Earnings release
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Crombie REIT Announces Third Quarter 2025 Results Portfolio strength and disciplined execution deliver record occupancy and continued FFO growth November 5, 2025 New Glasgow, NS - Crombie Real Estate Investment Trust (“Crombie”) (TSX: CRR.UN) today announced results for its third quarter ended September 30, 2025. Management will host a conference call to discuss the results at 10:00 a.m. (EST), November 6, 2025. “Our third-quarter results demonstrate the continued strength of Crombie’s high-quality, coast-to-coast portfolio, purpose-built to deliver steady cash flow growth and long-term sustainable value,” said Mark Holly, President and CEO. “During the quarter, we delivered same-asset cash NOI growth of 4.6% and achieved another period of record committed occupancy at 97.5% - a testament to the resilience of our portfolio and our teams’ execution. Over the first nine months of the year, Crombie generated 3.5% same-asset cash NOI growth alongside FFO and AFFO per Unit growth of 4.3% and 7.5%, reinforcing the consistency of our performance and the durability of our strategy.” THIRD QUARTER SUMMARY (In thousands of Canadian dollars, except per Unit amounts and square feet and as otherwise noted) Information in this press release is a select summary of results. This press release should be read in conjunction with Crombie's Management's Discussion and Analysis for the quarter ended September 30, 2025 and Consolidated Financial Statements and Notes for the quarters ended September 30, 2025, and September 30, 2024. Full details on our results can be found at www.crombie.ca and www.sedarplus.ca. Operational Highlights • Committed occupancy of 97.5% and economic occupancy of 97.2%; a 140 basis point increase and a 130 basis point increase, respectively, compared to the third quarter of 2024 • Renewals of 92,000 square feet at rents 10.6% above expiring rental rates ◦ An increase of 13.5% for the three months ended September 30, 2025 using the weighted average rent during the renewal term • Invested $14,932 in modernizations during the quarter • Published annual Environmental, Social & Governance (“ESG”) Report • Announced the increase in distributions to $0.90 per Unit per year effective for Unitholders of record on August 31, 2025
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Financial Highlights Three months ended September 30, 2025 2024 Variance % Property revenue $ 120,084 $ 114,460 $ 5,624 4.9 % Revenue from management and development services $ 4,428 $ 1,083 $ 3,345 308.9 % Operating income attributable to Unitholders $ 30,817 $ 26,570 $ 4,247 16.0 % Funds from operations (“FFO”) (1) per Unit - basic and diluted $ 0.33 $ 0.31 $ 0.02 6.5 % Adjusted funds from operations (“AFFO”) (1) per Unit - basic and diluted $ 0.30 $ 0.27 $ 0.03 11.1 % Same-asset property cash net operating income (“NOI”) (1) $ 83,329 $ 79,670 $ 3,659 4.6 % Available Liquidity $ 676,106 $ 676,649 $ (543) (0.1) % Debt to gross fair value (1) (2) 41.9 % 42.9 % (1.0) % Debt to trailing 12 months adjusted EBITDA (1) (2) 7.70x 7.72x -0.02x (0.3) % (1) Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See “Cautionary Statements and Non-GAAP Measures” below for a reconciliation of FFO, AFFO, same- asset property cash NOI, debt to gross fair value, and debt to trailing 12 months adjusted EBITDA. (2) At Crombie's proportionate share including joint ventures. Operational Metrics September 30, 2025 September 30, 2024 Number of investment properties (1) 297 296 Gross leasable area (2) 18,198,000 18,766,000 Economic occupancy (3) 97.2 % 95.9 % Committed occupancy (4) 97.5 % 96.1 % Total properties inclusive of joint ventures and residential property (5) 306 305 Gross leasable area inclusive of joint ventures and residential property 18,815,000 19,297,000 (1) This includes properties owned at full and partial interests, excluding joint ventures, wholly owned residential, and properties under development. (2) Gross leasable area is adjusted to reflect Crombie's proportionate interest in partially owned properties, excluding joint ventures and a wholly owned residential asset. (3) Represents space currently under lease contract and rent has commenced. (4) Represents current economic occupancy plus completed lease contracts for future occupancy of currently vacant space. (5) Inclusive of properties under development. Committed occupancy of 97.5% included 60,000 square feet of space committed at September 30, 2025. VECTOM and Major Markets represent 31,000 square feet of committed space. The increase in committed occupancy compared to September 30, 2024 was primarily due to new leasing activity. New commercial leases increased occupancy by 209,000 square feet at September 30, 2025, at an average first-year rate of $16.68 per square foot. Renewal activity for the third quarter of 2025 consisted of 92,000 square feet with an increase of 10.6% over expiring rental rates. The primary driver of renewal growth in the quarter was 91,000 square feet of retail renewals with an increase of 10.6% over expiring rental rates. When comparing the expiring rental rates to the weighted average rental rate for the renewal term, Crombie achieved an increase of 13.5% for the three months ended September 30, 2025.
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Financial Metrics Three months ended September 30, Nine months ended September 30, 2025 2024 Variance % 2025 2024 Variance % Net property income (1) $ 79,474 $ 75,006 $ 4,468 6.0 % $ 237,961 $ 223,535 $ 14,426 6.5 % Operating income attributable to Unitholders $ 30,817 $ 26,570 $ 4,247 16.0 % $ 91,244 $ 82,122 $ 9,122 11.1 % Same-asset property cash NOI (1) $ 83,329 $ 79,670 $ 3,659 4.6 % $ 245,543 $ 237,142 $ 8,401 3.5 % FFO (1) $ 61,945 $ 56,170 $ 5,775 10.3 % $ 179,512 $ 168,918 $ 10,594 6.3 % Per Unit - Basic and diluted $ 0.33 $ 0.31 $ 0.02 6.5 % $ 0.97 $ 0.93 $ 0.04 4.3 % Payout ratio (1) 67.3 % 72.5 % (5.2) % 69.0 % 72.0 % (3.0) % AFFO (1) $ 54,966 $ 48,742 $ 6,224 12.8 % $ 158,703 $ 146,006 $ 12,697 8.7 % Per Unit - Basic and diluted $ 0.30 $ 0.27 $ 0.03 11.1 % $ 0.86 $ 0.80 $ 0.06 7.5 % Payout ratio (1) 75.8 % 83.6 % (7.8) % 78.1 % 83.4 % (5.3) % (1) Net property income, same-asset property cash NOI, FFO, FFO payout ratio, AFFO, and AFFO payout ratio are non-GAAP financial measures used by management to evaluate Crombie’s business performance. See “Cautionary Statements and Non-GAAP Measures” below for a reconciliation of net property income, same-asset property cash NOI, FFO, FFO payout ratio, AFFO, and AFFO payout ratio. Third Quarter and Year-to-Date 2025 Results Operating income attributable to Unitholders The increase in operating income in the third quarter of 2025 was primarily due to higher net property income from the acquisition of the remaining 50% interest in the Davie Street residential property in the fourth quarter of 2024, and property revenue growth from renewals and new leasing. Growth in revenue from management and development services further contributed to the increase. This was offset in part by higher interest expense from the 2024 net issuance of senior unsecured notes, and increased depreciation and amortization as a result of acquisitions. In addition to the items discussed above for the quarter, the year-to-date increase was further driven by increased supplemental rent from modernization investments, lease termination income from disposed properties, and property revenue growth from recently completed developments. Additionally, gain on derecognition of a right-of-use asset and impairment of investment properties in 2024 further contributed to the increase. This was partially offset by increased tenant incentive amortization from modernizations, decreased property revenue from dispositions, accelerated depreciation on properties scheduled for redevelopment, and higher general and administrative expenses related to filling vacant roles and increased Unit-based compensation costs primarily driven by a higher Unit price. Same-asset property cash NOI The increase in same-asset property cash NOI for the quarter was primarily due to renewals, contractual rent step-ups, and new leasing. The year-to-date increase was driven by the items discussed above for the quarter as well as increased supplemental rent from modernization investments. FFO The increase in FFO in the quarter was primarily due to higher net property income from the 2024 Davie Street residential acquisition, property revenue growth as discussed above, and increased revenue from management and development services. This was offset in part by higher interest expense from the 2024 net issuance of senior unsecured notes. In addition to the items discussed above for the quarter, the year-to-date increase was further driven by increased supplemental rent from modernization investments, lease termination income from disposed properties, and property revenue growth from recently completed developments. This was partially offset by decreased property revenue from dispositions and an increase in general and administrative expenses related to filling vacant roles and increased Unit-based compensation costs primarily driven by higher Unit price. AFFO The increase in AFFO was primarily due to the same factors impacting FFO for both the quarter and year to date.
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Financial Condition Metrics September 30, 2025 December 31, 2024 September 30, 2024 Fair value of unencumbered investment properties $ 3,881,000 $ 3,662,000 $ 2,651,000 Available liquidity (1) $ 676,106 $ 682,218 $ 676,649 Debt to gross book value - cost basis (2) 45.6 % 45.7 % 45.2 % Debt to gross fair value (3) (4) 41.9 % 43.6 % 42.9 % Weighted average interest rate 4.1 % 4.1 % 4.2 % Debt to trailing 12 months adjusted EBITDA (3) (4) 7.70x 7.96x 7.72x Interest coverage ratio (3) (4) 3.46x 3.31x 3.31x (1) Represents the undrawn portion on the credit facilities, excluding joint facilities with joint operation partners. (2) See Capital Management note in the Financial Statements. (3) Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See “Cautionary Statements and Non-GAAP Measures” below for a reconciliation of debt to gross fair value, debt to trailing 12 months adjusted EBITDA, and interest coverage ratio. (4) See Debt Metrics section in the Management's Discussion and Analysis. Portfolio Optimization Our development program is divided into major development projects with a total estimated cost greater than $50,000, and non-major development projects with a total estimate cost below $50,000. Major Development Crombie currently has one active major development, held within a joint venture, The Marlstone, a 291-unit residential rental project in Halifax, Nova Scotia, under construction. Demolition and existing building upgrades have occurred and construction continues to progress. Completion is expected in the first half of 2026. Non-major Development Non-major developments are shorter in duration and thus carry less overall risk as compared to Crombie's major development pipeline. These projects have the ability to create value while enhancing the overall quality of the portfolio. In the third quarter of 2025, Crombie invested $14,932 in its modernization program. The below table summarizes active non-major developments within Crombie's portfolio at September 30, 2025. At Crombie's Share Type Project Count Estimated GLA on Completion Estimated Total Cost Estimated Cost to Complete (2) Land-use intensification, redevelopments and other 4 87,000 $ 43,136 $ 18,862 Modernizations (1) 50 — 24,018 — Total non-major developments 54 87,000 $ 67,154 $ 18,862 (1) Modernizations are capital investments to modernize/renovate Crombie-owned grocery-anchored properties in exchange for a defined return and potential extended lease term. The spend on completed modernizations for the three and nine months ended September 30, 2025 was $14,932 and $24,018, respectively (three and nine months ended September 30, 2024 - $4,719 and $31,156, respectively). (2) Estimated cost to complete reflects approved projects currently in progress. It does not include potential future projects for which approvals have not yet been obtained. Highlighted Subsequent Events Acquisition Activity On October 30, 2025, Crombie acquired a 100% interest in a grocery-anchored retail property located in Etobicoke, Ontario from a subsidiary of Empire totalling 51,000 square feet for total consideration of $28,472, excluding closing and transaction costs, of which $4,660 was due on closing and $23,812 was incurred as predevelopment costs. Conference Call and Webcast Crombie will provide additional details regarding its third quarter ended September 30, 2025 results on a conference call to be held Thursday, November 6, 2025, beginning at 10:00 a.m. (EST). Accompanying the conference call will be a presentation that will be available on the Investors section of Crombie's website. To join this conference call, you may dial (646) 307-1963 or (800) 715-9871. To join the
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conference call without operator assistance, you may register and enter your details at https://registrations.events/easyconnect/3377788/recpoH9ccxztPd8Qe/ to receive an instant automated call back. You may also listen to a live audio webcast of the conference call by visiting the Investors section of Crombie's website at www.crombie.ca. Replay will be available until midnight November 13, 2025 by dialing (800) 770-2030 and entering passcode 3377788#, or on the Crombie website for 90 days following the conference call. Non-GAAP Measures and Cautionary Statements Net property income, same-asset property cash NOI, FFO, AFFO, FFO payout ratio, AFFO payout ratio, debt to trailing 12 months adjusted EBITDA, debt to gross fair value, and interest coverage ratio are non-GAAP financial measures that do not have a standardized meaning under International Financial Reporting Standards (“IFRS”). These measures as computed by Crombie may differ from similar computations as reported by other entities and, accordingly, may not be comparable to other such entities. Management includes these measures as they represent key performance indicators to management, and it believes certain investors use these measures as a means of assessing Crombie's financial performance. For additional information on these non-GAAP measures see our Management's Discussion and Analysis for the three and nine months ended September 30, 2025. The reconciliations for each non-GAAP measure included in this press release are outlined as follows: Net Property Income Management uses net property income as a measure of performance of properties period over period. Net property income is as follows: Three months ended September 30, Nine months ended September 30, 2025 2024 Variance 2025 2024 Variance Property revenue $ 120,084 $ 114,460 $ 5,624 $ 366,593 $ 349,430 $ 17,163 Property operating expenses (40,610) (39,454) (1,156) (128,632) (125,895) (2,737) Net property income $ 79,474 $ 75,006 $ 4,468 $ 237,961 $ 223,535 $ 14,426 Same-Asset Property Cash NOI Crombie measures certain performance and operating metrics on a same-asset basis to evaluate the period-over-period performance of those properties owned and operated by Crombie. “Same-asset” refers to those properties that were owned and operated by Crombie for the current and comparative reporting periods. Properties that will be undergoing a redevelopment in a future period and those for which planning activities are underway are also in this category until such development activities commence and/or tenant leasing/renewal activity is suspended. Same‐asset property cash NOI reflects Crombie's proportionate ownership of jointly operated properties (and excludes any properties held in joint ventures). Management uses net property income on a cash basis (property cash NOI) as a measure of performance, as it reflects the cash generated by properties period over period. Net property income on a cash basis, which excludes non-cash straight-line rent recognition and amortization of tenant incentive amounts, is as follows: Three months ended September 30, Nine months ended September 30, 2025 2024 Variance 2025 2024 Variance Net property income $ 79,474 $ 75,006 $ 4,468 $ 237,961 $ 223,535 $ 14,426 Non-cash straight-line rent (986) (1,271) 285 (2,845) (4,163) 1,318 Non-cash tenant incentive amortization (1) 8,153 7,663 490 23,593 21,502 2,091 Property cash NOI 86,641 81,398 5,243 258,709 240,874 17,835 Acquisitions and dispositions property cash NOI 2,634 429 2,205 10,999 676 10,323 Development property cash NOI 678 1,299 (621) 2,167 3,056 (889) Acquisitions, dispositions, and development property cash NOI 3,312 1,728 1,584 13,166 3,732 9,434 Same-asset property cash NOI $ 83,329 $ 79,670 $ 3,659 $ 245,543 $ 237,142 $ 8,401 (1) Refer to “Amortization of Tenant Incentives” in the Management's Discussion and Analysis for a breakdown of tenant incentive amortization.
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FFO Crombie follows the recommendations of the Real Property Association of Canada (“REALPAC”) publication “REALPAC Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS (January 2022)” in calculating FFO and has applied these recommendations to the FFO amounts included in this press release. The reconciliation of FFO for the three and nine months ended September 30, 2025 and 2024 is as follows: Three months ended September 30, Nine months ended September 30, 2025 2024 Variance 2025 2024 Variance Decrease in net assets attributable to Unitholders $ (11,306) $ (17,671) $ 6,365 $ (35,331) $ (41,897) $ 6,566 Add (deduct): Amortization of tenant incentives 8,153 7,663 490 23,593 21,502 2,091 Net (gain) loss on disposal of investment properties 100 — 100 (3,089) (2,163) (926) Gain on derecognition of right-of-use-asset — — — (1,770) — (1,770) Impairment of investment properties — — — — 2,000 (2,000) Depreciation and amortization of investment properties 21,254 19,995 1,259 64,598 59,228 5,370 Adjustments for equity-accounted investments 867 1,212 (345) 2,599 3,707 (1,108) Principal payments on right-of-use assets 27 61 (34) 149 180 (31) Internal leasing costs 727 669 58 2,188 2,342 (154) Distributions to Unitholders 41,669 40,735 934 123,926 121,698 2,228 Change in fair value of financial instruments (1) 454 3,506 (3,052) 2,649 2,321 328 FFO $ 61,945 $ 56,170 $ 5,775 $ 179,512 $ 168,918 $ 10,594 Weighted average Units - basic and diluted (in 000's) 185,775 182,958 2,817 185,084 182,201 2,883 FFO per Unit - basic and diluted $ 0.33 $ 0.31 $ 0.02 $ 0.97 $ 0.93 $ 0.04 FFO payout ratio (%) 67.3 % 72.5 % (5.2) % 69.0 % 72.0 % (3.0) % (1) Includes the fair value changes of Crombie's deferred unit plan and fair value changes of financial instruments which do not qualify for hedge accounting. AFFO Crombie follows the recommendations of the “REALPAC Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS (January 2022)” in calculating AFFO and has applied these recommendations to the AFFO amounts included in this press release. The reconciliation of AFFO for the three and nine months ended September 30, 2025 and 2024 is as follows: Three months ended September 30, Nine months ended September 30, 2025 2024 Variance 2025 2024 Variance FFO $ 61,945 $ 56,170 $ 5,775 $ 179,512 $ 168,918 $ 10,594 Add (deduct): Straight-line rent adjustment (986) (1,271) 285 (2,845) (4,163) 1,318 Straight-line rent adjustment included in loss from equity-accounted investments (17) 40 (57) (21) 155 (176) Internal leasing costs (727) (669) (58) (2,188) (2,342) 154 Maintenance expenditures on a square footage basis (5,249) (5,528) 279 (15,755) (16,562) 807 AFFO $ 54,966 $ 48,742 $ 6,224 $ 158,703 $ 146,006 $ 12,697 Weighted average Units - basic and diluted (in 000's) 185,775 182,958 2,817 185,084 182,201 2,883 AFFO per Unit - basic and diluted $ 0.30 $ 0.27 $ 0.03 $ 0.86 $ 0.80 $ 0.06 AFFO payout ratio (%) 75.8 % 83.6 % (7.8) % 78.1 % 83.4 % (5.3) %
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Debt Metrics Debt to gross fair value is a non-GAAP measure and may not be comparable to that used by other entities. The fair value included in this calculation reflects the fair value of the properties as at September 30, 2025, December 31, 2024, and September 30, 2024, respectively, based on each property’s current use as a revenue-generating investment property. Additionally, as properties are prepared for redevelopment, Crombie considers each property's progress through entitlement in determining the fair value of a property. September 30, 2025 December 31, 2024 September 30, 2024 Fixed rate mortgages $ 809,859 $ 827,930 $ 767,572 Senior unsecured notes 1,500,000 1,500,000 1,375,000 Unsecured non-revolving credit facility 50,000 50,000 — Construction financing facility — 13,447 1,207 Unsecured revolving credit facility — — 4,643 Joint operation credit facility 3,570 3,520 3,520 Bilateral credit facility 6,000 — 43,500 Debt held in joint ventures, at Crombie's share (1) (2) 237,128 185,991 275,555 Lease liabilities 27,091 33,937 35,651 Adjusted debt $ 2,633,648 $ 2,614,825 $ 2,506,648 Investment properties, fair value $ 5,827,000 $ 5,604,000 $ 5,272,000 Investment properties held in joint ventures, fair value, at Crombie's share (2) 318,000 285,000 428,000 Other assets, cost (3) 110,141 82,296 100,222 Other assets, cost, held in joint ventures, at Crombie's share (2) (3) (4) 7,573 5,755 26,381 Cash and cash equivalents 4,791 10,021 — Cash and cash equivalents held in joint ventures, at Crombie's share (2) 3,068 3,434 4,279 Deferred financing charges 9,688 11,669 7,937 Gross fair value $ 6,280,261 $ 6,002,175 $ 5,838,819 Debt to gross fair value 41.9 % 43.6 % 42.9 % (1) Includes Crombie's share of fixed rate mortgages, floating rate construction loans, floating rate revolving credit facilities, and lease liabilities held in joint ventures. (2) See the “Joint Ventures” section in the Management's Discussion and Analysis. (3) Excludes tenant incentives, accumulated amortization, and accrued straight-line rent receivable. (4) Includes deferred financing charges.
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The following table presents a reconciliation of operating income attributable to Unitholders to adjusted EBITDA. Adjusted EBITDA is a non- GAAP measure and should not be considered an alternative to operating income attributable to Unitholders, and may not be comparable to that used by other entities. Three months ended September 30, 2025 December 31, 2024 September 30, 2024 Operating income attributable to Unitholders $ 30,817 $ 76,143 $ 26,570 Amortization of tenant incentives 8,153 7,725 7,663 Loss (gain) on disposal of investment properties 100 996 — Gain on acquisition of control of joint venture — (51,794) — Gain on derecognition of right-of-use asset — (405) — Impairment of investment properties — 3,100 — Depreciation and amortization 21,627 21,196 20,359 Finance costs - operations 24,360 25,401 22,677 Loss from equity-accounted investments 518 130 469 Property revenue in joint ventures, at Crombie's share 3,695 3,797 5,325 Amortization of tenant incentives in joint ventures, at Crombie’s share 77 78 79 Property operating expenses in joint ventures, at Crombie's share (1,438) (1,199) (1,815) General and administrative expenses in joint ventures, at Crombie's share 12 (43) (110) Taxes - current — 4 — Adjusted EBITDA [1] $ 87,921 $ 85,129 $ 81,217 Trailing 12 months adjusted EBITDA [3] $ 342,249 $ 328,558 $ 324,680 Finance costs - operations $ 24,360 $ 25,401 $ 22,677 Finance costs - operations in joint ventures, at Crombie's share 1,997 1,922 2,726 Amortization of deferred financing charges (720) (1,433) (558) Amortization of deferred financing charges in joint ventures, at Crombie’s share (206) (210) (277) Adjusted interest expense [2] $ 25,431 $ 25,680 $ 24,568 Debt outstanding (see Debt to Gross Fair Value) (1) [4] $ 2,633,648 $ 2,614,825 $ 2,506,648 Interest coverage ratio {[1]/[2]} 3.46x 3.31x 3.31x Debt to trailing 12 months adjusted EBITDA {[4]/[3]} 7.70x 7.96x 7.72x (1) Includes debt held in joint ventures, at Crombie’s share. This press release 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 “may”, “will”, “estimate”, “anticipate”, “believe”, “expect”, “intend”, “plan”, “continue”, and similar expressions have been used to identify these forward-looking statements. These statements 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. A number of factors, including those discussed in the 2024 annual Management's Discussion and Analysis under “Risk Management” and the Annual Information Form for the year ended December 31, 2024 under “Risks”, 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, and Crombie can give no assurance that actual results will be consistent with these forward-looking statements. Specifically, this document includes, but is not limited to, forward-looking statements regarding expected timing, cost, and completion of entitlement and development, which may be impacted by ordinary real estate market cycles, the availability of labour, ability to attract tenants, estimated GLA, tenant rents, building sizes, financing and the cost of any such financing, capital resource allocation decisions and general economic conditions, as well as entitlement and development activities undertaken by related parties not under the direct control of Crombie, Crombie's ability to earn recurring development and management fees, and its ability to make decisions that maximize Unitholder value.
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About Crombie REIT Crombie invests in real estate with a vision of enriching communities together by building spaces and value today that leave a positive impact on tomorrow. As one of the country’s leading owners, operators, and developers of quality real estate assets, Crombie’s portfolio primarily includes grocery-anchored retail, retail-related industrial, and mixed-use residential properties. As at September 30, 2025, our portfolio contained 306 properties comprising approximately 18.8 million square feet, inclusive of joint ventures at Crombie’s share, and a significant pipeline of future development projects. Learn more at www.crombie.ca. Media Contacts Kara Cameron, CPA, CA, Chief Financial Officer, Crombie REIT, (902) 755-8100 Meghna Nair, Manager, Investor Relations, Crombie REIT, (905) 301-3746