Crombie Real Estate Investment Trust : First Quarter Ending March 31, 2024

Q1 2024

Net property income increased during the quarter due to property revenue increases from recently

completed developments, renewals, and new leasing.

Q1 2024

Items affecting FFO, as stated above, drove the improvement in FFO payout ratio in the quarter

compared to the same period in 2023.

Q1 2024

Items affecting AFFO, as stated above, drove the improvement in AFFO payout ratio in the quarter

compared to the same period in 2023.

Q1 2024

The increase in available liquidity resulted from an increase in cash compared to the first quarter of

2023, offset in part by an increase in outstanding letters of credit.

$736,990

Q1 2023

$735,877 +0.2%

Adjusted debt(*)

Represents debt, including Crombie's share of debt held in equity-accounted joint ventures, excluding transaction costs,

which Crombie believes is a more relevant presentation of indebtedness. Adjusted debt is a non-GAAP measure that is

used in the calculation of Crombie's debt to gross fair value and debt to trailing 12 months adjusted EBITDA.

Adjusted EBITDA(*)

Represents earnings before interest, taxes, depreciation, and amortization, excluding certain items such as amortization of

tenant incentives, impairment of investment properties, gain (loss) on disposal of investment properties, and gain on

distribution from equity-accounted investments. It includes Crombie's share of revenue, operating expenses, and general

and administrative expenses from equity-accounted joint ventures. Adjusted EBITDA is a non-GAAP measure that is used as

an input in several of Crombie's debt metrics.

Adjusted interest

Represents finance costs from operations, including Crombie's share of interest from equity-accounted joint ventures,

expense(*)

excluding amortization of deferred financing costs. Adjusted interest expense is a non-GAAP measure that is used in the

calculation of Crombie's interest coverage and debt service coverage ratios.

AFFO(*)

Adjusted funds from operations. Crombie follows the recommendations of REALPAC's January 2022 guidance in

determining AFFO.

AMR

Annual minimum rent. This represents annualized fixed minimum rent payable by the tenant pursuant to the terms of the

lease.

CFC

Customer fulfillment centre.

CMA

Census metropolitan area.

Committed occupancy

Represents current economic occupancy plus future occupancy of currently vacant space for which lease contracts are

currently in place (excludes space held in equity-accounted joint ventures).

D/GFV(*)

Debt to gross fair value.

Economic occupancy

Represents space currently occupied (excludes space held in equity-accounted joint ventures).

ESG

Environmental, social, and governance.

Fair value

The amount at which an asset or liability could be exchanged between two knowledgeable, willing, and unconnected

parties in an arm's length transaction.

FFO(*)

Funds from operations. Crombie follows the recommendations of REALPAC's January 2022 guidance in determining FFO.

GHG

Greenhouse gas emissions.

GLA

Gross leasable area (excludes space held in equity-accounted joint ventures unless noted as proportionately consolidated).

GRESB

An industry-led organization which collects, validates, scores, and independently benchmarks ESG data for financial

markets.

IFRS Accounting Standards

International Financial Reporting Standards as issued by the International Accounting Standards Board.

Joint operations

Properties in which Crombie owns partial interests. These co-owned properties are subject to proportionate consolidation,

the results of which are reflected in Crombie's operating and financial results, based on the proportionate interest in such

joint operations.

Joint ventures

Entities over which Crombie shares joint control with other parties and where the joint venture parties have rights to the

net assets of the joint venture. Crombie accounts for investments in joint ventures using the equity method.

Lease termination income

Revenue derived from the early termination of a lease. Lease termination occurs when a tenant desires to end occupancy

prior to the lease end date.

Major Markets

A Crombie-specific definition that includes Abbotsford-Mission, Barrie, Chilliwack, Halifax, Hamilton, Kitchener-Cambridge-

Waterloo, Oshawa, Quebec City, Regina, Saskatoon, Victoria, and Winnipeg, as defined by Statistics Canada 2021

boundaries for census metropolitan areas and census agglomeration.

Modernization

A capital investment to modernize/renovate Crombie-owned grocery store properties in exchange for a defined return and

potential extended lease term.

NAV(*)

Net asset value.

Net property income(*)

Property revenue less property operating expenses. Net property income excludes revenue from management and

development services and certain expenses such as interest expense and indirect operating expenses.

Property cash NOI(*)

Property NOI on a cash basis, excluding non-cashstraight-line rent recognition and non-cash tenant incentive amortization.

Proportionate ownership

Represents Crombie's proportionate interest in the financial position and results of operations of its entire portfolio, taking

into account the difference in accounting for joint ventures using proportionate consolidation versus equity accounting as

required under IFRS Accounting Standards.

REALPAC

Real Property Association of Canada.

Rest of Canada (RoC)

A Crombie-specific definition that includes all remaining geographies outside of VECTOM and Major Markets.

Retail

Includes Crombie's substantial retail portfolio, including certain additional properties that comprise both retail and office

space. These properties have been consistently included in Crombie's retail category.

Retail-related industrial

Retail-related industrial includes retail distribution centres, customer fulfillment centres, and spokes.

March 31, 2024 December 31, 2023

March 31, 2023

VECTOM

5.10 %

5.10 %

4.79 %

Major Markets

6.15 %

6.16 %

6.15 %

Rest of Canada

6.93 %

6.93 %

6.90 %

Weighted average portfolio capitalization rate

5.91 %

5.92 %

5.74 %