CROMBIE REIT ANNOUNCES PUBLICATION OF ITS THIRD ANNUAL ESG REPORT

NEW GLASGOW, NS, Nov. 27, 2023 /CNW/ - Crombie Real Estate Investment Trust ("Crombie") (TSX: CRR.UN) announced today the publication of its 2022 Environmental, Social & Governance Report at www.crombie.ca. This report provides an update on Crombie's ESG initiatives and strategies, and highlights achievements and priorities that reflect Crombie's commitment to long-term sustainability.

"Throughout 2022, ESG was further embedded in the way we do business to best serve our employees, tenants, and the communities in which we operate. We strengthened our understanding of our portfolio emissions and committed to reducing the greenhouse gas intensity of our operations and supply chain to ensure a greener tomorrow," said Mark Holly, President and CEO. "In 2023, we have continued to make further advancements in our ESG program with the creation of our Climate Action Plan, the integration of ESG goals into Crombie's business strategy, and the elevation of ESG leadership to Crombie's Executive Committee, with Arie Bitton, EVP Leasing & Operations, as executive lead."

Highlights from Crombie's ESG Report include:

• Crombie was awarded a Green Star for excellence in both Standing Investments and Development in its third year submitting to GRESB. Crombie improved its Standing Investment benchmark and Development benchmark scores by 45% and 25%, respectively.
• Leveraged the analysis completed in 2022 to make new commitments within its Climate Action Plan that reduce Crombie's Scope 1 and 2 greenhouse gas ("GHG") emissions by at least 50% by 2030, and its Scope 1, 2, and 3 GHG emissions by at least 90% by 2050.
• Reduced scope 1, 2, and 3 operational emissions by 32% from 2019 to 2021.
• Named one of Canada's Top Employers in three categories: Small and Medium Employers, Atlantic Canadian, and Nova Scotia Employers.
• Employees volunteered 6,000+ hours supporting over 40 charities, non-profits, and community initiatives across Canada, increasing the impact in communities Crombie serves.
• Enhanced its governance framework with ESG oversight integrated into board and committee mandates.

"We're very proud of our team for their ongoing commitment to our ESG priorities," said Arie Bitton, EVP Leasing & Operations. "Much of the hard work completed in 2022 was recognized in 2023, including validation and approval of our emission reduction targets by the Science Based Targets initiative (SBTi), and achieving BOMA BEST certifications at Scotia Square Complex in Halifax, Nova Scotia (Platinum) and 1234 Main Street in Moncton, New Brunswick (Gold)."

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 September 30, 2023, our portfolio contains 294 income-producing properties comprising approximately 18.7 million square feet, and a significant pipeline of future development projects. Learn more at www.crombie.ca.

SOURCE Crombie REIT