Crombie Real Estate Investment Trust · TSX:CRR.UN
Crombie Real Estate Investment Trust — Q2 2021 Earnings Presentation
18 slides from Crombie Real Estate Investment Trust's earnings presentation, Aug 5, 2021
Slide 1: Proven Stability and Sustainable Growth
Proven Stability and Sustainable Growth Q2 2021 Results Conference Call AUGUST 5, 2021
Slide 2: Forward-looking Information
Forward-looking Information This presentation 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 "continue", "may", "will", "estima
Slide 3: Opening Remarks
Opening Remarks Don Clow President & CEO
Slide 4: Strong Offense and Good Defense: Financial Condition
Proven Stability and Sustainable Growth Strong Offense and Good Defense • Strengthened Financial Condition • Ample Liquidity • Increased weighted average term to maturity • Debt to Gross Fair Value of 46.0% • Debt to trailing 12 months adjusted EBITDA 9.12x • Innovative capital recycling • Improved
Slide 5: Strong Offense and Good Defense: Empire Relationship
Proven Stability and Sustainable Growth Strong Offense and Good Defense • Optimized Empire Relationship • Sustainable competitive advantage • ~13 year weighted average lease term • Expected annual investment of $100 - $200 million • Development pipeline of 30 sites totaling an estimated $4.4 – $6.3B
Slide 6: Development & Operational Highlights
Development & Operational Highlights Glenn Hynes EVP & COO
Slide 7: Strong Fundamentals
Strong Fundamentals Solid Occupancy Drives Performance 510,000 SF 118,000 SF 621,000 New Leases Committed Renewals $23.72 PSF $17.83 PSF +3.1% growth Committed Occupancy Retail-related Office industrial 93.4% 100.0% committed occupancy committed occupancy TOTAL 18.2m sf 96.2% committed occupancy Ret
Slide 8: Avalon Mall, St. John's
Avalon Mall, St. John’s The grandest reopening of the mall 8
Slide 9: Zephyr, Davie Street, Vancouver
Zephyr, Davie Street, Vancouver New standard for urban, green and sustainable living 9 Davie Street façade featuring Zephyr, a state-of-the-art LED installation, designed by Vancouver artist Neil Campbell.
Slide 10: Active Near-Term Developments
Active Near-Term Developments Substantial completion expected by end of 2021 Le Duke Bronte Village Montreal, Quebec Oakville (Toronto), Ontario 10
Slide 11: Active Near-Term Development
Active Near-Term Development Home of Empire’s third CFC Voilà CFC 3 Calgary, Alberta 11
Slide 12: Financial Highlights
Financial Highlights Clinton Keay CFO & Secretary
Slide 13: Well-Positioned Defensive Portfolio
Well-Positioned Defensive Portfolio % of Q2 2021 % of July 2021 Gross Rent Gross Rent Collected Collected Retail 99% 99% Office 100% 100% Retail-related 100% 100% industrial Total 99% 99% 13
Slide 14: Q2'21 Financial Highlights
Q2’21 Financial Highlights1 FFO per Unit AFFO per Unit $0.29 $0.27 $0.27 $0.27 $0.25 $0.23 $0.23 $0.22 Q3'20 Q4'20 Q1'21 Q2'21 Q3'20 Q4'20 Q1'21 Q2'21 SANOI Growth 7.2% 1.9% 2.2% -3.4% 14 Q3'20 Q4'20 Q1'21 Q2'21 1. Non-GAAP financial measures used by management to evaluate Crombie’s business perform
Slide 15: Building Financial Strength
Building Financial Strength Interest coverage1 $ 1.4B $ 368M BBB (low) Fair value of 2.94x unencumbered Available liquidity negative assets Debt to Adjusted DBRS rating provides EBITDA1 attractive unsecured debt financing 9.12x Debt to Fair Value1 Optimal Low-Cost Capital Structure 51.0% 50.3% 50.3%
Slide 16: Closing Remarks
Closing Remarks Don Clow President & CEO
Slide 17: Continuing to build the Crombie of tomorrow
Continuing to build the Crombie of tomorrow Vision Enriching communities sustainably through tangible actions and an ethical and diverse culture Sustainability strategy – material topics • Environmental • Sustainable design and construction • Energy consumption • Social • Talent attraction, developm
Slide 18: Proven Stability and Sustainable Growth
Proven Stability and Sustainable Growth
Crombie Real Estate Investment Trust — Q2 2021 Earnings Presentation on 6ix