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Crombie REIT - Q3-2021, Earnings , Price Target Update

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Crombie REIT (CRR.UN) strategy is to own and develop a portfolio of high-quality grocery and pharmacy-anchored shopping centres, freestanding stores and mixed-use developments, primarily in Canada's top urban and suburban markets. At Sept-30-2021, Crombie owned full and partial interests in a portfolio of 298 investment properties in 10 provinces. As at Sept-30-2021, leasable area at Crombie's interest was 18.2M sq. ft. compared to 17.7M sq. ft. as at Sept-30-2020. The net increase of 500,000 sq. ft. was driven by completion of 379,000 sq. ft. of developments, 323,000 sq. ft. of acquisitions offset by 152,000 sq. ft. of dispositions. Empire Company Limited (EMP.A) holds a 41.5% interest as of Dec-31-2020 unchanged from 41.5% at Dec-31-2016. Assets totaled $4.1B as of Sept-30-2021($3.9B as of Dec-31-2019, $4.1B, Dec-31-2018). Annual minimum rent by location consists of: Atlantic Canada 43%; Alberta – 21%, Ontario-15%, BC-11%, and Quebec at 10%. Retail properties contribute 89% of rental income, with the balance from office and retail related industrial properties. The two primary sources of acquisitions are with the Empire Group (EMP.A) and from third parties. Empire accounts for 57% of annual minimum rent and Shoppers Drug Mart, is the next largest at 3%. The average remaining term of all Crombie leases is 9.7 years. This remaining lease term is influenced by the average Empire remaining lease term of 12.9 years.

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 287 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 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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