Toronto, Ontario (December 16, 2025) – SmartCentres Real Estate Investment Trust (“SmartCentres”) (TSX: SRU.UN) announced today that the trustees of SmartCentres have declared a distribution for the month of December 2025 of $0.15417 per unit, representing $1.85 per unit on an annualized basis. The distribution will be payable on January 15, 2026 to unitholders of record as at December 31, 2025.
About SmartCentres
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country. SmartCentres has approximately $12.1 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.6 million square feet of leasable space with 98.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.
Toronto, Ontario (November 18, 2025) – SmartCentres Real Estate Investment Trust (“SmartCentres”) (TSX: SRU.UN) announced today that the trustees of SmartCentres have declared a distribution for the month of November 2025 of $0.15417 per unit, representing $1.85 per unit on an annualized basis. The distribution will be payable on December 15, 2025 to unitholders of record as at November 28, 2025.
About SmartCentres
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country. SmartCentres has approximately $12.1 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.6 million square feet of leasable space with 98.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.
TORONTO, ONTARIO – (November 12, 2025) SmartCentres Real Estate Investment Trust (“SmartCentres”, the “Trust” or the “REIT”) (TSX: SRU.UN) is pleased to report its financial and operating results for the quarter ended September 30, 2025.
“We are pleased to report another strong quarter of operating and financial results, highlighted by stable retail fundamentals with robust momentum in leasing demand and executed lease deals for both existing and new build space,” said Mitchell Goldhar, CEO of SmartCentres. “We renewed and extended lease maturities in 2025 at rental growth rates of 8.4%, excluding anchors. In-place and committed occupancy remained steady at an industry-leading 98.6%. We expect to continue delivering healthy rental growth for the balance of the year. Another positive metric during the quarter was same property NOI growth, despite a credit provision primarily associated with one retail tenant. Our development pipeline continues to grow with two self-storage facilities in Quebec expected to open in 2026 and two additional self-storage facilities in British Columbia expected to open in 2027. Subsequent to the quarter end, we raised $500 million via a two-tranche term debenture which will be used to repay an upcoming $350 million debenture maturity with the remainder repaying outstanding floating rate debt on our operating lines, on an accretive basis while filling gaps in our debt ladder and extending the average term to maturity of our debt.”
2025 Third Quarter Highlights
Retail Operations
Industry-leading in-place and committed occupancy rate of 98.6% as of September 30, 2025 and unchanged from the prior quarter.
Robust customer traffic and a solid tenant base continued to drive Same Properties NOI(1) growth for the three months ended September 30, 2025, which increased by 4.6%, excluding Anchors, compared to the same period in 2024.
Leasing momentum remained resilient, with approximately 68,000 square feet of vacant space leased during the quarter, resulting in a total of approximately 394,000 square feet leased year to date. In addition, growing demand for new-build retail continues with 24,944 square feet executed during the quarter, resulting in a total of approximately 92,000 square feet executed year to date.
Lease renewals continued to perform well, with near 85% of all leases maturing in 2025 extended or finalized, with strong rent growth of 8.4% (excluding Anchors) and 6.2% (including Anchors).
Development
The Trust has opened three new self-storage facilities in 2025 at Toronto (Gilbert Ave.), Toronto (Jane St.), and Dorval (St-Regis Blvd.) bringing the total number of operating self-storage properties in the portfolio to 14. Construction of self-storage facilities is underway at Montreal (Notre Dame St. W), and Laval E, Quebec, with opening expected in 2026. Site preparation and demolition works completed at Burnaby, British Columbia, with building construction expected to commence in Q4 2025. Site preparation work is also underway in Victoria, British Columbia. Both projects are expected to open in 2027. In addition, the Trust is in the process of obtaining municipal approval for a newly acquired self-storage site in Edmonton, Alberta.
Construction of Phase I of the Vaughan NW townhomes is mostly completed, with 13 units closed in Q3 2025. As at September 30, 2025, a total of 111 out of the 120 units in Phase I have closed.
Construction of the ArtWalk condo Tower A in the Vaughan Metropolitan Centre continues to advance as planned, with approximately 93% of the 340 units pre-sold. The underground parking structure is progressing, the slab-on-grade has been completed, and preparations are underway for the first section of the ground floor slab.
Construction of the Trust’s flagship 200,000 square foot Canadian Tire store on Laird Drive in Toronto continues on schedule, with possession expected in Q2 2026.
Financial
Net rental income and other for the three months ended September 30, 2025 was $141.3 million, representing a decrease of $0.6 million or 0.5% compared to the same period in 2024. This net decrease was primarily driven by lower residential sales due to fewer townhomes closings offset by an increase in base rent from retail properties compared to the same period in 2024.
FFO per Unit(1) for the three months ended September 30, 2025, was $0.59 compared to $0.71 for the same period in 2024. The decrease was primarily due to changes in the fair value adjustment on the TRS resulting from fluctuations in the Trust’s Unit price. FFO with adjustments per Unit(1) for the three months ended September 30, 2025, was $0.56 compared to $0.53 for the same period in 2024. The increase was primarily attributable to an increase in NOI primarily due to lease-up activities for retail properties.
Net income and comprehensive income(1) for the three months ended September 30, 2025, increased by $38.6 million compared to the same period in 2024. The increase was mainly attributable to a $36.6 million increase in the fair value adjustment on financial instruments for the period, primarily due to mark-to-market adjustments for the interest rate swaps and the fair value change in units classified as liabilities due to an increase in the Trust’s Unit Price.
(1) Represents a non-GAAP measure. The Trust’s method of calculating non-GAAP measures may differ from other reporting issuers’ methods and, accordingly, may not be comparable. For additional information, please see “Non-GAAP Measures” in this Press Release.
Conference Call
Management will hold a conference call on Thursday, November 13, 2025 at 3:00 p.m. (ET).
Interested parties are invited to access the call by dialing 1-855-353-9183 and then keying in the participant access code 50957#.
A recording of this call will be made available Thursday, November 13, 2025 through to Thursday, November 20, 2025. To access the recording, please call 1-855-201-2300, enter the conference access code 50957# and then key in the playback access code 50957#.
About SmartCentres
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country. SmartCentres has approximately $12.1 billion in assets and owns 35.6 million square feet of income producing value-oriented retail and first-class office properties with 98.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.
Non-GAAP Measures
The non-GAAP measures used in this Press Release, including but not limited to, AFFO, AFFO with adjustments, AFFO per Unit, AFFO with adjustments per Unit, Payout Ratio to AFFO, Payout Ratio to AFFO with adjustments, Unencumbered Assets, NOI, Debt to Aggregate Assets, Interest Coverage Ratio, Adjusted Debt to Adjusted EBITDA, Unsecured/Secured Debt Ratio, FFO, FFO with adjustments, FFO per Unit, FFO with adjustments per Unit, Net Asset Value (“NAV”), Same Properties NOI, Same Properties NOI excluding Anchors, Debt to Gross Book Value, Weighted Average Interest Rate, Transactional FFO, and Total Proportionate Share, do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and are therefore unlikely to be comparable to similar measures presented by other issuers. Additional information regarding these non-GAAP measures is available in the Management’s Discussion and Analysis of the Trust for the three and nine months ended September 30, 2025, dated November 12, 2025 (the “MD&A”), and is incorporated by reference. The information is found in the “Presentation of Certain Terms Including Non-GAAP Measures” and “Non-GAAP Measures” sections of the MD&A, which is available on SEDAR+ at www.sedarplus.ca. Reconciliations of non-GAAP financial measures to the most directly comparable IFRS measures are found in “Reconciliations of Non-GAAP Measures” of this Press Release.
Full reports of the financial results of the Trust for the three and nine months ended September 30, 2025 are outlined in the unaudited interim condensed consolidated financial statements and the related MD&A of the Trust for the three and nine months ended September 30, 2025, which are available on SEDAR+ at www.sedarplus.ca.
Certain statements in this Press Release are “forward-looking statements” that reflect management’s expectations regarding the Trust’s future growth, results of operations, performance and business prospects and opportunities. More specifically, certain statements including, but not limited to, statements related to SmartCentres’ expectations relating to cash collections, SmartCentres’ expected or planned development plans and joint venture projects, including the described type, scope, costs and other financial metrics and the expected timing of construction and condo closings and statements that contain words such as “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may” and similar expressions and statements relating to matters that are not historical facts, constitute “forward-looking statements”. These forward-looking statements are presented for the purpose of assisting the Trust’s Unitholders and financial analysts in understanding the Trust’s operating environment and may not be appropriate for other purposes. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management.
However, such forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with potential acquisitions not being completed or not being completed on the contemplated terms, public health crises, real property ownership and development, debt and equity financing for development, interest and financing costs, construction and development risks, and the ability to obtain commercial and municipal consents for development. These risks and others are more fully discussed under the heading “Risks and Uncertainties” and elsewhere in SmartCentres’ most recent Management’s Discussion and Analysis, as well as under the heading “Risk Factors” in SmartCentres’ most recent annual information form. Although the forward-looking statements contained in this Press Release are based on what management believes to be reasonable assumptions, SmartCentres cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Press Release and SmartCentres assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.
Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a stable retail environment; a continuing trend toward land use intensification, including residential development in urban markets and continued growth along transportation nodes; access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and to enable our refinancing of debts as they mature; that requisite consents for development will be obtained in the ordinary course, construction and permitting costs consistent with the past year and recent inflation trends.
Toronto, Ontario (November 12, 2025) – SmartCentres Real Estate Investment Trust (“SmartCentres” or the “Trust”) (TSX:SRU.UN) announced today that it has closed its previously announced private placement of $250 million aggregate principal amount of 3.599% Series AC senior unsecured debentures and $250 million aggregate principal amount of 4.318% Series AD senior unsecured debentures. The Series AC debentures will mature on June 12, 2029 and the Series AD debentures will mature on June 12, 2032. The debentures were offered on an agency basis by a syndicate of agents led by Scotiabank, CIBC Capital Markets, Desjardins Securities, RBC Capital Markets and TD Securities as joint bookrunners, and National Bank Financial, Mizuho Securities, BMO Capital Markets and Beacon Securities as co-managers. Morningstar DBRS has provided SmartCentres with a credit rating of BBB with a stable trend relating to the debentures.
The net proceeds to SmartCentres from the sale of the Series AC debentures and Series AD debentures will be used to refinance existing debt, including the repayment of its $350 million Series X senior unsecured debentures due December 16, 2025, the repayment of its revolving credit line and certain mortgages, and for general corporate purposes.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The debentures offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.
About SmartCentres
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country. SmartCentres has approximately $12.0 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.6 million square feet of leasable space with 98.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.
Certain statements in this Press Release are “forward-looking statements” that reflect management’s expectations regarding the Trust’s future growth, results of operations, performance and business prospects and opportunities. More specifically, certain statements including, but not limited to, statements related to the anticipated use of proceeds of the offering, and statements that contain words such as “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may” and similar expressions and statements relating to matters that are not historical facts, constitute “forward-looking statements”. These forward-looking statements are presented for the purpose of assisting the Trust’s Unitholders and financial analysts in understanding the Trust’s operating environment and may not be appropriate for other purposes. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management.
However, such forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with potential acquisitions not being completed or not being completed on the contemplated terms, public health crises, real property ownership and development, debt and equity financing for development, interest and financing costs, construction and development risks, and the ability to obtain commercial and municipal consents for development. These risks and others are more fully discussed under the heading “Risks and Uncertainties” and elsewhere in SmartCentres’ most recent Management’s Discussion and Analysis, as well as under the heading “Risk Factors” in SmartCentres’ most recent annual information form. Although the forward-looking statements contained in this Press Release are based on what management believes to be reasonable assumptions, SmartCentres cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Press Release and SmartCentres assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.
Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a stable retail environment; a continuing trend toward land use intensification, including residential development in urban markets and continued growth along transportation nodes; access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and to enable our refinancing of debts as they mature; that requisite consents for development will be obtained in the ordinary course, construction and permitting costs consistent with the past year and recent inflation trends.
Toronto, Ontario (October 24, 2025) – SmartCentres Real Estate Investment Trust (“SmartCentres”) (TSX: SRU.UN) announced today that it will be reporting its financial results for the three months ended September 30, 2025 after the market closes on Wednesday, November 12, 2025.
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country. SmartCentres has approximately $12.0 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.6 million square feet of leasable space with 98.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.
Toronto, Ontario (October 16, 2025) – SmartCentres Real Estate Investment Trust (“SmartCentres”) (TSX: SRU.UN) announced today that the trustees of SmartCentres have declared a distribution for the month of October 2025 of $0.15417 per unit, representing $1.85 per unit on an annualized basis. The distribution will be payable on November 17, 2025 to unitholders of record as at October 31, 2025.
About SmartCentres
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country. SmartCentres has approximately $12.0 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.6 million square feet of leasable space with 98.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.
Not for distribution in the United States or over United States Wire Services
Toronto, Ontario (October 15, 2025) – SmartCentres Real Estate Investment Trust (“SmartCentres” or the “Trust”) (TSX:SRU.UN) announced today that it has priced an offering of $250 million aggregate principal amount of 3.599% Series AC senior unsecured debentures and $250 million aggregate principal amount of 4.318% Series AD senior unsecured debentures on an agency basis. The Series AC debentures will mature on June 12, 2029 and the Series AD debentures will mature on June 12, 2032. The debentures are being offered by a syndicate of agents with Scotiabank, CIBC Capital Markets, Desjardins Securities, RBC Capital Markets and TD Securities as joint bookrunners, and National Bank Financial, Mizuho Securities, BMO Capital Markets and Beacon as co-managers. The two offerings are expected to close on or about November 12, 2025. Morningstar DBRS has provided SmartCentres with a provisional credit rating of BBB with a stable trend relating to the debentures.
SmartCentres intends to use the net proceeds of the offering to refinance existing debt, including the repayment of its $350 million Series X senior unsecured debentures due December 16, 2025, the repayment of its revolving credit line and certain mortgages and for general corporate purposes.
This offering is being made by way of a private placement to certain accredited investors in each of the provinces and territories of Canada.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The debentures being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.
About SmartCentres
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country. SmartCentres has approximately $12.0 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.6 million square feet of leasable space with 98.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.
Toronto, Ontario (September 16, 2025) – SmartCentres Real Estate Investment Trust (“SmartCentres”) (TSX: SRU.UN) announced today that the trustees of SmartCentres have declared a distribution for the month of September 2025 of $0.15417 per unit, representing $1.85 per unit on an annualized basis. The distribution will be payable on October 15, 2025 to unitholders of record as at September 30, 2025.
About SmartCentres
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country. SmartCentres has approximately $12.0 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.6 million square feet of leasable space with 98.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.
Toronto, Ontario (August 18, 2025) – SmartCentres Real Estate Investment Trust (“SmartCentres”) (TSX: SRU.UN) announced today that the trustees of SmartCentres have declared a distribution for the month of August 2025 of $0.15417 per unit, representing $1.85 per unit on an annualized basis. The distribution will be payable on September 15, 2025 to unitholders of record as at August 29, 2025.
About SmartCentres
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country. SmartCentres has approximately $12.0 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.6 million square feet of leasable space with 98.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.
TORONTO, ONTARIO – (August 7, 2025) SmartCentres Real Estate Investment Trust (“SmartCentres”, the “Trust” or the “REIT”) (TSX: SRU.UN) is pleased to report its financial and operating results for the quarter ended June 30, 2025.
“Building on Q1, we are pleased to report continued momentum in leasing demand and operational performance in Q2,” said Mitchell Goldhar, CEO of SmartCentres. “Occupancy has improved to 98.6% with approximately 148,000 square feet leased up during the quarter and rent growth of 8.5% (excluding Anchors). Same Properties NOI increased by 4.8% (7.7% excluding Anchors) showcasing improving customer traffic and a strengthened tenant base. Pacific Fresh and Costco both took possession of large spaces during the quarter and are expected to open later this year. Our development pipeline continues to add to the bottom-line with the completion this quarter of three self-storage projects and the closing of nine townhomes at our Vaughan NW project.”
2025 Second Quarter Highlights
Retail Operations
Improving customer traffic and a strengthened tenant base delivered strong Same Properties NOI(1) for the three months ended June 30, 2025 which increased by 4.8% (7.7% excluding Anchors) compared to the same period in 2024.
147,818 square feet leased during the quarter, resulting in an in-place and committed occupancy rate of 98.6% as of June 30, 2025. In addition, growing demand for new-build retail continues with approximately 38,740 square feet executed during the quarter.
Extended or finalized 82.1% of all leases maturing in 2025, with strong rent growth of 8.5%, excluding Anchors.
In April 2025, Pacific Fresh took possession of 136,703 square feet in Vaughan, previously occupied by Lowe’s, and Costco took possession of 125,040 square feet at Winston Churchill and highway 401. Both tenants plan to open later in the year.
Development
Significant development pipeline is expected to provide long-term portfolio expansion and profitable growth from the approximately 58.9 million square feet (at the Trust’s share) of zoned development permissions of various forms, including 0.8 million square feet currently under construction.
Construction of self-storage facilities in Toronto (Gilbert Ave.), Toronto (Jane St.), and Dorval (St-Regis Blvd.) is substantially complete, with all three facilities opened during the quarter. Construction is underway at Montreal (Notre Dame St. W), and Laval E, Quebec, with facilities expected to open in 2026. Site preparation and demolition works were completed at Burnaby, British Columbia, with building construction commencing shortly and expected to open in 2027.
Construction of Phase I of the Vaughan NW townhomes is mostly completed, with nine units closed in Q2 2025. As at June 30, 2025, a total of 98 out of the 120 units in Phase I have closed.
Financial
Net rental income and other for the three months ended June 30, 2025 was $141.3 million representing an increase of $8.1 million or 6.1% compared to the same period in 2024. This increase was primarily due to lease-up and renewal activities mainly from retail properties.
FFO per Unit(1) for the three months ended June 30, 2025, was $0.58 compared to $0.50 for the same period in 2024. This increase was primarily due to an increase in NOI mainly due to lease-up activities and changes in fair value adjustment on the TRS resulting from fluctuations in the Trust’s Unit price, partially offset by a decrease in interest income as a result of the repayment of mortgage receivables and lower loan interest rates compared to the prior year period. FFO with adjustments per Unit(1) for the three months ended June 30, 2025, was $0.55 compared to $0.51 for the same period in 2024, an increase of 7.8%.
Net income and comprehensive income(1) for the three months ended June 30, 2025, decreased by $19.7 million compared to the same period in 2024. This decrease was mainly driven by a $27.7 million reduction in fair value gain on investment properties, partially offset by a $10.2 million increase in NOI primarily due to lease-up activities for retail and mixed-use properties.
Conference Call
Management will hold a conference call on Friday, August 8, 2025 at 11:00 a.m. (ET).
Interested parties are invited to access the call by dialing 1-855-353-9183 and then keying in the participant access code 56742#.
A recording of this call will be made available Friday, August 8, 2025 through to Friday, August 15, 2025. To access the recording, please call 1-855-201-2300, enter the conference access code 56742# and then key in the playback access code 56742#.
About SmartCentres
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country. SmartCentres has approximately $12.0 billion in assets and owns 35.6 million square feet of income producing value-oriented retail and first-class office properties with 98.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.
Non-GAAP Measures
The non-GAAP measures used in this Press Release, including but not limited to, AFFO, AFFO with adjustments, AFFO per Unit, AFFO with adjustments per Unit, Payout Ratio to AFFO, Payout Ratio to AFFO with adjustments, Unencumbered Assets, NOI, Debt to Aggregate Assets, Interest Coverage Ratio, Adjusted Debt to Adjusted EBITDA, Unsecured/Secured Debt Ratio, FFO, FFO with adjustments, FFO per Unit, FFO with adjustments per Unit, Net Asset Value (“NAV”), Same Properties NOI, Same Properties NOI excluding Anchors, Debt to Gross Book Value, Weighted Average Interest Rate, Transactional FFO, and Total Proportionate Share, do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and are therefore unlikely to be comparable to similar measures presented by other issuers. Additional information regarding these non-GAAP measures is available in the Management’s Discussion and Analysis of the Trust for the three and six months ended June 30, 2025, dated August 7, 2025 (the “MD&A”), and is incorporated by reference. The information is found in the “Presentation of Certain Terms Including Non-GAAP Measures” and “Non-GAAP Measures” sections of the MD&A, which is available on SEDAR+ at www.sedarplus.ca. Reconciliations of non-GAAP financial measures to the most directly comparable IFRS measures are found in “Reconciliations of Non-GAAP Measures” of this Press Release.
Full reports of the financial results of the Trust for the three and six months ended June 30, 2025 are outlined in the unaudited interim condensed consolidated financial statements and the related MD&A of the Trust for the three and six months ended June 30, 2025, which are available on SEDAR+ at www.sedarplus.ca.
Certain statements in this Press Release are “forward-looking statements” that reflect management’s expectations regarding the Trust’s future growth, results of operations, performance and business prospects and opportunities. More specifically, certain statements including, but not limited to, statements related to SmartCentres’ expectations relating to cash collections, SmartCentres’ expected or planned development plans and joint venture projects, including the described type, scope, costs and other financial metrics and the expected timing of construction and condo closings and statements that contain words such as “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may” and similar expressions and statements relating to matters that are not historical facts, constitute “forward-looking statements”. These forward-looking statements are presented for the purpose of assisting the Trust’s Unitholders and financial analysts in understanding the Trust’s operating environment and may not be appropriate for other purposes. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management.
However, such forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with potential acquisitions not being completed or not being completed on the contemplated terms, public health crises, real property ownership and development, debt and equity financing for development, interest and financing costs, construction and development risks, and the ability to obtain commercial and municipal consents for development. These risks and others are more fully discussed under the heading “Risks and Uncertainties” and elsewhere in SmartCentres’ most recent Management’s Discussion and Analysis, as well as under the heading “Risk Factors” in SmartCentres’ most recent annual information form. Although the forward-looking statements contained in this Press Release are based on what management believes to be reasonable assumptions, SmartCentres cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Press Release and SmartCentres assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.
Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a stable retail environment; a continuing trend toward land use intensification, including residential development in urban markets and continued growth along transportation nodes; access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and to enable our refinancing of debts as they mature; that requisite consents for development will be obtained in the ordinary course, construction and permitting costs consistent with the past year and recent inflation trends.
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