Crombie REIT Closes $193.3 Million Portfolio Partial Disposition

Crombie REIT Closes $193.3 Million Portfolio Partial Disposition

Canada NewsWire

NEW GLASGOW, NS, Oct. 8, 2019 /CNW/ – Crombie Real Estate Investment Trust (“Crombie”) (TSX: CRR.UN) announced that on October 7th, 2019 it has completed the previously announced sale of an 89% non-managing interest in a 15-property portfolio (the “Partial Disposition” or “Transaction”) to an affiliate of Oak Street Real Estate Capital, LLC (“Oak Street”). This Partial Disposition, the second such transaction with Oak Street, has an aggregate purchase price of $193.3 million, with net proceeds of $102.6 million after assumed mortgages and transaction expenses. Crombie will retain an 11% ownership interest and will continue to manage and operate the properties.

This Partial Disposition is consistent with Crombie’s previously announced transactions to recycle capital. None of the assets subject to the current Transaction are included in Crombie’s mixed-use development pipeline.

“We are excited to complete our second transaction with Oak Street,” said Don Clow, President & CEO. “This transaction strengthens our balance sheet by increasing liquidity and lowering leverage, effectively pre-funding our major development pipeline well into 2020 and supporting strategic investments with Sobeys. We have closed on approximately $800 million of dispositions since 2018 at pricing at or above IFRS fair value. These funds enable investment in our mixed-use development pipeline to drive strong future AFFO and NAV growth.”

The Transaction includes approximately 720,698 square feet of primarily free-standing grocery-anchored properties.

Property portfolio details:



Property Address

City, Province

Anchor Tenant

Property GLA



40 Melbourne Dr

Bradford, ON





55 Castleridge Blvd NE

Calgary, AB





850 Saddletowne

Calgary, AB





45850 Yale Road

Chilliwack, BC




Fort McMurray

9601 Franklin Ave

Fort McMurray, AB





945 Columbia St. W

Kamloops, BC





555 Boulevard des

Quebec, QC

IGA Extra




500 Riddell Rd

Orangeville, ON





612 Main St

Dartmouth, NS




Ropewalk Lane

45 Ropewalk Lane

St John’s, NL





318 Manitoba Ave

Selkirk, MB




Spruce Grove

94 McLeod Ave

Spruce Grove, AB





3950 Rue King Ouest

Sherbrooke, QC

IGA Extra




3664 Hwy #16

Smithers, BC




Stony Plain

4202 South Park Dr

Stony Plain, AB






BMO Capital Markets Real Estate Inc. is acting as the exclusive advisor to Crombie REIT on this Transaction.

About Crombie REIT

Crombie Real Estate Investment Trust (“Crombie”) is an unincorporated, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie is one of the country’s leading national retail property landlords with a strategy to own, operate and develop a portfolio of high quality grocery- and drugstore-anchored shopping centres, freestanding stores and mixed-use developments primarily in Canada’s top urban and suburban markets. More information about Crombie can be found at

About Oak Street

Oak Street Real Estate Capital is a real estate investment management firm based in Chicago, Illinois, USA. Oak Street manages both commingled funds and separate accounts on behalf of both institutional and high net-worth investors. The firm focuses on acquiring properties net-leased to investment grade rated tenants and specializes in providing unique and flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities, and government entities. For more information on Oak Street, please visit

Forward-looking Information

This news release contains forward-looking statements that reflect the current expectations of management of Crombie about Crombie’s future results, performance, achievements, prospects and opportunities. Wherever possible, words such as “may”, “will”, “estimate”, “anticipate”, “believe”, “expect”, “intend” and similar expressions have been used to identify these forward-looking statements. 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. A number of factors, including those discussed in the 2018 annual Management Discussion and Analysis under “Risk Management”, 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. 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. Specifically, this document includes, forward-looking statements regarding Crombie’s intended use of proceeds from completed and pending dispositions, which may depend on Crombie’s financial requirements at the time proceeds are received, and statements regarding anticipated AFFO and NAV growth from Crombie’s mixed-use development pipeline, which depend on such developments being completed with costs consistent with Crombie’s current budgets, market capitalization rates in the local areas where the major development projects are located remaining the same as current capitalization rates, Crombie’s expected costs of financing such development projects remaining as currently budgeted, successful leasing of such completed developments at rents consistent with current market rents in such jurisdictions, and Crombie’s net operating income derive from the completed projects equaling or exceeding Crombie’s current expectations as a percentage of Crombie’s currently budgeted costs to develop. There can be no assurance that these factors will not have changed by the time the mixed-use development projects are completed, which may adversely impact the possible growth in to Crombie’s Net Asset Value or adjusted funds from operations.

Non-GAAP Measures

Net Asset Value (“NAV”) and adjusted funds from operations (“AFFO”) are non-GAAP financial measures that do not have a standardized meaning under International Financial Reporting Standards (“IFRS”). These measures as computed by Crombie may differ from similar computations as reported by other entities and, accordingly, may not be comparable to other such entities. Management considers these measures as they represent key performance indicators to management and it believes certain investors use these measures as a means of assessing Crombie’s financial performance. For additional information on these non-GAAP measures see our Management’s Discussion and Analysis for the six months ended June 30, 2019.



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Infosys to Announce Second Quarter Results on October 11, 2019

Infosys to Announce Second Quarter Results on October 11, 2019

Canada NewsWire

BENGALURU, India, Oct. 7, 2019 /CNW/ — Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, will announce results for the second quarter ended September 30, 2019 on Friday, October 11, 2019 around 3:45 p.m. Indian Standard Time (IST) (6:15 a.m. US ET; 3:15 a.m. PST; 11:15 a.m. London time; 6:15 p.m. Singapore/Hong Kong time). The results will also be available on

Infosys Logo

Common press conference

(4:15 p.m. IST; 6:45 a.m. ET)

Following the release, the leadership team will be part of a common press conference at 4:15 p.m. IST. The participating executives will address questions from the media during this interaction which will be streamed live on the Investor Relations section of Infosys website, following which it will be archived at The archive will be available after 7:00 p.m. IST on October 11, 2019 (after 9:30 a.m. US ET on October 11, 2019). In addition, a transcript of the conference will be available at

Earnings call

(5:30 p.m.6:30 p.m. IST; 8:00 a.m.9:00 a.m. ET)

The company will conduct a single 60-minute conference call at 5:30 p.m. IST (8:00 a.m. US ET; 5:00 a.m. PST; 1:00 p.m. London time; 8:00 p.m. Singapore/Hong Kong time) on October 11, 2019 (open to investors/analysts in all regions), where the senior management will discuss the company’s performance and answer questions from participants. To participate in the conference call, please dial the numbers provided below 10 – 15 minutes before the scheduled start time of the call. During this time, the operator will provide instructions on how to ask questions. As participation in the call is limited, early registration is encouraged.

This event will be webcast live on the Investor Relations section of Infosys website, following which it will be archived at The archive will be available after 8:00 p.m. IST on October 11, 2019 (after 10:30 a.m. US ET on October 11, 2019). In addition, a transcript of the conference call will be available at

Summary of events


Date and Time

Web-site/ Region

Telephone No.

Earnings release over the wire services

3:45 p.m. IST

6:15 a.m. ET

October 11, 2019


Date and Time

Web-site/ Region

Telephone No.

Live Webcast of common press conference

4:15 p.m. IST

6:45 a.m. ET

October 11, 2019

Earnings conference call

(open for questions from investors / analysts in all regions)

5:30 p.m. – 6:30 p.m. IST

8:00 a.m. – 9:00 a.m. ET

October 11, 2019

Questions during the call can be addressed to


Toll, Mumbai:



Toll, Bangalore:




1-866 746 2133

Toll Number:







Hong Kong



Toll Number:



Toll Free:


Toll Number:

+81-3-4589 9421


Toll Free:


Toll Number:




00 8001 424 3444


Toll- free:





Replay of conference call

Till October 18, 2019

Toll-free, USA:


International toll:

+ 1-347-974-7488

Toll, Mumbai/India:



Playback code: 4637#

About Infosys

Infosys is a global leader in next-generation digital services and consulting. We enable clients in 45 countries to navigate their digital transformation. With over three decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.

Visit to see how Infosys (NYSE: INFY) can help your enterprise navigate your next.

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SOURCE Infosys

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Pinnacle Renewable Energy Announces Expected Guidance Shortfall for Fiscal 2019 Due to the Impact of B.C. Sawmill Curtailments

Pinnacle Renewable Energy Announces Expected Guidance Shortfall for Fiscal 2019 Due to the Impact of B.C. Sawmill Curtailments

Canada NewsWire


VANCOUVER, Sept. 30, 2019 /CNW/ – Pinnacle Renewable Energy (“Pinnacle” or the “Company”) (TSX: PL) today announced that it expects a shortfall in its guidance for adjusted earnings before interest, tax, depreciation, and amortization (“Adjusted EBITDA”) for Fiscal 2019. The expected guidance shortfall is driven by the ongoing sawmill curtailments in B.C., which has caused higher fibre and cash conversion costs, including maintenance and repair costs, at Pinnacle’s B.C. facilities due to a decreased and intermittent supply of sawmill residuals and a higher supply of more expensive harvest residuals being processed at the facilities.

While the Company has made progress in actively managing the availability and impact of replacement fibre for sawmill residuals in response to sawmill curtailments and expects to make further progress in the fourth quarter of 2019, the higher cost of harvest residuals and related operating costs have continued to impact operating results into the third quarter of 2019. Despite positive production gains at the Smithers and Aliceville facilities, the Company’s same facility production in the third quarter of 2019 was down over 14% compared to the third quarter of 2018, primarily as a result of the sawmill curtailments.

Pinnacle continues to make operational changes to mitigate the current impacts of the sawmill curtailments and position the Company to drive adjusted gross margin and production volume improvements in B.C. in the future under this more challenging fibre environment as follows:

  • Commenced upgrades at the Williams Lake and Meadowbank facilities to increase dryer capacity to enable processing of a broader array of available fibre sources in the Cariboo region of B.C.;
  • Increased harvest residuals processing capabilities by increasing chipping and grinding units from two in 2018 to eight in 2019;
  • Increasing fibre deliveries to the Company’s B.C. mills by a forecasted 20% in Q4 2019 compared to the same period in 2018 to build strategic inventory to mitigate the potential impact of temporary seasonal or maintenance related sawmill shut-downs going forward; and
  • Increasing fibre suppliers in Q4 2019 by over 25% compared to the same period a year ago, significantly improving supplier diversification.

“While the sawmill curtailments have been impactful to the business, we have fibre for continuous operation of our facilities to meet our contracted customer commitments. Our long-term fibre procurement process has developed and strengthened to improve the flow and consistency of fibre to facilities,” said Rob McCurdy, CEO of Pinnacle. “Through the remainder of the year we are actively focused on reducing costs related to processing harvest residuals and improving the operating efficiencies of our B.C. facilities. As we continue to execute on operational improvements, optimize our fibre inventories, and benefit from the growing diversification of the Company, we expect margins to improve.”

About Pinnacle
Pinnacle is a rapidly growing industrial wood pellet manufacturer and distributor and the third largest producer in the world. The Company produces sustainable fuel for renewable electricity generation in the form of industrial wood pellets. This fuel is used by large-scale thermal power generators as a greener alternative to coal that allows them to produce reliable baseload renewable power. Pinnacle is a trusted supplier to its customers, who require reliable, high-quality fuel supply to maximize utilization of their facilities. Pinnacle takes pride in its industry leading safety practices. The Company operates eight industrial wood pellet production facilities in western Canada and one in Alabama, with a further plant under construction in Alberta. The Company also owns a port terminal in Prince Rupert, B.C.  Pinnacle has entered into long-term take-or-pay contracts with utilities in the U.K., Europe and Asia that represent 103% of its announced production capacity through 2021 and 106% of its announced production capacity through 2026.

Forward-Looking Information

This news release may contain “forward-looking information” within the meaning of applicable securities laws in Canada. Forward-looking information may relate to Pinnacle’s future financial outlook and anticipated events or results and may include information regarding its financial position, business strategy, growth strategies, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company’s expectations of future results, performance, achievements, prospects or opportunities or the markets in which it operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “does not anticipate”, “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. If any of the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those expressed in the forward-looking information. The Company has no obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. Actual results and the timing of events may differ materially from those anticipated in the forward-looking information as a result of various factors, including those described in “Risk Factors” which are described in the Company’s most recent Annual Information Form (“AIF”) filed on SEDAR (

We caution that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect our results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See “Forward-looking Information” and “Risk Factors” in the Company’s most recent AIF and its Management’s Discussion & Analysis for Q2 2019 available on SEDAR for a discussion of the uncertainties, risks and assumptions associated with these statements.

SOURCE Pinnacle Renewable Energy Inc.

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