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The Essential REIT Q2 2026 Investor Presentation 3 Crombie
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Cautionary Statements 2 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 target yield on cost, estimated cost to complete and estimated yield on cost of developments, reflect current beliefs and are based on future management and development fee revenue 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 and cost of labour and building materials, uncertainties in obtaining required municipal zoning and development approvals, concluding successful agreements with existing tenants, including agreements for rental increases due to modernization activity, and, where applicable, successful delivery of development activities undertaken by parties not under the direct control of Crombie, 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. 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 Crombie’s Management’s Discussion and Analysis for the three months ended June 30, 2026, (“Q2’26 MD&A”) 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, Commercial same-asset property cash NOI, debt to trailing 12 months adjusted EBITDA, debt to gross fair value, 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, Commercial same-asset property cash NOI, 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, Commercial same-asset property cash NOI, debt to trailing 12 months adjusted EBITDA, debt to gross fair value, and interest coverage ratio as presented, may not be comparable to similar measures presented by other issuers. Crombie believes that AFFO, FFO, Commercial same-asset property cash NOI, debt to trailing 12 months adjusted EBITDA, debt to gross fair value 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 our Q2’26 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 Q2’26 MD&A is available under Crombie’s profile on SEDAR+ at www.sedarplus.ca.
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 3 Connecting Communities Across Canada 60 17 51 19 46 BC AB MB ON QC NB NL Coast-to-coast presence spanning urban hubs to the centre of vibrant communities & towns SK 10 45 PE 3 46 NS 14
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 83.4% Focused on Grocery-Anchored, Necessity-Based Retail A M R F R O M G R O C E R Y - A N C H O R E D A N D N E C E S S I T Y - B A S E D R E T A I L 1 4 1. Necessity-based retailers include tenants that provide essential products and services, and predominantly fall into the following categories: grocery, pharmacy, liquor, dollar store, convenience store, gasoline, pet supplies, grocery distribution centres, medical, professional and personal services, banking and financial services, and other.
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Purpose-Driven, Results-Oriented 5 1. Inclusive of properties owned in joint ventures. 2. Inclusive of joint ventures at Crombie's share. 3. Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See Q2’26 MD&A for additional information and reconciliation to comparable GAAP measures. 4. Compared to three months ended June 30, 2025 5. Refer to “Financial Performance Review”, of Q2’26 MD&A, for the calculation of these metrics. 311 properties1 $6.5B fair value2,3 19.5M sq. ft. of GLA2 S C A L E S T A B I L I T Y 97.5% committed occupancy 83.4% of annual minimum rent (“AMR”) generated from necessity-based retailers inclusive of retail-related industrial 7.9 years weighted average lease term (“WALT”) O P E R A T I O N A L E X C E L L E N C E 1.9% property revenue growth4 3.2% commercial same-asset property cash NOI growth3,4,5 —% AFFO per Unit growth3,4,5
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Strategic Pillars Ensure Stability & Growth 6 V A L U E C R E A T I O N Enriching communities by building spaces and value today that leave a positive impact on tomorrow Building Together Optimize Partner Own & Operate S O L I D F O U N D A T I O N Financial Strength tidy ESG People & Culture
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 B U I L T T O P E R F O R M Own & Operate 7
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Grocery-Anchored Retail Portfolio with Strategic Complementary Assets1 8 1. Crombie’s portfolio also includes $0.1b of fair value, equivalent to 0.8m sq. ft., represented by office and $0.1b of fair value represented by properties under development “PUD” and land. 2. Inclusive of properties owned in joint ventures, with fair value of properties held in joint ventures calculated at Crombie's share 3. Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See Q2’26 MD&A for additional information and reconciliation to comparable GAAP measures. $5.0B $0.7B $0.6B F A I R V A L U E2,3 Retail Retail-Related Industrial Mixed-Use Residential 15.0M S Q . F T . F A I R V A L U E2,3 3.0M S Q . F T . F A I R V A L U E2,3 0.7M S Q . F T .
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Coast-to-Coast Platform 9 Atlantic 7.0m sq. ft. West 6.6m sq. ft. Central 5.9m sq. ft. Gross Leasable Area Regional Markets4 VECTOM2 Major Markets3 Gross Leasable Area total 19.5M sq. ft 6.7m sq. ft. 5.4m sq. ft. 7.4m sq. ft. B Y G E O G R A P H Y 1 B Y M A R K E T T Y P E 1 1. Inclusive of joint ventures at Crombie’s share 2. Vancouver, Edmonton, Calgary, Toronto, Ottawa-Gatineau, Montreal, as defined by Statistics Canada 2021 boundaries for census metropolitan area and census agglomeration. 3. A Crombie-specific definition that includes Abbotsford-Mission, Barrie, Chilliwack, Halifax, Hamilton, Kitchener-Cambridge-Waterloo, Oshawa, Quebec City, Regina, Saskatoon, Victoria, and Winnipeg, as defined by Statistics Canada 2021 CMA/CA boundaries. 4. A Crombie-specific definition that includes all remaining geographies outside of VECTOM and Major Markets.
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Optimal Mix of Lease Terms 10 Crombie proactively manages its expiring lease pipeline to, when possible, drive renewals at optimal times 5.4% 6.1% 5.3% 7.6% 6.2% - 2% 4% 6% 8% - 200 400 600 800 1,000 1,200 1,400 Remainder of 2026 2027 2028 2029 2030 Thousands 31% of leases expire over the next five years3 Other Empire % of total portfolio sq. ft (thousands) % of total portfolio 7.9 years1,2 weighted average lease term Empire: 9.7 years2 Non-Empire: 4.1 years2 11.3%1,2 renewal leasing spread on 121,000 sq. ft. 5.4%1,2 of portfolio GLA renews in remainder of 2026 1. Excludes properties held in joint ventures 2. As at June 30, 2026 3. Includes leases maturing from remainder of 2026 through 2030
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Essential Portfolio Drives Stability & Growth 11 COMMITTED OCCUPANCY LAST 3 YEARS 96.1% Low 97.7% High 2.8% Q2 2025 3.2% Q2 2026 COMMERCIAL SAME-ASSET PROPERTY CASH NOI GROWTH 3-year CAGR +3.8% Property Revenue Q2 20263 +1.9% Renewal Spread Q2 2026 +11.3% 1. Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See Q2’25 MD&A and Q2’26 MD&A for additional information and reconciliation to comparable GAAP measures. 2. Compared to three months ended June 30, 2024 3. Compared to three months ended June 30, 2025 $19.34 $18.95 $17.93 $17.28 Q2'26 Q2'25 Q2'24 Q2'23 2 ANNUAL MINIMUM RENT PER OCCUPIED SQ. FT. 3 Q2 2026 - 97.5% 1
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 12 P O S I T I O N E D T O L E A D Optimize
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2026 Four Key Levers for Flexibility in Both Non-Major and Major Developments 13 N O N - M A J O R Projects less than $50M MODERNIZE INTENSIFY • Capital investments in existing grocery-anchored properties • Enhance asset quality and functionality • Invested $10.6 million1 in modernization program • Target yield on cost for non- major development is 6%-8% • Adding GLA and/or repurposing existing space • Unlocks underutilized space – enhances asset quality • Densification will increase traffic, complementing the centre • Advancing key sites through zoning and municipal approval • Capital efficient avenue to unlock embedded value • Preserves flexibility and optionality • Large-scale, transformative projects • Drives long-term portfolio growth • The Marlstone (Halifax, Nova Scotia), a 291-unit residential rental project – partnered with Montez Corporation has reached substantial completion ENTITLE DEVELOP M A J O R Projects greater than $50M 1. For the three months ended June 30, 2026 2. Based on committed rent increases, location and estimated costs to complete. See the development section of Crombie’s Q2’26 MD&A for information on assumptions and risks. Spryfield, NSTopsail Road Plaza, NL Broadway and Commercial Rendering, BC The Marlstone, NS
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Consistent Value Creation Through Non-Major Developments 14 1. Modernizations are capital investments to modernize/renovate Crombie-owned grocery-anchored properties in exchange for a defined return and potential extended lease term. N O N - M A J O R D E V E L O P M E N T S Type PROJECT COUNT ESTIMATED GLA ON COMPLETION ESTIMATED TOTAL COST ESTIMATED COST TO COMPLETE 1 Land-use intensification, redevelopment, and other 3 28,500 $25.3M $18.8M Modernizations1 21 - $17.0M - Total 24 28,500 $42.3M $18.8M Shorter Duration, Reduced Risk
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BC AB SK MB ON QB NL NB NS COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Our Major Development Pipeline Drives Long-Term Value Creation 15 1. Based on number of projects within development pipeline. 10.5m Pipeline properties with zoning approval1 Vancouver Potential to add ~5,100 residential units Calgary & Edmonton Potential to add ~1,400 residential units Toronto & Hamilton Potential to add ~2,000 residential units 10 11 4 1 5 3 Halifax Potential to add ~2,800 residential units ~11,300 sq. ft. residential units 20% POTENTIAL TO AD D Pipeline properties with zoning applications submitted1 12%
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 16 L E V E R A G I N G A N D U N L O C K I N G V A L U E T H R O U G H O U R S T R A T E G I C P A R T N E R S H I P S Partner
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2026 Strategic Alignment with Empire 17 1. Excludes assets held in joint ventures 12.1M sq. ft. of occupied 61.5% of AMR generated by Empire 9.7 years weighted average remaining Empire lease term 90.6% of retail properties anchored by Empire C A P I T A L I Z I N G O N S T R A T E G I C A L I G N M E N T E M P I R E R E P R E S E N T S ACQUISITIONS MODERNIZATIONS LAND-USE INTENSIFICATIONS INDUSTRIAL OPTIMIZATION portfolio GLA DEVELOPMENT MANAGEMENT SERVICES 1 1 1
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 18 Partnering Beyond Empire REDUCE CAPITAL REQUIREMENTS UNLOCK INCOME GAIN LOCAL KNOWLEDGE AND RESOURCES P A R T N E R S H I P S T O S U P P O R T ACCELERATE VALUE CREATION SPECIALIZED EXPERTISE, CAPITAL, AND INSIGHTS TO SUPPORT THE OPTIMIZATION OF OUR ASSETS
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Partnering for Responsible Growth 19 T H E M A R L S T O N E Substantially Completed B A R R I N G T O N S T R E E T Entitlement B R U N S W I C K P L A C E Entitlement P R O P E R T I E S – H A L I F A X P R O P E R T I E S – V A N C O U V E R L Y N N V A L L E Y Entitlement K I N G S W A Y & T Y N E Entitlement H A S T I N G S Entitlement W E S T B R O A D W A Y Entitlement S T R A T E G I C B E N E F I T S • Entitlement-driven value creation • Reduced capital requirements and enhanced flexibility • Preserved optionality on timing and delivery • Ongoing revenue from management and development fees during entitlement and construction phases MONTEZ CORPORATION Halifax, N.S. WESGROUP PROPERTIES Vancouver, B.C.
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 20 F I N A N C I A L S T R E N G T H , E S G L E A D E R S H I P , P E O P L E A N D C U L T U R E Solid Foundation
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2026 Disciplined Capital Structure Underpins Long-Term Growth 21 1. Calculations have been updated to include Crombie’s share of debt and assets held in joint ventures. 2. Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See Q2’26 MD&A for additional information and reconciliation to comparable GAAP measures. 3. Excluding joint ventures 4. Calculations have been updated from the previously reported figures for a change in presentation of fair value of Unit-based compensation. $4.2B3 Fair Value of Unencumbered Assets $479M3 Available Liquidity 3.36X2 Interest Coverage 8.01X2,4 Debt to Trailing 12 Months Adjusted EBITDA BBB Stable Trend Morningstar DBRS credit rating C A P I T A L S T R U C T U R E A S A T J u n e 3 0 , 2 0 2 63 17.8% 34.1%6.4% 41.7% Mortgages Unsecured Notes Bank Credit Facilities and Lease Liabilities Net Assets Attributable to Unitholders 48.9% 44.6% 45.2% 45.7% 45.5% 46.3% 46.7% 45.3% 41.8% 43.0% 43.6% 42.1% 43.0% 42.6% 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 1 Debt to Gross Fair Value Debt to Gross Book Value
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Financial Strength and Flexibility 22 1. Excludes restricted cash and joint ventures. 2. Non-GAAP financial measures used by management to evaluate Crombie's business performance. See Q2’26 MD&A for additional information and reconciliation to comparable GAAP measures. 3. Refer to the appendix in this presentation for the calculation of these metrics. 4. Weighted average term to debt maturity inclusive of joint ventures at Crombie’s share 5. Calculations have been updated to include Crombie's share of revenue and expenses in joint ventures. 6. Calculations have been updated to include Crombie's share of debt and assets held in joint ventures. 7. Calculations have been updated to include change in presentation of fair value of Unit-based compensation. Q2’26 Q1’26 FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Available Liquidity1 (millions) $479 $536 $669 $682 $584 $583 $508 Unencumbered Assets (billions) $4.2 $4.1 $3.9 $3.7 $2.6 $2.2 $1.8 Interest Coverage Ratio2,3,5 3.36x 3.40x 3.39x7 3.33x 3.16x 3.28x 3.01x Weighted Average Term to Maturity4 (years) 3.4 3.7 4.0 5.1 4.9 4.7 5.1 Debt to trailing 12 months adjusted EBITDA2,3 8.01x 7.89X 7.66x7 7.96x 8.03x 8.02x 8.99x5,6 Debt to Gross Fair Value2,3 42.6% 43.0% 42.1% 43.6% 43.0% 41.8% 45.3%6
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Prudent Financial Position 23 1. As at June 30, 2026 2. Inclusive of debt held in joint ventures 3. Crombie currently has $103M of floating rate debt that is classified as fixed rate due to interest rate swap agreement in place. Well-laddered debt maturity profile Reducing risk while providing stability and greater flexibility Debt Characteristics1,2,3 36% 64% Secured debt Fixed rate Floating rate Unsecured debt Multiple Sources of Capital Capital Markets Debt • Unsecured notes • Mortgages • Credit Facilities Equity Dispositions Full or partial interest Land parcel sales Sale of the property into joint ventures for development Free Cash Flow Retail rental revenues Residential rental revenues Development and management income Capital Deployment Empire Acquisitions Modernizations Conversions Developments Major Non-major Debt Maturities1,2,5 S O U R C E S A N D U S E S O F C A P I T A L - 1.0% 2.0% 3.0% 4.0% 5.0% - $100 $200 $300 $400 $500 $600 Remainder of 2026 2027 2028 2029 2030 2031 2032 2036 Mortgage Maturities Unsecured Notes Joint Ventures Credit Facilities WAIR Fixed Rate (right axis) Millions 4. $200M unsecured note was repaid July 2026 5. No outstanding debt for 2033, 2034 and 2035 4 10% 90%
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Q2 2026 Highlights1 24 1. Except for per Unit, and where otherwise noted, all amounts are reported in thousands of Canadian dollars. 2. Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See Q2’26 MD&A for additional information and reconciliation to comparable GAAP measures. 3. Refer to the appendix in this presentation for the calculation of these metrics. 4. Excludes restricted cash and joint ventures. 5. Calculations have been updated to include change in presentation of fair value of Unit-based compensation. Property revenue $126,154 Q2 2025 $123,774 +1.9% Operating income attributable to Unitholders5 $29,965 Q2 2025 $36,900 -18.8% Commercial same-asset property cash NOI 2,3 $85,103 Q2 2025 $82,443 +3.2 % FFO per unit2,3,5 $0.33 Q2 2025 $0.34 -2.9% Debt/EBITDA 2,3,5 8.01x Q2 2025 7.81x +0.20x AFFO payout ratio2,5 76.9% Q2 2025 74.5% +2.4% Interest coverage ratio 2,3,5 3.36x Q2 2025 3.47x -0.11x Available liquidity – unutilized credit facilities4 $478,705 Q2 2025 $677,655 -29.4% AFFO per unit2,3,5 $0.30 Q2 2025 $0.30 —% FFO payout ratio2,5 68.2% Q2 2025 66.0% +2.2%
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 A Purpose-Driven, Results-Oriented Approach 25 G O V E R N A N C E S O C I A L E N V I R O N M E N T A L PORTFOLIO PERFORMANCE & RESILIENCE PEOPLE & PLACE OVERSIGHT & ACCOUNTABILITY Climate Action Sustainable Development and Transportation Thriving Communities ESG Governance Responsible Procurement Data Privacy and Cybersecurity Health, Safety and Well- being Great Place to Work Resource Management
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2026 2025 ESG Highlights 26 1. Greenhouse gas 2. Near-term science-based target: 50% reduction in Scope 1 and 2 emissions from a 2019 baseline by 2030, and measure and reduce scope 3 emissions 3. Long-term science-based target: 90% reduction in scope 1, 2 and 3 emissions from a 2019 baseline by 2050 E N V I R O N M E N T A L S O C I A L G O V E R N A N C E reduction in Scope 1 and 2 GHG1 emissions from 2019 baseline2 SCIENCE-BASED TARGET PROGRESS 42% reduction in Scope 1, 2 and 3 GHG emissions from 2019 baseline339% $500K+ 3,700+ in total community contributions hours volunteered by our employees GREEN LEASING LEADERSHIP Recognized as a Platinum Green Lease Leader 2025 ENVIRONMENTAL TARGETS ACHIEVED Water, waste diversion and BOMA BEST certification targets achieved 100% ESG ACCOUNTABILITY Board and Committee oversight supported by Executive and cross-functional governance employee cybersecurity training completion BOARD GENDER DIVERSITY 33% representation of women on the Board, achieving our 2025 target 2025 HEALTH AND SAFETY TARGETS ACHIEVED Recordable incidents, lost-time injury frequency, and work-related fatalities targets achieved EMPLOYEE EXPERIENCE 86% Culture of Inclusion Index, 81% employee satisfaction with 93% survey participation Through our Community Impact Strategy, anchored by People and Planet: 4 new Trustees successfully onboarded
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 People & Culture 27 Empowering Talent, Building Together, & Delivering Impact A workplace where collaboration, innovation, and accountability thrive. E M P L O Y E R R E C O G N I T I O N ATLANTIC CANADA’S TOP EMPLOYERS NOVA SCOTIA’S TOP EMPLOYERS CANADA’S GREENEST EMPLOYERS CANADA’S TOP SMALL & MEDIUM EMPLOYERS CAREER DIRECTORY RECOGNITION 10th consecutive year
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 28 Appendix
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Calculation of Ratios1 29 1. Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See Q2’25 MD&A and Q2’26 MD&A for additional information and reconciliation to comparable GAAP measures. 2. Calculations have been updated to include Crombie's share of revenue and expenses in joint ventures. 3. Calculations have been updated to include Crombie’s share of debt and assets held in joint ventures. 4. Calculations have been updated to include change in presentation of fair value of Unit-based compensation. Debt to Trailing 12 Months Adjusted EBITDA Debt to Gross Fair Value Q2 2026 Q1 2026 FY 2025 FY 2024 FY 2023 FY 2022 FY 20212,3 Debt $2,822,961 $2,773,601 $2,646,338 $2,614,825 $2,468,755 $2,359,458 $2,517,392 Gross Fair Value $6,629,891 $6,442,926 $6,287,668 $6,002,175 $5,741,359 $5,647,149 $5,552,137 Debt to Gross Fair Value 42.6% 43.0% 42.1% 43.6% 43.0% 41.8% 45.3% Q2 2026 Q1 2026 FY 2025 FY 2024 FY 2023 FY 2022 FY 20212,3 Debt $2,822,961 $2,773,601 $2,646,338 $2,614,825 $2,468,755 $2,359,458 $2,517,392 Trailing 12 months adjusted EBITDA $352,596 $351,357 345,5784 $328,558 $307,356 $294,259 $280,057 Debt to Trailing 12 Months Adjusted EBITDA 8.01x 7.89x 7.66x4 7.96x 8.03x 8.02x 8.99x
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Calculation of Non-GAAP Measures1 30 1. Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See Q2’25 and Q2’26 MD&A for additional information and reconciliation to comparable GAAP measures. 2. Calculations have been updated to include Crombie's share of revenue and expenses in joint ventures. 3. Calculations have been updated to include change in presentation of fair value of Unit-based compensation. Interest Coverage Ratio Q2 2026 Q1 2026 FY 2025 FY 2024 FY 2023 FY 2022 FY 20212 Adjusted EBITDA $89,646 $87,822 $345,5783 $328,558 $307,356 $294,259 $280,057 Adjusted Interest Expense $26,667 $25,852 $101,792 $98,707 $97,243 $89,787 $89,721 Interest Coverage Ratio 3.36x 3.40x 3.39x3 3.33x 3.16x 3.28x 3.01x Commercial Same-Asset Property Cash NOI Q2 2026 Q2 2025 Property cash NOI $90,114 $87,995 Acquisitions and dispositions property cash NOI $2,670 $2,522 Development property cash NOI $186 $93 Acquisitions, dispositions, and development property cash NOI $2,856 $2,615 Same-Asset Property Cash NOI $87,258 $85,380 Commercial same-asset property cash NOI $85,103 $82,443 Residential same-asset property cash NOI $2,155 $2,937
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 Calculation of Non-GAAP Measures 31 1. Except for per Unit, and where otherwise noted, all amounts are reported in thousands. 2. Calculations have been updated to include change in presentation of fair value of Unit-based compensation. FFO and AFFO Q2 2026 Q2 2025 AFFO $55,379 $55,3122 Weighted average Units - basic and diluted 187,687 185,099 AFFO Per Unit – basic and diluted $0.30 $0.302 AFFO Payout Ratio 76.9% 74.5%2 Q2 2026 Q2 2025 FFO $62,433 $62,4752 Weighted average Units - basic and diluted 187,687 185,099 FFO Per Unit – basic and diluted $0.33 $0.342 FFO Payout Ratio 68.2% 66.0%2
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2025 T H E E S S E N T I A L R E I T TSX: CRR.UN Contact Info investing@crombie.ca