Crombie Real Estate Investment Trust : Investor Presentation November 2021

Proven Stability and Sustainable Growth

Investor Presentation

November 2021

Cautionary statements

Forward-looking Information:

This presentation 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 "continue", "may", "will", "estimate", "anticipate", "believe", "expect", "intend" and similar expressions have been used to identify these forward-looking statements. These statements, including statements regarding bad debt expense, balance of rent expected to be collected, the development potential of Crombie's development sites, the total estimated cost to develop these sites, impact on net asset value and expected development returns, the accretive nature of development properties and transactions, 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, including real estate market cycles, general economic conditions, the uncertain economic impact of COVID-19, the availability of financing opportunities and labour, actual development costs, uncertainties in obtaining required municipal zoning and development approvals, concluding successful agreements with existing tenants, and where applicable, successful execution of development activities undertaken by related parties not under the direct control of Crombie.

A number of additional factors, including the risks discussed in our Annual Information Form, 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.

Readers are cautioned that such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from these statements. Crombie can give no assurance that actual results will be consistent with these forward-looking statements.

Non-GAAP Measures:

Certain terms used in this presentation, such as AFFO, FFO, NAV, SANOI, property cash NOI, EBITDA, debt to gross fair value, debt to EBITDA, interest coverage ratio and yield on cost are

not measures defined under Generally Accepted Accounting Principals ("GAAP") and do not have standardized meanings prescribed by GAAP. AFFO, FFO, NAV, SANOI, property cash NOI, EBITDA, debt to gross fair value, debt to EBITDA, interest coverage ratio and yield on cost should not be construed as an alternative to net earnings or cash flow from operating activities as determined by GAAP. AFFO, FFO, NAV, SANOI, property cash NOI, EBITDA, debt to gross fair value, debt to EBITDA, interest coverage ratio and yield on cost as presented, may not be comparable to similar measures presented by other issuers. Crombie believes that AFFO, FFO, NAV,

SANOI, property cash NOI, EBITDA, debt to gross fair value, debt to EBITDA, interest coverage ratio and yield on cost are useful in the assessment of its operating performance and that

these measures are also useful for valuation purposes and

are relevant and meaningful measures of its ability to earn and distribute cash to unitholders. Reconciliations of AFFO and FFO to the most directly comparable measure calculated in accordance with GAAP are provided in the Management Discussion and Analysis of Crombie for the most recently completed reporting period.

2

A leader in Canadian real estate

Strong, stable portfolio with opportunity for growth

High-qualitygrocery-anchored portfolio driving strong, predictable cash flow growth

298 properties

including 4 properties owned in joint ventures

$5.1B

fair value of investment properties2

82%

annual minimum rent (AMR) from grocery and pharmacy-anchored properties, inclusive of retail- related industrial

57% AMR from Empire,

strategic partner and grocery retailer

VECTOM1 focused value- enhancing development pipeline

$4.6-6.5B

major mixed-use development pipeline

6 30 pipeline

completed projects	projects

2

4 active with zoning

approvals

Strong financial position with access to multiple sources of capital

$1.5B

unencumbered assets

BBB (low)

negative trend

rating by DBRS

49.3%

Debt to Gross Book Value3

45.5%

Debt to Gross Fair Value3

3	1.	Vancouver, Edmonton, Calgary, Toronto, Ottawa, Montreal
	2.	Includes partially-owned properties subject to proportionate consolidation
	3.	Non-GAAP measures used by management to evaluate 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 Sector1

Crombie REIT

S&P/TSX Capped REIT Index

Total Return¹ (Indexed)

600				S&P/TSX Composite
					Crombie REIT
					CAGR 11.6%
500
400					S&P/TSX Capped REIT Index
					CAGR 8.6%
300
					S&P/TSX Composite
					CAGR 6.8%
200
100
0
Mar-06Mar-07Mar-08Mar-09Mar-10Mar-11Mar-12Mar-13Mar-14Mar-15Mar-16Mar-17Mar-18Mar-19Mar-20Mar-21

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1 CIBC - October 28, 2021

Stable fundamentals through COVID-19

Mobilize

• Prioritized health, safety and well-beingof our employees, tenants, communities and our business
• Reinforced strong financial condition with increased liquidity
• Supporting tenants through Crombie Values Small Business program, CECRA1 program, CERS2 program and select tenant assistance
• Thank you Pay program for front-line employees

Stabilize

• Strong financial condition, growing unencumbered asset pool
• Solid operating fundamentals due to well-positioneddefensive portfolio
• Empire's wholly-owned subsidiary, Sobeys Inc., a critical retailer of food and other essential products and our strategic partner, saw S&P reinstate investment grade status
• Essential services make up 70% of AMR

Normalize

• 99% of tenants open as of September 30, 2021
• Strong committed occupancy of 96.5% in Q3 2021
• 99% rent collection in Q3 2021; 100% in October 2021
• 80% of top 10 tenants are investment grade

5	1.	Canada Emergency Commercial Rent Assistance
2.	Canada Emergency Rent Subsidy