Company Overview

Crombie Real Estate Investment Trust is a Canadian open-ended real estate investment trust focused on the ownership, development, and management of income-producing commercial real estate. The Trust operates primarily within the retail real estate and mixed-use development industries, with a strategic emphasis on properties anchored by grocery and essential retail tenants. Its revenue is predominantly generated from rental income under long-term lease agreements, providing stable cash flows supported by high-quality tenants.

The Trust was established in 2006 through the acquisition of a substantial portfolio of retail properties from Empire Company Limited, which remains a key strategic partner and major tenant. Since its formation, Crombie has evolved from a predominantly single-tenant retail landlord into a diversified REIT with increasing exposure to urban mixed-use and residential development projects, particularly in major Canadian cities. Its positioning is distinguished by a strong concentration in necessity-based retail and a long-standing relationship with one of Canada’s largest food retailers.

Business Operations

Crombie’s operations are organized around Retail Properties, Mixed-Use and Residential Development, and Property Management and Leasing activities. The retail portfolio consists primarily of grocery-anchored shopping centres and freestanding stores leased to national and regional retailers, with Empire Company Limited and its grocery banners representing the largest tenant concentration. Rental revenue from these stabilized retail assets remains the Trust’s primary source of income.

In parallel, Crombie actively pursues development and intensification projects, converting underutilized retail sites into higher-density mixed-use properties that incorporate residential, office, and additional retail components. Operations are conducted almost entirely within Canada, and the Trust controls its properties through wholly owned subsidiaries. Development activities are typically executed internally, with selective use of joint venture structures for larger or more complex projects.

Strategic Position & Investments

Crombie’s strategic direction emphasizes portfolio optimization, urban intensification, and long-term growth through mixed-use development. The Trust has been recycling capital by disposing of non-core or lower-growth assets and reinvesting proceeds into development pipelines in major urban markets. These initiatives are designed to enhance net asset value while maintaining a defensive income profile anchored by essential retail.

Key investments include multi-phase mixed-use developments in partnership with Empire Company Limited, leveraging shared site control and aligned strategic interests. Crombie has increased its exposure to residential rental units through development rather than large-scale acquisitions, reflecting a disciplined capital allocation strategy. Its involvement in emerging urban residential density trends is focused on transit-oriented and grocery-anchored locations rather than speculative technologies or non-core sectors.

Geographic Footprint

Crombie operates exclusively in Canada, with properties spanning Atlantic Canada, Ontario, Québec, and Western Canada. The Trust’s headquarters is located in Stellarton, Nova Scotia, reflecting its historical roots and long-term association with Empire. Ontario represents the largest and fastest-growing region by asset value, driven by development activity in the Greater Toronto Area.

The portfolio maintains a balanced national presence, with a concentration in urban and suburban markets that support population growth and daily-needs retail demand. While Crombie does not have international operations, its nationwide footprint provides diversification across provincial economies and regulatory environments.

Leadership & Governance

Crombie is led by an experienced executive team with deep expertise in Canadian real estate, retail leasing, and development. Governance is structured through a board of trustees and a management team focused on prudent capital management, sustainable distributions, and long-term value creation through development-led growth.

Key executives include:

• Mark Holly – President and Chief Executive Officer
• Frank Meade – Chief Financial Officer
• Patrick Kanary – Executive Vice President, Development
• Vicki Salmon – Executive Vice President, Asset Management and EHS
• Michael Peat – Chief Operating Officer

The leadership philosophy emphasizes disciplined investment, strong tenant partnerships, and responsible growth aligned with unitholder interests, with a strategic vision centered on transforming retail real estate into resilient mixed-use community assets.