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Crombie Crombie REIT Announces Third Quarter 2021 Results Commitment to long - term strategy driving positive operating and financial results November 9 , 2021 New Glasgow , NS - Crombie Real Estate Investment Trust ( " Crombie " ) ( TSX : CRR.UN ) today announced results for its third quarter ended September 30 , 2021. Management will host a conference call to discuss the results at 12:00 p.m. ( EST ) , November 10 , 2021 . " Crombie's steadfast commitment to our long - term strategy resulted in strong third quarter results , " said Don Clow , President & CEO . " Our focus on growing and optimizing our grocery - anchored , residential and retail related - industrial portfolio , investing consistently at scale in Empire initiatives and developments while continuously improving our balance sheet and financial condition produced positive outcomes . We were pleased to see continued growth in NAV and AFFO enabled by strong fundamentals including solid same - asset NOI and record occupancy . We have significantly de - risked our business by materially increasing liquidity and the weighted average term to maturity of our debt , as well as leveraging multiple sources of capital to support growth . Lastly , we are pleased to announce that our second mixed - use residential development , Le Duke in Montreal , Quebec , reached substantial completion during the quarter with lease up underway . " THIRD QUARTER SUMMARY ( In thousands of CAD dollars , except per unit amounts and as otherwise noted ) Operational Highlights Record committed and economic occupancy of 96.5 % and 95.8 % , respectively Renewals of 187,000 square feet at rents 3.7 % above expiring rates • Rent collected 99 % ; October 2021 100 % • Substantial completion reached at mixed - used development , Le Duke , in Montreal , Quebec Financial Highlights • Property revenue of $ 101,517 • Operating income of $ 23,851 • FFO $ 0.29 per unit ; FFO payout ratio 76.5 % • AFFO $ 0.25 per unit ; AFFO payout ratio 89.1 % • Same - asset property cash NOI increase of 8.2 % ( SANOI 2.0 % growth for the quarter adjusting for the 2020 impacts of COVID - 19 ) Debt to gross fair value of 45.5 % Debt to adjusted EBITDA of 8.95x Available liquidity of $ 512,168 • Issuance of $ 150,000 of 10 - year 3.133 % Series J Notes 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 70 % of AMR is generated from essential services tenants • 7 % of AMR is generated from small business tenants During the three months ended September 30 , 2021 , 99 % of gross rent was collected with rent collections for the month of October increasing to 100 % . Although parking revenue remains depressed as compared to pre - pandemic levels , there has been improvement in bad debt expense . In the third quarter of 2021 there was a bad debt recovery of $ 221 , $ 96 of which was recovered from same - asset properties 610 East River Road , Suite 200 | New Glasgow , Nova Scotia , Canada | B2H 3S2