Crombie Real Estate Investment Trust : Q2 2023 Conference Call Slide Deck

Growth-focused.

Resilient.

Sustainable.

Q2 2023 Results Conference Call

August 10, 2023

2

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 potential NOI, AFFO and NAV growth from lease assignments and development activity the development potential of Crombie's development sites, anticipated achievement of NOI stabilization at Bronte Village, anticipated community reception of the Marlstone development, zoning applications to be submitted in 2023, Crombie's plan to achieve a credit rating upgrade, future NOI growth due to committed occupancy and Crombie's Net Zero commitment, 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 availability of financing opportunities and labour, uncertainties in obtaining required municipal zoning and development approvals, concluding successful agreements with existing tenants, and, where applicable, successful delivery of development activities undertaken by related parties not under the direct control of Crombie, unforeseen changes to the operating costs associated with Crombie's properties and unforeseen changes to the operating costs associated with Crombie's properties, infrastructure and technology limitations, participation of major tenants, and other factors not under the direct control of Crombie to achieve net zero.

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, debt to trailing 12 months adjusted EBITDA, D/GFV and interest coverage ratio are not measures defined under Generally Accepted Accounting Principles ("GAAP") and do not have standardized meanings prescribed by GAAP. AFFO, FFO, NAV, SANOI, debt to trailing 12 months adjusted EBITDA, debt to gross fair value, and interest coverage ratio should not be construed as an alternative to net earnings or cash flow from operating activities as determined by GAAP. AFFO, FFO, NAV, SANOI, debt to trailing 12 months adjusted EBITDA, D/GFV, and interest coverage ratio as presented, may not be comparable to similar measures presented by other issuers. Crombie believes that AFFO, FFO, NAV, SANOI, debt to trailing 12 months adjusted EBITDA, D/GFV and interest coverage ratio 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. See the section titled "Non-GAAP Financial Measures" in Crombie's Management's Discussion and Analysis for the quarter ended June 30, 2023 ("Q2'23 MD&A") and the reconciliations referenced in that section, all of which are incorporated into this presentation by this reference, for a discussion of these non-GAAP measures. A copy of the Q2'23 MD&A is available under Crombie's profile on SEDAR at www.sedar.com.

3

CEO's

Remarks

Mark Holly

President & CEO

High quality, sustainable property portfolio underpins growth platform

Resilient and	Strategic	Development	Strong Financial	A Highly
Growing Portfolio	Partnership	Pipeline	Condition	Skilled Team

4

Well-positioned	Aligning strategies with	Focused on high growth	Optimal low-cost capital
defensive portfolio	Empire; maximizing	urban and suburban markets	structure with ample liquidity
	value creation	with development
		opportunities

Attract, develop and retain talented people who accomplish our strategic goals and care passionately

Well-positioned, stable grocery-anchored portfolio

Committed occupancy

96.4%

Property revenue

+4.8%

SANOI1,2

+2.7%

Portfolio Fair Value by Asset Type3

Retail

Retail-related industrial

TOTAL Mixed-use

$5.6B residential

Office

Other

1. Non-GAAP financial measures used by management to evaluate Crombie's business performance. See Q2'23 MD&A for additional information and comparable GAAP measures.

2.	Same-asset property cash NOI.
35.	Inclusive of joint ventures at Crombie's share.