Q4 2019 Earnings Call

February 27, 2020

Good afternoon, ladies and gentlemen, and welcome to the Kabi weak Q4 fiscal 2019 conference call.

At this time all lines, you know listen only mode. Following the presentation, we will conduct a question and answer session.

But anytime during this call you've acquired since please press star I feel pretty operator.

Well as being recorded on Thursday February 25 2020.

Now, let's turn the conference over to Clinton Cain. Please go ahead.

Clinton Keay: Thank you, Joanna. Good day, everyone, and welcome to Crombie REIT's Q4 conference call and webcast. Thank you for joining us. This call is being recorded in live audio and is available on our website at www.crombiereit.com. Slides to accompany today's call are available on the Investors section of our website under Presentations and Events. On the call today are Don Clow, President and Chief Executive Officer, Glenn Hynes, Executive Vice President and Chief Operating Officer, and myself, Clinton Keay, Chief Financial Officer and Secretary. Today's discussions include forward-looking statements. As always, we want to caution you that such statements are based on management's assumptions and beliefs. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements. Please see our public filings, including our annual information form, for a discussion of these risk factors.

Thank you do and good day, everyone and welcome to Crombie reach fourth quarter conference call and webcast. Thank you for joining US. This call is being recorded in live audio and is available on our website at www Dot Krave read dot com slides to accompany todays call are available on the Investor section of our web site under presentations and event.

On the call today, or Don CLO, President and Chief Executive Officer, Glenn Heinz Executive Vice President and Chief operating Officer, and myself, when 10-K, Chief Financial Officer and Secretary.

Today's discussion will include forward looking statements as always we want to caution you that such statements are based on management's assumptions and beliefs. These forward looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements, Please see or public filings, including our annual information form for a discussion.

These risk factors.

Clinton Keay: I will now turn the call over to Don, who will begin our discussion with comments on Crombie's overall strategy and outlook. Glenn will follow with a development update and a review of Crombie's operating fundamentals and results, and I will conclude our prepared remarks with a discussion of our financial results, capital allocation, and approach to funding. Don.

I'll now turn the call over to Dawn, who will begin or discussion with comments on crombeen overall strategy and outlook.

We will follow with a development update interview promised operating fundamentals and results and I will conclude our prepared remarks, when a discussion of our financial results capital allocation and approach to funding Don. Thank you Clinton and good day, everyone 2019 was a landmark here for crombie over the years, we've maintained discipline.

Don Clow: Thank you, Clinton, and good day, everyone. 2019 was a landmark year for Crombie. Over the years, we've maintained a disciplined commitment to creating value for unit holders, and our team successfully delivered that value in spades last year. We demonstrated our innovative capital recycling strategy by disposing of just over half a billion dollars of real estate at favorable pricing. These transactions provided organic funding for our development pipeline and enhanced the quality of our portfolio. We improved our balance sheet by reducing leverage, increased our allocation to unsecured debt from secured mortgages, and provided advanced funding of debt maturing in 2020. Our unencumbered asset pool grew. Our available liquidity remained more than adequate, and our financial disclosure improved, which we hope helped you better understand our business. Given the volatility in the markets, we are pleased with our solid financial condition.

Commitment to creating value for unitholders and her team successfully delivered that value in states last year.

We demonstrated our innovative capital recycling strategy by disposing of just over half a billion dollars or real estate a favorable pricing. These transactions provided organic funding for our development pipeline and enhance the quality of our portfolio.

Fruit or balance sheet by reducing leverage increased or allocation to unsecured debt from secured mortgages and provided advance funding of debt maturing in 2020.

Unencumbered asset pool groups are available liquidity remained more than adequate and our financial disclosure improve which we hope to help you better understand our business.

Given the volatility in the markets, we're pleased with our solid financial condition.

Don Clow: We are optimizing our relationship with our partner, Empire, aligning our strategies, and capitalizing on a wide range of strategic initiatives, opportunities, and accretive transactions. In 2019, we invested in modernizations, conversions, and strategic acquisitions such as the Vaughan Distribution Center in Ontario. We expanded our value-enhancing major development pipeline from 27 to 33 sites this year, now totaling CAD 4 to 5.8 billion in major development projects. We enhanced our pipeline focus on urban markets with increased exposure to Vancouver, Toronto, Montreal, and Halifax, as these markets are growing faster than the national average. We're focused on playing an important role in the evolution of the grocery industry supply chain with the acquisition of the site for the future home of Voilà par IGA in Montreal, Empire's customer fulfillment center, and Crombie's sixth active major development.

We are optimizing our relationship with our partner Empire lining our strategies and capitalizing on a wide range of strategic initiatives opportunities and accretive transactions 2019, we invested in modernizations conversions and strategic acquisitions, such as the bond distribution center in Ontario.

We expanded our value enhancing major development pipeline from 27 to 33 sites. This year now totaling $4 billion to $5.8 billion in major development projects, we enhanced our pipeline focus on urban markets with increased exposure to Vancouver, and Toronto, Montreal, and Halifax as these markets are going faster than the national.

The average.

We're focused on playing an important role the evolution of the grocery industry supply chain with the acquisition at the site for the future home of La Parrilla GA in Montreal Empires customer fulfillment center and Krave six active major development. This asset strategically diversifies, our asset mix, an income stream increases our major urban Mark.

Don Clow: This asset strategically diversifies our asset mix and income stream, increases our major urban market exposure, and expands our Sobeys-related industrial category. We drove strong operating results, as you can see by our year-over-year same asset cash NOI growth, our year-end record occupancy, and strong leasing metrics. Grocery-anchored retail continues to be one of the strongest forms of real estate in Canada, and Crombie's portfolio is one of the strongest grocery-anchored portfolios in the country. Our properties won multiple green building awards throughout the year. Our Scotia Square complex in Halifax, Nova Scotia, won multiple awards from the TOBY Award of Excellence by BOMA Canada to the Most Bicycle Friendly Landlord from the Halifax Cycling Coalition.

At exposure and expand their sobi is really related industrial category.

We drove strong operating results as you can see by our year over year same asset cash in a wide from our year end record occupancy strong leasing metrics.

Sure anchored retail continues to be what are the strongest forms or real estate in Canada and properties portfolio is one of the strongest grocery anchored portfolios in the country.

Operator has won multiple Green building awards throughout the year or Scotia Square complex and Halifax, Nova Scotia won multiple awards from the Toby Award of Excellence by BOMA, Canada to the most bicycle friendly landlord from the Halifax Cycling coalition the Toby outstanding building of the year Wars, the most prestigious and comprehensive program of its kind in the commercial real.

Don Clow: The TOBY Outstanding Building of the Year Award is the most prestigious and comprehensive program of its kind in the commercial real estate industry, recognizing quality in commercial real estate buildings and rewarding excellence in building management. Avalon Mall was awarded the Earth Award for retail during the 2019 BOMA Newfoundland & Labrador Industry Awards. We are incredibly proud of these achievements and the teams behind our properties. Crombie will continue to foster a corporate culture where every employee values the environment and understands their role in preserving it. In 2020, we will increase disclosure and reporting around our ESG commitment. We were selected as one of Atlantic Canada's top employers for 2020, the sixth consecutive year that we've received this designation, which recognizes Atlantic Canadian employers who lead their industries in offering exceptional places to work.

Estate industry, recognizing quality commercial real estate buildings, and rewarding excellence and building management.

I have a law was awarded the Earth Award for retail during the 2019 Bowman, Newfoundland and Labrador industry Awards, we are incredibly proud of these achievements and the teams behind our properties.

Probably will continue to foster corporate culture, where every employee values the environment and understands their role in preserving it in 2020, we will increase disclosure in reporting around our iasci commitment.

We were selected as one of the Atlantic Canada is talk employers for 2026th consecutive year that we've received this designation, which recognizes Atlantic Canadian employers, who lead their industries and offering exceptional places to work.

Don Clow: Our strategy would not be achievable without the resilience of our skilled teams and the strength of our underlying business. It is this solid foundation, the heart of Crombie, that enables us to pivot from a position of strength and pursue the next phase of growth. These key accomplishments and milestones achieved during 2019 contributed increasing net asset value, lowering our cost of capital, and drove the outperformance of our unit price. We are set up for success throughout 2020 and beyond, and will continue to deliver value to our unit holders. The cornerstone of our financial strategy is to effectively allocate capital to support both NAV and AFFO per unit growth. We're working in partnership with Empire, maximizing value creation.

Strategy would not be achievable without the resilience of our skill teams and the strength of our underlying business. It is a solid foundation the heart of Krave and enables us to pivot from a position of strength and pursue the next phase of growth. These key accomplishments in milestones achieved during 2019 contributed increasing net asset value low.

During our cost of capital and drove the outperformance of our unit price. We are set up for success through 2020, <unk> and we'll continue to deliver value to our unitholders.

Cornerstone of our financial strategy is to effectively allocate capital to support both and Navy and AFFO for unit growth.

We're working in partnership with Empire maximizing value creation.

Don Clow: They recognize a need to maintain and modernize their stores across the country, and we will continue to work with them through modernizations, FreshCo conversions, land use intensifications, and to unlock major developments. Through 2020, we expect to reach substantial completion on approximately CAD 300 million of construction on Davie Street, Belmont Market, and Avalon Mall, with revenue ramping up throughout the year. We will continue investing in Verante, Leduc, and the Voilà par IGA CFC with a plan to complete those developments, totaling another CAD 300 million during 2021. We're pushing forward another 7 projects in planning. In 2020, we plan to continue our financing plan to secure multiple sources of capital, optimize our capital structure, minimize our cost to capital, and de-risk our business. We will continue to foster a progressive culture that values diversity, innovation, and employee wellness.

Recognize the need to maintain and modernize their stores across the country and we will continue to work with them through Modernizations fresco conversions land use intense vacations and to unlock major developments.

Through 2020, we expect to reach substantial completion on approximately $300 million of construction on Davy Street, Belmont market and Avalon mall with revenue ramping up throughout the year.

We will continue investing in ferrante lit, Duke and well I've heard GA CFC with a plan to complete those developments totaling another $300 million during 2021, and we're pushing forward another seven projects in planning.

2020, we plan to continue our financing plan to secure multiple sources of capital Optimizer cap structure, Minimizer Cas cost of capital and de risk our business.

We continue to foster progressive culture that values diversity innovation and employee wellness.

Don Clow: I have full confidence in our collective ability to continue to unlock and deliver value and prudently fund these investments for years to come. Our team values relationships and is committed to the long-term sustainable growth of Crombie and our stakeholders. Our solid operating fundamentals, entrepreneurial leasing, high occupancy rates, and strong execution at our properties provide the foundation to enable us to create significant value from our relationship with Empire and Sobeys and our major development pipeline. We are relentless in our efforts to accelerate the growth of NAV and AFFO. With that, I'll turn the call over to Glenn, who will provide an update on our developments and operational highlights.

I have full confidence in our collective ability to continue to unlock and deliver value and prudently fund. These investments for years to come our team values relationships and is committed to the long term sustainable growth of probably in our stakeholders are solid operating fundamentals entrepreneurial leasing high occupancy rates and strong execution or properties provide.

And to enable us to create significant value from our relationship with Empire Sophie's and our major development pipeline, we are relentless and our efforts to accelerate the growth and Avi and half that phone.

With that I'll turn the call over to Glenn will provide an update on or developments and operational highlights.

Thank you Don and good day everyone.

Glenn Hynes: Thank you, Don, and good day, everyone. Crombie's strong fundamentals on our 285-property portfolio were driven by record high year-end committed occupancy of 96.1%. New leases and expansions increased occupancy by 247,000 sq ft at 31 December at an average first year rate of CAD 20.68 per sq ft. We ended the year with 115,000 sq ft of committed space at an average first-year rent of CAD 20.38 per sq ft, boosting future NOI growth. A busy Q4 had 699,000 sq ft of renewals completed with a solid increase of 3.9% over expiring rental rates. Approximately 195,000 sq ft of Empire leases were renewed as part of our modernization investments during the quarter.

These strong fundamentals under 285 property portfolio were driven by record high year end committed occupancy of 96.1% new leases and expansions increased occupancy by 247000 square feet at December 30, Onest at an average first year rate $20.68 per square foot we ended the year.

With 115000 square feet of committed space at an average first you raise at $20.38 per square foot boosting future NOI growth.

He busy fourth quarter had 699000 square feet of renewals completed for the solid increase of 3.9% over expiring rental rates approximately 195000 square feet of entire leases were renewed as part of our modernization investments during the quarter retail renewals consisted of 586000 square feet of yeah.

Glenn Hynes: Retail renewals consisted of 586,000 sq ft of activity at a growth rate of 4.5%. In 2019, we renewed a record 1,626,000 sq ft at an increase of 3.9% over expiring rent, exercising renewals on approximately 9% of our portfolio GLA. The renewal activity in the Halifax office market was particularly impressive, with notable deals including the Department of Health and Wellness at Barrington Tower and the Department of Education at Brunswick Place. Both Province of Nova Scotia leases are close to 100,000 sq ft each, which increased the province's weighted average lease term to approximately 8 years compared to the 1 year it was at the beginning of 2019.

Tivity had a growth rate of 4.5%.

2018, we renewed a record 1.626 million square feet at an increase of 3.9% over expiring rent exercising renewals at approximately 9% of our portfolio CLA the renewal activity in the Halifax office market was particularly impressive with notable deals, including the department of health and.

Wellness at Barrington Tower, and the Department of Education that Brunswick place both province, if that was Scotia leases are close to 100000 square feet, each which increased the provinces weighted average lease term to approximately eight years compared to the one year. It was at the beginning in 2018.

Retail renewals were strong with 1 million at 11000 square feet renewed rental increases at 5.2%.

Glenn Hynes: Retail renewals were strong, with 1,011,000 sq ft renewed at rental increases of 5.2%. Our core portfolio is performing very well, and our team is dedicated to ensuring our underlying business fundamentals and core portfolio remain solid as we build out our mixed-use development pipeline. As we previously discussed, not all retail is created equal. Retailers that focus on providing value, convenience, and experience will do well in this evolving digital economy. Discounts and off-price retailers with a strong value focus are leading the way. Recognizing that, our needs-based properties are performing very well in the evolving retail landscape and are poised for future growth. The types of tenants frequenting our properties are growing and opening new stores, not shrinking. Examples of these tenants are Dollarama, Giant Tiger, and Marshalls/Winners.

Our core portfolio is performing very well and her team is dedicated to ensuring our underlying business fundamentals and four portfolio remains solid as we build out our mixed use development pipeline.

We previously discussed not all retail is created equal retailers that focused on providing value convenience and experience will do well in this evolving digital economy discounted off price retailers with a strong value focused are leading the way recognizing that our needs based properties are performing very well in the evolving retail.

Landscape and are poised for future growth the types of tenants frequenting our properties are growing and opening new stores not shrinking examples of these tenants or dollar Rana giant Tiger and marshals winters in 2018 and 19 within our portfolio. We had six new dollar ran its opened or expand it to numerals winters and wondering.

Glenn Hynes: In 2018 and 2019, within our portfolio, we had six new Dollarama opened or expanded, two new Marshalls/Winners, and one relocation to a new and larger space, and one new Giant Tiger store opened. We are focused on fostering these relationships. In our needs-based space, by a wide margin, we're seeing more stores opening than closing. Of equal importance, there are many retailers who are faced with store closures. Traditional retailers with weak value propositions, aged and static merchandising plans, and absent omni-channel strategies are failing to adapt to the evolving digital economy. Examples of these retailers are Payless ShoeSource, Bentley, Gymboree, Forever 21, Bombay, and Nine West.

Location to a new and larger space and one new Giants higher store open we're focused on fostering these relationships and her needs based space by a wide margin, we're seeing more stores opening and closing of equal importance. There are many retailers who are faced with store closures traditional retailers with weak value propositions.

Aged and static merchandising plans and absent omnichannel strategies are failing to adapt to the evolving digital akoti. Examples of these retailers are payless shoes, and Lee Gymboree Forever 21 day and night West probably has very limited to no exposure to these retailers in categories.

Glenn Hynes: Crombie has very limited to no exposure to these retailers and categories. With the recent announcement of Carlton Cards, Bentley, and Pier 1 Imports closures, Crombie's exposure was minimal, with only 5 leases impacted, with a total square footage of approximately 17,000 sq ft or approximately 0.1% of annual minimum rent. Our active major development pipeline, which we anticipate will create significant value for our unitholders, remains on track and on budget, with approximately CAD 374 million invested to date. Yields on costs for our first six projects remain on average in the range of 5.5% to 6%, which we expect will translate into CAD 1 to 2 of NAV per unit commencing this year, assuming current market and cap rate conditions continue.

With the recent announcement of Carlton cards, Bentley and pier, one import closures robbie's exposure was minimal with only five leases impacted the total square footage approximately 17000 square feet or approximately 0.1% of annual minimum rent.

Active major development pipeline, which we anticipate will create significant value or unit holders remains on track and on budget with approximately 374 million invested today yields on cost for our first six projects remain on average in the range of 5.5% to 6%, which we expect will translate into $1 to food.

Others of NAV per units coming this year, assuming current market and cap rate conditions continue.

80 streak is our first active major mixed use development with a potential NAV creation of 65 $81 million retail podium husband constructive and tower country is complete.

Glenn Hynes: Davie Street is our first active major mixed-use development with a potential NAV creation of CAD 65 to 81 million. The retail podium has been constructed and tower concrete is complete, with residential glazing now installed up to the 18th floor of both towers. The approximate 45,000 sq ft Safeway and approximately 9,000 sq ft of ancillary retail space are expected to open this spring. The 330 rental units, totaling 254,000 sq ft in two residential towers, have an expected opening of Q3 of this year. Belmont Market is 91% tenanted and has potential NAV creation of CAD 17 to 23 million. 26 tenants are now open in these buildings, with others scheduled to open imminently. As of 31 December, committed occupancy for the property was 86.4%.

Central Blazing now installed after the floor a bold towers, the approximate 45000 square foot Safeway and approximately 9000 square feet and salary retail space are expected to open. This spring the 330 rental units totaling 254000 square feet into residential towers have an expected opening up.

Three of this year.

Market is 91% tendered and as potential NAV creation of 17 to 23 million 26 tenants are now open in these buildings with other scheduled to open imminently as at December 30, Onest committed occupancy for the property was 86.4%.

He previously completed the sale of late into a third party, who are under construction and over half of the anticipated 437 residential units, including condominiums and rental buildings residents in the two rental buildings have taken session other units and our adding vibrancy to the overall property in November of 2019.

Glenn Hynes: Crombie previously completed the sale of land to a third party who are under construction on over half of the anticipated 437 residential units, including condominiums and rental buildings. Residents in the two rental buildings have taken possession of their units and are adding vibrancy to the overall property. In November 2019, Crombie closed on the acquisition of 29,000 sq ft of ground floor retail space in the rental building. The final phase of the development consists of three buildings totaling 23,000 sq ft. Active pre-leasing is currently taking place, and deals are pending on roughly 6,000 sq ft today. Construction is expected to commence on the first building in early 2020, with the remaining two buildings slated for 2021 construction. Avalon Mall continues its market dominance, with occupancy at 31 December of 97.6%.

Crombie closed on the acquisition of 29000 square feet, a ground floor retail space in the resin building.

Final phase of the development consists of three buildings totaling 23000 square feet active pre leasing is currently taking place and deals are pending on roughly 6000 square feet. Today construction is expected to commence on the first building in early 2020, the remaining two buildings slated for 2021 construction.

Avalon Mall outlaw continues its market dominance with occupancy at December 30, Onest of 97.6% of all redevelopment has potential to create $33 million to $44 million now where the yield on cost of 10.3% to 11%.

Glenn Hynes: The mall redevelopment has the potential to create CAD 33 to 44 million of NAV, with a yield on cost of 10.3% to 11%. Occupancy of the new retail units began in Q3 of 2019, with construction of the expansion area continuing through Q2 of 2020 and occupancy expected into Q3 and Q4 of this year. To date, 88.8% of the leasable square footage of this redevelopment has been executed, including a new and expanded Winners HomeSense, H&M, Gap, Banana Republic, Old Navy, and subsequent to 31 December 2019, we have added Tommy Hilfiger, Sport Chek, and Levi Strauss to our tenant roster. Advanced discussions with other potential CRU tenants continue. In Montreal, our Leduc project along the Bonaventure Greenway in Old Montreal has an estimated potential NAV creation of CAD 21 to 26 million.

Occupancy of the new retail units began in Q3 in 2019 with construction of the expansion area continuing through Q2, 2020 and occupancy expected into Q3 in Q4 of this year to date, 88.8% of the leasable square foot each of his redevelopment has been executed, including a new and expand.

Winters on says each of them gap Banana Republic old Navy and subsequent to December 30, Onest, We've added Tommy Hilfiger sport Chek Levi's trails to our tenant roster.

Adds discussions with other potential CR you tennis continue.

In Montreal, I really do project loan venture Greenway and all the tree all as an estimated potential NAV creation.

21 to 26 million the 25 storey mixed use tower, but 241000 square feet and 390 residential rental units is over 78% tender.

Glenn Hynes: The 25-story mixed-use tower with 241,000 sq ft and 390 residential rental units is over 78% tenanted and completed up to the 12th floor. In addition to the mixed-use tower, the site will contain a 25,000 sq ft IGA grocery store, 1,000 sq ft of retail space, and 200 underground parking stalls. Completion of this project is expected in Q2 2021, with a yield on cost of 5.4% to 5.8%. Bronte Village is 87% tenanted and construction actively progressing, with the below-grade parking structure complete and above-grade concrete work completed up to the 14th level on Building A and the 5th level on Building B. This development is expected to be completed in Q3 2021, with potential NAV creation of approximately CAD 51 to 64 million.

And completed after the 12 floor. In addition to the mixed use tower site will contain a 25000 square foot IDH grocery store a thousand square feet of retail space and 200 underground parking style completions. This project is expected in the second quarter 2021, or the yield on cost to 5.4% to 5.8%.

He village is 87% tendered and construction actively progressing with the below grade parking structure complete and above grade concrete work completed after the 14th level and building a and the fit level and building be.

This development is expected to be completed in Q3 of 2021 potential NAV creation of approximately $51 million to $64 million subsequent to year end <unk> milestones reached as the topping off ceremony for building eight took place on February 7th.

Glenn Hynes: Subsequent to year-end, a milestone was reached as the topping off ceremony for Building A took place on 7 February. The launch of Voilà par IGA, the e-commerce service for Quebec and the Ottawa area, is expected in 2021. Site work is complete, with building construction to commence in spring 2020 in Montreal. The estimated yield on cost for this project is 6.1% to 6.4%, with potential NAV creation of CAD 19 to 32 million. We expect to invest CAD 150 million to 200 million in our development program annually. Upon completion, all these properties are expected to create significant NAV and AFFO growth, increase our presence in the country's top urban markets while diversifying and improving our overall portfolio quality and income stream.

The launch of all off our eyes Yates E commerce surface for it came back and the Ottawa area is expected in 2021 site work is complete with building construction to commence in spring 2020 in Montreal estimate yield on cost. This project is 6.1% to 6.4% potential NAV creation of 19 32 million.

We expect to invest 150 million to 200 million into development program annually. Upon completion. All these properties are expected to create significant NAV and FFO growth increase our presence in the countries top urban markets, while diversifying and improving our overall portfolio quality and income stream and with that.

Glenn Hynes: With that, I will now turn the call over to Clinton, who will highlight our Q4 financial results and discuss our capital and development program funding approach.

I'll now turn the call over to Clinton will highlight our fourth quarter financial results and discuss our capital in development program funding approach. Thank you Glenn on a cash basis quarterly same asset analyte increased by three and 3.5% for the full year quarter to date and annual same acid enom why excluding the impact of IRS 16.

Clinton Keay: Thank you, Glenn. On a cash basis, quarterly same asset NOI increased by 3% and 3.5% for the full year. Quarter to date, an annual same asset NOI, excluding the impact of IFRS 16, increased 2.5% and 3% respectively. These increases continue to demonstrate the consistency, stability, and strong fundamental performance of Crombie. AFFO per unit decreased to CAD 0.24 from CAD 0.26 for the same quarter last year. Our Q4 AFFO payout ratio, excluding the special distribution, was 93.8% versus the same quarter last year of 84.8%. FFO for the quarter decreased to CAD 0.28 per unit from CAD 0.31 for Q4 2018. Our FFO payout ratio, excluding the special distribution, was 80.1% versus 72.5% in the same quarter last year.

<unk> increased two and a half and 3% respectively.

These increases continue to demonstrate the consistency stability and strong fundamental performance of crombie.

FFO per unit decreased to 24 cents from 26 cents for the same quarter last year, our Q4 FFO payout ratio, excluding the special distribution was 93.8% versus the same quarter last year, 84.8%.

FFO for the quarter decreased to 28 cents per unit from 31 cents for Q4, 2018, and thereafter AFFO payout ratio, excluding the special distribution was 80.1% versus 72.5% in the same quarter last year.

Considering our significant disposition activity throughout 2019 reduction in leverage and our continued investment in our development pipeline. We're pleased with these results were feeling the effects of approximately 800 million and dispositions over the past 24 months and the investment of approximately 374 million of capital and major develop.

Clinton Keay: Considering our significant disposition activity throughout 2019, reduction in leverage, and our continued investment in our development pipeline, we are pleased with these results. We are feeling the effects of approximately CAD 800 million in dispositions over the past 24 months and the investment of approximately CAD 374 million of capital in major developments with no initial returns. However, as Donnie mentioned, throughout 2020, we expect Davie Street, Belmont Market, and Avalon Mall to reach substantial completion and begin contributing higher quality cash flow, driving both NAV and AFFO growth. G&A's percentage of property revenue for Q4 was 6%, or CAD 5.9 million, up from Q4 2018 at 5%, or CAD 5.2 million.

Hence no initial returns.

However, as Johnny mentioned throughout 2020, we expect Davy Street, Belmond market and Avalon mall to reach substantial completion and began contributing higher quality cash flow driving both NAV and AFFO growth.

You asked for sensor property revenue for Q4 of a 6% or 5.9 million I'm from Q4, 18 at 5% or 5.2 million.

Excluding the impact of our unit price increase on compensation plans and partial asset dispositions DNA would've been approximately 4.9% of property revenue for Q4.

Clinton Keay: Excluding the impact of our unit price increase on compensation plans and partial asset dispositions, G&A would've been approximately 4.9% of property revenue for Q4. During the quarter, Crombie acquired the remaining 50% of Empire's state-of-the-art, fully automated distribution center in Vaughan, Ontario, increasing our retail-related industrial portfolio to 9.6% of total GLA. We also acquired a 40,000 sq ft Sobeys store in Halifax, Nova Scotia, which has potential for future development. This property includes one of Canada's first parking lots, paved using post-consumer plastics that have been diverted from local landfills. Total gross purchase price of the two transactions was approximately CAD 110 million.

During the quarter Crombie acquired the remaining 50% of Empire state of the yard fully automated distribution center and voluntary increasing our retail related industrial portfolio to 9.6% of total gls.

We also acquired a 40000 square foot Sony store in Halifax, Nova Scotia, which has potential for future development.

Property includes one Canada's first parking lots paved using post consumer plastics that have been diverted from local landfills total gross purchase price. The two transactions was approximately 110 million.

On October 7th Crombie closed, our second trials or property dispositions with Oak Street real estate capital to sell an 89% non managing interest in a 15 property portfolio or total gross proceeds of approximately 193 million.

Clinton Keay: On 7 October, Crombie closed our second tranche of property dispositions with Oak Street Real Estate Capital to sell an 89% non-managing interest in a 15-property portfolio for total gross proceeds of approximately CAD 193 million. This transaction once again highlights our ability to creatively execute partial interest property dispositions, innovatively identify new and expanding sources of capital, and successfully pre-fund our major mixed-use development commitments into 2021, all while aligning with our long-term funding strategy. Crombie is committed to focusing on our goals of increasing weighted average term to maturity of our debt while taking advantage of the current low interest rate environment, reducing leverage over the medium term, and increasing our unencumbered asset pool. In Q4, Crombie executed a 7.5-year, CAD 150 million senior unsecured note at an interest rate of 3.9%.

This transaction once again highlights our ability to creatively execute partial interest property dispositions innovatively identify new and expanding sources of capital and successfully prefund. Our major mixed use development commitments into 2021, all while aligning with our long term funding strategy.

Crombie is committed to focusing on our goals of increasing weighted average turned a majority of our debt well taken advantage of the current low interest rate environment.

Reducing leverage over the medium term and increasing our unencumbered asset pool.

The fourth quarter Crombie, executing a seven and a half year 150 million senior unsecured notes at an interest rate of 3.9% proceeds from the notes were earmarked for the repayment of approximately 153 million a secured mortgages with an interest rate of 5.6% that matured on February 1st 2020.

Clinton Keay: Proceeds from the notes were earmarked for the repayment of approximately CAD 153 million of secured mortgages with an interest rate of 5.6% that matured on 1 February 2020. There continues to be a substantial opportunity to harvest interest rate savings and extend our weighted average term to maturity in our debt ladder. Our unencumbered asset pool increased to approximately CAD 1.2 billion from CAD 960 million at Q3, and our balance sheet remains flexible with approximately CAD 449 million of available liquidity. Our debt to gross book value on a fair value basis improved to 48.9% at the end of 2019 compared to 51% at the end of 2018.

There continues to be a substantial opportunity to harvest interest rate savings and extend our weighted average turn to maturity and our debt ladder our.

Our unencumbered asset pool increased to approximately 1.2 billion from 960 million at Q3, and our balance sheet remains flexible and approximately 449 million of available liquidity.

At the gross book value on a fair value basis improved to 48.9% at the end of 2019 compared to 51% at the end of 2018.

Clinton Keay: We ended the year with debt to trailing twelve-month EBITDA at 8.52x, an improvement compared to 8.66x at Q4 2018. Subsequent to the year-end, on 11 February, Crombie closed a CAD 100 million equity financing at a price of CAD 16 per unit. After the closing of the public offering and private placement, Empire continues to hold a 41.5% economic and voting interest in Crombie. This was the first time Crombie has issued equity since 2016. On 12 December, the special distribution to unitholders of CAD 0.56 per unit was announced. The distribution arose from the increase in income generated by capital recycling transactions completed in 2019.

At the air with debt to trailing 12 months EBITDA at 8.252 times and improvement compared to 8.66 times, a Q4 18.

Subsequent to year end on February 11th Crombie, close to 100 million equity financing at a price of $16 PNM.

After the closing in the public offering and private placement Empire continues to hold a 41.5% economic and voting interest in cromie. This is a first time crombie has issued equity since 2016.

On December 12 to special distributions to unit holders of 56 cents per unit was announced the distribution arose from the increase in income generated by capital recycling transactions completed in 2019.

Solid balance sheet ample liquidity access to multiple sources of capital and strong underlying fundamentals support our investment Empire related activities and a robust development pipeline.

Clinton Keay: Our solid balance sheet, ample liquidity, access to multiple sources of capital, and strong underlying fundamentals support our investment in Empire-related activities and our robust development pipeline. Crombie is successfully executing on our strategy to secure multiple sources of cost-effective capital while prioritizing our investments to drive growth in both NAV and AFFO per unit. Thank you for listening, and we're now happy to respond to your questions.

I'm going to successfully executing on our strategy to secure multiple sources of cost effective capital, while prioritizing our investments to drive.

Growth in both NAV and they AFFO pretty Ana.

Thank you for listening here, we're not happy to respond to your questions.

Thank you.

Operator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press the star followed by the one on your touchtone phone. You will hear a three-tone prompt acknowledging your request. If you are using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Your first question comes from Howard Leung from Veritas. Please go ahead. Howard, your line is open. You may proceed with your question. Your next question is from Dean Wilkinson from CIBC. Please go ahead.

Ladies and gentlemen, we will now begin the question and answer session.

Your next question. Please press the star followed by the one on your Touchtone phone you will hear I'd say, Tom prompt technology request.

If you are using speakerphone, please let the handset before pricing any keys.

One moment please state your question.

Your first question comes from Howard lung from Florida. Please go ahead.

How is your line is open you May proceed with your question.

Your next question.

Meanwhile, consensus sad to see please go ahead.

Clinton Keay: Good morning, everyone. Hi, Dean. How are you? Good. How you guys doing? Oh, thank you. Good. Good. Okay. Clinton, just a mechanics question. Can you walk me through the payout of the special distribution, and then how that consolidates back into the share count? I'm just trying to wrap my head around the accounting of that. There's a cash distribution of CAD 0.10. Yep. And then the remaining is a non-cash distribution that gets canceled immediately upon issuance, so it's really a non-transaction. Oh, okay. It doesn't go in, consolidate in the share count, then kinda come back. No. It's just, it doesn't even hit it. The adjusted cost base, obviously, of the units go up. The adjusted cost base, from the unitholder's perspective, goes up. Okay. All right.

Good morning, everyone.

Dean Wilkinson: Good morning, everyone.

Hi, Dave how are you hey, guys doing.

Clinton Keay: Hi, Dean. How are you?

Dean Wilkinson: Good. How you guys doing?

Good good good Okay went in just a a mechanics question can you walk me through the the pay out of the special distribution and then how that consolidates back into the share count <unk> I'm, just trying to wrap my head around the accounting of that there's there's a cash distribution of 10 cents Yep and then the remaining is a nice.

Clinton Keay: Oh, thank you.

Don Clow: Good.

Dean Wilkinson: Good. Okay. Clinton, just a mechanics question. Can you walk me through the payout of the special distribution, and then how that consolidates back into the share count? I'm just trying to wrap my head around the accounting of that.

Clinton Keay: There's a cash distribution of CAD 0.10. And then the remaining is a non-cash distribution that gets canceled immediately upon issuance, so it's really a non-transaction.

On cash distribution that gets cancelled immediately upon issuance. So it's really a non transaction.

Dean Wilkinson: Oh, okay. It doesn't go in, consolidate in the share count, then kinda come back. No. It's just, it doesn't even hit it.

Okay. So so it doesn't go in consolidating the share count and come kind of come back and it's just it doesn't even hit it a day adjusted cost base, obviously of the on this go up.

Clinton Keay: The adjusted cost base, obviously, of the units go up.

The adjusted cost base at the from the unit holders perspective goes out okay, alright, I teach out dozens I can take it offline with you I think I think I get that so it's just it's just a straight 10 cents out and then it's just in and out on the share count. So it doesn't because they're like there was no adjustment in the questions here right. Okay does it doesn't even show up on that front.

Dean Wilkinson: The adjusted cost base, from the unitholder's perspective, goes up. Okay. All right.

Clinton Keay: Any details, I can take it offline with you.

Dean Wilkinson: I think I get that. It's just a straight CAD 0.10 out, and then it's just an in-and-out on the share count, so it doesn't-

Don Clow: Right.

Clinton Keay: Right.

Dean Wilkinson: Cause, like, there was no adjustment in the quarter.

Don Clow: It was on the share thing.

Clinton Keay: It was on the share thing.

Dean Wilkinson: Right. Okay. It doesn't even show up on that front. That, that's the only question I had. Thanks, guys.

[music].

That that's the only question I had thanks guys.

Thank you.

Don Clow: Thank you.

Clinton Keay: Thank you.

Thank you, ladies and gentlemen, as a reminder, shouldn't have any questions. Please press star one now.

Operator: Ladies and gentlemen, as a reminder, should you have any questions, please press star one now. Your next question comes from Tal Woolley from National Bank. Please go ahead.

Your next question comes from probably from National Bank. Please go ahead.

Hi, good afternoon.

Tal Woolley: Hi, good afternoon.

Don Clow: Good afternoon, Tal.

Ill.

I'm just wondering in terms of your conversations with Empire and their plans for the store base going forward, you're talking about trying to integrate better what's your sense of Blake their strategic.

Tal Woolley: Just wondering, in terms of your conversations with Empire and their plans for the store base going forward, you're talking about, you know, trying to integrate better. What's your sense of, like, their strategic. You know, like, are there certain markets like they are more interested in targeting or, you know, certain banners, like, or is it purely just a function of, like, here are the oldest stores in our fleet, and these are, you know, these are the ones we're really interested in redeveloping or renovating?

There are there certain markets like they're more interested in targeting or.

Certain banners like or is it purely just a function of like here are the older stores in our fleet and these are these are the ones were really interested in.

Redeveloping or renovating.

No. We worked very closely with Empire. That's the most important thing and the strategic intelligence sharing between the two companies where the opportunities are and where it's best to allocate our capital is elevated significantly and so but in particular I mean, clearly theres, obviously, the fresco conversions in the west.

Don Clow: You know, we work very closely with Empire. That's the most important thing. The strategic intelligence sharing between the two companies, where the opportunities are and where it's best to allocate our capital is, you know, elevated significantly. In particular, I mean, clearly, there's obviously the FreshCo conversions in the West. By market, I wouldn't say at this stage there's, call it, a particular segregation. It's really focused on where they can improve the productivity of their network the most. For us, it's obviously these are stores that we own, and we wanna own for a long time, and they want us to own for a long time. You know, we're basically extending our leases at the same time that we're investing in modernizations or conversions or expansions. It's a very healthy program.

But by market I wouldn't say at this stage, there's a call. It a particular segregation, it's really focused on where they can improve the productivity of their network. The most.

And for US. It's obviously these are stores that we own a and we want to own for a long time and they want us to own for long time Sue.

We're basically extending or leases at the same time that we're investing in modernizations or conversions or expansion. So it's a very healthy program I wouldn't I don't think there's really much to offer in terms of particular urban markets or geographic segregation for your top okay.

Don Clow: I don't think there's really much to offer in terms of particular urban markets or geographic segregation for you, Tal.

Tal Woolley: Okay. Just with the Vaughan DC transaction this quarter. This is the 50% acquisition is the initial 50% or the remaining 50% of this property?

And then just with the.

The volume do you see transaction this quarter so good food.

Below the 50% acquisition is be initial 50% or the remaining 50% of this property, meaning 50%. So 800000 square foot site. This is the last 400000 yep okay.

Don Clow: Remaining 50%, so 800,000sq ft site. This is the last 400,000. Yeah.

Okay. So if officially.

Tal Woolley: Okay. It's officially all yours now.

All yours you know.

Going forward. It's argue and then what are their most strategic assets and when one of the most strategic for us and the new color World of E Commerce and in grocery retail so we're quite quite pleased.

Don Clow: It is.

Tal Woolley: going forward.

Don Clow: It's arguably-

Tal Woolley: And then-

Don Clow: one of their most strategic assets and one of the most strategic for us in the new, call it, world of e-commerce and in grocery retail. We're quite pleased.

And I think empires talked about a couple a couple of more E commerce assets are comfortable going forward.

Tal Woolley: I think Empire's talked about a couple more e-commerce assets are possible going forward. Of the existing DC base, how much do you guys have of it now that Empire currently operates with?

And Oh, the existing B C base, how much do you guys have a bit now that bill about Empire currently operates what.

We have a half of two automated the season, 100% of one.

Don Clow: You know, we have half of two automated DCs and 100% of one. Then we have obviously the one in Montreal that's a CFC. We have 4 today. Clearly an interest in increasing, you know, our ownership of additional retail-related industrial, which would include either of the other halves of the automated DCs, additional CFCs, which we call a hub, and they call a hub, as well as there's a hub and spoke component of the e-commerce solution. The spokes can be smaller boxes, you know, within, you know, call it 150km of the hubs, that ultimately we can also own. We think there's multi-pronged strategy to this retail-related industrial, and it's some of the most strategic, you know, assets in the grocery space.

And then we have obviously the one in Montreal, that's a CFC.

So we have four today, but clearly an interest in increasing.

You know our ownership of additional retail related industrial which would include either of the other half of the automated dcs or additional cfcs, which we call a hub and they call a hub as well as there's a hub and spoke.

Pointed out the E commerce solution on the spokes can be smaller boxes.

You know within a call it 150 kilometers of the hubs that ultimately we can also home. So we think theres multi pronged strategy to this retail related industrial and it's some of the most strategic.

Assets in the grocery space. So we're quite pleased with that that you know targeted focus of our capital going forward.

Don Clow: We're quite pleased with that, you know, targeted focus of our capital going forward.

Okay, and then just lastly.

Tal Woolley: Okay. Just lastly, with a lot of the leasing having occurred up on the office business, is that still like, are those Eastern Canada office assets still core to you? They're not maybe better served in someone else's hands?

With a lot of the leasing.

Having occurred on the office business is that still.

Those.

Eastern Canada office asset, but we're still core to you, they're not maybe better serve in someone else's hands.

[laughter] you know, we love Halifax, I lived there and it's great City, and we own center rice and our assets. There are run by a terrific team I've been there for 30 some years.

Don Clow: You know what? We love Halifax. I live there, and it's a great city, and we own Center Ice. Our assets there are run by a terrific team that have been there for 30 some years. It's performing at approximately 93 or 94% occupancy in a market that's performing at 85%. We think very highly of the assets and the whole ecosystem that runs that property and portfolio. We're very pleased to own it.

And it's performing at approximately 93 or 4% occupancy in a market is performing at 85%. So we think very highly of the assets and the whole ecosystem that runs that that property portfolio. So we're very pleased to own it. Okay. That's great. Thanks for talking about.

Tal Woolley: Okay. That's great. Thanks for your time, guys.

Thanks, Tom.

Don Clow: Thanks, Cal.

Thank you. The next question comes from Tony Blair from RBC Capital markets. Please go ahead.

Operator: Thank you. The next question comes from Pammi Bir from RBC Capital Markets. Please go ahead. I'm sorry. Your next question is now from Howard Leung from Veritas. Please go ahead.

Oh.

I'm sorry. Your next question is no from Howard Liang Some Veritas. Please go ahead.

Hi, good afternoon.

Howard Leung: Hi. Good afternoon.

Howard.

Don Clow: Good afternoon.

I just I wanted to touch on the the equity raise has a you mentioned it was the first time since 2016.

Howard Leung: Just wanted to touch on the equity raise. As you mentioned, it was the first time since 2016. What's your thoughts on kind of the, I know it's choppy, but, what's your thoughts on the general valuation now of units? When you're thinking about your future development program and financing, are you more likely to tap on equity now as opposed to debt?

What do you what's your thoughts on kind of the I know, it's choppy petta, what's your thought on the general valuation now units and when you're thinking about your future development program and financing on are you more likely a tap on equity now as opposed to that.

No I think we've said many times and a continued to continue to say Clinton said it very well today that we have multiple sources are both debt and equity capital I think that's the key in a market that you know as you're seeing the last few days can be very volatile I was we were very pleased with our equity issue in January we've said all along that we want to be ready.

Don Clow: You know, like we said many times and continue to say, Clinton said it very well today, that we have multiple sources of both debt and equity capital. I think that's the key in a market that, you know, as you're seeing in the last few days, can be very volatile. We were very pleased with our equity issue in January. We've said all along that we wanna be regular issuers of equity. In addition to that, as you've seen in 2019, we sold multiple forms of assets, you know, including 100% of non-core assets, plus partial interest that were, you know, traditional being 50/50 with partners like Firm Capital.

The other issuers of equity a and but in addition to that as you've seen in the 29 team. We saw the multiple forms of a function dispositions or asphalt multiple forms of assets, you know, including 100% of noncore assets plus partial interest that worse, you know traditional being 50 50 with partners like from capital and then all.

Don Clow: Then also call it non-traditional, which was our 89.11% deal with Oak Street Real Estate Capital out of Chicago, who are a terrific partner for us. We have multiple opportunities to continue to do that. People are very interested in the grocery space today, in terms of purchasing those types of assets, whether it be 100% or partial interest forms. We'll pick our spots. We don't need capital today and going forward really into, well, into 2021, now. Now that we've issued equity, we have a lot of capital and a lot of liquidity, which, you know, in this environment of volatility, we've always said liquidity and talent is what'll get you through these tough times, and we're in a very good situation for that.

So call it nontraditional, which was our 80, 911% deal with Oak Street real estate capital in Chicago.

We're a terrific partner for us and so we have multiple opportunities to continue to do that people are very interested in the grocery space today.

In terms of purchasing those types of assets in whether it be 100% or partial interest forms. So we'll pick our spots we don't need capital.

Today, and going forward really into well into 2021 now that we've issued equity and so we have we have a lot of capital and were in light of liquidity, which you know in this environment of volatility. We've always said liquidity and talent is what do we get you through these tough times and we're in very good situation for that.

Right and is it a little more difficult with raising equity because empire, if they want to maintain their they're there their ownership percentage they have to participate what's what's kind of thinking be with them with their allocation. When you have those conversations that's really to a up to us when we issue equity you will determine our future going forward.

Howard Leung: Right. Is it a little more difficult with raising equity because Empire, if they wanna maintain their ownership percentage, they have to participate. What's kind of the thinking with them with their allocation when you have those conversations?

Don Clow: It's really up to us when we issue equity and we'll determine our future going forward. Importantly, Empire is obviously our strategic partner, and they've continued, as you saw in January with the purchase of 41.5% of our equity issue. They're very committed to our company given the strategic opportunity with Sobeys, you know, we're very pleased that they're very committed, you know, shareholders or unitholders.

But importantly Empire is obviously our strategic partner.

And they've continued as you saw in January with a purchase a 41.5% of our equity issue and so they're very committed to our company given the strategic opportunity.

With Sobi. So we're very pleased that they're very committed a shareholder for unitholders.

Okay, Yeah that makes sense.

Howard Leung: Okay. Yeah, that makes sense. On that disposition side, I guess, are you looking to sell more of the ROC, Rest of Canada market portfolio? I understand there's, you know, a lot of other sellers as well looking to sell those kinds of assets. What's your thoughts on getting more sales from that side of the portfolio?

On that disposition side, it's a <unk>.

Of the I guess are you looking to sell more VIP Aro see rest of Canada market portfolio I understand there's a lot of other sellers as well looking Dan looking to sell and those kind of assets. What's your what's your thoughts on getting more sales from that that's out of the portfolio.

You know at this point, we don't have significant dispositions plan, we will continue to monitor their for various sources of capital that we need going forward.

Don Clow: You know, at this point, we don't have, you know, significant dispositions planned. We'll continue to monitor for various, you know, sources of capital that we need going forward. In terms of the Rest of Canada market, that's honestly a bit more of a public market narrative, and I'd ask people to think hard and long about it because quite frankly, some of those tertiary market stores with 75% market share are some of the best stores you can own. They're bond-like, which in a market like this that's very volatile, you see out there, it's actually they're some of your most stable and profitable grocery stores. From a real estate point of view, they're something that you actually wanna own.

In terms of the rest of Canada market, that's honestly a bit more of a public market narrative and I'd ask people to think hard and long about it because quite frankly, some of those tertiary market stores with 75% market share or some of the best stores you can own their bond like which in a market like this that's very volatile that you see it there is it's actually theres some of your most state.

Okay, and profitable grocery stores and from a real estate point of view there is something that you actually want to own yes, theres, obviously lots of liquidity and capital flowing to the big markets, but for a portion of our portfolio, we don't mind owning tertiary and secondary markets. The other thing I'll say a is that secondary market. Some of the secondary markets in Canada right now have hired.

Don Clow: Yes, there's obviously lots of liquidity and capital flowing to the big markets, but for a portion of our portfolio, we don't mind owning tertiary and secondary markets. The other thing I'll say is that secondary markets, some of the secondary markets in Canada right now have higher GDP growth and/or higher population growth than some of the, you know, VECTOM markets. Again, you have to pick your spots, and we have the advantage of having a partner who shares their intelligence of their network, their grocery store network with us, so we know which stores are the high performers, which stores aren't, and we can, you know, choose to manage our portfolio accordingly. It's actually the power of a retailer-related REIT is very powerful in many, many ways.

GDP growth and are higher population growth and some of the effect on markets. So again, you have to pick your spots and we have the advantage of having a partner who shares there intelligence of their network there grocery store network with us, So, we know which stores or the high performers, which stores art and we can you know choose to whatever a due to match.

Our portfolio Accordingly, so it's actually this the power of a retailer related read is very powerful and many many ways.

Right, Yeah that makes sense and on that you provided some extra disclosure on the occupancy the of those markets versus back Tom there, there's a bit of that theres, a small a gap kind of between in occupancy. So when you look at.

Howard Leung: Right. Yeah, that makes sense. And on that, you provided some extra disclosure on the occupancies of those markets versus VECTOM. There's a small gap kind of between in occupancy. When you look at why there's a lower occupancy in those markets, is it really concentrated in kind of a few malls, or is it kind of spread out across the Rest of Canada portfolio?

Why there is a smaller there's lower occupancy in those markets is that it didn't really concentrated in kind of a few few malls or is it kind of spread out across terrific Canada portfolio.

However, it's clear that it is definitely a very small subset of properties.

Glenn Hynes: Howard, it's Glenn. It is definitely a very small subset of properties, like a handful that are the catalyst. If you remove that handful, you would have an occupancy metric at or above the REIT average.

Like a handful that are the catalyst if you remove that handful you would have an occupancy metric at or above the read average.

Okay. Yeah. That's a that's really helpful. I think those are all my question. Thanks for answering them all out I'll pass the line.

Howard Leung: Okay. Yeah, no, that's really helpful. I think those are all my questions. Thanks for answering them all. I'll pass the line.

Thank you.

Don Clow: Thank you.

Thank you there no further questions I'll now turn it back over to Clinton Cain for closing remarks.

Operator: Thank you. There are no further questions. I will now turn it back over to Clinton Keay for closing remarks.

Thank you operator, you, France alright. Thank you all for your time today, and we look forward to update you on our progress on our Q1 call in Maine.

Don Clow: Thank you all for your time today, and we look forward to updating you on our progress on our Q1 call in May.

Clinton Keay: Thank you all for your time today, and we look forward to updating you on our progress on our Q1 call in May.

[noise], ladies and gentlemen, this concludes the conference call for today, we thank you for participating and we ask that you. Please disconnect your lines.

Operator: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.

Yeah.

Q4 2019 Earnings Call

Request a DemoDemo

CRR

Crombie

Earnings