Crombie REIT Announces Second Quarter 2025 Results and Distribution Increase

New Glasgow, Nova Scotia--(Newsfile Corp. - August 6, 2025) - Crombie Real Estate Investment Trust (TSX: CRR.UN) ("Crombie") today announced results for its second quarter ended June 30, 2025. Management will host a conference call to discuss the results at 10:00 a.m. (EDT), August 7, 2025. "Crombie's second quarter results reflect the strength of our necessity-based portfolio and the disciplined execution of our team," said Mark Holly, President and CEO. "We achieved record committed occupancy for the third consecutive quarter, grew property revenue by 6.4%, and delivered year-over-year growth in FFO and AFFO per Unit. Our performance speaks to the execution of our strategy and the value-creation pillars within it. With a strong balance sheet, a recent credit rating upgrade, and growth in our necessity-based grocery- anchored foundation, we are increasing our annual distribution by $0.01 per Unit, reflecting our confidence in Crombie's financial strength and our commitment to long-term value creation for our Unitholders." SECOND QUARTER SUMMARY (In thousands of Canadian dollars, except per Unit amounts and square feet and as otherwise noted) Information in this press release is a select summary of results. This press release should be read in conjunction with Crombie's Management's Discussion and Analysis for the quarter ended June 30, 2025 and Consolidated Financial Statements and Notes for the quarters ended June 30, 2025, and June 30, 2024. Full details on our results can be found at www.crombie.ca and www.sedarplus.ca. Operational Highlights Committed occupancy of 97.2% and economic occupancy of 96.4%; an 80 basis point increase and a 50 basis point increase, respectively, compared to the second quarter of 2024 Renewals of 270,000 square feet at rents 10.8% above expiring rental rates An increase of 11.9% for the three months ended June 30, 2025 using the weighted average rent during the renewal term Acquisition of four grocery-anchored retail properties, in Rest of Canada, totalling 146,000 square feet for a total purchase price of $21,205 Acquisition of a parcel of land for development in Major Markets through a land swap with the City of Halifax in Nova Scotia for an existing parcel of development land, both valued at $11,500 Disposition of one 140,000 square-foot office property, in Rest of Canada, for gross proceeds of $8,500 Disposition of 100% interest in The Marlstone development to a joint venture partnership for gross proceeds of $66,850, which includes the full assumption of the outstanding construction facility; Crombie's ownership interest in the joint venture is 50% Invested $6,925 in modernizations during the quarter Financial Highlights Morningstar DBRS credit rating upgrade to BBB stable trend, previously BBB(low) positive trend   Three months ended June 30, 2025 2024 Variance % Property revenue $ 123,774 $ 116,361 $ 7,413 6.4 % Revenue from management and development services $ 3,308 $ 2,106 $ 1,202 57.1 % Operating income attributable to Unitholders $ 36,435 $ 29,347 $ 7,088 24.2 % Funds from operations ("FFO") (1) per Unit - basic and diluted $ 0.34 $ 0.32 $ 0.02 6.3 % Adjusted funds from operations ("AFFO") (1) per Unit - basic and diluted $ 0.30 $ 0.28 $ 0.02 7.1 % Same-asset property cash net operating income ("NOI") (1) $ 81,481 $ 79,228 $ 2,253 2.8 % Available Liquidity $ 677,655 $ 706,717 $ (29,062 ) (4.1)% Debt to gross fair value (1) (2) 42.0 % 42.6 %   (0.6)% Debt to trailing 12 months adjusted EBITDA (1) (2) 7.84x 7.68x 0.16x 2.1 %   (1) Non-GAAP financial measures used by management to evaluate Crombie's business performance. See "Cautionary Statements and Non-GAAP Measures" below for a reconciliation of FFO, AFFO, same-asset property cash NOI, debt to gross fair value, and debt to trailing 12 months adjusted EBITDA. (2) At Crombie's proportionate share including joint ventures. Subsequent Event Highlights Subsequent to June 30, 2025, published annual Environmental, Social & Governance ("ESG") Report highlighting priorities, initiatives, and accomplishments Subsequent to June 30, 2025, increased distributions to $0.90 per Unit per year effective for Unitholders of record on August 31, 2025 Operational Metrics June 30, 2025 June 30, 2024 Number of investment properties (1) 297 295 Gross leasable area (2) 18,199,000 18,750,000 Economic occupancy (3) 96.4 % 95.9 % Committed occupancy (4) 97.2 % 96.4 % Total properties inclusive of joint ventures (5) 306 304 Gross leasable area inclusive of joint ventures 18,816,000 19,280,000   (1) This includes properties owned at full and partial interests, excluding joint ventures. (2) Gross leasable area is adjusted to reflect Crombie's proportionate interest in partially owned properties, excluding joint ventures and a wholly-owned residential asset. (3) Represents space currently under lease contract and rent has commenced. (4) Represents current economic occupancy plus completed lease contracts for future occupancy of currently vacant space. (5) Inclusive of properties under development. Committed occupancy of 97.2% included 137,000 square feet of space committed in the quarter. VECTOM and Major Markets represent 77,000 square feet of committed space. The increase in committed occupancy compared to June 30, 2024 is primarily due to new leasing activity and the sale of four non-core commercial properties. New commercial leases increased occupancy by 64,000 square feet at June 30, 2025, at an average first-year rate of $24.52 per square foot. Renewal activity for the second quarter of 2025 consisted of 270,000 square feet with an increase of 10.8% over expiring rental rates. The primary driver of renewal growth in the quarter was 265,000 square feet of retail renewals with an increase of 10.9% over expiring rental rates. When comparing the expiring rental rates to the weighted average rental rate for the renewal term, Crombie achieved an increase of 11.9% for the three months ended June 30, 2025. Financial Metrics Three months ended June 30,   Six months ended June 30, 2025 2024 Variance %   2025 2024 Variance % Net property income (1) $ 81,321 $ 74,888 $ 6,433 8.6 %   $ 158,487 $ 148,529 $ 9,958 6.7 % Operating income attributable to Unitholders $ 36,435 $ 29,347 $ 7,088 24.2 %   $ 60,427 $ 55,552 $ 4,875 8.8 % Same-asset property cash NOI (1) $ 81,481 $ 79,228 $ 2,253 2.8 %   $ 162,214 $ 157,472 $ 4,742 3.0 % FFO (1) $ 62,010 $ 57,880 $ 4,130 7.1 %   $ 117,567 $ 112,748 $ 4,819 4.3 % Per Unit - Basic and diluted $ 0.34 $ 0.32 $ 0.02   6.3 % $ 0.64 $ 0.62 $ 0.02 3.2 % Payout ratio (1) 66.5 % 70.1 %   (3.6)% 70.0 % 71.8 % (1.8)% AFFO (1) $ 54,847 $ 50,317 $ 4,530   9.0 % $ 103,737  $ 97,264 $ 6,473 6.7 % Per Unit - Basic and diluted $ 0.30 $ 0.28 $ 0.02   7.1 % $ 0.56 $ $ 0.53 $ 0.03 5.7 % Payout ratio (1) 75.1 % 80.6 %     (5.5)% 79.3 % 83.2 %   (3.9)%   (1) Net property income, same-asset property cash NOI, FFO, FFO payout ratio, AFFO, and AFFO payout ratio are non-GAAP financial measures used by management to evaluate Crombie's business performance. See "Cautionary Statements and Non-GAAP Measures" below for a reconciliation of net property income, same-asset property cash NOI, FFO, FFO payout ratio, AFFO, and AFFO payout ratio. Second Quarter and Year-to-Date 2025 Results Operating income attributable to Unitholders The increase in operating income in the second quarter of 2025 was primarily due net property income from the acquisition of the remaining 50% interest in the Davie Street residential property in the fourth quarter of 2024, and property revenue growth from lease termination income from disposed properties, renewals, and new leasing. Additionally, gain on derecognition of right-of-use asset, gain on disposition of investment properties, and increased revenue from management and development services further contributed to the increase. This was offset in part by higher interest expense from the net issuance of senior unsecured notes, increased depreciation and amortization as a result of acquisitions, and an increase in general and administrative expenses due to increased Unit-based compensation costs primarily driven by higher Unit price. In addition to the items discussed above for the quarter, the year-to-date increase was further driven by increased supplemental rent from modernization investments and impairment of investment properties in 2024, offset by increased tenant incentive amortization from modernizations and decreased property revenue from dispositions. Same-asset property cash NOI The increase in same-asset property cash NOI for the quarter was primarily due to renewals, contractual rent step-ups, and new leasing. The year-to-date increase was driven by the items discussed above for the quarter as well as increased supplemental rent from modernization investments. FFO The increase in FFO in the quarter was primarily due to net property income from the 2024 Davie Street residential acquisition, property revenue growth as discussed above, and increased revenue from management and development services. This was offset in part by higher interest expense from the net issuance of senior unsecured notes, and an increase in general and administrative expenses due to increased Unit-based compensation costs primarily driven by higher Unit price. In addition to the items discussed above for the quarter, the year-to-date increase was further driven by increased supplemental rent from modernization investments, offset in part by decreased property revenue from dispositions. AFFO The increase in AFFO was primarily due to the same factors impacting FFO for both the quarter and year to date. Financial Condition Metrics June 30, 2025 December 31, 2024 June 30, 2024 Fair value of unencumbered investment properties $ 3,863,000 $ 3,662,000 $ 2,687,000 Available liquidity (1) $ 677,655 $ 682,218 $ 706,717 Debt to gross book value - cost basis (2) 45.8 % 45.7 % 45.1 % Debt to gross fair value (3) (4) 42.0 % 43.6 % 42.6 % Weighted average interest rate 4.1 % 4.1 % 4.2 % Debt to trailing 12 months adjusted EBITDA (3) (4) 7.84x 7.96x 7.68x Interest coverage ratio (3) (4) 3.45x 3.31x 3.47x   (1) Represents the undrawn portion on the credit facilities, excluding joint facilities with joint operation partners. (2) See Capital Management note in the Financial Statements. (3) Non-GAAP financial measures used by management to evaluate Crombie's business performance. See "Cautionary Statements and Non-GAAP Measures" below for a reconciliation of debt to gross fair value, debt to trailing 12 months adjusted EBITDA, and interest coverage ratio. (4) See Debt Metrics section in the Management's Discussion and Analysis. Portfolio Optimization Our development program is divided into major development projects with a total estimated cost greater than $50,000, and non-major development projects with a total estimate cost below $50,000. Major Development Crombie currently has one active major development, The Marlstone, a 291-unit residential rental project in Halifax, Nova Scotia, under construction. Demolition and existing building upgrades have occurred and construction continues to progress well. Completion is expected in the first half of 2026. In the second quarter of 2025, Crombie sold The Marlstone to a newly formed joint venture partnership, resulting in a change of ownership percentage from 100% to 50%. Non-major Development Non-major developments are shorter in duration and thus carry less overall risk as compared to Crombie's major development pipeline. These projects have the ability to create value while enhancing the overall quality of the portfolio. In the second quarter of 2025, Crombie invested $6,925 into its modernization program. The below table summarizes active non-major developments within Crombie's portfolio at June 30, 2025.                At Crombie's Share Type   Project Count     Estimated GLA on Completion     Estimated Total Cost     Estimated Cost to Complete (2) Land-use intensification, redevelopments and other   3     60,000 $  32,494   $ 12,024 Modernizations (1)    12      -    9,086     - Total non-major developments    15     60,000 $  41,580   $ 12,024   (1) Modernizations are capital investments to modernize/renovate Crombie-owned grocery-anchored properties in exchange for a defined return and potential extended lease term. The spend on completed modernizations for the three and six months ended June 30, 2025 was $6,925 and $9,086, respectively (three and six months ended June 30, 2024 - $24,937 and $26,437, respectively). (2) Estimated cost to complete reflects approved projects currently in progress. It does not include potential future projects for which approvals have not yet been obtained. Highlighted Subsequent Events ESG Report Subsequent to June 30, 2025, Crombie announced the release of its 2024 Environmental, Social & Governance Report, which provides a comprehensive overview of the REIT's environmental, social, and governance priorities, progress, and initiatives over the past year. Key Highlights: Adopted the Sustainability Accounting Standards Board ("SASB") standards for the real estate sector, enhancing the clarity and comparability of its reporting Completed a double materiality assessment to guide ESG priorities and prepared for evolving disclosure standards Reduced operational greenhouse gas ("GHG") emissions (1) by 33% from our 2019 baseline Completed a pathway-to-net-zero feasibility study for the Scotia Square complex Joined the Building Decarbonization Alliance Earned first-time recognition as one of Canada's Greenest Employers Launched mandatory Indigenous Awareness training to foster a more inclusive workplace Achieved an 86% participation rate in the employee engagement survey and a Net Promoter Score of 19.2 Supported more than 4,000 hours of volunteering with various groups and donated $122 in support of Community Impact Strategy Enhanced Trustee onboarding to support governance continuity Intensified cybersecurity measures to protect against evolving threats (1) Crombie has restated its 2019 baseline total GHG emissions to 357,000 tonnes of CO2e, previously 358,000 tonnes of CO2e. The restatement reflects changes to Crombie's portfolio composition through acquisition and disposition activity, as well as greater data availability. The full report is available in the ESG section of Crombie's website at www.crombie.ca/esg. Distributions Subsequent to June 30, 2025, Crombie announced an increase of distributions to 90.000 cents per Unit from the previous rate of 89.004 cents per Unit per year (an increase of 1.12%). The increase will be effective for Unitholders of record on August 31, 2025. Conference Call and Webcast Crombie will provide additional details regarding its second quarter ended June 30, 2025 results on a conference call to be held Thursday, August 7, 2025, beginning at 10:00 a.m. (EDT). Accompanying the conference call will be a presentation that will be available on the Investors section of Crombie's website. To join this conference call, you may dial (416) 945-7677 or (888) 699-1199. To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/441GWHx to receive an instant automated call back. You may also listen to a live audio webcast of the conference call by visiting the Investors section of Crombie's website at www.crombie.ca. Replay will be available until midnight August 14, 2025 by dialing (289) 819-1450 or (888) 660-6345 and entering passcode 56704 #, or on the Crombie website for 90 days following the conference call. Non-GAAP Measures and Cautionary Statements Net property income, same-asset property cash NOI, FFO, AFFO, FFO payout ratio, AFFO payout ratio, debt to trailing 12 months adjusted EBITDA, debt to gross fair value, and interest coverage ratio are non-GAAP financial measures that do not have a standardized meaning under International Financial Reporting Standards ("IFRS"). These measures as computed by Crombie may differ from similar computations as reported by other entities and, accordingly, may not be comparable to other such entities. Management includes these measures as they represent key performance indicators to management, and it believes certain investors use these measures as a means of assessing Crombie's financial performance. For additional information on these non-GAAP measures see our Management's Discussion and Analysis for the three and six months ended June 30, 2025. The reconciliations for each non-GAAP measure included in this press release are outlined as follows: Net Property Income Management uses net property income as a measure of performance of properties period over period. Net property income is as follows: Three months ended June 30,   Six months ended June 30, 2025 2024 Variance   2025 2024 Variance Property revenue $ 123,774 $ 116,361 $ 7,413   $ 246,509 $ 234,970 $ 11,539 Property operating expenses (42,453 ) (41,473 ) (980 )   (88,022 ) (86,441 ) (1,581 ) Net property income $ 81,321 $ 74,888 $ 6,433   $ 158,487 $ 148,529 $ 9,958   Same-Asset Property Cash NOI Crombie measures certain performance and operating metrics on a same-asset basis to evaluate the period-over-period performance of those properties owned and operated by Crombie. "Same-asset" refers to those properties that were owned and operated by Crombie for the current and comparative reporting periods. Properties that will be undergoing a redevelopment in a future period and those for which planning activities are underway are also in this category until such development activities commence and/or tenant leasing/renewal activity is suspended. Same-asset property cash NOI reflects Crombie's proportionate ownership of jointly operated properties (and excludes any properties held in joint ventures). Management uses net property income on a cash basis (property cash NOI) as a measure of performance, as it reflects the cash generated by properties period over period. Net property income on a cash basis, which excludes non-cash straight-line rent recognition and amortization of tenant incentive amounts, is as follows: Three months ended June 30,   Six months ended June 30, 2025 2024 Variance   2025 2024 Variance Net property income $ 81,321 $ 74,888 $ 6,433   $ 158,487 $ 148,529 $ 9,958 Non-cash straight-line rent (1,114 ) (1,395 ) 281   (1,859 ) (2,892 ) 1,033 Non-cash tenant incentive amortization (1) 7,788 7,121 667   15,440 13,839 1,601 Property cash NOI 87,995 80,614 7,381   172,068 159,476 12,592 Acquisitions and dispositions property cash NOI 5,680 260 5,420   8,365 247 8,118 Development property cash NOI 834 1,126 (292 )   1,489 1,757 (268 ) Acquisitions, dispositions, and development property cash NOI 6,514 1,386 5,128   9,854 2,004 7,850 Same-asset property cash NOI $ 81,481 $ 79,228 $ 2,253   $ 162,214 $ 157,472 $ 4,742   (1) Refer to "Amortization of Tenant Incentives" in the Management's Discussion and Analysis for a breakdown of tenant incentive amortization. FFO Crombie follows the recommendations of the Real Property Association of Canada ("REALPAC") publication "REALPAC Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS (January 2022)" in calculating FFO and has applied these recommendations to the FFO amounts included in this press release. The reconciliation of FFO for the three and six months ended June 30, 2025 and 2024 is as follows: Three months ended June 30,   Six months ended June 30, 2025 2024 Variance   2025 2024 Variance Decrease in net assets attributable to Unitholders $ (5,111 ) $ (10,154 ) $ 5,043   $ (24,025 ) $ (24,226 ) $ 201 Add (deduct):               Amortization of tenant incentives 7,788 7,121 667   15,440 13,839 1,601 Gain on disposal of investment properties (3,416 ) (2,163 ) (1,253 )   (3,189 ) (2,163 ) (1,026 ) Gain on derecognition of right-of-use-asset (1,770 ) - (1,770 )   (1,770 ) - (1,770 ) Impairment of investment properties  - 2,000 (2,000 )   - 2,000 (2,000 ) Depreciation and amortization of investment properties 21,240 19,595 1,645   43,344 39,233 4,111 Adjustments for equity-accounted investments 867 1,232 (365 )   1,732 2,495 (763 ) Principal payments on right-of-use assets 62 60 2   122 119 3 Internal leasing costs 804 688 116   1,461 1,673 (212 ) Distributions to Unitholders 41,210 40,564 646   82,257 80,963 1,294 Change in fair value of financial instruments (1) 336 (1,063 ) 1,399   2,195 (1,185 ) 3,380 FFO $ 62,010 $ 57,880 $ 4,130   $ 117,567 $ 112,748 $ 4,819 Weighted average Units - basic and diluted (in 000's) 185,099 182,186 2,913   184,733 181,818 2,915 FFO per Unit - basic and diluted $ 0.34 $ 0.32 $ 0.02   $ 0.64 $ 0.62 $ 0.02 FFO payout ratio (%) 66.5 % 70.1 % (3.6)%   70.0 % 71.8 % (1.8)%   (1) Includes the fair value changes of Crombie's deferred unit plan and fair value changes of financial instruments which do not qualify for hedge accounting. AFFO Crombie follows the recommendations of the "REALPAC Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS (January 2022)" in calculating AFFO and has applied these recommendations to the AFFO amounts included in this press release. The reconciliation of AFFO for the three and six months ended June 30, 2025 and 2024 is as follows: Three months ended June 30,   Six months ended June 30, 2025 2024 Variance   2025 2024 Variance FFO $ 62,010 $ 57,880 $ 4,130   $ 117,567 $ 112,748 $ 4,819 Add (deduct):               Straight-line rent adjustment (1,114 ) (1,395 ) 281   (1,859 ) (2,892 ) 1,033 Straight-line rent adjustment included in loss from equity-accounted investments (7 ) 36 (43 )   (4 ) 115 (119 ) Internal leasing costs (804 ) (688 ) (116 )   (1,461 ) (1,673 ) 212 Maintenance expenditures on a square footage basis (5,238 ) (5,516 ) 278   (10,506 ) (11,034 ) 528 AFFO $ 54,847 $ 50,317 $ 4,530   $ 103,737 $ 97,264 $ 6,473 Weighted average Units - basic and diluted (in 000's) 185,099 182,186 2,913   184,733 181,818 2,915 AFFO per Unit - basic and diluted $ 0.30 $ 0.28 $ 0.02   $ 0.56 $ 0.53 $ 0.03 AFFO payout ratio (%) 75.1 % 80.6 % (5.5)%   79.3 % 83.2 % (3.9)%   Debt Metrics Debt to gross fair value is a non-GAAP measure and may not be comparable to that used by other entities. The fair value included in this calculation reflects the fair value of the properties as at June 30, 2025, December 31, 2024, and June 30, 2024, respectively, based on each property's current use as a revenue-generating investment property. Additionally, as properties are prepared for redevelopment, Crombie considers each property's progress through entitlement in determining the fair value of a property. June 30, 2025 December 31, 2024 June 30, 2024 Fixed rate mortgages $ 815,947 $ 827,930 $ 774,534 Senior unsecured notes 1,500,000 1,500,000 1,375,000 Unsecured non-revolving credit facility 50,000 50,000 - Construction financing facility - 13,447 - Unsecured revolving credit facility - - 7,997 Joint operation credit facility 3,520 3,520 3,503 Bilateral credit facility - - 10,000 Debt held in joint ventures, at Crombie's share (1) (2) 232,756 185,991 276,397 Lease liabilities 27,200 33,937 35,872 Adjusted debt $ 2,629,423 $ 2,614,825 $ 2,483,303 Investment properties, fair value $ 5,792,000 $ 5,604,000 $ 5,236,000 Investment properties held in joint ventures, fair value, at Crombie's share (2) 328,500 285,000 452,000 Other assets, cost (3) 116,414 82,296 97,794 Other assets, cost, held in joint ventures, at Crombie's share (2) (3) (4)   8,344     5,755     27,994   Cash and cash equivalents   2,665     10,021     -   Cash and cash equivalents held in joint ventures, at Crombie's share (2)   4,441     3,434     4,924   Deferred financing charges   10,306     11,669     7,861   Gross fair value $ 6,262,670   $ 6,002,175   $ 5,826,573   Debt to gross fair value   42.0 %     43.6 %     42.6 %     (1) Includes Crombie's share of fixed rate mortgages, floating rate construction loans, revolving credit facility, and lease liabilities held in joint ventures. (2) See the "Joint Ventures" section in the Management's Discussion and Analysis. (3) Excludes tenant incentives, accumulated amortization, and accrued straight-line rent receivable. (4) Includes deferred financing charges. The following table presents a reconciliation of operating income attributable to Unitholders to adjusted EBITDA. Adjusted EBITDA is a non- GAAP measure and should not be considered an alternative to operating income attributable to Unitholders, and may not be comparable to that used by other entities.   Three months ended June 30, 2025 December 31, 2024 June 30, 2024 Operating income attributable to Unitholders $ 36,435 $ 76,143 $ 29,347 Amortization of tenant incentives 7,788 7,725 7,121 Loss (gain) on disposal of investment properties (3,416 ) 996 (2,163 ) Gain on acquisition of control of joint venture - (51,794 ) - Gain on derecognition of right-of-use asset (1,770 ) (405 ) - Impairment of investment properties - 3,100 2,000 Depreciation and amortization 21,617 21,196 19,961 Finance costs - operations 24,418 25,401 22,182 Loss from equity-accounted investments 670 130 230 Property revenue in joint ventures, at Crombie's share 3,645 3,797 5,212 Amortization of tenant incentives in joint ventures, at Crombie's share 77 78 73 Property operating expenses in joint ventures, at Crombie's share (1,466 ) (1,199 ) (1,368 ) General and administrative expenses in joint ventures, at Crombie's share (56 ) (43 ) (65 ) Taxes - current - 4 - Adjusted EBITDA [1] $ 87,942 $ 85,129 $ 82,530 Trailing 12 months adjusted EBITDA [3] $ 335,545 $ 328,558 $ 323,519                     Finance costs - operations $ 24,418 $ 25,401 $ 22,182 Finance costs - operations in joint ventures, at Crombie's share 2,002 1,922 2,558 Amortization of deferred financing charges (734 ) (1,433 ) (600 ) Amortization of deferred financing charges in joint ventures, at Crombie's share (207 ) (210 ) (322 ) Adjusted interest expense [2] $ 25,479 $ 25,680 $ 23,818                     Debt outstanding (see Debt to Gross Fair Value) (1) [4] $ 2,629,423 $ 2,614,825 $ 2,483,303                     Interest coverage ratio {[1]/[2]} 3.45x 3.31x 3.47x Debt to trailing 12 months adjusted EBITDA {[4]/[3]} 7.84x 7.96x 7.68x   (1) Includes debt held in joint ventures, at Crombie's share. This press release contains forward-looking statements that reflect the current expectations of management of Crombie about Crombie's future results, performance, achievements, prospects, and opportunities. Wherever possible, words such as "may", "will", "estimate", "anticipate", "believe", "expect", "intend", "plan", "continue", and similar expressions have been used to identify these forward-looking statements. These statements reflect current beliefs and are based on information currently available to management of Crombie. Forward- looking statements necessarily involve known and unknown risks and uncertainties. A number of factors, including those discussed in the 2024 annual Management's Discussion and Analysis under "Risk Management" and the Annual Information Form for the year ended December 31, 2024 under "Risks", could cause actual results, performance, achievements, prospects, or opportunities to differ materially from the results discussed or implied in the forward-looking statements. 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 management of Crombie will prove to be correct, and Crombie can give no assurance that actual results will be consistent with these forward-looking statements. Specifically, this document includes, but is not limited to, forward-looking statements regarding expected timing, cost, and completion of entitlement and development, which may be impacted by ordinary real estate market cycles, the availability of labour, ability to attract tenants, estimated GLA, tenant rents, building sizes, financing and the cost of any such financing, capital resource allocation decisions and general economic conditions, as well as entitlement and development activities undertaken by related parties not under the direct control of Crombie, Crombie's ability to earn recurring development and management fees, and its ability to make decisions that maximize Unitholder value. About Crombie REIT Crombie invests in real estate with a vision of enriching communities together by building spaces and value today that leave a positive impact on tomorrow. As one of the country's leading owners, operators, and developers of quality real estate assets, Crombie's portfolio primarily includes grocery-anchored retail, retail-related industrial, and mixed-use residential properties. As at June 30, 2025, our portfolio contained 306 properties comprising approximately 18.8 million square feet, inclusive of joint ventures at Crombie's share, and a significant pipeline of future development projects. Learn more at www.crombie.ca. Media Contact Kara Cameron, CPA, CA, Chief Financial Officer, Crombie REIT, (902) 755-8100 To view the source version of this press release, please visit https://www.newsfilecorp.com/release/261541