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Q3 2026 Conference Call | November 5, 2026 The Essential REIT
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2026 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 the target yield on cost, estimated cost to complete, estimated yield on cost of developments, and anticipated acquisition closing, 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, 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 September 30, 2026 (“Q3’26 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, fair value of unencumbered assets, 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, fair value of unencumbered assets, 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, fair value of unencumbered assets, 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, fair value of unencumbered assets, 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 Q3’26 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 Q3’26 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 2026 Building Together Enriching communities by building spaces and value today that leave a positive impact on tomorrow V A L U E C R E A T I O N Optimize Partner Own & Operate S O L I D F O U N D A T I O N Financial Strength ESG People & Culture 3
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2026 Q3 2026 Highlights 4 Steady results underpin durable cash flow and disciplined growth across our coast-to-coast, purpose built, grocery-anchored portfolio 107,000 sq. ft. Renewals3 Q3 2025: 92,000 LEASING +16.3% 13.9% Renewal Spreads3 Q3 2025: 10.6% +3.3% 97.7% Committed Occupancy3 $127,586 Property Revenue Q3 2025: $120,084 OPERATING PERFORMANCE +6.2% $86,513 Commercial Same- asset Cash NOI1 Q3 2025: $84,257 +2.7% $0.34 FFO1,2 per Unit Q3 2025: 97.5% +0.2% Q3 2025: $0.33 +3.0% 1. Non-GAAP financial measures are used by management to evaluate Crombie’s business performance. See Q3’26 MD&A for additional information and reconciliation to comparable GAAP measures. 2. Q3 2025 figures were updated from the previously reported figures for a change in presentation of fair value of Unit-based compensation. 3. Excludes joint ventures and mixed-use residential.
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2026 Grocery-Anchored Retail Portfolio with Strategic Complementary Assets1 5 1. Crombie’s portfolio also includes $0.1b of fair value, equivalent to 0.8m sq. ft., represented by office and $0.2b 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 are used by management to evaluate Crombie’s business performance. See Q3’26 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 14.9M 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 . S C A L E 311 properties2 $6.6B fair value2,3 19.4M sq. ft. of GLA2
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2026 YTD Portfolio Activity 6 YTD ACQUISITIONS $152.6M YTD DISPOSITIONS $5.5M 1. Prices are stated before transaction and closing costs. 2. Binding agreement entered into on October 13, 2026, financed through the existing unsecured revolving credit facility and scheduled to close in November 2026. 3. Includes $2.7M of vendor take-back financing for three years. Crombie retained the grocery component through a long-term lease. YTD SUMMARYStrengthen and Grow Our Core Grocery Platform Q 3 2 0 2 6 A C Q U I S I T I O N S Property Location Property Type Sq. ft. Price1 Wentworth Road Windsor, NS Land — $4.4M Subsequent to quarter end Portfolio of 13 properties2 Ontario Necessity-based retail 588,000 $134.0M Q 3 2 0 2 6 D I S P O S I T I O N S Property Location Property Type Sq. ft. Price1 Charlotte Mall St. Stephen, NB Retail 116,000 $5.5M Subsequent to quarter end County Fair Mall New Minas, NS Retail 271,000 $5.5M3 Sold 1 property Acquired 3 properties & 2 land parcels
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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 7 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 $6.0 million1 in modernization program • Target yield on cost for non- major development is 6%-8%2 • Adding GLA and/or repurposing existing space • Income-producing space added on sites we already own • 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 • We maintain flexibility across our major development pipeline, with no construction commitments • Large-scale, transformative projects • Drives long-term portfolio growth • The Marlstone (Halifax, Nova Scotia), a 291-unit residential rental project partnered with Montez Corporation; 40.2% of units committed ENTITLE DEVELOP M A J O R Projects greater than $50M 1. For the three months ended September 30, 2026 2. Based on committed rent increases, location and estimated costs to complete. See the development section of Crombie’s Q3’26 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 2026 Consistent Value Creation Through Non-Major Developments 8 1. 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. 2. 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 6 118,200 $67.0M $57.3M Modernizations2 24 - $23.1M - Total 30 118,200 $90.1M $57.3M Shorter Duration, Reduced Risk • Added in Q3 2026: Land-use intensification projects in Châteauguay, QC; Windsor, NS; St. John's, NL; and Martensville, SK • Completed in Q3 2026: Land-use intensification project in Faubourg, QC
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2026 Partnering for Responsible Growth 9 T H E M A R L S T O N E 40.2% of units committed as of Q3 2026 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 greater financial flexibility • Operational synergies through complementary expertise and shared capabilities • Preserved optionality on timing and delivery • Additional revenue through management and development fees MONTEZ CORPORATION Halifax, N.S. WESGROUP PROPERTIES Vancouver, B.C.
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2026 Delivering Consistent and Steady Cash Flow Growth 10 Q3 2026 Q3 2025 YTD 2026 Property Revenue $127,586 $120,084 $380,870 Operating Income Attributable to Unitholders 2 $28,260 $30,950 $86,027 FFO per Unit 1,2 $0.34 $0.33 $1.00 AFFO per Unit 1,2 $0.30 $0.30 $0.89 FFO Payout Ratio 1,2 67.1% 67.1% 67.9% AFFO Payout Ratio 1,2 75.1% 75.6% 76.5% Debt to Trailing 12 Months Adjusted EBITDA 1,2 7.91x 7.66x - Liquidity $592M $676M - Morningstar DBRS Credit Rating BBB BBB BBB 1. Non-GAAP financial measures are used by management to evaluate Crombie’s business performance. See Q3’26 MD&A for additional information and reconciliation to comparable GAAP measures. 2. Q3 2025 has been updated from the previously reported figures for a change in presentation of fair value of Unit-based compensation.
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2026 Persistent Pursuit of Delivering Operational Excellence 11 1. Excludes joint ventures and mixed-use residential. Q3 2026 13.9% Q3 2025: 10.6% +3.3% YTD 2026 121,000 sq. ft. average first year rate of $28.44 per sq. ft. TOTAL GLA 18.7m sq. ft1 97.7%1 committed occupancy Regional Markets – 96.9% Major Markets – 96.8% VECTOM – 99.6% Committed Occupancy1 $19.51$19.14 $18.27 $17.58 Q3 2026202520242023 AVERAGE ANNUAL MINIMUM RENT RENEWAL SPREADS1 NEW LEASES1 RENEWALS1 Q3 2026 107,000 sq. ft. Q3 2025: 92,000 +16.3%
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2026 OPERATING INCOME ATTRIBUTABLE TO UNITHOLDERS2 PER UNIT 4.9% 0.4% 3.6% 1.9% 6.2% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Property Revenue Growth 4.6% 4.1% 3.7% 3.2% 2.7% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3’26 Financial Highlights 12 1. Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See Q3’26 MD&A for additional information and reconciliation to comparable GAAP measures. 2. Q3 2025 figures were updated from the previously reported figures for a change in presentation of fair value of Unit-based compensation. Commercial Same-Asset Property Cash NOI1 Growth FFO1,2 PER UNIT AFFO1,2 PER UNIT Q3 2026 $0.34 Q3 2025: $0.33 +3.0% Q3 2026 $0.15 Q3 2025: $0.17 -11.8% Q3 2026 $0.30 Q3 2025: $0.30 —% Q3 2026 $3.1M Q3 2025: $4.4M -30.1% Revenue from management and development services:
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2026 Disciplined Capital Management Underpins Financial Flexibility and Growth 13 1. Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See Q3’26 MD&A for additional information and reconciliation to comparable GAAP measures. 2. Excluding joint ventures $4.3B1,2 Fair Value of Unencumbered Assets $592M2 Available Liquidity 3.33X1 Interest Coverage 7.91X1 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 S E P T E M B E R 3 0 , 2 0 2 62 17.7% 3.9% 36.5% 41.9% Mortgages Bank Credit Facilities and Lease Liabilities Unsecured Notes Net Assets Attributable to Unitholders 44.6% 45.2% 45.7% 45.5% 46.3% 46.7% 46.4% 41.8% 43.0% 43.6% 42.1% 43.0% 42.6% 41.9% 2022 2023 2024 2025 Q1 2026 Q2 2026 Q3 2026 Debt to Gross Fair Value Debt to Gross Book Value
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COPYRIGHT © CROMBIE REIT OR ITS LICENSORS. ALL RIGHTS RESERVED 2026 14 People & Culture A workplace where collaboration, innovation, and accountability thrive. Empowering Talent, Building Together, & Delivering Impact 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 2026 T H E E S S E N T I A L R E I T Building Together