Ms. Kara Cameron reports

CROMBIE REIT ANNOUNCES OFFERING OF $200 MILLION SERIES L UNSECURED NOTES

Crombie Real Estate Investment Trust has entered into an agreement to issue $200-million aggregate principal amount of Series L senior unsecured notes maturing March 29, 2030. The Series L notes will bear interest at a rate of 5.139 per cent per annum. The Series L notes were offered at a price of $999.95 per $1,000.00 principal amount.

The Series L notes are being offered with a syndicate of agents, co-led by Scotia Capital Inc. and TD Securities Inc., and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Desjardins Securities Inc. and RBC Dominion Securities Inc., to sell, on a best efforts, private placement basis.

Net proceeds from the Series L notes offering will be used to repay certain indebtedness outstanding on Crombie's credit facilities and for general trust purposes.

The offering is expected to close on or about March 6, 2024, and is subject to customary closing conditions, including receipt of necessary consents and approvals and the Series L notes receiving a rating of at least BBB (low) with a stable trend from DBRS.

The Series L notes will be sold in Canada on a private placement basis pursuant to certain prospectus exemptions.

About 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 assets, Crombie's portfolio primarily includes grocery-anchored retail, retail-related industrial and mixed-used residential properties. As at Dec. 31, 2023, the trust's portfolio contains 304 properties comprising approximately 19.2 million square feet, inclusive of joint ventures at Crombie's share, and a significant pipeline of future development projects.

We seek Safe Harbor.