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Crombie Crombie REIT Announces First Quarter 2021 Results Positive short - term and long - term results driven by completed development projects , stable grocery - anchored portfolio , and solid financial condition May 5 , 2021 New Glasgow , NS - Crombie Real Estate Investment Trust ( " Crombie " ) ( TSX : CRR.UN ) today announced results for its first quarter ended March 31 , 2021. Management will host a conference call to discuss the results at 11:30 a.m. ( EST ) , May 6 , 2021 . " Despite the challenging environment of the third wave of COVID - 19 , Crombie continues to display extraordinary stability and achieve sustainable growth , " said Don Clow , President and CEO . " I am grateful for the health of our team and the empathy and support they have demonstrated to our tenants and communities . Our real estate fundamentals and financial performance are strong , our balance sheet is solid and improving , and our net asset value ( NAV ) creation is increasing with the completion of our major developments including our first mixed - use development , Zephyr , at Davie Street in Vancouver and our investments in Empire's competitiveness . ” FIRST QUARTER SUMMARY ( In thousands of CAD dollars , except per unit amounts and as otherwise noted ) Operational Highlights • Strong committed occupancy of 96.3 % and economic occupancy of 95.5 % • • Renewals of 387,000 square feet at rents 3.0 % above expiring rates First quarter 2021 rent collected 98 % ; April 2021 98 % Substantial completion reached at Davie Street Residential Financial Highlights • Property revenue of $ 103,537 Operating income of $ 33,215 • AFFO $ 0.25 per unit ; AFFO payout ratio 90.8 % • Same - asset property cash NOI increase of 2.2 % ( SANOI + 3.8 % normalizing for COVID - 19 impacts ) • Debt to gross fair value of 48.9 % ( 48.3 % net of cash ) COVID - 19 IMPACT Crombie is well - positioned with respect to the defensiveness of annual minimum rent ( AMR ) : • • 82 % of AMR is generated from grocery and pharmacy - anchored properties which includes retail - related industrial 69 % of AMR is generated from essential services tenants • 7 % of AMR is generated from small business tenants During the three months ended March 31 , 2021 , 98 % of gross rent was collected with rent collections for the month of April remaining constant at 98 % . Crombie has actively supported our tenants during this challenging time through the Crombie Values Small Business program , the Federal government's Canada Emergency Commercial Rent Assistance program , the Canada Emergency Rent Subsidy , and mutually beneficial agreements with other tenants . In the first quarter , a bad debt expense of $ 648 was recognized . Continuing uncertainty with respect to the severity , duration and overall impacts of the pandemic mean that forward - looking forecasts of operating and financial results for Crombie are uncertain at this time . 610 East River Road , Suite 200 | New Glasgow , Nova Scotia , Canada | B2H 3S2