Crombie Real Estate Investment Trust · TSX:CRR.UN
Crombie Real Estate Investment Trust — Q3 2025 Earnings Presentation
32 slides from Crombie Real Estate Investment Trust's earnings presentation, Nov 5, 2025
Slide 1: Crombie REIT Investor Presentation Q3 2025
THE ESSENTIAL REIT Crombie REIT Investor Presentation Q3 2025 COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025
Slide 2: Cautionary Statements
Cautionary Statements Forward-looking Information that could cause actual results to differ materially from these statements. Crombie can give no assurance that actual results will be consistent with these forward-looking statements. This presentation contains forward-looking statements that reflect
Slide 3: Connecting Communities Across Canada
Connecting Communities Across Canada 45 14 10 BC NL 46 60 19 3 SK 17 Coast-to-coast 49 NS presence spanning AB 43 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 TOTAL GROCERY-ANCHORED AND NECESSITY-BASED RETAIL1 ~ 83% 1. Necessity-based retailers include tenants that provide essential products and services, and predominantly fall into the following categories: grocery, pharmacy, liquor, dollar store, canna
Slide 5: Purpose-Driven, Results-Oriented
Purpose-Driven, Results-Oriented SCALE 306 $6.1B 18.8M properties1 fair value2,3 sq. ft. of GLA2 STABILITY 97.5% 82.8% 8.1 years committed occupancy of annual minimum rent (“AMR”) generated from weighted average lease term (“WALT”) grocery-anchored properties inclusive of retail-related industrial O
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 Assets Three of the Most Desirable Asset Classes in Canadian Real Estate1 Retail Retail-Related Industrial Mixed-Use Residential $4.8B 14.9M $0.6B 2.5M $0.5B 0.6M FAIR VALUE SQ. FT. FAIR VALUE SQ. FT. FAIR VALUE SQ. FT. 1. Crombie’s port
Slide 9: Coast-to-Coast Platform
Coast-to-Coast Platform BY GEOGRAPHY3 BY MARKET TYPE3 total 18.8M sq. ft Gross Leasable Area Gross Leasable Area West 6.5m sq. ft. VECTOM1 6.6m sq. ft. Central 5.3m sq. ft. Major Markets2 4.8m sq. ft. Atlantic 7.0m sq. ft. Regional Markets 7.4m sq. ft. 1. Vancouver, Edmonton, Calgary, Toronto, Ottaw
Slide 10: Optimal Mix of Lease Terms
Optimal Mix of Lease Terms 29% of leases mature over the next five years2 Other 8.1 years1 weighted average Empire lease term % of total portfolio Empire: 10.1 years Non-Empire: 4.2 years 1,400 10% Thousands 1,200 3.0%1 sq. ft in thousands 7.8% % of total portfolio 8% 7.1% 1,000 of portfolio GLA 5.6
Slide 11: Essential Portfolio Drives Stability & Growth
Essential Portfolio Drives Stability & Growth COMMITTED OCCUPANCY ANNUAL SAME-ASSET PROPERTY CASH LAST 3 YEARS NOI GROWTH (“SANOI”)1 LAST 3 YEARS 2 1 96.1% 97.5% 2.9% 4.6% Low High Average Q3 2025 ANNUAL MINIMUM RENT 2022 $17.07 Property Revenue Q3 2025 2023 $17.58 +4.9% 2024 $18.27 Q3'25 $19.00 Ren
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 P r o j ec t s l es s t ha n $ 5 0 M P r o j ec t s g r ea t er t ha n $ 5 0 M MODERNIZE INTENSIFY ENTITLE DEVELOP • Capital investments in existing • Adding GLA and/or repurposing • Advancing key sites through
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 4 87,000 $43.1M $18.9M other Modernizations1 50
Slide 15: Our Major Development Pipeline Drives Long-Term Value Creation
Our Major Development Pipeline Drives Long-Term Value Creation POTENTIAL TO ADD 10.7m sq. ft. ~11,600 residential units BC NL 1 10 1 1 AB SK 23% MB 4 Pipeline properties with QB 4 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 11.5M 60.5% 10.1 year 1 90.2% 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 INTENSIFICAT
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 RESERV
Slide 19: Partnering for Responsible Growth
Partnering for Responsible Growth PROPERTIES– HALIFAX STRATEGIC BENEFITS MONTEZ CORPORATION Halifax, N.S. THE MARLSTONE Completion expected H1 2026 • Stable management and development fee income BARRINGTON STREET Entitlement • Accelerated entitlement-driven BRUNSWICK PLACE value creation Entitlement
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: Well-Positioned Defensive Portfolio with Long-Term Earnings and Cash Flow Stability
Well-Positioned Defensive Portfolio with Long–Term Earnings and Cash Flow Stability CAPITAL STRUCTURE AS AT SEPTEMBER 30, 2025 $3.9B Fair Value of Unencumbered Assets 43.7% 19.0% $676M 52.1% Available Liquidity 50.7% 48.9% 2 45.3% 45.2% 45.7% 45.6% 45.8% 45.6% 3.46X 44.6% Interest Coverage 43.6% 43.
Slide 22: Financial Strength and Flexibility
Financial Strength and Flexibility YEAR TO DATE Q3’25 Q2’25 Q1’25 2024 2023 2022 2021 2020 Available Liquidity1 (millions) $676 $678 $696 $682 $584 $583 $508 $472 Unencumbered Assets (billions) $3.9 $3.9 $3.7 $3.7 $2.6 $2.2 $1.8 $1.4 Interest Coverage Ratio2,3,6 3.46X 3.45X 3.22x 3.33x 3.16x 3.28x 3
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: Q3 2025 Highlights
Q3 2025 Highlights1 Available liquidity – Property revenue FFO per unit2,3 AFFO per unit2,3 unutilized credit facilities4 $120,084 $0.33 $0.30 $676,106 Q3 2024 $114,460 +4.9% Q3 2024 $0.31 +6.5% Q3 2024 $0.27 +11.1% Q3 2024 $676,649 -0.1% Same-asset property cash NOI 2,3 FFO payout ratio2 AFFO payou
Slide 25: ESG: Essential to Building a Sustainable Tomorrow
ESG: Essential to Building a Sustainable Tomorrow ENVIRONMENTAL SOCIAL GOVERNANCE NEAR-TERM TARGETS COMMUNITY IMPACT STRATEGY FOCUS 2024 ACCOMPLISHMENTS ON THREE KEY PILLARS: Reduction in Scope 1 50% and 2 GHG1 emissions by 2030 from 2019 base year2 FINANCIAL SUPPORT Enhanced our Trustee onboarding
Slide 26: People & Culture
People & Culture Empowering Talent, Building Together, & Delivering Impact Mentorship opportunities Leadership training Continuing education Prioritize diversity, equity, and inclusion Flexible work policies emphasis on well-being A workplace where collaboration, innovation, and accountability thriv
Slide 27: Purpose-Driven, Results-Oriented
Purpose-Driven, Results-Oriented ENVIRONMENTAL 2025 RECOGNITION Climate Leasing & Design & ATLANTIC CANADA’S TOP Action Operations Development EMPLOYERS SOCIAL NOVA SCOTIA’S TOP EMPLOYERS Diversity, Equity & Building & Attracting Health, Safety & Inclusion Talent Well-being CANADA’S GREENEST EMPLOYE
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 Q3’25 2024 2023 2022 20212,3 20202,3 Debt $2,633,648 $2,614,825 $2,468,755 $2,359,458 $2,517,392 $2,649,583 Adjusted EBITDA $342,249 $328,558 $307,356 $294,259 $280,057 $256,689 Debt to Trailing 12 Months Adjusted EBITDA 7.70x 7.96x 8
Slide 30: Calculation of Non-GAAP Measures
Calculation of Non-GAAP Measures1 Interest Coverage Ratio Q3’25 2024 2023 2022 20212 20202 Adjusted EBITDA $87,921 $328,558 $307,356 $294,259 $280,057 $256,689 Adjusted Interest Expense $25,431 $98,707 $97,243 $89,787 $89,721 $88,292 Interest Coverage Ratio 3.46x 3.33x 3.16x 3.28x 3.01x 2.89x Same-A
Slide 31: Calculation of Non-GAAP Measures
Calculation of Non-GAAP Measures1,2 FFO and AFFO Three Months Ended September 30 2025 2024 FFO $61,945 $56,170 Units Outstanding 185,775 182,958 Per Unit $0.33 $0.31 Payout Ratio 67.3% 72.5% Three Months Ended September 30 2025 2024 AFFO $54,966 $48,742 Units Outstanding 185,775 182,958 Per Unit $0.
Slide 32: 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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