"First six" major developments complete as Bronte Village
achieves substantial completion
NEW
GLASGOW, NS, May 11, 2022
/CNW/ - Crombie Real Estate Investment Trust ("Crombie") (TSX:
CRR.UN) today announced results for its first quarter ended
March 31, 2022. Management will host
a conference call to discuss the results at 12:00 p.m. (EDT), May 12, 2022.
"Crombie's high-quality and primarily grocery-anchored portfolio
continued to demonstrate strength in the first quarter of 2022,
delivering solid operating and financial performance," said
Don Clow, President & CEO.
"Crombie committed to a best-in-class AFFO and NAV growth strategy
six years ago, focused on an increased investment in Empire-related
initiatives and our real estate development program. Our strategy
includes new investments in strategic and complementary
retail-related industrial and mixed-use residential properties in
Canada's largest markets. Our 481
unit Bronte Village luxury residential rental project, in
Oakville, achieved substantial
completion in early 2022, the last of our first six major
developments which were delivered on time and on budget with
meaningful value creation. We are thrilled with these
accomplishments, as well as our strong financial condition,
including our highest FFO and AFFO on a dollar basis, lowest ever
leverage ratio of 42.4% and record unencumbered asset pool of
$2 billion. We are well-positioned to
continue executing our strategy and creating long-term value for
our stakeholders."
FIRST QUARTER SUMMARY
(In thousands of Canadian
dollars, except per unit amounts and as otherwise noted)
Operational Highlights
- Committed and economic occupancy of 96.4% and 95.5%,
respectively
- Renewals of 255,000 square feet at rents 2.3% above expiring
rates (3.6% at weighted average rent during the renewal term)
- Acquisition activity added 518,000 square feet of GLA at a
total aggregate purchase price of $90,472
- Substantial completion reached at mixed-use development, Bronte
Village, in Oakville, Ontario
Financial Highlights
- Completed $200,000 equity
financing
- Property revenue of $104,946
- Operating income of $25,248
- FFO(1) $49,091;
$0.28 per unit; FFO(1)
payout ratio 79.9%
- AFFO(1) $41,898;
$0.24 per unit; AFFO(1)
payout ratio 93.6%
- Same-asset property cash NOI(1) increase of
1.9%
- Record high unencumbered investment properties of $2,009,252
- Debt to gross fair value(1)(2) of 42.4%
- Debt to trailing 12 months adjusted EBITDA(1)(2) of
8.70x
- Available liquidity of $523,159
(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, 2022 and Consolidated
Financial Statements and Notes for the quarters ended March 31, 2022, and March
31, 2021. 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, 2022 are as follows:
|
Three months ended
March 31,
|
(In thousands of CAD
dollars, except per unit amounts and as otherwise noted)
|
2022
|
2021
|
Variance
|
%
|
Property
revenue
|
$
104,946
|
$
103,537
|
$
1,409
|
1.4 %
|
Property operating
expenses
|
35,615
|
33,401
|
(2,214)
|
(6.6) %
|
Net property
income
|
$
69,331
|
$
70,136
|
$
(805)
|
(1.1) %
|
Operating income
attributable to Unitholders
|
$
25,248
|
$
33,215
|
$
(7,967)
|
(24.0) %
|
Same-asset property
cash NOI (1)
|
$
66,649
|
$
65,428
|
$
1,221
|
1.9 %
|
Funds from operations
("FFO") (1)
|
|
|
|
|
Basic
|
$
49,091
|
$
46,103
|
$
2,988
|
6.5 %
|
Per unit -
Basic
|
$
0.28
|
$
0.29
|
$
(0.01)
|
(3.4) %
|
Payout
ratio(1)
|
79.9 %
|
76.4 %
|
|
3.5 %
|
Adjusted funds from
operations ("AFFO") (1)
|
|
|
|
|
Basic
|
$
41,898
|
$
38,779
|
$
3,119
|
8.0 %
|
Per unit -
Basic
|
$
0.24
|
$
0.25
|
$
(0.01)
|
(4.0) %
|
Payout
ratio(1)
|
93.6 %
|
90.8 %
|
|
2.8 %
|
(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
$7,967, or 24.0%, compared to the
first quarter of 2021 primarily due to gain on disposal of
investment properties of $11,144 in
the first quarter of 2021. This was offset in part by lower finance
costs from operations of $2,716,
primarily due to debt reduction including lower mortgage interest
of $2,216 resulting from mortgage
repayments and dispositions since the first quarter of 2021, and
gain on distribution from equity-accounted investments of
$1,933 as a result of cash
distributions received from 1600 Davie Limited Partnership in
excess of our investment in the joint venture.
Same-asset property cash NOI increased by $1,221, or 1.9%, compared to the first quarter of
2021, primarily due to a reduction of $290 in bad debt expense
(recovery of $332 on same-asset properties in the first
quarter of 2022 compared to recovery of $42 in the same quarter of 2021) and strong
occupancy, offset in part by a decrease in lease termination income
$735, primarily in our office
portfolio.
The increase in FFO of $2,988 is
primarily due to lower finance costs from operations of
$2,716, driven by debt reduction
including lower mortgage interest of $2,216 as a result of mortgage repayments and
dispositions since the first quarter of 2021, income of
$1,700 from acquisitions, and
reduction of bad debt expense of $1,004 (recovery of
$356 in the first quarter of 2022
compared to expense of $648 in the same quarter of 2021). FFO
growth is offset in part by reduction in lease termination income
of $1,514 and $973 from
dispositions since the first quarter of 2021. FFO per Unit was
diluted due to the increased number of Units outstanding from
equity issuances in the second quarter of 2021 and the first
quarter of 2022.
The increase in AFFO is largely due to the impacts on FFO as
described above. This was offset in part by the impact of the
increase in the maintenance expenditure charge in the quarter from
$0.90 to $1.00 per square foot of weighted average GLA.
AFFO per Unit was diluted due to the increased number of Units
outstanding from equity issuances in the second quarter of 2021 and
the first quarter of 2022.
Operating Results
|
March
31, 2022
|
December 31,
2021
|
September 30,
2021
|
June
30, 2021
|
March
31, 2021
|
Number of investment
properties (1)
|
294
|
284
|
287
|
287
|
287
|
Gross leasable area
(2)
|
18,488,000
|
17,861,000
|
18,232,000
|
18,235,000
|
18,229,000
|
Economic occupancy
(3)
|
95.5 %
|
95.6 %
|
95.8 %
|
95.6 %
|
95.5 %
|
Committed occupancy
(4)
|
96.4 %
|
96.2 %
|
96.5 %
|
96.2 %
|
96.3 %
|
(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.
|
(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,
2022
|
December 31,
2021
|
September
30,
2021
|
June 30,
2021
|
March 31,
2021
|
Investment properties,
fair value
|
$ 5,199,000
|
$ 5,026,000
|
$ 5,096,000
|
$ 5,053,000
|
$ 4,877,000
|
Unencumbered investment
properties (1)
|
$ 2,009,252
|
$ 1,752,927
|
$ 1,461,775
|
$ 1,445,423
|
$ 1,388,141
|
Available liquidity
(2)
|
$
523,159
|
$
507,777
|
$
512,168
|
$
368,483
|
$
469,548
|
Debt to gross book
value - cost basis (3)(7)
|
46.4 %
|
48.8 %
|
51.1 %
|
50.8 %
|
52.2 %
|
Debt to gross fair
value (4)(5)(7)
|
42.4 %
|
45.2 %
|
47.2 %
|
47.4 %
|
50.1 %
|
Weighted average
interest rate (6)
|
3.8 %
|
3.8 %
|
3.8 %
|
3.9 %
|
3.9 %
|
Debt to trailing 12
months adjusted EBITDA(4)(5)(7)(8)
|
8.70x
|
8.96x
|
9.59x
|
9.70x
|
10.39x
|
Interest coverage ratio
(4)(5)(8)
|
3.27x
|
3.06x
|
3.07x
|
2.91x
|
3.01x
|
(1)
|
Represents fair value
of unencumbered properties.
|
(2)
|
Represents the undrawn
portion on the credit facilities, excluding joint facilities with
joint operation partners.
|
(3)
|
See Capital Management
note in the Financial Statements.
|
(4)
|
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.
|
(5)
|
See Debt Metrics
section in the Management's Discussion and Analysis.
|
(6)
|
Weighted average
interest rate is calculated based on interest rates for all
outstanding fixed rate debt.
|
(7)
|
The prior year
calculations have been restated to include Crombie's share of debt
and assets held in joint ventures.
|
(8)
|
The prior year
calculations have been restated to include Crombie's share of
revenue and expenses in joint ventures.
|
Operations and Leasing
During the quarter, Crombie maintained strong economic occupancy
and committed occupancy of 95.5% and 96.4%, respectively. Crombie
renewed 255,000 square feet with an increase of 2.3% over expiring
rents during the quarter. New leases and expansions increased
occupancy by 142,000 square feet at an average first year rate of
$20.94 per square foot.
Development
During the quarter, Crombie reached substantial completion on
the major mixed-use development project, Bronte Village in
Oakville (Toronto), Ontario. Bronte Village, owned in partnership
with Prince Developments, consists of 481 residential rental units
and 54,000 square feet of commercial gross leasable area ("GLA")
anchored by a Farm Boy grocery store.
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 five
developments classified as near-term projects. Upon completion,
these projects will total approximately 753,000 square feet of
residential GLA and 1,130 residential units, 115,000 square feet of
commercial GLA, and 300,000 square feet of retail-related
industrial GLA. The geographical breakdown of GLA in square feet is
as follows: 535,000 in Vancouver;
145,000 in Victoria; 300,000 in
Calgary and 188,000 in
Halifax.
These timing and cost estimates are subject to changes, as well
as other development risks described in Crombie's first quarter
Management's Discussion and Analysis under "Development" and "Risk
Management".
Acquisitions
During the first quarter, Crombie acquired a 100% interest in
eight income-producing properties, the remaining 50% interest of an
existing retail-related industrial asset, and a 100% interest in
one land asset, that has since been developed by Crombie as a
grocery-anchored property, for a total aggregate purchase price of
$90,472 excluding transaction and
closing costs. These acquisitions added 518,000 square feet and
potential for future density to be added to Crombie's GLA.
Highlighted Subsequent Event
On May 3, 2022, Crombie acquired a
100% interest in a retail property from a subsidiary of Empire
totalling 68,000 square feet for $11,000, excluding closing and transaction
costs.
Conference Call Invitation
Crombie will provide additional details concerning its period
ended March 31, 2022 results on a
conference call to be held Thursday, May 12, 2022, 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. You may also listen to a live audio
webcast of the conference call by visiting the Investor section of
Crombie's website located at www.crombie.ca. Replay will be
available until midnight May 19, 2022
by dialing (416) 764-8677 or (888) 390-0541 and entering passcode
295675 #, or on the Crombie website for 90 days after the
meeting.
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, 2022.
The reconciliations for each non-GAAP measure included in this
news 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, including adjacent
parcels of land, and those having planning activities 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,
|
|
2022
|
2021
|
Variance
|
Net property
income
|
$
69,331
|
$
70,136
|
$
(805)
|
Non-cash straight-line
rent
|
(2,079)
|
(2,714)
|
635
|
Non-cash tenant
incentive amortization
|
5,564
|
4,535
|
1,029
|
Property cash
NOI
|
72,816
|
71,957
|
859
|
Acquisitions and
dispositions property cash NOI
|
1,784
|
2,155
|
(371)
|
Development property
cash NOI
|
4,383
|
4,374
|
9
|
Acquisitions,
dispositions and development property cash NOI
|
6,167
|
6,529
|
(362)
|
Same-asset property
cash NOI
|
$
66,649
|
$
65,428
|
$
1,221
|
Funds from Operations (FFO)
Crombie follows the recommendations of the Real Property
Association of Canada
("REALPAC")'s January 2022 guidance
in calculating FFO.
The reconciliation of FFO for the three months ended
March 31, 2022 and 2021 is as
follows:
|
Three months ended
March 31,
|
|
2022
|
2021
|
Variance
|
Decrease in net assets
attributable to Unitholders
|
$
(13,777)
|
$
(3,031)
|
$
(10,746)
|
Add
(deduct):
|
|
|
|
Amortization of tenant
incentives
|
5,564
|
4,535
|
1,029
|
Gain on disposal of
investment properties
|
—
|
(11,144)
|
11,144
|
Gain on distribution
from equity accounted investments
|
(1,933)
|
—
|
(1,933)
|
Depreciation and
amortization of investment properties
|
18,524
|
18,454
|
70
|
Adjustments for equity
accounted investments
|
942
|
369
|
573
|
Principal payments on
right-of-use assets
|
56
|
54
|
2
|
Internal leasing
costs
|
690
|
620
|
70
|
Finance costs -
distributions to Unitholders
|
39,236
|
35,220
|
4,016
|
Finance costs (income)
- change in fair value of financial instruments
|
(211)
|
1,026
|
(1,237)
|
FFO as calculated based
on REALPAC recommendations
|
$
49,091
|
$
46,103
|
$
2,988
|
Basic weighted average
Units (in 000's)
|
172,664
|
158,281
|
14,383
|
FFO per Unit -
basic
|
$
0.28
|
$
0.29
|
$
(0.01)
|
FFO payout ratio
(%)
|
79.9
%
|
76.4
%
|
3.5 %
|
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
news release and Management's Discussion and Analysis.
The reconciliation of AFFO for the three months ended
March 31, 2022 and 2021 is as
follows:
|
Three months ended
March 31,
|
|
2022
|
2021
|
Variance
|
FFO as calculated based
on REALPAC recommendations
|
$
49,091
|
$
46,103
|
$
2,988
|
Add
(deduct):
|
|
|
|
Straight-line rent
adjustment
|
(2,079)
|
(2,714)
|
635
|
Straight-line rent
adjustment included in Income from equity accounted
investments
|
161
|
—
|
161
|
Internal leasing
costs
|
(690)
|
(620)
|
(70)
|
Maintenance
expenditures on a square footage basis
|
(4,585)
|
(3,990)
|
(595)
|
AFFO as calculated
based on REALPAC recommendations
|
$
41,898
|
$
38,779
|
$
3,119
|
Basic weighted average
Units (in 000's)
|
172,664
|
158,281
|
14,383
|
AFFO per Unit -
basic
|
$
0.24
|
$
0.25
|
$
(0.01)
|
AFFO payout ratio
(%)
|
93.6 %
|
90.8 %
|
2.8 %
|
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 specific deferred taxes payable, 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,
2022 and December 31, 2021,
respectively, based on each property's current use as a
revenue-generating investment property. During the three months
ended March 31, 2022, Crombie's
weighted average capitalization rate used in the determination of
the fair value of its investment properties remains at 5.65%,
unchanged from December 31, 2021.
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 3.52% during
the three months ended March 31,
2022, an increase of 0.22% from December 31, 2021. For an explanation of how
Crombie determines capitalization rates, see the "Other
Disclosures" section of Crombie's first quarter Management's
Discussion and Analysis, under "Investment Property Valuation" in
the "Use of Estimates and Judgments" section.
|
March 31,
2022
|
|
December 31,
2021(1)
|
Fixed rate
mortgages
|
$
1,010,459
|
|
$
1,073,895
|
Senior unsecured
notes
|
1,125,000
|
|
1,125,000
|
Revolving credit
facility
|
3,783
|
|
9,220
|
Joint operation credit
facility
|
9,999
|
|
9,904
|
Bilateral credit
facility
|
—
|
|
10,000
|
Debt held in joint
ventures, at Crombie's share (2) (3)
|
267,168
|
|
246,308
|
Lease
liabilities
|
35,095
|
|
35,352
|
Total debt
outstanding
|
2,451,504
|
|
2,509,679
|
Less: Applicable fair
value debt adjustment
|
—
|
|
(53)
|
Adjusted
debt
|
$
2,451,504
|
|
$
2,509,626
|
|
|
|
|
Investment properties,
fair value
|
$
5,199,000
|
|
$
5,026,000
|
Investment properties
held in joint ventures, fair value, at Crombie's share
(3)
|
448,000
|
|
387,000
|
Other assets, cost
(4)
|
88,482
|
|
102,683
|
Other assets, cost,
held in joint ventures, at Crombie's share (3) (4)
(5)
|
22,229
|
|
18,370
|
Cash and cash
equivalents
|
3,915
|
|
3,915
|
Cash and cash
equivalents held in joint ventures, at Crombie's share
(3)
|
4,953
|
|
4,453
|
Deferred financing
charges
|
9,040
|
|
9,769
|
Interest rate
subsidy
|
—
|
|
(53)
|
Gross fair
value
|
$
5,775,619
|
|
$
5,552,137
|
Debt to gross fair
value
|
42.4 %
|
|
45.2 %
|
(1) The
prior year calculation has been restated to include Crombie's share
of debt and assets held in joint ventures.
|
(2)
Includes Crombie's share of fixed and floating rate mortgages,
construction loans, revolving credit facility, and lease
liabilities held in joint ventures.
|
(3) See the
"Joint Ventures" section in the Management's Discussion and
Analysis.
|
(4) Other
assets exclude tenant incentives and related accumulated
amortization, and accrued straight-line rent receivable.
|
(5) 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.
As of March 31, 2022, where
Crombie has completed a number of developments in joint ventures,
we have now changed our methodology in calculating adjusted EBITDA
to include Crombie's share of revenue, operating expenses, and
general and administrative expenses in joint ventures. Interest
service coverage calculations now include Crombie's share of
finance costs - operations and debt repayments in joint ventures.
Prior quarters have been restated to reflect this new
methodology.
|
Three months
ended
|
|
March 31,
2022
|
December 31,
2021
|
September
30,
2021
|
June 30,
2021
|
March 31,
2021
|
Property
revenue
|
$
104,946
|
$
103,832
|
$
101,517
|
$
100,006
|
$
103,537
|
Property revenue in
joint ventures, at Crombie's share
|
2,356
|
2,100
|
1,578
|
968
|
442
|
Amortization of tenant
incentives
|
5,564
|
5,249
|
5,187
|
4,840
|
4,535
|
Adjusted property
revenue
|
112,866
|
111,181
|
108,282
|
105,814
|
108,514
|
Property operating
expenses
|
(35,615)
|
(32,430)
|
(30,216)
|
(29,814)
|
(33,401)
|
Property operating
expenses in joint ventures, at Crombie's share
|
(903)
|
(724)
|
(695)
|
(483)
|
(203)
|
General and
administrative expenses
|
(4,853)
|
(7,367)
|
(5,728)
|
(7,351)
|
(5,038)
|
General and
administrative expenses in joint ventures, at Crombie's
share
|
(150)
|
(32)
|
(47)
|
(110)
|
(96)
|
Adjusted EBITDA
[1]
|
$
71,345
|
$
70,628
|
$
71,596
|
$
68,056
|
$
69,776
|
Trailing 12 months
adjusted EBITDA [3]
|
$
281,626
|
$
280,057
|
$
276,643
|
$
270,324
|
$
258,498
|
|
|
|
|
|
|
Finance costs -
operations
|
$
20,745
|
$
22,639
|
$
23,070
|
$
23,618
|
$
23,461
|
Finance costs -
operations in joint ventures, at Crombie's share
|
1,776
|
1,157
|
1,031
|
568
|
546
|
Amortization of
deferred financing charges
|
(688)
|
(742)
|
(759)
|
(764)
|
(802)
|
Adjusted interest
expense [2]
|
$
21,833
|
$
23,054
|
$
23,342
|
$
23,422
|
$
23,205
|
|
|
|
|
|
|
Debt outstanding (see
Debt to Gross Fair Value)(1) [4]
|
$
2,451,504
|
$
2,509,626
|
$
2,651,936
|
$
2,621,803
|
$
2,685,835
|
|
|
|
|
|
|
Interest service
coverage ratio {[1]/[2]}
|
3.27x
|
3.06x
|
3.07x
|
2.91x
|
3.01x
|
Debt to trailing 12
months adjusted EBITDA {[4]/[3]}
|
8.70x
|
8.96x
|
9.59x
|
9.70x
|
10.39x
|
(1)
Includes debt held in joint ventures, at Crombie's
share.
|
This news 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 2021 annual Management's
Discussion and Analysis under "Risk Management" and the Annual
Information Form for the year ended December
31, 2021 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 and costs of
development and expected impact on NAV and AFFO growth for projects
currently underway and planned into the future, 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 Real Estate Investment Trust ("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, 2022, our
portfolio contains 294 income-producing properties comprising
approximately 18.5 million square feet, and a significant pipeline
of future development projects. Learn more at www.crombie.ca.
SOURCE Crombie REIT