Crombie Real Estate Investment Trust · TSX:CRR.UN
Crombie Real Estate Investment Trust — Q4 2023 Earnings Presentation
15 slides from Crombie Real Estate Investment Trust's earnings presentation, Feb 22, 2024
Slide 1: Growth-focused. Resilient. Sustainable.
Growth-focused. Resilient. Sustainable. Q4 2023 Earnings Conference Call February 22, 2024
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: Resilient necessity-based portfolio
Resilient necessity-based portfolio Number of Asset Type GLA Fair Value2 Properties Retail 283 15,301,000 $4.3B Retail-related industrial 7 2,434,000 0.5B Mixed-use residential 3 514,000 0.5B Office 5 962,000 0.2B Other1 6 - 0.1B Total 304 19,211,000 $5.6B 1. Other includes properties under developm
Slide 4: The Marlstone
The Marlstone1 Estimated cost: $134M Estimated yield on cost: 4.5% - 5.5% The Marlstone Rendering Halifax, Nova Scotia 1. Please see the development section of the Q4’23 MD&A for additional information on assumptions and risks.
Slide 5: The Village at Bronte Harbour, Oakville, Ontario
The Village at Bronte Harbour Oakville, Ontario
Slide 6: Unlocking value through a robust development pipeline
Unlocking value through a robust development pipeline Focused on accelerating pace of entitlements Lynn Valley Rendering Park West Rendering Vancouver, British Columbia Halifax, Nova Scotia Number of Estimated Residential projects total sq. ft.1,2 units1,2 Zoned 4 1,499,000 1,801 Applications submit
Slide 7: Unlocking value through accretive non-major developments
Unlocking value through accretive non-major developments1,2 Under construction Completed GLA in 2023 GLA on Estimated Estimated cost Market class Q1 Q2 Q3 Q4 Total GLA completion total cost to complete Land-use intensification 28,000 $20M $8M VECTOM 5,000 5,000 Modernizations3, Major Markets 24,000
Slide 8: Strategic partnership with Empire identifying and unlocking future value
Strategic partnership with Empire identifying and unlocking future value Strategic alignment with Empire ▪ Acquisitions ▪ Modernizations ▪ Banner conversions ▪ Online grocery home delivery service, Voilà ▪ Land-use intensifications ▪ Development management services ▪ Right-to-develop agreements 8
Slide 9: Crombie's commitment to ESG
Crombie’s commitment to ESG Climate Action Plan - Net zero commitment to reduce greenhouse gas emissions was validated and approved by SBTi1 • Net zero by 2050 for scopes 1, 2 and 3 • Near term reducing scope 1 and 2 emissions by a minimum of 50% by 2030 2023 GRESB results • Received Green Star for
Slide 10: Persistent pursuit of delivering operational excellence and consistent results
Persistent pursuit of delivering operational excellence and consistent results Committed Occupancy TOTAL Retail 96.3% 18.7m SF1 New leases Committed space 96.5% Office 91.0% Q4 2023 Q4 2023 committed occupancy Retail-related 477,000 sq. ft. 97,000 sq. ft. industrial 100.0% Q4 2022 349,000 sq. ft. Q4
Slide 11: Q4'23 Financial highlights
Q4’23 Financial highlights Property revenue 4.7% 3.9% 2.5% 0.9% 1 1 1 Q1'23 Q2'23 Q3'23 Q4'23 SANOI2,3 4.0% 2.7% 2.8% 2.4% Q1'23 Q2'23 Q3'23 Q4'23 1. Calculations have been restated to reflect a change in the presentation of recoverable property taxes for certain properties where a tenant pays the p
Slide 12: Q4'23 Financial highlights
Q4’23 Financial highlights Operating income attributable FFO per Unit1 AFFO per Unit1 to Unitholders per Unit $0.30 $0.31 $0.30 2 $0.26 $0.28 $0.26 $0.14 $0.15 $0.15 $0.26 $0.22 3 $0.11 Q1'23 Q2'23 Q3'23 Q4'23 Q1'23 Q2'23 Q3'23 Q4'23 Q1'23 Q2'23 Q3'23 Q4'23 1. Non-GAAP financial measures used by man
Slide 13: Financial strength and flexibility
Financial strength and flexibility $2.6B $584M 3.16x 8.03x 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 December 31, 2023 Debt to adjusted EBITDA1 52.1% 50.6% 50
Slide 14: CMHC financing
CMHC financing Mortgage loan: $243M1 Interest rate: 4.35% The Village at Bronte Harbour 1. Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See Q4’23 MD&A Oakville, Ontario for additional information and comparable GAAP measures. 14 2. Adjusting for employee
Slide 15: Growth-focused. Resilient. Sustainable.
Growth-focused. Resilient. Sustainable.
Crombie Real Estate Investment Trust — Q4 2023 Earnings Presentation on 6ix