Crombie Real Estate Investment Trust : Investor Presentation November 2021

Proven stability and sustainable growth

Investor Presentation

November 2021

Warning notices

Forward-looking information:

This presentation contains forward-looking statements that reflect the current expectations of Crombie management with respect to future results, performance, performance, prospects and opportunities of Crombie. Wherever possible, words such as “further,” “may,” “will,” “estimate,” “anticipate,” “believe,” “expect,” “intend” and similar expressions are used to identify these forward-looking statements. These statements, including statements about bad debt expenses, the balance of anticipated rents to be recovered, the development potential of Crombie’s development locations, the estimated total cost of developing those locations, the impact on net asset value and expected development returns, the value-adding nature of the development Properties and transactions reflect current beliefs and are based on information currently available to Crombie management. Forward-looking statements necessarily involve known and unknown risks and uncertainties, including real estate market cycles, general economic conditions, the uncertain economic impact of COVID-19, the availability of funding and manpower, actual development costs, uncertainties in obtaining the necessary community zoning and building permits, completing successful results Contracts with existing tenants and, if applicable,

A number of additional factors, including the risks discussed in our annual information form, could cause actual results, performance, success, prospects or opportunities to differ materially from those discussed or implied in the forward-looking statements. Careful consideration should be given to these factors and the reader should not place undue reliance on any forward-looking statements. It cannot be guaranteed that the

Crombie’s management expectations will prove correct.

Readers are cautioned that such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in these statements. Crombie cannot guarantee that actual results will match these forward-looking statements.

Non-GAAP metrics:

Certain terms used in this presentation such as AFFO, FFO, NAV, SANOI, Real Estate Cash NOI, EBITDA, Debt at Gross Fair Value, Debt to EBITDA, Interest Coverage, and Return on Costs

no measures that are defined under generally accepted accounting principles (“GAAP”) and have no standardized meanings prescribed by GAAP. AFFO, FFO, NAV, SANOI, real estate cash NOI, EBITDA, debt to gross fair value, debt to EBITDA, interest coverage ratio and cost return are not to be understood as an alternative to net profit or cash flow from operating activities according to the provision: GAAP. AFFO, FFO, NAV, SANOI, real estate cash NOI, EBITDA, debt at gross fair value, debt at EBITDA, interest coverage ratio and cost return as shown, may not be comparable with similar key figures from other issuers. Crombie believes AFFO, FFO, NAV,

SANOI, real estate cash NOI, EBITDA, debt to gross fair value, debt to EBITDA, interest coverage ratio and cost return are useful for assessing operating performance and that

these measures are also useful for evaluation purposes and

are relevant and meaningful measures of its ability to earn cash and distribute to Shareholders. Reconciliations of AFFO and FFO to the most comparable GAAP measure are included in Crombie’s Management Discussion and Analysis for the most recently closed reporting period.

A leader in the Canadian real estate market

Strong, stable portfolio with growth opportunities

High quality grocery anchored portfolio for strong, predictable cash flow growth

298 accommodations

including 4 properties owned by joint ventures

$ 5.1 billion

Fair value of investment properties2


Annual Minimum Rent (AMR) from grocery and pharmacy-based properties, including retail-related industries

57% AMR from the empire,

strategic partner and food retailer

VECTOM1 focused, value-adding development pipeline

$ 4.6-6.5 billion

large development pipeline for mixed use

6th 30 pipeline

finished projects



4th active with zoning


Strong financial position with access to multiple sources of capital

$ 1.5 billion

unencumbered wealth

BBB (low)

negative trend

Assessment by DBRS


Debt at gross book value3


Debt at gross fair value3



Vancouver, Edmonton, Calgary, Toronto, Ottawa, Montreal


Contains partial ownership that is subject to proportionate consolidation


Non-GAAP measures used by management to assess Crombie’s business performance. See Q3’21 MD&A for additional information and comparable GAAP measures.

Crombie continues to outperform the TSX and real estate sectors1

Crombie REIT

S & P / TSX Capped REIT Index


S & P / TSX composite

Crombie REIT

CAGR 11.6%



S & P / TSX Capped REIT Index

CAGR 8.6%


S & P / TSX composite

CAGR 6.8%





1 CIBC – October 28, 2021

Fundamentals stable thanks to COVID-19

  • Prioritized health, safety and Wellbeingof our employees, tenants, communities and our business
  • Reinforced strong financial position with increased liquidity
  • Care of tenants through the Crombie Values ​​Small Business Program, CECRA1 Program, CERS2 Program and selection of tenant support
  • Thank you pay program for frontline employees
  • Strong financial position, growing unencumbered asset pool
  • Solid operational fundamentals through well positioneddefensive portfolio
  • Empire wholly owned subsidiary, Sobeys Inc., a major retailer of groceries and other essential products and our strategic partner, saw S&P restore investment grade status
  • Essential services make up 70% of AMR
  • 99% the tenant opened As of 09/30/2021
  • Strong binding occupancy of 96.5% in the third quarter of 2021
  • 99% Rent moving in in the 3rd quarter of 2021; 100% in October 2021
  • 80% of the top 10 tenants are investment grade



Canada Emergency Aid for Commercial Lease


Canada emergency aid for rent

This is an excerpt from the original content. To read further, access the original document here.

Disclaimer of liability

Crombie Real Estate Investment Trust published this content on November 26, 2021 and is solely responsible for the information contained therein. Distributed by public, unedited and unchanged, on November 27, 2021 01:59:07 UTC.

Publicnow 2021

Sale 2021 407 M.
318 M.
318 M.
Annual net income 2021

Net debt 2021

KGV 2021
Income 2021 5.06%
capitalization 2,894 M.
2 263 M.
2 260 M.
Lid. / Sale 2021 7.11x
Lid. / Sale 2022 6.92x
Number of employees 303
Free swimmers 58.2%

Duration: Auto. 2 months3 months6 months9 months1 year2 years5 years10 yearsMax.

Period: DayWeek

Crombie Real Estate Investment Trust Technical Analysis Chart |  MarketScreener


In the short term Halftime Long term
Trends Bearish Neutral Bullish

Development of the income statement



Medium consensus EXCEED
Number of analysts 9
Last closing price

17.59 CAD

Average target price

19.61 CAD

Spread / Average Target 11.5%