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7 Crombie Crombie REIT Announces Second Quarter 2021 Results Meaningful fair value growth and improved financial condition driven by rising grocery - anchored property values August 4 , 2021 New Glasgow , NS - Crombie Real Estate Investment Trust ( " Crombie " ) ( TSX : CRR.UN ) today announced results for its second quarter ended June 30 , 2021. Management will host a conference call to discuss the results at 12:00 p.m. ( EST ) , August 5 , 2021 . " Strong market interest in grocery - anchored properties drove cap rate compression and created significant fair value growth for Crombie in the quarter , " said Don Clow , President and CEO . " The stability and growth of our portfolio continues to be evident in our solid operating results , improved financial position , and robust development pipeline . Our strategy of investing primarily in Empire - related initiatives and major developments in Canada's major urban markets has required focus and patience so we are pleased with our progress and early financial results achieved . Lastly , our development momentum continued with the acquisition and development commencement of a 25- acre site in Calgary , Alberta , which will be the location of Empire's third customer fulfillment centre ( " CFC " ) for their Voilà online grocery home delivery service . " SECOND QUARTER SUMMARY ( In thousands of CAD dollars , except per unit amounts and as otherwise noted ) Operational Highlights • Strong committed occupancy of 96.2 % and economic occupancy of 95.6 % Renewals of 234,000 square feet at rents 3.4 % above expiring rates • Rent collected 99 % ; July 2021 99 % • Acquired 25 - acre site in Calgary , Alberta and commenced development of the future home of Empire's third CFC Financial Highlights Property revenue of $ 100,006 • Operating income of $ 19,605 • FFO $ 0.27 per unit ; FFO payout ratio 81.7 % • AFFO $ 0.23 per unit ; AFFO payout ratio 97.3 % • • Same - asset property cash NOI increase of 7.2 % ( SANOI was flat for the quarter adjusting for the 2020 impacts of COVID - 19 ) Debt to gross fair value of 46.0 % Debt to adjusted EBITDA of 9.12x Completed $ 100,000 equity financing at a price of $ 16.60 per Unit • Weighted average capitalization rate compression of 18 bps to 5.68 % • Increase in fair value of investment properties of $ 176,000 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 , inclusive of retail - related industrial properties 69 % of AMR is generated from essential services tenants 7 % of AMR is generated from small business tenants During the three months ended June 30 , 2021 , 99 % of gross rent was collected with rent collections for the month of July remaining constant at 99 % . Crombie continues to navigate the effects of COVID - 19 . Parking revenue remains depressed as compared to pre - pandemic 610 East River Road , Suite 200 | New Glasgow , Nova Scotia , Canada | B2H 3S2