Crombie Real Estate Investment Trust · TSX:CRR.UN
Crombie Real Estate Investment Trust — Investor Day (September 2026)
42 slides from Crombie Real Estate Investment Trust's investor day presentation, Sep 24, 2026
Slide 1: Welcome to Halifax
Welcome to Halifax ANALYST TEACH-IN HALIFAX, NOVA SCOTIA · SEPTEMBER 24, 2026 CROMBIE REIT · TSX: CRR.UN COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2 026
Slide 2: Welcome to the Marlstone
Welcome to the Marlstone COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2 026
Slide 3: Cautionary Statements
Cautionary Statements FORWARD-LOOKING INFORMATION activities determined in accordance with GAAP. As presented, they may not be comparable to similar measures presented by other issuers. Crombie believes these measures are useful in the assessment of its operating This presentation contains forward-l
Slide 4: The Essential REIT: Our Strategy, Building Together
The Essential REIT Our Strategy: Building Together. Mark Holly VALUE CREATION President & CEO Own & Operate Optimize Partner SOLID FOUNDATION Financial People & ESG Strength Culture COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2 026 4
Slide 5: The Essential REIT: Coast to Coast
The Essential REIT Coast to Coast THE PORTFOLIO AT JUNE 30, 2026 Different photo 1 2 311 properties $6.5B Fair value 10 provinces 1 2,3 19.5M square feet 87.6% Retail and retail-related of GLA industrial, by fair value 1. Property count and gross leasable area as at June 30, 2026, inclusive of prope
Slide 6: Our Stakeholders
The Essential REIT Our Stakeholders UNITHOLDER TENANT COMMUNITY COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2 026 6
Slide 7: The Platform
The Essential REIT The Platform RETAIL $5.0B 15.0M F A I R V A L U E 1,2 SQ. FT.OF GLA RETAIL-RELATED INDUSTRIAL $0.7B 3.0M F A I R V A L U E 1,2 SQ. FT.OF GLA MIXED-USE RESIDENTIAL $0.6B 0.7M F A I R V A L U E 1,2 SQ. FT.OF GLA 1. Inclusive of properties owned in joint ventures, with fair value of
Slide 8: Our Competitive Advantages
The Essential REIT Our Competitive Advantages COAST-TO-COAST PLATFORM EAST 1 WEST 26% NETWORK OPTIMIZATION 1 43% CENTRAL 1 31% THE EMPIRE PARTNERSHIP 1. Based on number of properties, inclusive of properties owned in joint ventures. COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2 02
Slide 9: Building Together
VALUE CREATION Own & Optimize Partner Operate Building Together SOLID FOUNDATION Financial ESG People & Strength Culture COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2 026 9
Slide 10: Our Measures of Success
Our Measures GROW CASH FLOW/FFO DRIVE NAV GROWTH of Success 13.8% 10.6% FFO per Unit growth NAV per Unit growth2,3 2 1,2 $1.16 $1.32 $17.52 $19.37 2022 Q2 2026 2022 Q2 2026 STRENGTHEN RENT OPERATIONAL OUR BALANCE GROWTH EXCELLENCE SHEET 13.3% 96.9–97.5% BBB Portfolio average AMR5 Committed Occupancy
Slide 11: Who You Will Hear From Today
Who You Will Hear From Today THE TEAM IN THE ROOM Mark Holly Kara Cameron President and Chief Executive Officer Chief Financial Officer Arie Bitton Victor Settino Executive Vice President, Leasing, Operations, and Executive Vice President, Development and Corporate Development Construction Barbara S
Slide 12: Own and Operate
Own and Operate Arie Bitton Harrison Diamond VALUE CREATION Executive Vice President, Leasing, Senior Director, Investments Operations, and Corporate Own & Operate Optimize Partner Development SOLID FOUNDATION Financial People & ESG Strength Culture COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIG
Slide 13: We Have Been Upgrading What We Own
We Have Been Upgrading What We Own SQUARE FEET BOUGHT AND SOLD January 1, 2023 to June 30, 20261 Bought 1,175,000 sq. ft. Sold 681,000 sq. ft. EAST Bought 7 Sold 6 WEST 96.9–97.5% Bought 5 Committed occupancy2 CENTRAL Bought 5 Sold 1 7.0–11.8% Renewal spreads2,3 1. Gross leasable area acquired and d
Slide 14: What We Have Bought Since the Start of 2023
What We Have Bought Since the Start of 2023 $384.5M ACQUIRED, JANUARY 1, 2023 TO JUNE 30, 2026 Before closing and transaction costs1 $121.7M Retail $129.8M Retail-related industrial $133.0M Residential RETAIL WHERE THEINVESTMENTS, RETAIL WENT BY MARKET CLASS January 1, 2023 to June 30, 2026, before
Slide 15: What We Have Sold
What We Have Sold $109.2M DISPOSED January 1, 2023 to June 30, 20261 $17.8M $13.0M $11.5M $66.9M Four properties sold to Broadview Ave., A land swap with The Marlstone, into a partnership with Montez. third parties a development parcel the City of Halifax We hold half of it. in Toronto. We held half
Slide 16: Loch Lomond
Loch Lomond 1 AT THE TIME WE SOLD, 2025 GLA 188,000 sq. ft. Occupancy 50% Weighted avg lease term 1.6 years Average rent $8.59 per sq. ft. Sale Price $3.3M +30bps Sold overall portfolio occupancy above IFRS fair value It was costing us AFFO before we spent a cent on it. 1. Loch Lomond Place, 120 McD
Slide 17: Amherst
Amherst 1 AT THE TIME WE SOLD, 2024 GLA 189,000 sq. ft. (excluding Sobeys) We kept the store and sold Occupancy 83% (excluding Sobeys) the rest above carrying value. Net operating income2 Amherst NOI negative $95,000 Sale Price $2.4M Value created $6.9M3 RETAINED THE SOBEYS AT AMHERST 39,000 2039 Sq
Slide 18: One Playbook, Three Market Classes
One Playbook, Three Market Classes VECTOM MAJOR MARKETS REGIONAL MARKETS 3.6M 98.4% 3.4M 98.1% 5.9M 97.4% S Q. F T. O PE N A I R S Q. F T. O PE N A I R S Q. F T. O PE N A IR O C C U PAN C Y 2 O C C U PAN C Y 2 O C C UPAN C Y 2 The Queensway, Etobicoke Timberlea , Halifax Cobblestone, Grande Prairie
Slide 19: The same national brands in all markets
The same national brands in all markets OUR LARGEST NON -EMPIRE TENANTS IN THESE CENTRES 19 of 20 of our largest non-Empire tenants have space in regional markets. COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2 026 19
Slide 20: The Essential REIT: Strategic Operating Playbook
The Essential REIT OUR STRATEGIC OPERATING PLAYBOOK ANCHOR TENANT COMMUNITY THE OPTIMIZATION PLAN COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2 026 20
Slide 21: We look at a site the way a retailer would
We look at a site the way a retailer would. WE KNOW WHICH WE LAY IT OUT FOR THE WE STILL OWN IT IN 20 CORNER TENANT YEARS COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2 026 21
Slide 22: Optimize
Optimize Arie Bitton Victor Settino VALUE CREATION Executive Vice President, Leasing, Executive Vice President, Operations, and Corporate Development and Construction Own & Operate Optimize Partner Development SOLID FOUNDATION Financial People & ESG Strength Culture COPYRIGHT © CROMBIE REIT OR ITS L
Slide 23: We Have Optimization Levers for Every Site
We Have Optimization Levers for Every Site NON-MAJOR MAJOR Projects less than $50M1 Projects greater than $50M Modernize Intensify/Develop Entitle Develop Capital investments in existing Adding GLA and repurposing Advancing key sites through zoning Large-scale, transformative grocery-anchored proper
Slide 24: Modernize
Modernize A Repeatable Lever These projects upgrade the look, feel and functionality of the grocery stores and create a halo effect that benefits other tenants on the site. It supports our leasing performance on both renewals and new deals. $38.0M $17.0M across more than 60 across 21 projects in mod
Slide 25: A Modernization Changes More than the Store
A Modernization Changes More than the Store WHAT IT LOOKED LIKE AT ONE CENTRE1 We agree on the rent before Modernization Invested $588K we spend the capital Modernization Yield2 7.0% Leases Secured 48,941 sq. ft.3 Occupancy 100% Cap Rate 5.9% 6–8% $38M target yield on cost, of modernization non-majo
Slide 26: Intensify/Develop
Intensify/Develop A QUICK SERVICE PAD A PAD A BUILDING BESIDE THE ANCHOR 75 10-20 3 retail intensification near-term opportunities under construction today2 sites across the portfolio1 1. Management's count of retail intensification sites across the portfolio at June 30, 2026. Internal analysis prep
Slide 27: Intensify/Develop: Spryfield
Intensify/Develop Spryfield We took it through municipal approvals Unlocking underutilized raw land at an existing Sobeys grocery-anchored asset — no new site acquisition, pure organic growth Surgical execution We obtained approvals and serviced the site for tenant build — capital- efficient structu
Slide 28: The Queensway
The Queensway 3.6 acres 51,000 sq ft on the Queensway a grocery anchor and two in Toronto bank pads $28.5M 100% before closing and Leased with all tenants transaction costs1 operating 1. The Queensway acquired October 30, 2025 from a related party for $28,472 thousand before closing and transaction
Slide 29: Entitle
Entitle WHAT WE WATCH BEFORE A SHOVEL GOES IN Rental growth Population growth Enough to carry the cost of In the catchment, not the building. province. Construction cost Values on completion Stable enough that we can fix a A finished building worth more than price and hold it. it cost to build. COPY
Slide 30: The Pipeline, and What It Earns While It Waits
The Pipeline, and What It Earns While It Waits THE 25 SITES At June 30, 2026 22 of 25 10.5M sq. ft. are income-producing today. of potential density, compared to 18.8M in the portfolio today, excluding joint ventures and residential1,2 11,280 units of potential residential East density across the pi
Slide 31: Two examples: Broadview and Marlstone
Two examples BROADVIEW MARLSTONE $9.5M $0.45M 291 units $72M original purchase price before across 189,000 square entitlement cost1 total estimated cost at entitlement¹ feet1 Crombie’s share $13.0M 30.7% 4.5–5.5% Q2 2026 sale price, April 2024¹ total return on capital estimated yield on cost, substa
Slide 32: Building Together
Building VALUE CREATION Together Own & Optimize Partner Operate SOLID FOUNDATION Financial ESG People & Strength Culture COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2 026 32
Slide 33: Financial Strength
Financial Strength Kara Cameron Brady Landry VALUE CREATION Chief Financial Officer Vice President, Financial Analysis and Treasury Own & Operate Optimize Partner SOLID FOUNDATION Financial People & ESG Strength Culture COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2 026 33
Slide 34: Financial Strength: How We Look At Capital
Financial Strength How We Look At Capital ACCESS FLEXIBILITY Multiple sources of capital, so we are Liquidity ahead of need. A deep never dependent on a single market or a unencumbered pool. Nothing committed until single lender. the funding is identified. photo STABILITY CAPACITY Term balanced agai
Slide 35: Balance Sheet Built to Support Growth and Stability
Strong Foundation Balance Sheet Built to Support Growth and Stability WHAT IT MEANT FOR THE WHAT WE CHANGED, JANUARY 1, 2023 TO JUNE 30 2026 DISTRIBUTION JAN 2023 JUNE 2026 CHANGE 89.0% to 77.1% AFFO payout ratio4,7 Unsecured share of total debt1 48.8% 63.9% +15.1 ppt Unencumbered investment propert
Slide 36: Well-laddered Debt Maturities
Strong Foundation Well-laddered Debt Maturities MATURING DEBT BALANCES 1 At June 30, 2026 90% $600 5% $500 4% $300M $400 Series N2 Millions 3% $300 OF TOTAL DEBT AT FIXED 2% $200 RATES, AT JUNE 30, 2026 $100 1% Including $103M of floating rate debt swapped to fixed.5 $0 0% A2026 2027 2028 2029 2030
Slide 37: Balance Sheet Flexibility
Strong Foundation Balance Sheet Flexibility We Choose We Choose We Choose THE SOURCE THE ASSET THE TIMING FACILITY, $M DRAWN UNDRAWN TERM TO MATURITY MATURITY Unsecured revolving credit facility 550 145 405 August 28, 20311 Unsecured bilateral credit facility 130 53 77 June 30, 20281 Unsecured non-r
Slide 38: Building Together
Building VALUE CREATION Together Own & Optimize Partner Operate SOLID FOUNDATION Financial ESG People & Strength Culture COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2 026 38
Slide 39: Calculation of Non-GAAP Ratios
Appendix Calculation of Non-GAAP Ratios DEBT TO GROSS FAIR VALUE DEBT TO TRAILING 12 MONTHS ADJUSTED EBITDA DEC 31, 2022 JUN 30, 2026 DEC 31, 2022 JUN 30, 2026 Adjusted debt1, 2 $2,359,458 $2,822,961 Adjusted debt1, 2 $2,359,458 $2,822,961 Gross fair value1, 2 $5,647,149 $6,629,891 Trailing 12 month
Slide 40: Calculation of Non-GAAP Measures: FFO and AFFO
Appendix Calculation of Non-GAAP Measures FFO FY 2022 Q3 2025 Q4 2025 Q1 2026 Q2 2026 TTM Q2 20262 FFO1 $203,737 $61,945 $60,614 $61,577 $62,433 $246,569 Units outstanding3 176,325 185,775 186,458 187,100 187,687 186,755 Per Unit $1.16 $0.33 $0.33 $0.33 $0.33 $1.32 Distributions to Unitholders $157,
Slide 41: Calculation of Non-GAAP Measures: NAV per Unit
Appendix Calculation of Non-GAAP Measures NAV PER UNIT RECONCILIATION OF NAV TO NET ASSETS ATTRIBUTABLE TO UNITHOLDERS DEC 31, 2022 JUN 30, 2026 Investment properties, fair value $5,050,000 $6,143,000 Investment properties held in joint ventures, fair value, at Crombie’s DEC 31, 2022 JUN 30, 2026 $4
Slide 42: Calculation of Non-GAAP Measures: Amherst and Broadview
Appendix Calculation of Non-GAAP Measures AMHERST CENTRE: VALUE CREATED BROADVIEW: TOTAL RETURN ON CAPITAL INVESTED AMOUNT AMOUNT Fair value of retained Sobeys store, Q4 20242 $8,033 Sale price, April 20243 $13,000 Proceeds received on disposition of Amherst Centre $2,400 Less: original purchase pri
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