CROMBIE REIT ANNOUNCES RETIREMENT OF GLENN HYNES, EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER

NEW GLASGOW, NS, June 13, 2022 /CNW/ - Crombie Real Estate Investment Trust ("Crombie") (TSX: CRR.UN) today announced the retirement of Executive Vice President & Chief Operating Officer Glenn Hynes, effective October 31, 2022.

Glenn Hynes joined Crombie REIT in 2010 as Chief Financial Officer & Secretary and in 2018 became Executive Vice President & Chief Operating Officer.

"Glenn has made incredible contributions to Crombie," said Crombie President & CEO Don Clow. "Glenn has been a highly valued and respected leader on our team since 2010. In his early days as CFO, Glenn built the strong financial conditions that enabled us to pivot our strategy which has resulted in our pursuit of best-in-class AFFO and NAV growth. In his most recent years as EVP & COO, Glenn led the construction, development, leasing and operations functions which among many accomplishments led the successful completion of our first six major development projects and important work in advancing our strategic partnership with Empire. Glenn has also been a key champion in support of Crombie's culture and values and a catalyst for our robust response and results during the pandemic. We are grateful for his strong strategic acumen, trusted leadership and wise counsel over the past 12 years."

"I am very proud of the Crombie organization as we have created a compelling combination of great real estate and extraordinary talent supported and enabled by a culture and values system that is a true competitive advantage," said Glenn Hynes, EVP & COO. "I am also proud of our many accomplishments over the years which have led to us earning a reputation for "doing what we said we would do" with passion, commitment and accuracy. The future is bright, and I look forward to cheering on the Company's progress."

Don Clow added, "Crombie is in an enviable position in the Canadian real estate market. Crombie's high-quality and primarily grocery-anchored portfolio continues to demonstrate strength. We have dedicated and skilled talent which allows us to be strong operators, while also focusing on an increased investment in Empire-related initiatives and our real estate development program. Glenn has focused on his succession by mentoring leaders across the organization including some who are ready to fill his shoes and we will share more details over the coming months. With our great team, we are well-positioned to continue executing our strategy and creating long-term value for our stakeholders."

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

Media Contact: Clinton Keay, CPA, CA, Chief Financial Officer and Secretary, 902-755-8100; Ruth Martin, CPA, CA, Director, Investor Relations and Financial Analysis, 902-759-0164