Solid Q1 results, advancing growth-focused initiatives with next major development, and net zero commitment announced
NEW GLASGOW, NS, May 10, 2023 /CNW/ – Crombie Real Estate Investment Trust (“Crombie”) (TSX: CRR.UN) today announced results for its first quarter ended March 31, 2023. Management will host a conference call to discuss the results at 12:00 p.m. (EDT), May11, 2023.
“Our Q1 operating and financial results continue to demonstrate the stability and strength of our well-curated portfolio of grocery-anchored retail, industrial, and residential assets,” said Mark Holly, President and CEO. “Our strong financial condition, further improved by our successful $200 million unsecured note issuance in March, positions us well to pursue growth-focused initiatives. Crombie is focused on unlocking the value embedded within our portfolio through Empire-related investments, the acceleration of entitlements, and our commitment to our next major development, The Marlstone, in Halifax, Nova Scotia.”
“Additionally, I am pleased to announce our enhanced focus on ESG and our newly formed Climate Action Plan. We are committed to achieving net zero by 2050 with a near term 2030 intention to reduce scope 1 and 2 greenhouse gas emissions by 50%. Our reduction targets will be submitted to the Science Based Targets initiative for validation and approval, and will guide us as we proactively do our part to reduce our greenhouse gas emissions and strengthen the resilience of our properties.”
FIRST QUARTER
SUMMARY
(In thousands of Canadian dollars, except per unit amounts and square feet and as otherwise noted)
Operational Highlights
- Committed occupancy 96.7% and economic occupancy 94.5%; a 30 basis point increase and 100 basis point decrease, respectively, compared to the first quarter of 2022. (Adjusting for the impact of Voilà CFC 3, which reached substantial completion in the fourth quarter of 2022 and is expected to enter economic occupancy mid-2023, economic occupancy would be 96.1%)
- Renewals of 540,000 square feet at rents 5.7% above expiring rental rates (7.0% at weighted average rent during the renewal term)
- Acquisition of two investment properties added 81,000 square feet of GLA at a total aggregate purchase price of $16,722
- We are pleased to announce our next major development, The Marlstone, a 291-unit residential rental development in Halifax, Nova Scotia
- Advancing our climate action plan with a commitment to achieve net zero by 2050 for scopes 1, 2, and 3. In the near term, committed to reducing scope 1 and 2 emissions by a minimum of 50% by 2030 from a 2019 base year
Financial Highlights
- Completed offering of $200,000 Series K Senior unsecured notes maturing September 28, 2029, bearing an interest rate of 5.244% per annum
- Property revenue of $107,551, a 2.5% increase from $104,946 in the first quarter of 2022
- Operating income of $25,173, a decrease of 0.3% compared to the first quarter of 2022 at $25,248
- Net property income of $68,648, a 1.0% decrease from $69,331 in the first quarter of 2022
- FFO(1) of $52,835 or $0.30 per unit compared to $49,091 or $0.28 per unit in the first quarter of 2022
- FFO(1) payout ratio of 75.3% for the first quarter of 2023 compared to 79.9% in the same period last year
- AFFO(1) of $45,909 or $0.26 per unit compared to $41,898 or $0.24 per unit in the first quarter of 2022
- AFFO(1) payout ratio of 86.6% for the first quarter of 2023 compared to 93.6% in the same period last year
- Same-asset property cash NOI(1) increased 2.4% compared to the first quarter of 2022
- Debt to gross fair value(1)(2) of 41.9%, an improvement from 42.5% in the same period last year
- Debt to trailing 12 months adjusted EBITDA(1)(2) of 7.96x compared to the first quarter of 2022 at 8.72x
- Unencumbered investment properties of $2,291,396, a 14.0% increase from $2,009,252 in the same period last year
- Available liquidity of $735,877, a 40.7% increase from $523,159 in the first quarter of 2022
|
(1) Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See “Cautionary Statements and Non-GAAP Measures” below for a reconciliation of FFO, FFO payout ratio, AFFO, AFFO payout ratio, same-asset property cash NOI, debt to gross fair value, and debt to trailing 12 months adjusted EBITDA. |
|
(2) At Crombie’s proportionate share including joint ventures. |
Information in this press release is a select summary of results. This press release should be read in conjunction with Crombie’s Management’s Discussion and Analysis for the quarter ended March 31, 2023 and Consolidated Financial Statements and Notes for the quarters ended March 31, 2023, and March 31, 2022. Full details on our results can be found at www.crombie.ca and www.sedar.com.
Financial Results
Crombie’s key financial metrics for the three months ended March 31, 2023 are as follows:
|
Three months ended March 31, |
||||
|
(In thousands of Canadian dollars, except per unit amounts and as otherwise noted) |
2023 |
2022 |
Variance |
% |
|
Property revenue |
$107,551 |
$104,946 |
$2,605 |
2.5% |
|
Property operating expenses |
38,903 |
35,615 |
(3,288) |
(9.2)% |
|
Net property income |
$68,648 |
$69,331 |
$ (683) |
(1.0)% |
|
Operating income attributable to Unitholders |
$25,173 |
$25,248 |
$ (75) |
(0.3)% |
|
Same-asset property cash NOI (1) |
$68,159 |
$66,538 |
$1,621 |
2.4% |
|
Funds from operations (“FFO”) (1) |
||||
|
Basic |
$52,835 |
$49,091 |
$3,744 |
7.6% |
|
Per unit – Basic |
$0.30 |
$0.28 |
$0.02 |
7.1% |
|
Payout ratio(1) |
75.3% |
79.9% |
(4.6)% |
|
|
Adjusted funds from operations (“AFFO”) (1) |
||||
|
Basic |
$45,909 |
$41,898 |
$4,011 |
9.6% |
|
Per unit – Basic |
$0.26 |
$0.24 |
$0.02 |
8.3% |
|
Payout ratio(1) |
86.6% |
93.6% |
(7.0)% |
|
|
(1) Same-asset property cash NOI, FFO, FFO payout ratio, AFFO, and AFFO payout ratio are non-GAAP financial measures used by management to evaluate Crombie’s business performance. See “Cautionary Statements and Non-GAAP Measures” below for a reconciliation of same-asset property cash NOI, FFO, FFO payout ratio, AFFO, and AFFO payout ratio. |
Operating income attributable to Unitholders decreased by $75, or 0.3%, primarily due to a gain on distribution from equity-accounted investments of $1,933 in the first quarter of 2022 resulting from cash distributions received from 1600 Davie Limited Partnership in excess of our investment in the joint venture and a reduction of $683 in net property income. The reduction in operating income was offset in part by growth in income from equity-accounted investments of $3,212 resulting from the sale of two parcels of land at our Opal Ridge property in Dartmouth, Nova Scotia, in the first quarter of 2023.
Same-asset property cash NOI increased by $1,621, or 2.4%, compared to the first quarter of 2022 primarily due to renewals and new leasing, increased parking revenue of $626, and higher supplemental rent of $441 from modernizations and capital improvements.
The increase in FFO of $3,744 is primarily due to an increase in income from equity-accounted investments of $3,212 as a result of the sale of land inventory at our Opal Ridge property in Dartmouth, Nova Scotia, increased rental revenue compared to the first quarter of 2022 of $1,813 from renewals, new leasing, and acquisitions, improved parking revenue of $626, and higher supplemental rent from modernizations of $540. FFO growth is offset in part by lost rental revenue of $1,543 due to dispositions.
The improvement in AFFO is primarily due to the same factors impacting FFO as described above. This is offset in part by the impact of the increase in the maintenance expenditure charge in the quarter from $1.00 to $1.10 per square foot of weighted average GLA, an increased charge of $468.
Operating Results
|
March 31, |
December 31, |
September 30, 2022 |
June 30, 2022 |
March 31, 2022 |
|
|
Number of investment properties (1) |
291 |
289 |
290 |
294 |
294 |
|
Gross leasable area (2) |
18,550,000 |
18,445,000 |
18,331,000 |
18,500,000 |
18,488,000 |
|
Economic occupancy (3) |
94.5% |
94.8% |
96.2% |
95.9% |
95.5% |
|
Committed occupancy (4) |
96.7% |
96.9% |
96.8% |
96.3% |
96.4% |
|
(1) This includes properties owned at full and partial interests, excluding joint ventures. |
|
(2) Gross leasable area is adjusted to reflect Crombie’s proportionate interest in partially owned properties, excluding joint ventures. |
|
(3) Represents space currently under lease contract and rent has commenced. |
|
(4) Represents current economic occupancy plus completed lease contracts for future occupancy of currently available space. |
|
March 31, |
December 31, |
September 30, 2022 |
June 30, 2022 |
March 31, 2022 |
|
|
Investment properties, fair value |
$5,097,000 |
$5,050,000 |
$5,265,000 |
$5,273,000 |
$5,199,000 |
|
Investment properties held in joint ventures, fair value, at Crombie’s share(1) |
$447,000 |
$454,000 |
$453,000 |
$445,500 |
$448,000 |
|
Unencumbered investment properties (2) |
$2,291,396 |
$2,154,468 |
$2,200,890 |
$2,155,326 |
$2,009,252 |
|
Available liquidity (3) |
$735,877 |
$583,003 |
$445,372 |
$444,262 |
$523,159 |
|
Debt to gross book value – cost basis (4) |
44.9% |
44.6% |
46.2% |
46.8% |
46.5% |
|
Debt to gross fair value (5)(6) |
41.9% |
41.8% |
42.0% |
42.7% |
42.5% |
|
Weighted average interest rate (7) |
4.0% |
3.8% |
3.8% |
3.8% |
3.8% |
|
Debt to trailing 12 months adjusted EBITDA(5)(6) |
7.96x |
8.02x |
8.50x |
8.75x |
8.72x |
|
Interest coverage ratio (5)(6) |
3.24x |
3.26x |
3.32x |
3.26x |
3.27x |
|
(1) |
See Joint Ventures section in the Management’s Discussion and Analysis. |
|
(2) |
Represents fair value of unencumbered properties. |
|
(3) |
Represents the undrawn portion on the credit facilities, excluding joint facilities with joint operation partners. |
|
(4) |
See Capital Management note in the Financial Statements. |
|
(5) |
Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See “Cautionary Statements and Non-GAAP Measures” below for a reconciliation of debt to gross fair value, debt to trailing 12 months adjusted EBITDA, and interest coverage ratio. |
|
(6) |
See Debt Metrics section in the Management’s Discussion and Analysis. |
|
(7) |
Weighted average interest rate is calculated based on interest rates for all outstanding fixed rate debt. |
Operations and Leasing
During the quarter, Crombie achieved economic occupancy of 94.5% and committed occupancy of 96.7%. Adjusting for the impact of Voilà CFC 3, which reached substantial completion in the fourth quarter of 2022 and is expected to enter economic occupancy mid-2023, economic occupancy would be 96.1%. Crombie renewed 540,000 square feet with an increase of 5.7% over expiring rents during the quarter. Year to date, new leases increased occupancy by 62,000 square feet at an average first year rate of $18.91 per square foot.
Development
Crombie segregates its development pipeline by expected timing. Near-term projects are financially committed or expected to be committed within the next two years. Currently, Crombie has three developments classified as near-term projects. Upon completion, these projects will total approximately 905,000 square feet of residential GLA (1,381 residential units) and 112,000 square feet of commercial GLA. The geographical breakdown of GLA in square feet is as follows: 684,000 in Vancouver; 145,000 in Victoria and 188,000 in Halifax.
The Marlstone
Subsequent to the first quarter, the Board of Trustees approved the development of The Marlstone, a planned 291-unit residential rental project in the heart of downtown Halifax, located within the Scotia Square mixed-use retail, office, and hotel complex. This development will be built to LEED Gold Standard and will be operational net zero ready, as well as a Rick Hansen Foundation certified property.
Timing estimates are subject to change, as well as other development risks described in Crombie’s first quarter Management’s Discussion and Analysis under “Development” and “Risk Management”.
Climate Action
Crombie is pleased to announce the advancement of its environmental commitments through a newly created Climate Action Plan. Through this plan Crombie is committing to achieve net zero by 2050 for scopes 1, 2, and 3. In the near term, Crombie is committed to reducing scope 1 and 2 emissions by a minimum of 50% by 2030 from a 2019 base year. All targets will be submitted to the Science Based Targets initiative (“SBTi”) for validation and approval.
SBTi is an internationally recognized body that defines and promotes best practice in emissions reductions and net zero targets in line with climate science. Scope 1 refers to an entity’s direct emissions, while Scope 2 is an entity’s indirect emissions through its energy use. Scope 3 emissions are the result of activities not controlled by the entity, but indirectly related to its value chain.
Highlighted Subsequent Event
On May 1, 2023, Crombie acquired a 100% interest in a retail property from a subsidiary of Empire totalling 57,000 square feet for $9,760, excluding closing and transaction costs.
Conference Call Invitation
Crombie will provide additional details concerning its period ended March 31, 2023 results on a conference call to be held Thursday, May11, 2023, beginning at 12:00 p.m. (EDT). Accompanying the conference call will be a presentation that will be available on Crombie’s website. To join this conference call, you may dial (416) 764-8688 or (888) 390-0546. To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/3M6GX5E to receive an instant automated call back. You may also listen to a live audio webcast of the conference call by visiting the Investor section of Crombie’s website at www.crombie.ca.
Replay will be available until midnight May 18, 2023 by dialing (416) 764-8677 or (888) 390-0541 and entering passcode 005478 #, or on the Crombie website for 90 days following the conference call.
Cautionary Statements and Non-GAAP Measures
Same-asset property cash NOI (SANOI), FFO, AFFO, FFO payout ratio, AFFO payout ratio, debt to trailing 12 months adjusted EBITDA, debt to gross fair value, and interest coverage ratio are non-GAAP financial measures that do not have a standardized meaning under International Financial Reporting Standards (“IFRS”). These measures as computed by Crombie may differ from similar computations as reported by other entities and, accordingly, may not be comparable to other such entities. Management includes these measures as they represent key performance indicators to management, and it believes certain investors use these measures as a means of assessing Crombie’s financial performance. For additional information on these non-GAAP measures see our Management’s Discussion and Analysis for the three months ended March 31, 2023.
The reconciliations for each non-GAAP measure included in this press release are outlined as follows:
Same-Asset Property Cash NOI
Crombie measures certain performance and operating metrics on a same-asset basis to evaluate the period-over-period performance of those properties owned and operated by Crombie. “Same-asset” refers to those properties that were owned and operated by Crombie for the current and comparative reporting periods. Properties that will be undergoing a redevelopment in a future period, and those for which planning activities are underway are also in this category until such development activities commence and/or tenant leasing/renewal activity is suspended. Same–asset property cash NOI reflects Crombie’s proportionate ownership of jointly operated properties (and excludes any properties held in joint ventures).
Management uses net property income on a cash basis (property cash NOI) as a measure of performance as it reflects the cash generated by properties period-over-period.
Net property income on a cash basis, which excludes non-cash straight-line rent recognition and amortization of tenant incentive amounts, is as follows:
|
Three months ended March 31, |
|||
|
2023 |
2022 |
Variance |
|
|
Net property income |
$68,648 |
$69,331 |
$(683) |
|
Non-cash straight-line rent |
(1,305) |
(2,079) |
774 |
|
Non-cash tenant incentive amortization |
6,792 |
5,564 |
1,228 |
|
Property cash NOI |
74,135 |
72,816 |
1,319 |
|
Acquisitions and dispositions property cash NOI |
994 |
1,790 |
(796) |
|
Development property cash NOI |
4,982 |
4,488 |
494 |
|
Acquisitions, dispositions and development property cash NOI |
5,976 |
6,278 |
(302) |
|
Same-asset property cash NOI |
$68,159 |
$66,538 |
$1,621 |
Funds from Operations (FFO)
Crombie follows the recommendations of the January 2022 guidance of the Real Property Association of Canada (“REALPAC”) in calculating FFO. The reconciliation of FFO for the three months ended March 31, 2023 and 2022 is as follows:
|
Three months ended March 31, |
|||
|
2023 |
2022 |
Variance |
|
|
Decrease in net assets attributable to Unitholders |
$(13,999) |
$(13,777) |
$(222) |
|
Add (deduct): |
|||
|
Amortization of tenant incentives |
6,792 |
5,564 |
1,228 |
|
Gain on disposal of investment properties |
(111) |
— |
(111) |
|
Gain on distribution from equity-accounted investments |
— |
(1,933) |
1,933 |
|
Depreciation and amortization of investment properties |
19,069 |
18,524 |
545 |
|
Adjustments for equity-accounted investments |
1,257 |
942 |
315 |
|
Principal payments on right-of-use assets |
57 |
56 |
1 |
|
Internal leasing costs |
598 |
690 |
(92) |
|
Finance costs – distributions to Unitholders |
39,775 |
39,236 |
539 |
|
Finance costs (income) – change in fair value of financial instruments(1) |
(603) |
(211) |
(392) |
|
FFO as calculated based on REALPAC recommendations |
$52,835 |
$49,091 |
$3,744 |
|
Basic weighted average Units (in 000’s) |
178,669 |
172,664 |
6,005 |
|
FFO per Unit – basic |
$0.30 |
$0.28 |
$0.02 |
|
FFO payout ratio (%) |
75.3% |
79.9% |
(4.6)% |
|
(1) Includes the fair value changes of Crombie’s deferred unit plan. |
Adjusted Funds from Operations (AFFO)
Crombie follows the recommendations of REALPAC’s January 2022 guidance in calculating AFFO and has applied these recommendations to the AFFO amounts included in this press release and Management’s Discussion and Analysis.
The reconciliation of AFFO for the three months ended March 31, 2023 and 2022 is as follows:
|
Three months ended March 31, |
|||
|
2023 |
2022 |
Variance |
|
|
FFO as calculated based on REALPAC recommendations |
$52,835 |
$49,091 |
$3,744 |
|
Add (deduct): |
|||
|
Straight-line rent adjustment |
(1,305) |
(2,079) |
774 |
|
Straight-line rent adjustment included in loss from equity-accounted investments |
120 |
161 |
(41) |
|
Internal leasing costs |
(598) |
(690) |
92 |
|
Maintenance expenditures on a square footage basis |
(5,143) |
(4,585) |
(558) |
|
AFFO as calculated based on REALPAC recommendations |
$45,909 |
$41,898 |
$4,011 |
|
Basic weighted average Units (in 000’s) |
178,669 |
172,664 |
6,005 |
|
AFFO per Unit – basic |
$ 0.26 |
$ 0.24 |
$0.02 |
|
AFFO payout ratio (%) |
86.6% |
93.6% |
(7.0)% |
Debt Metrics
When calculating debt to gross fair value, debt is defined under the terms of the Declaration of Trust as obligations for borrowed money, including obligations incurred in connection with acquisitions, excluding trade payables and accruals in the ordinary course of business, and distributions payable. Debt includes Crombie’s share of debt held in equity-accounted joint ventures.
Gross fair value includes investment properties measured at fair value, including Crombie’s share of those held within joint ventures. All other components of gross fair value are measured at the carrying value included in Crombie’s financial statements. Crombie’s methodology for determining the fair value of investment properties includes capitalization of trailing 12 months net property income using biannual capitalization rates from external property valuators. The majority of investment properties are also subject to external, independent appraisals on a rotational basis over a period of not more than four years. Valuation techniques are more fully described in Crombie’s year-end audited financial statements.
The fair value included in this calculation reflects the fair value of the properties as at March 31, 2023 and December 31, 2022, respectively, based on each property’s current use as a revenue-generating investment property. As at March 31, 2023, Crombie’s weighted average capitalization rate used in the determination of the fair value of its investment properties was 5.93%, a decrease of one basis point from December 31, 2022. Crombie’s weighted average capitalization rate used in the determination of the fair value of its share of investment properties held in equity-accounted joint ventures was 3.48% as at March 31, 2023, an increase of one basis point from December 31, 2022. For an explanation of how Crombie determines capitalization rates, see the “Other Disclosures” section of the Management’s Discussion and Analysis, under “Investment Property Valuation” in the “Use of Estimates and Judgments” section.
|
March 31, 2023 |
December 31, 2022 |
||
|
Fixed rate mortgages |
$892,734 |
$918,552 |
|
|
Senior unsecured notes |
1,175,000 |
975,000 |
|
|
Non-revolving credit facility |
— |
150,000 |
|
|
Joint operation credit facility |
10,370 |
10,264 |
|
|
Debt held in joint ventures, at Crombie’s share (1) (2) |
270,145 |
270,642 |
|
|
Lease liabilities |
34,982 |
35,000 |
|
|
Adjusted debt |
$2,383,231 |
$2,359,458 |
|
|
Investment properties, fair value |
$5,097,000 |
$5,050,000 |
|
|
Investment properties held in joint ventures, fair value, at Crombie’s share (2) |
447,000 |
454,000 |
|
|
Other assets, cost (3) |
93,235 |
99,728 |
|
|
Other assets, cost, held in joint ventures, at Crombie’s share (2) (3) (4) |
26,304 |
26,974 |
|
|
Cash and cash equivalents |
9,050 |
6,117 |
|
|
Cash and cash equivalents held in joint ventures, at Crombie’s share (2) |
5,612 |
2,487 |
|
|
Deferred financing charges |
8,293 |
7,843 |
|
|
Gross fair value |
$5,686,494 |
$5,647,149 |
|
|
Debt to gross fair value |
41.9% |
41.8% |
|
(1) Includes Crombie’s share of fixed and floating rate mortgages, construction loans, revolving credit facility, and lease liabilities held in joint ventures. |
|
(2) See the “Joint Ventures” section in the Management’s Discussion and Analysis. |
|
(3) Other assets exclude tenant incentives, and related accumulated amortization, and accrued straight-line rent receivable. |
|
(4) Other assets held in joint ventures include deferred financing charges. |
The following table presents a reconciliation of property revenue to adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure and should not be considered an alternative to operating income attributable to Unitholders, and may not be comparable to that used by other entities.
|
Three months ended |
|||||
|
March 31, 2023 |
December 31, |
September 30, 2022 |
June 30, 2022 |
March 31, 2022 |
|
|
Operating income attributable to Unitholders |
$25,173 |
$87,718 |
$26,410 |
$28,424 |
$25,248 |
|
Amortization of tenant incentives |
6,792 |
5,940 |
5,795 |
5,690 |
5,564 |
|
Gain on disposal of investment properties |
(111) |
(62,584) |
(13,357) |
(4,863) |
— |
|
Gain on distribution from equity-accounted investments |
— |
— |
(1,000) |
— |
(1,933) |
|
Impairment of investment properties |
— |
— |
10,400 |
— |
— |
|
Depreciation and amortization |
19,420 |
18,991 |
22,744 |
19,222 |
18,879 |
|
Finance costs – operations |
20,764 |
20,623 |
20,884 |
20,762 |
20,745 |
|
(Income) loss from equity-accounted investments |
(1,673) |
1 |
1,787 |
1,627 |
1,539 |
|
Property revenue in joint ventures, at Crombie’s share |
11,269 |
7,271 |
3,258 |
2,616 |
2,356 |
|
Property operating expenses in joint ventures, at Crombie’s share |
(5,170) |
(3,022) |
(1,296) |
(1,002) |
(903) |
|
General and administrative expenses in joint ventures, at Crombie’s share |
(107) |
(77) |
(31) |
(21) |
(150) |
|
Taxes – current |
— |
4 |
— |
— |
— |
|
Adjusted EBITDA [1] |
$76,357 |
$74,865 |
$75,594 |
$72,455 |
$71,345 |
|
Trailing 12 months adjusted EBITDA [3] |
$299,271 |
$294,259 |
$290,022 |
$286,024 |
$281,626 |
|
Finance costs – operations |
$20,764 |
$20,623 |
$20,884 |
$20,762 |
$20,745 |
|
Finance costs – operations in joint ventures, at Crombie’s share |
3,430 |
2,961 |
2,564 |
2,157 |
1,776 |
|
Amortization of deferred financing charges |
(622) |
(654) |
(675) |
(668) |
(688) |
|
Adjusted interest expense [2] |
$23,572 |
$22,930 |
$22,773 |
$22,251 |
$21,833 |
|
Debt outstanding (see Debt to Gross Fair Value)(1) [4] |
$2,383,231 |
$2,359,458 |
$2,463,882 |
$2,502,845 |
$2,456,686 |
|
Interest service coverage ratio {[1]/[2]} |
3.24x |
3.26x |
3.32x |
3.26x |
3.27x |
|
Debt to trailing 12 months adjusted EBITDA {[4]/[3]} |
7.96x |
8.02x |
8.50x |
8.75x |
8.72x |
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(1) Includes debt held in joint ventures, at Crombie’s share. |
This press release 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 “may”, “will”, “estimate”, “anticipate”, “believe”, “expect”, “intend”, and similar expressions have been used to identify these forward-looking statements. These statements reflect current beliefs and are based on information currently available to management of Crombie. Forward-looking statements necessarily involve known and unknown risks and uncertainties. A number of factors, including those discussed in the 2022 annual Management’s Discussion and Analysis under “Risk Management” and the Annual Information Form for the year ended December 31, 2022 under “Risks”, could cause actual results, performance, achievements, prospects, or opportunities to differ materially from the 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, and Crombie can give no assurance that actual results will be consistent with these forward-looking statements.
Specifically, this document includes, but is not limited to, forward-looking statements regarding expected timing of development, each of which may be impacted by ordinary real estate market cycles, the availability of labour, financing and the cost of any such financing, capital resource allocation decisions and general economic conditions, as well as development activities undertaken by related parties not under the direct control of Crombie.
About Crombie REIT
Crombie invests in real estate that enriches local communities and enables long-term sustainable growth. As one of the country’s leading owners, operators, and developers of quality real estate, Crombie’s portfolio primarily includes grocery-anchored retail, retail-related industrial, and mixed-used residential properties in Canada’s top urban and suburban markets. As at March 31, 2023, our portfolio contains 291 income-producing properties comprising approximately 18.6 million square feet, and a significant pipeline of future development projects. Learn more at www.crombie.ca.
SOURCE Crombie REIT