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Crombie REIT - Q3-2019, Price Target Update

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Crombie REIT(CRR.UN) currently owns a portfolio of 284 income-producing properties across Canada, comprising approximately 17.7M sq. ft. Assets total $3.9B as of Sept-30-2019 including $149M of property held for resale and $88M 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. The development pipeline is comprised of 33 properties, 20 of which are in Vancouver, Toronto and Montreal. The total projected cost of the pipeline is $4-$5.8B, with options to enter into joint ventures or other partnership arrangements to reduce risk and financing demands.

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 Jun-30-2019 unchanged from 41.5% at Dec-31-2016.

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