Crombie Real Estate Investment Trust (CRR.UN) Investor Presentation summary

Portfolio overview and strategy

• Operates 304 properties with a $5.9B fair value and 19.1M sq. ft. of gross leasable area, maintaining a 96.8% committed occupancy rate and an 8.5-year weighted average lease term.

• 82% of the portfolio is grocery-anchored and necessity-based retail, with 81% of annual minimum rent from grocery-anchored properties.

• Coast-to-coast presence across Canada, spanning urban hubs and vibrant communities.

• Strategic pillars focus on value creation, financial strength, people and culture, and ESG initiatives.

• Portfolio includes retail, retail-related industrial, and mixed-use residential assets, with additional value in office and development properties.

Financial performance and stability

• 2024 property revenue grew 4.3% to $471M, with same-asset property cash NOI up 2.9%.

• FFO per unit increased 6.0% to $1.24, and AFFO per unit rose 6.9% to $1.08.

• Operating income attributable to unitholders surged 60.2% to $158.3M.

• Maintains a strong liquidity position with $682M in available credit and a BBB (low) credit rating with a positive trend.

• Debt to gross fair value improved to 43.6%, and interest coverage ratio increased to 3.33x.

Leasing, development, and asset management

• 32.9% of leases mature over the next five years, with a weighted average lease term of 8.5 years; Empire leases average 10.8 years.

• Achieved a 9.8% renewal leasing spread on 1.1M sq. ft. in 2024.

• Actively manages portfolio through acquisitions, modernizations, and selective dispositions of non-core and underperforming assets.

• Non-major developments focus on modernization and intensification, targeting 6.9%-8.0% yield on cost.

• Major development pipeline could add 10.6M sq. ft. and 11,291 residential units, with 15% of pipeline properties having zoning approval.