 Q2 2026 ANNUAL MINIMUM RENT PER OCCUPIED SQ. FT. Q2'23 $17.28 Property Revenue Q2 20263 Q2'24 $17.93 +1.9% Q2'25
Slide 12: Optimize
Optimize POSITIONED TO LEAD COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 12
Slide 13: Four Key Levers for Flexibility in Both Non-Major and Major Developments
Four Key Levers for Flexibility in Both Non-Major and Major Developments NON-MAJOR MAJOR Projects less than $50M Projects greater than $50M MODERNIZE INTENSIFY ENTITLE DEVELOP Topsail Road Plaza, NL Spryfield, NS Broadway and Commercial Rendering, BC The Marlstone, NS • Capital investments in existi
Slide 14: Consistent Value Creation Through Non-Major Developments
Consistent Value Creation Through Non-Major Developments Shorter Duration, Reduced Risk NON-MAJOR DEVELOPMENTS PROJECT ESTIMATED GLA ON ESTIMATED ESTIMATED COST TO Type COUNT COMPLETION TOTAL COST COMPLETE1 Land-use intensification, redevelopment, and 3 28,500 $25.3M $18.8M other Modernizations1 21
Slide 15: Our Major Development Pipeline Drives Long-Term Value Creation
Our Major Development Pipeline Drives Long-Term Value Creation POTENTIAL TO ADD 10.5m sq. ft. ~11,300 residential units BC NL 1 10 1 1 AB SK 20% MB 4 Pipeline properties with QB 3 zoning approval1 Vancouver ON NB NS Potential to add ~5,100 Calgary & residential units Edmonton Toronto & 5 Halifax 12%
Slide 16: Partner
Partner LEVERAGING AND UNLOCKING VALUE THROUGH OUR STRATEGIC PARTNERSHIPS COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 16
Slide 17: Strategic Alignment with Empire
Strategic Alignment with Empire EMPIRE REPRESENTS 1 1 12.1M 61.5% 9.7 years1 90.6% sq. ft. of occupied of AMR generated weighted average remaining Empire of retail properties portfolio GLA by Empire lease term anchored by Empire CAPITALIZING ON STRATEGIC ALIGNMENT ACQUISITIONS LAND-USE INTENSIFICATI
Slide 18: Partnering Beyond Empire
Partnering Beyond Empire SPECIALIZED EXPERTISE, CAPITAL, AND INSIGHTS TO SUPPORT THE OPTIMIZATION OF OUR ASSETS PARTNERSHIPS TO SUPPORT REDUCE CAPITAL UNLOCK INCOME GAIN LOCAL KNOWLEDGE AND ACCELERATE VALUE CREATION REQUIREMENTS RESOURCES COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVE
Slide 19: Partnering for Responsible Growth
Partnering for Responsible Growth PROPERTIES– HALIFAX STRATEGIC BENEFITS MONTEZ CORPORATION Halifax, N.S. THE MARLSTONE Substantially Completed • Entitlement-driven value creation BARRINGTON STREET Entitlement • Reduced capital BRUNSWICK PLACE requirements and Entitlement enhanced flexibility • Pres
Slide 20: Solid Foundation
Solid Foundation FINANCIAL STRENGTH, ESG LEADERSHIP, PEOPLE AND CULTURE COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 20
Slide 21: Disciplined Capital Structure Underpins Long-Term Growth
Disciplined Capital Structure Underpins Long-Term Growth CAPITAL STRUCTURE AS AT June 30, 2026 3 $4.2B3 Fair Value of Unencumbered Assets 41.7% 17.8% $479M3 Available Liquidity 48.9% 45.3% 44.6% 45.2% 45.7% 45.5% 46.3% 46.7% 3.36X2 Interest Coverage 43.6% 43.0% 43.0% 42.6% 6.4% 41.8% 42.1% 34.1% 8.0
Slide 22: Financial Strength and Flexibility
Financial Strength and Flexibility Q2’26 Q1’26 FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Available Liquidity1 (millions) $479 $536 $669 $682 $584 $583 $508 Unencumbered Assets (billions) $4.2 $4.1 $3.9 $3.7 $2.6 $2.2 $1.8 Interest Coverage Ratio2,3,5 3.36x 3.40x 3.39x7 3.33x 3.16x 3.28x 3.01x Weighted
Slide 23: Prudent Financial Position
Prudent Financial Position SOURCES AND USES OF CAPITAL Multiple Sources of Capital Capital Deployment Capital Markets Dispositions Free Cash Flow Empire Developments Debt Full or partial interest Retail rental revenues Acquisitions Major • Unsecured notes Land parcel sales Residential rental revenue
Slide 24: Q2 2026 Highlights
Q2 2026 Highlights1 Operating income attributable to Property revenue Unitholders5 FFO per unit2,3,5 AFFO per unit2,3,5 $126,154 $29,965 $0.33 $0.30 Q2 2025 $123,774 +1.9% Q2 2025 $36,900 -18.8% Q2 2025 $0.34 -2.9% Q2 2025 $0.30 —% Commercial same-asset property cash NOI 2,3 FFO payout ratio2,5 AFFO
Slide 25: A Purpose-Driven, Results-Oriented Approach
A Purpose-Driven, Results-Oriented Approach ENVIRONMENTAL PORTFOLIO PERFORMANCE & RESILIENCE Sustainable Development Climate Action Resource Management and Transportation SOCIAL PEOPLE & PLACE Health, Safety and Well- Thriving Communities Great Place to Work being GOVERNANCE OVERSIGHT & ACCOUNTABILI
Slide 26: 2025 ESG Highlights
2025 ESG Highlights ENVIRONMENTAL SOCIAL GOVERNANCE Through our Community Impact Strategy, SCIENCE-BASED TARGET PROGRESS anchored by People and Planet: 42% reduction in Scope 1 and 2 GHG1 emissions from 2019 baseline2 $500K+ incontributions total community 4 new Trustees successfully onboarded reduc
Slide 27: People & Culture
People & Culture Empowering Talent, Building Together, & Delivering Impact EMPLOYER RECOGNITION ATLANTIC CANADA’S TOP EMPLOYERS 10th consecutive year NOVA SCOTIA’S TOP EMPLOYERS CANADA’S TOP SMALL & MEDIUM EMPLOYERS CANADA’S GREENEST EMPLOYERS CAREER DIRECTORY RECOGNITION A workplace where collabora
Slide 28: Appendix
Appendix COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 28
Slide 29: Calculation of Ratios
Calculation of Ratios1 Debt to Trailing 12 Months Adjusted EBITDA Q2 2026 Q1 2026 FY 2025 FY 2024 FY 2023 FY 2022 FY 20212,3 Debt $2,822,961 $2,773,601 $2,646,338 $2,614,825 $2,468,755 $2,359,458 $2,517,392 Trailing 12 months adjusted EBITDA $352,596 $351,357 345,5784 $328,558 $307,356 $294,259 $280
Slide 30: Calculation of Non-GAAP Measures
Calculation of Non-GAAP Measures1 Interest Coverage Ratio Q2 2026 Q1 2026 FY 2025 FY 2024 FY 2023 FY 2022 FY 20212 Adjusted EBITDA $89,646 $87,822 $345,5783 $328,558 $307,356 $294,259 $280,057 Adjusted Interest Expense $26,667 $25,852 $101,792 $98,707 $97,243 $89,787 $89,721 Interest Coverage Ratio
Slide 31: Calculation of Non-GAAP Measures
Calculation of Non-GAAP Measures FFO and AFFO Q2 2026 Q2 2025 FFO $62,433 $62,4752 Weighted average Units - basic and diluted 187,687 185,099 FFO Per Unit – basic and diluted $0.33 $0.342 FFO Payout Ratio 68.2% 66.0%2 Q2 2026 Q2 2025 AFFO $55,379 $55,3122 Weighted average Units - basic and diluted 1
Slide 32: The Essential REIT Contact Info
THE ESSENTIAL REIT TSX: CRR.UN Contact Info investing@crombie.ca COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025
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