CROMBIE REIT ANNOUNCES REDEMPTION OF $175 MILLION SERIES E UNSECURED NOTES

NEW GLASGOW, NS, Oct. 16, 2024 /CNW/ - Crombie Real Estate Investment Trust ("Crombie") (TSX: CRR.UN) announced today that pursuant to the trust indenture governing its 4.80% Series E Senior Unsecured Notes due January 31, 2025 (the "Series E Notes"), it has issued a notice of redemption to the registered holders of its Series E Notes. The outstanding $175 million aggregate principal amount of these Notes will be redeemed in full on October 31, 2024 (the "Redemption Date").

The calculation of the redemption price of the Series E Notes is set out in the trust indenture, as supplemented, and is to be the greater of the Canada Yield Price and 100% of the aggregate principal amount of the Series E Notes, together in each case with accrued and unpaid interest to the Redemption Date. The Canada Yield Price determined in accordance with the indenture, as supplemented, is less than the aggregate principal amount, so the redemption price is $1,000.00 per $1,000.00 of principal amount. Accrued and unpaid interest to the Redemption Date will be $12.0986301 per $1,000.00 of principal. In aggregate, on the Redemption Date, the redemption price of the Series E Notes will be $175,000,000.00 plus accrued and unpaid interest of $2,117,260.27.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Toronto Stock Exchange has neither approved nor disapproved the form or content of this press release.

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, 2024, our portfolio contains 304 properties comprising approximately 19.3 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.

Cautionary Statements

This news release may contain 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", "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, and include, without limitation, statements regarding the expected effective date of the redemption of the Series E Notes and the amounts of accrued but unpaid interest at the time of redemption.

Readers are cautioned that such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from these statements. Crombie can give no assurance that actual results will be consistent with these forward-looking statements. A number of factors, including those discussed in the 2023 annual Management's Discussion and Analysis under "Risk Management" and in the Annual Information Form for the year ended December 31, 2023 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.

SOURCE Crombie REIT

Media Contact: Kara Cameron, CPA, CA, Chief Financial Officer, 902-755-8100; Ruth Martin, CPA, CA, CPIR, Senior Director, Investor Relations & ESG Reporting, 902-759-0164