NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

The base shelf prospectus is accessible, and the prospectus supplement will be accessible within two business days in the jurisdiction of Crombie’s principal regulator (which, for the prospectus supplement, will be November 12, 2026), through SEDAR+.

NEW GLASGOW, Nova Scotia, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Crombie Real Estate Investment Trust (“Crombie” or the “REIT”) (TSX: CRR.UN) today announced that it has entered into an agreement with a syndicate of underwriters led by Scotiabank and BMO Capital Markets, as joint bookrunners (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 7,312,500 trust units of Crombie (the “Units”) at a price of $16.00 per Unit (the “Offering Price”), for gross proceeds of approximately $117 million (the “Offering”).

Concurrently with the Offering, ECL Developments Limited, a wholly-owned subsidiary of Empire Company Limited (“Empire”), has agreed to purchase approximately $83 million of Class B LP Units of Crombie Limited Partnership (“Class B LP Units”), together with the associated special voting units of Crombie, on a private placement basis at the Offering Price (the “Concurrent Private Placement” and, together with the Offering, the “Equity Financing”). Empire is participating in lieu of its pre-emptive right to maintain its interest in Crombie. The Class B LP Units are exchangeable on a one-for-one basis for Units. Following closing of the Equity Financing, Empire will continue to hold an approximate 41.5% economic and voting interest in Crombie.

Crombie intends to use the net proceeds of the Equity Financing to fund a portion of the purchase price of the Acquisitions (as defined below), including related closing and transaction costs, to repay indebtedness, including amounts outstanding under its revolving credit facility, and for general trust purposes, which may include future investment opportunities. Closing of the Offering is not conditional on completion of either of the Acquisitions. If either or both are not completed, Crombie intends to use the applicable net proceeds to repay indebtedness and for general trust purposes.

The Offering is expected to close on or about November 18, 2026, and is subject to customary closing conditions, including the receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange. The Concurrent Private Placement is expected to close concurrently with the Offering. The closings of the Offering and the Concurrent Private Placement are conditional on each other.

The Units will be offered in each of the provinces of Canada by way of a prospectus supplement (the “Prospectus Supplement”) to Crombie’s short form base shelf prospectus dated August 20, 2026 (the “Base Shelf Prospectus”), to be filed with the securities regulatory authorities in each of the provinces of Canada on or before November 12, 2026. Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendment to these documents will be provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The Base Shelf Prospectus is accessible, and the Prospectus Supplement will be accessible within two business days in the jurisdiction of Crombie’s principal regulator (which, for the prospectus supplement, will be November 12, 2026), through SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Prospectus Supplement, the Base Shelf Prospectus and any amendment to the documents may be obtained, without charge, from Scotia Capital Inc. by telephone at 416-863-7704 or by email at equity.prospectus@scotiabank.com, or from BMO Nesbitt Burns Inc. by telephone at 905-791-3151 Ext 4312 or by email at torbramwarehouse@datagroup.ca, by providing the contact with an email address or address, as applicable. The Prospectus Supplement and the Base Shelf Prospectus contain important detailed information about Crombie and the Offering. Prospective investors should read the Prospectus Supplement and the Base Shelf Prospectus before making an investment decision.

Co-Owned Portfolio Acquisition

Crombie has entered into a binding agreement to acquire the remaining 89% interest in 15 necessity-based retail properties anchored by Empire-bannered grocery stores (the “Co-Owned Portfolio”) from its co-ownership partner (the “Co-Owned Portfolio Acquisition”). The purchase price is $216.2 million, excluding closing and transaction costs, and includes the assumption of approximately $56 million of existing mortgage debt. Crombie acquired the properties between 2008 and 2014, sold the 89% interest in 2019 and has continued to manage and operate them. It is acquiring the interest under its right of first refusal in the co-ownership agreement.

The Co-Owned Portfolio comprises approximately 721,000 square feet of gross leasable area (“GLA”), including Crombie’s existing share. On closing, Crombie will own 100% of the properties, adding approximately 641,000 square feet of GLA. The properties are 100% occupied and anchored by Safeway, Sobeys, FreshCo and IGA Extra stores across full-service and discount formats, with approximately 98% of annual minimum rent from Empire and a weighted average lease term of approximately 15.9 years. Closing is expected late in the fourth quarter of 2026 or early in the first quarter of 2027, subject to customary closing conditions, including approval under the Competition Act (Canada).

Co-Owned Portfolio Properties

Ontario Acquisition

As previously announced, on October 13, 2026, and on October 22, 2026 Crombie entered into binding agreements to acquire a 100% interest in a necessity-based portfolio of 13 retail properties in Ontario from a third party (the “Ontario Portfolio”) totaling approximately 588,000 square feet for approximately $134.0 million, excluding closing and transaction costs (the “Ontario Acquisition” and, together with the Co-Owned Portfolio Acquisition, the “Acquisitions”). The Ontario Portfolio is 100% occupied and includes nine properties anchored by Sobeys, two by Walmart and two by Shoppers Drug Mart, with other tenants including Dollarama, LCBO, TD Bank, McDonald’s and Tim Hortons. Approximately 60% of its annual minimum rent is derived from Empire, and the weighted average lease term is approximately 4.6 years. The Ontario Acquisition is scheduled to close in November 2026.

Ontario Portfolio Properties

Impact of the Acquisitions on Crombie’s Portfolio

Together, the Acquisitions will add approximately 1.2 million square feet of GLA at Crombie’s share, for an aggregate purchase price of approximately $350 million, excluding closing and transaction costs, at an estimated blended going-in capitalization rate of approximately 6.0%.

Upon completion of the Acquisitions, Crombie’s portfolio will comprise 324 properties totaling approximately 20.7 million square feet of GLA, inclusive of joint ventures at Crombie’s share, with committed occupancy of approximately 97.9% and a weighted average lease term of approximately 7.9 years.

About this News Release

No securities regulatory authority has either approved or disapproved the contents of this news release. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information

This news release contains forward-looking statements that constitute “forward-looking information” within the meaning of Canadian securities laws, and 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, and include statements regarding the Equity Financing, including the expected closing date and the intended use of proceeds, and the Acquisitions, including the expected timing of closing, the expected impact on Crombie’s portfolio and the blended going-in capitalization rate. 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.

These statements are based on assumptions regarding, among other things, completion of the Equity Financing and the Acquisitions on the terms and timing described, the operating performance of the Co-Owned Portfolio and the Ontario Portfolio continuing at recent levels, and financing costs. Actual results may differ materially due to risks and uncertainties, including delay in the timing of or the failure to satisfy closing conditions for each of the Offering, the Concurrent Private Placement and the Acquisitions, including as a result of a delay in or a failure to receive the required regulatory approvals, changes in financing or market conditions, the choice by Crombie to use the net proceeds from the Offering differently than as described in the Prospectus Supplement and property performance differing from expectations. There is no assurance that the Equity Financing or the Acquisitions will be completed on the terms described, or at all.

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 Q4 Management’s Discussion and Analysis for the year ended December 31, 2025 under “Risk Management” and in the Annual Information Form for the year ended December 31, 2025 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.

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 September 30, 2026, our portfolio contained 311 properties comprising approximately 19.4 million square feet, inclusive of joint ventures at Crombie’s share, and a significant pipeline of future development projects. Learn more at http://www.crombie.ca/

Investor Relations Contacts

Kara Cameron, CPA, CA
Chief Financial Officer
902-755-8100

Meghna Nair
Manager, Investor Relations
905-301-3746