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Crombie REIT - Q1-2019, Price Target Update

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Crombie REIT(CRR.UN) currently owns a portfolio of 285 income-producing properties across Canada, comprising approximately 18.6M sq. ft. Assets total $4B as of Mar-31-2019 including $106M of properties under development. Their strategy is to own, operate and develop a portfolio of high quality grocery and drug store anchored shopping centres, freestanding stores and mixed use developments primarily in Canada's top urban and suburban markets. Developments have the potential to add up to 825,000 sq. ft. of retail space and up 7.5M sq. ft. (up to 9,000 units) of residential area. Development costs are estimated at $3-$4.6B for 19 projects, a portion of which will be shared with partners. Annual minimum rent by location consists of: Atlantic Canada 43%; Alberta – 21%, Ontario-15%, BC-11%, and Quebec at10%. The two primary sources of acquisitions are with the Empire Group (EMP.A) and from third parties. The average remaining lease term is 10.4 years including leases with Empire Group (Sobey's) of 13.4 years. Sobey's contributes 57% of annual rent, Shoppers Drugs – 5%.

Empire Company Ltd (EMP.A) formed Crombie REIT to hold their retail shopping centre properties in an IPO in Mar-2006, comprised of 44 properties. They have since grown to 285 properties, almost all purchased from Empire Company Ltd. Sobeys headquarters in Stellarton, Nova Scotia is a wholly-owned subsidiary of Empire Company Limited (TSX: EMP.A), Sobeys owns or franchises more than 1,500 stores in all 10 provinces under retail banners that include Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, and Lawton's Drug Stores as well as 350 retail fuel locations. Empire Company Limited (EMP.A) holds a 41.5% interest as of Mar-31-2019 unchanged from 41.5% at Dec-31-2016.

Empire Company Ltd. is required according to a loan covenant to maintain at least a 40% interest and to provide loan guarantees. Crombie provides administration services to certain real estate subsidiaries of Empire Company Ltd. on a cost sharing basis.

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