Q2 2026 Conference Call

Disciplined capital allocation and operational excellence drive another quarter of near-record committed occupancy and consistent commercial same-asset property cash NOI growth

August 5, 2026

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New Glasgow, NS – Crombie Real Estate Investment Trust (“Crombie”) (TSX: CRR.UN) today announced results for its second quarter ended June 30, 2026. Management will host a conference call to discuss the results at 10:00 a.m. (EDT), August 6, 2026.

“Crombie’s second quarter results reflect the quality of our necessity-based, grocery-anchored portfolio and the disciplined execution of our strategy,” said Mark Holly, President and CEO. “Commercial same-asset property cash NOI grew 3.2% and committed occupancy remained near all-time highs at 97.5%. We continue to see healthy demand for well-located grocery-anchored real estate across our coast-to-coast portfolio. The quarter also marked an important moment for The Marlstone in downtown Halifax, where we welcomed our first residents following delivery of the project on time. As we look ahead, our focus remains unchanged: owning and operating essential real estate at the heart of Canadian communities, allocating capital with discipline, and compounding long-term value for our Unitholders.”

SECOND QUARTER SUMMARY

(In thousands of Canadian dollars, except per Unit amounts and square feet and as otherwise noted)

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 three months ended June 30, 2026 and Interim Condensed Consolidated Financial Statements and Notes for the periods ended June 30, 2026, and June 30, 2025. Full details on our results can be found at www.crombie.ca and www.sedarplus.ca.

Operational and Financial Highlights

• Committed occupancy of 97.5% and economic occupancy of 96.6%; a 30 basis point increase in committed occupancy and a 20 basis point increase in economic occupancy, compared to the second quarter of 2025
• Renewals of 121,000 square feet at rents 11.3% above expiring rental rates
  • An increase of 12.7% for the three months ended June 30, 2026 using the weighted average rental rate during the renewal term
• Property revenue increased by 1.9% to $126,154, from $123,774 in the second quarter of 2025
• Operating income attributable to Unitholders⁽²⁾ was $29,965, an 18.8% decrease compared to $36,900 in the second quarter of 2025
• Funds from operations (“FFO”)⁽¹⁾⁽²⁾  per Unit of $0.33, a decrease of 2.9% compared to $0.34 per Unit in the second quarter of 2025
• Adjusted funds from operations (“AFFO”)⁽¹⁾⁽²⁾ per Unit of $0.30 per unit compared to $0.30 per Unit in the second quarter of 2025
• Commercial same-asset property cash NOI⁽¹⁾  increased by 3.2% to $85,103, from $82,443 in the second quarter of 2025

Capital Allocation Highlights

• Acquired one retail property in Surrey, BC, representing 30,000 square feet, for total consideration of $12,700 and two land parcels at an existing property in Moncton, NB for total consideration of $5,744, all excluding closing and transaction costs
• Invested $10,649 in modernizations during the quarter
• During the quarter, Crombie reached substantial completion on The Marlstone project, a 291-unit residential rental project in the heart of downtown Halifax, Nova Scotia

1. Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See “Non-GAAP Measures and Cautionary Statements” below for a reconciliation of FFO, AFFO,  and commercial same-asset property cash NOI.
2. Operating income attributable to Unitholders, FFO, and AFFO for the three months ended June 30, 2025 were updated from the previously reported figures for a change in presentation of fair value of Unit-based compensation.

Highlighted Subsequent Events

Acquisition Activity

On July 13, 2026, Crombie acquired two land parcels in Windsor, NS, from a third party totalling 10.8 acres for $4,397, excluding closing and transaction costs.

Senior Unsecured Notes

On July 6, 2026, Crombie issued, on a private placement basis, $300,000 of Series N senior unsecured notes maturing July 6, 2033. The net proceeds were used to repay certain indebtedness of Crombie, including the July 8, 2026 redemption of Series F senior unsecured notes, partial repayment of the unsecured revolving credit facility, and for general trust purposes. The Series N senior unsecured notes were priced with a contractual interest rate of 4.518%. Interest is payable in equal semi-annual installments on January 6 and July 6.

On July 8, 2026, the redemption of $200,000 principal amount of its 3.677% Series F senior unsecured notes occurred. The Series F senior unsecured notes were originally scheduled to mature on August 26, 2026.

ESG Report

Subsequent to June 30, 2026, Crombie announced the release of its 2025 Environmental, Social & Governance Report, which provides a comprehensive overview of the REIT’s environmental, social and governance priorities, progress and initiatives over the past year.

Key Highlights

• Reduced Scope 1 and 2 greenhouse gas (“GHG”) emissions by 21% year-over-year and 42% from our 2019 baseline
• Achieved Crombie’s original 2025 environmental goals, including an 11% reduction in water consumption on a like-for-like basis from 2019 to 2025, a 54% waste diversion rate within landlord-managed enclosed centres, and 1.4M additional square feet of BOMA BEST-certified space
• Reduced energy consumption by 19,767,896 kWh on a like-for-like basis from 2024 to 2025 and continued strengthening energy and water management through energy audits, building improvements, and targeted conservation measures
• Earned Platinum-level Green Lease Leader recognition, with 100% of standard net new leases incorporating green lease provisions
• Through our Community Impact Strategy focused on People and Planet, invested more than $500,000 through donations, sponsorships, employee-matching and in-kind support, while employees contributed more than 3,700 volunteer hours
• Achieved record participation of 93% in the annual employee engagement survey, with employee satisfaction of 81% and voluntary turnover of 6.8%, meeting Crombie’s 2025 targets for high employee satisfaction and low voluntary turnover
• Strengthened employee health and well-being through a refreshed occupational health and safety program and expanded mental health support, while meeting all three of Crombie’s 2025 health and safety targets
• Maintained a Culture of Inclusion Index of 86% and supported employee awareness of diverse cultures, identities, histories, and lived experiences through inclusion-focused learning and recognition initiatives, alongside continued mandatory Indigenous Awareness training
• Strengthened governance and Board effectiveness through enhanced Trustee onboarding, with 4 new Trustees onboarded in 2025, continued ESG oversight, annual evaluations, and expanded Trustee education
• Maintained 100% cybersecurity training completion and introduced an Artificial Intelligence Policy and mandatory training to support responsible technology use
• Strengthened the coverage, completeness, and quality of environmental performance data, providing greater transparency into portfolio performance
• Continued reporting in alignment with the SASB Real Estate Standard and introduced a topic-specific GRI Content Index for selected social disclosures to support comparability with globally recognized frameworks
• Earned recognition as one of Canada’s Greenest Employers for the second consecutive year and Atlantic Canada’s Top Employers for the tenth consecutive year, alongside several regional and national employer awards

The full report is available in the ESG section of Crombie’s website at www.crombie.ca

Portfolio Optimization

Our development program is divided into major development projects with a total estimated cost greater than $50,000, and non-major development projects with a total estimate cost below $50,000.

Major Development

The Marlstone is a 291-unit residential rental project in the heart of downtown Halifax, located within the Scotia Square mixed-use retail, office, and hotel complex. The project reached substantial completion in the second quarter of 2026.

Non-major Development

Non-major developments are shorter in duration and thus carry less overall risk as compared to Crombie’s major development pipeline. These projects have the ability to create value while enhancing the overall quality of the portfolio.

The table below summarizes active non-major developments within Crombie’s portfolio at June 30, 2026.

1. Modernizations are capital investments to modernize/renovate Crombie-owned grocery-anchored properties in exchange for a defined return and potential extended lease term. The spend on completed modernizations for the three and six months ended June 30, 2026 was $10,649 and $17,033, respectively (three and six months ended June 30, 2025 – $6,925 and $9,086).
2. 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.

Financial Metrics

1. Net property income, commercial 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 net property income, same-asset property cash NOI, FFO, FFO payout ratio, AFFO, and AFFO payout ratio.

Second Quarter and Year-to-Date 2026 Results

Operating income attributable to Unitholders

The decrease in operating income in the second quarter of 2026 was primarily due to gains in the second quarter of 2025 on disposal of investment properties and derecognition of a right-of-use asset, reduced lease termination income, higher tenant incentive amortization from modernizations, and increased interest expense from higher balances outstanding on credit facilities in 2026. This was offset in part by property revenue growth from recent acquisitions, new leasing, and renewals.

In addition to the items discussed above for the quarter, the year-to-date decrease was further driven by lower net property income from residential, higher general and administrative expenses related to filling vacant roles, and increased depreciation and amortization from acquisitions. This was partially offset by increased supplemental rent from modernization investments and higher development fees from joint ventures.

Commercial same-asset property cash NOI

The increase in commercial same-asset property cash NOI for the quarter was primarily driven by renewals, contractual rent step-ups, and new leasing.

The year-to-date increase was driven by the items discussed above for the quarter as well as increased supplemental rent from modernization investments.

FFO

The decrease in FFO for the quarter was primarily due to reduced lease termination income and increased interest expense due to higher balances outstanding on credit facilities. This was partially offset by property revenue growth as discussed above.

The year-to-date increase was primarily driven by growth in property revenue as discussed above, increased supplemental rent from  modernization investments, and higher development fees from joint ventures. This was partially offset by reduced lease termination income, lower net property income from residential, higher interest expense as discussed above, and an increase in general and administrative expenses related to filling vacant roles.

AFFO

The increase in AFFO in the quarter was primarily driven by property revenue growth as discussed above, partially offset by reduced lease termination income and increased interest expense.

The year-to-date increase was due to the same factors impacting FFO year to date.

Operational Metrics

1. This includes properties owned at full and partial interests, excluding joint ventures, wholly owned residential, and properties under development.
2. Gross leasable area is adjusted to reflect Crombie’s proportionate interest in partially owned properties, excluding joint ventures and a wholly owned residential asset.
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 vacant space.
5. Inclusive of properties under development.

Committed occupancy of 97.5% included 160,000 square feet of space committed at June 30, 2026. VECTOM and Major Markets represent 119,000 square feet of committed space. The increase in committed occupancy compared to June 30, 2025 was due to new leasing activity and acquisitions.

New commercial leases increased occupancy by 63,000 square feet at June 30, 2026, at an average first-year rate of $26.26 per square foot.

Renewal activity for the second quarter of 2026 consisted of 121,000 square feet of retail renewals, reflecting a 11.3% increase over expiring rental rates.

When comparing the expiring rental rates to the weighted average rental rate for the renewal term, Crombie achieved an increase of 12.7% for the three months ended June 30, 2026.

Financial Condition Metrics

1. Represents the undrawn portion on the credit facilities, excluding joint facilities with joint operation partners.
2. See Capital Management note in the Financial Statements.              
3. Non-GAAP financial measures used by management to evaluate Crombie’s business performance. See “Non-GAAP Measures and Cautionary Statements” below for a reconciliation of debt to gross fair value, debt to trailing 12 months adjusted EBITDA, and interest coverage ratio.
4. See Debt Metrics section in the Management’s Discussion and Analysis.
5. For the three months ended June 30, 2026, December 31, 2025, and June 30, 2025.
6. Debt to trailing 12 months adjusted EBITDA and interest coverage ratio for the three months ended December 31, 2025 and June 30, 2025, were updated from the previously reported figures for a change in presentation of fair value of Unit-based compensation.

Conference Call and Webcast

Crombie will provide additional details regarding its second quarter ended June 30, 2026 results on a conference call to be held Thursday, August 6, 2026, beginning at 10:00 a.m. (EDT). Accompanying the conference call will be a presentation that will be available on the Investors section of Crombie’s website. To join the conference call, please dial +1-833-752-5566 (U.S./Canada) or +1-647-258-0575 (international). To join the conference call without operator assistance, you may register and enter your details at https://api.newsfilecorp.com/redirect/0pPOrh5b7B to receive an instant automated call back. You may also listen to a live audio webcast of the conference call by visiting the Investors section of Crombie’s website at www.crombie.ca and through this link.

A replay will be available by dialing +1-855-669-9658 and entering password 4349732#, until midnight on August 13, 2026.

Non-GAAP Measures and Cautionary Statements

Net property income, commercial same-asset property cash NOI, 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 and six months ended June 30, 2026.

The reconciliations for each non-GAAP measure included in this press release are outlined as follows:

Net Property Income

Management uses net property income as a measure of performance of properties period over period.

Net property income is 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:

1. Refer to “Amortization of Tenant Incentives” in the Management’s Discussion and Analysis for a breakdown of tenant incentive amortization.
2. Residential includes 100% owned residential property.

FFO

Crombie follows the recommendations of the Real Property Association of Canada (“REALPAC”) publication “REALPAC Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS (January 2022)” in calculating FFO and has applied these recommendations to the FFO amounts included in this press release.

The reconciliation of FFO for the three and six months ended June 30, 2026 and 2025 is as follows:

1. Includes the fair value changes of Crombie’s Unit based plans and fair value changes of financial instruments which do not qualify for hedge accounting.
2. Change in fair value of financial instruments, FFO and the related payout ratios for the three and six months ended June 30, 2025 were updated from the previously reported figures for a change in presentation of fair value of Unit-based compensation.

AFFO

Crombie follows the recommendations of the “REALPAC Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS (January 2022)” in calculating AFFO and has applied these recommendations to the AFFO amounts included in this press release.

The reconciliation of AFFO for the three and six months ended June 30, 2026 and 2025 is as follows:

1. FFO, AFFO and the related payout ratios for the three and six months ended June 30, 2025 were updated from the previously reported figures for a change in presentation of fair value of Unit-based compensation.

Debt Metrics

Debt to gross fair value is a non-GAAP measure and may not be comparable to that used by other entities.

The fair value included in this calculation reflects the fair value of the properties as at June 30, 2026, December 31, 2025, and June 30, 2025, respectively, based on each property’s current use as a revenue-generating investment property. Additionally, as properties are prepared for redevelopment, Crombie considers each property’s progress through entitlement in determining the fair value of a property.

1. Includes Crombie’s share of fixed rate mortgages, floating rate construction loans, floating rate revolving credit facilities, and lease liabilities held in joint ventures.
2. See the “Joint Ventures” section in the Management’s Discussion and Analysis.
3. Excludes tenant incentives, accumulated amortization, and accrued straight-line rent receivable.
4. Includes deferred financing charges.

The following table presents a reconciliation of operating income attributable to Unitholders 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.

1. Includes debt held in joint ventures, at Crombie’s share.
2. Operating income attributable to Unitholders for the three months ended December 31, 2025 and June 30, 2025 were updated from the previously reported figures for a change in presentation of fair value of Unit-based compensation.

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”, “plan”, “continue”, 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 2024 annual Management’s Discussion and Analysis under “Risk Management” and the Annual Information Form for the year ended December 31, 2024 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, cost, and completion of our non-major developments, which may be impacted by the availability of labour, variation in market construction costs, and ability to attract tenants, and statements relating to the sustainability and potential long-term growth of our cash flows, which may be impacted by general economic conditions, the ability to attract tenants and our ability to grow our portfolio through acquisitions and development activity.

About Crombie REIT

Crombie invests in real estate with a vision of enriching communities together by building spaces and value today that leave a positive impact on tomorrow. As one of the country’s leading owners, operators, and developers of quality real estate assets, Crombie’s portfolio primarily includes grocery-anchored retail, retail-related industrial, and mixed-use residential properties. As at June 30, 2026, our portfolio contained 311 properties comprising approximately 19.5 million square feet, inclusive of joint ventures at Crombie’s share, and a significant pipeline of future development projects. Learn more at www.crombie.ca.

Investor Relations Contacts

Kara Cameron, CPA, CA, Chief Financial Officer, Crombie REIT, Kara.Cameron@crombie.ca

Meghna Nair, Manager, Investor Relations, Crombie REIT, Meghna.Nair@crombie.ca

Media Contact

Neera Ritcey, Senior Director, Marketing & Communications, Crombie REIT, News@crombie.ca