SmartCentres is pleased to present its annual Environmental, Social and Governance Report (“2024 ESG Report”)
Toronto, Ontario (July 17, 2025) – SmartCentres Real Estate Investment Trust (“SmartCentres”) (TSX: SRU.UN) announced today the release of its 2024 ESG Report. The report highlights SmartCentres key ESG initiatives and accomplishments along with forward-looking commitments for how it will continue to embed ESG strategy into its business.
“SmartCentres remains committed to building resilient centres and advancing climate action through working closely with our tenants to meet our mutual ambitions. This year, we focused on taking tangible steps towards advancing our ESG priorities that included improving how we support our Associates, and manage emerging risks including cyber security, AI, and identifying how we can take action on climate change” says Mitchell Goldhar, Executive Chairman and CEO, SmartCentres.
2024 highlights of SmartCentres ESG journey include:
Embedded climate and sustainability considerations into future development decision-making processes;
Completed Scenario Analysis to identify climate change related risk and opportunities;
Developed a net zero framework to support setting an actionable net zero commitment;
Worked with our tenants to significantly improve data sharing of tenant-controlled spaces;
Improved Global Real Estate Sustainability Benchmark score over the previous year’s submission;
Maintained strong commitment to governance and oversight with the establishment of an ESG Sub-Committee with responsibility for ESG matters;
Exceeded Board diversity target with women representing 38% of the Trustees, and independent trustees representing 75% of the Board;
Improved cybersecurity practices and upgraded enterprise risk management systems to ensure effective risk monitoring; and
Incorporated ESG into our onboarding and annual training for all Associates.
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 196 strategically located properties in communities across the country. SmartCentres has approximately $11.9 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.4 million square feet of leasable space with 98.4% in place and committed occupancy, on 3,500 acres of owned land across Canada.
Toronto, Ontario (July 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 July 2025 of $0.15417 per unit, representing $1.85 per unit on an annualized basis. The distribution will be payable on August 15, 2025 to unitholders of record as at July 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 196 strategically located properties in communities across the country. SmartCentres has approximately $11.9 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.4 million square feet of leasable space with 98.4% in place and committed occupancy, on 3,500 acres of owned land across Canada.
Toronto, Ontario (July 2, 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 June 30, 2025 after the market closes on Thursday, August 7, 2025.
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 196 strategically located properties in communities across the country. SmartCentres has approximately $11.9 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.4 million square feet of leasable space with 98.4% in place and committed occupancy, on 3,500 acres of owned land across Canada.
Toronto, Ontario (June 17, 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 June 2025 of $0.15417 per unit, representing $1.85 per unit on an annualized basis. The distribution will be payable on July 15, 2025 to unitholders of record as at June 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 196 strategically located properties in communities across the country. SmartCentres has approximately $11.9 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.4 million square feet of leasable space with 98.4% in place and committed occupancy, on 3,500 acres of owned land across Canada.
Toronto, Ontario (May 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 May 2025 of $0.15417 per unit, representing $1.85 per unit on an annualized basis. The distribution will be payable on June 16, 2025 to unitholders of record as at May 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 196 strategically located properties in communities across the country. SmartCentres has approximately $11.9 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.4 million square feet of leasable space with 98.4% in place and committed occupancy, on 3,500 acres of owned land across Canada.
TORONTO, ONTARIO — (May 14, 2025) – SmartCentres Real Estate Investment Trust (“SmartCentres” or the “Trust”) (TSX:SRU.UN) announced today the voting results from its Annual General Meeting of the holders of Units and Special Voting Units (the “Meeting”) held today.
The total number of Units and Special Voting Units of SmartCentres (“Units” and “SVUs”, respectively) represented by holders of Units and SVUs (collectively, “Unitholders”) that voted in connection with the Meeting was 63,447,954 Units and 42,327,173 SVUs, representing in total 56.56% of SmartCentres’ issued and outstanding Units and SVUs. At the Meeting, Unitholders voted in favour of all items of business, including fixing the number of trustees to be elected or appointed at the Meeting and the election of each of the six trustee nominees proposed by management. The voting results for the election of trustees based on the Units and SVUs represented at the Meeting were as follows:
# Votes For
% Votes For
# Votes Withheld
% Votes Withheld
Janet Bannister
104,343,846
99.05%
1,005,213
0.95%
Neil Cunningham
104,436,343
99.13%
912,715
0.87%
Garry Foster
103,669,402
98.41%
1,679,658
1.59%
Sylvie Lachance
104,533,859
99.23%
815,202
0.77%
Sharm Powell
103,060,730
97.83%
2,288,328
2.17%
Michael Young
103,103,254
97.87%
2,245,706
2.13%
At the Meeting, PricewaterhouseCoopers LLP was appointed as the auditor of SmartCentres. Also, 98.08% of Unitholders voted in favour of accepting SmartCentres’ approach to executive compensation (i.e. say-on-pay), as more particularly set forth in SmartCentres’ Management Information Circular dated April 1, 2025.
Detailed voting results for the Meeting are available under SmartCentres’ profile on SEDAR+ at www.sedarplus.ca.
About SmartCentres
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 196 strategically located properties in communities across the country. SmartCentres has approximately $11.9 billion in assets and owns 35.4 million square feet of income producing value-oriented retail and first-class office properties with 98.4% in place and committed occupancy, on 3,500 acres of owned land across Canada.
TORONTO, ONTARIO – (May 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 March 31, 2025.
“We are pleased to report a strong start to 2025,” said Mitchell Goldhar, CEO of SmartCentres. “We continue to outperform the current market, resulting in a $7.4 million increase in net operating income(1) and a 4.1% increase in Same Properties NOI(1) compared to the first quarter of last year. Walmart took possession of its 110,000 square foot supercentre in our South Oakville Centre during the quarter with a planned opening in a few months. In addition, exceptional retention of maturing tenancies has led to lease extensions with a compelling average rent growth of 8.4% (excluding anchors). Our relentless focus on value-oriented retail reinforces our strong relationships and delivers a more attractive place to shop for consumers. On the development front, we are continuing to make significant progress on projects under construction. In addition, we delivered and closed four additional units during the quarter in Phase I of our Vaughan NW Townhomes project, bringing the total closed to approximately 90% of the pre-sold units and to-date profit of $12.4 million, resulting in a cumulative margin of approximately 21%.”
2025 First Quarter Highlights
Retail Operations
With growing demand for existing space and strong retention, Same Properties NOI(1) for the three months ended March 31, 2025 increased by 4.1% (6.7% excluding Anchors) compared to the same period in 2024.
178,408 square feet of existing space leased during the quarter, resulting in an in-place and committed occupancy rate of 98.4% as at March 31, 2025. In addition, growing demand for new-build retail continues with approximately 28,620 square feet executed during the quarter.
Renewed and extended over 68% of leases maturing in 2025 at strong rental growth of 8.4% (excluding Anchors).
In March 2025, Walmart took possession at the South Oakville Centre property filling the 110,000 square foot space, and has commenced fixturing with an opening planned for later this year.
Development
Our significant stock of municipal approvals is expected to provide long-term portfolio expansion and profitable growth from the approximately 59.1 million square feet (at the Trust’s share) of zoned mixed-use development permissions, including 1.0 million square feet of sites currently under construction.
Construction of self-storage facilities in Toronto (Gilbert Ave.), Toronto (Jane St.), and Dorval (St-Regis Blvd.) is progressing, with all three facilities on schedule to open during the second quarter of 2025. Site preparation and demolition works have been completed for three additional self-storage facilities in Montreal (Notre Dame St. W), Laval E, Quebec, and Burnaby, British Columbia, with facilities expected to open in 2026.
Construction of Phase I of the Vaughan NW townhomes is progressing well, with four units completed and closed in Q1 2025, bringing the total to approximately 90% of the pre-sold units now closed with to-date profit of $12.4 million resulting in a cumulative margin of approximately 21%.
Construction of the ArtWalk condo Tower A in the Vaughan Metropolitan Centre is continuing with siteworks and below-grade work nearing completion. Approximately 93% of the 340 units in Tower A have been pre-sold.
Construction of the Trust’s flagship 224,000 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 March 31, 2025 was $136.8 million, representing an increase $6.1 million or 4.6% compared to the same period in 2024. This increase was primarily due to lease-up and renewal activities.
FFO per Unit(1) for the three months ended March 31, 2025, was $0.56 (+17%) compared to $0.48 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 the fair value adjustment on the TRS resulting from fluctuations in the Trust’s Unit price, partially offset by a non-recurring severance cost related to reduced staffing from deferred development activities and by higher net interest expense compared to the prior year period. FFO with adjustments per Unit(1) for the three months ended March 31, 2025, was $0.54 compared to $0.52 for the same period in 2024.
Net loss and comprehensive loss improved by $11.6 million for the three months ended March 31, 2025, compared to the same period in 2024. This improvement was driven by stronger operating performance, including a $7.4 million increase in NOI from lease-up activity, and a $42.0 million reduction in fair value losses on investment properties due to changes in market conditions. These gains were partially offset by a $34.9 million lower fair value adjustment on financial instruments and higher G&A expenses related to non-recurring severance costs. Net loss and comprehensive loss per Unit was $0.05, compared to $0.12 in the prior year.
Selected Consolidated Operational, Mixed-Use Development and Financial Information
Development and Intensification Summary
The following table provides additional details on the Trust’s 10 development initiatives that are currently under construction or where initial siteworks have begun (in order of estimated initial occupancy/closing date):
Reconciliations of Non-GAAP Measures
The following tables reconcile the non-GAAP measures to the most comparable GAAP measures for the three months ended March 31, 2025, and the comparable period in 2024. Such measures do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures disclosed by other issuers.
Conference Call
Management will hold a conference call on Thursday, May 8, 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 74304#.
A recording of this call will be made available Thursday, May 8, 2025 through to Thursday, May 15, 2025. To access the recording, please call 1-855-201-2300, enter the conference access code 74304# and then key in the playback access code 74304#.
About SmartCentres
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 196 strategically located properties in communities across the country. SmartCentres has approximately $11.9 billion in assets and owns 35.4 million square feet of income producing value-oriented retail and first-class office properties with 98.4% 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 months ended March 31, 2025, dated May 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 months ended March 31, 2025 are outlined in the unaudited interim condensed consolidated financial statements and the related MD&A of the Trust for the three months ended March 31, 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 (April 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 April 2025 of $0.15417 per unit, representing $1.85 per unit on an annualized basis. The distribution will be payable on May 15, 2025 to unitholders of record as at April 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 195 strategically located properties in communities across the country. SmartCentres has approximately $11.9 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.3 million square feet of leasable space with 98.7% in place and committed occupancy, on 3,500 acres of owned land across Canada.
Toronto, Ontario (April 7, 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 March 31, 2025 after the market closes on Wednesday, May 7, 2025.
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 195 strategically located properties in communities across the country. SmartCentres has approximately $11.9 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.3 million square feet of leasable space with 98.7% in place and committed occupancy, on 3,500 acres of owned land across Canada.
The transformation that the Eglinton Line 5 Crosstown LRT is bringing to Midtown Toronto is simply astounding. From its western terminus at Mount Dennis to its eastern terminus at Kennedy, tens of thousands of new residential units are planned along its route as part of a long list of master-planned communities, all of which are looking to transform the many under-utilized properties along Eglinton into complete transit-oriented neighbourhoods. One such property is SmartCentres’ Westside Mall, located at 2400 Eglinton West near Caledonia Road, where SmartCentres REIT, under its residential sub-brand SmartLiving, have big plans to establish a new transit-oriented community directly adjacent to the new Caledonia transit station.
The property is currently home to Westside Mall, a big box retail plaza housing several establishments including FreshCo and Canadian Tire. SmartCentres is planning to transform the existing retail plaza with a phased development that includes 8 new mixed-use residential towers ranging in height from 24 to 60 storeys and two new 8-storey residential mid-rises, along with a new public park proposed to be over one acre in size. In total, 4,045 residential units are planned, with a variety of local and large-format retail spread out across the podiums of the towers.
The master plan is designed by Turner Fleischer Architects and advances SmartCentres’ vision of evolving its properties from shopping centres to city centres. They are embarking on a significant redevelopment campaign for many of their properties across the country, with the aim of establishing complete communities adjacent to major transit nodes that align with provincial and municipal planning policies.
The defining feature of the 2400 Eglinton West community is its proximity to the new multi-modal Caledonia transit hub, conveniently located at the south end of their property, which provides a rare variety of transit options to travel downtown, crosstown, and uptown. The Caledonia station will be a part of TTC’s Line 5 along Eglinton, while a new Caledonia GO train station on the Barrie Line is also under construction next to it, with a direct pedestrian connection to Line 5. As well, the transit hub will serve several bus routes, including north-south routes that connect to the TTC’s Bloor Line 2 at Lansdowne and Keele stations.
Through it all, retail is still at the core of SmartCentres’ business and forms an integral component of the communities they build. In developing its vision and master plan for Westside Mall, SmartCentres is working closely with its current retail tenant partners to ensure that the majority of the shops and businesses can continue to serve the local community during and after the redevelopment. They have also confirmed that a grocery retail establishment is included as part of the master plan.
SmartCentres have been working closely with the City of Toronto, Metrolinx, and the local community to create a master plan that is beneficial to all. They have ensured that the new transit hub is integrated seamlessly into the plan and not just treated as an afterthought, with pedestrian routes and the new public park directly connecting to the stations. The master plan has a heavy focus on the pedestrian realm and connectivity, with a new street grid proposed which includes a pedestrian-only connection leading to the transit station. The park is situated near the centre of the site and fronts directly onto Eglinton, becoming the heart of the neighbourhood with the towers arranged around it. A total of 88,000 ft² of indoor amenities and 50,000 ft² of outdoor amenities are also planned.
SmartCentres are also working with the City to include community-oriented uses within the master plan. It is not defined yet exactly what these would be, but the latest rezoning submission shows a potential daycare within one of the towers. Collaboration in that regard is ongoing with the local community and City staff.
The master plan is still in the early design stages, but SmartCentres have already submitted a rezoning application for the first tower of the community, located in the southwest corner of the site. The Phase 1 tower is currently proposed at 35 storeys, with retail at ground level and just under 400 residential units. The tower will replace the small partially-vacant retail building at that location, and SmartCentres is currently working closely with the existing tenants to ensure continuity.
The exact number and mix of residential units across the master plan is still in flux, so it is unknown at this time how much rental will be included or how many bedrooms each unit will have. The size and location of the retail is also evolving as consultations continue, and many of these decisions may be adjusted based on future market conditions as each phase of the master plan is built out. Regardless, the focus of the master plan will always be liveability for its occupants and connectivity to transit. SmartCentres are continuing to transform their shopping centres into city centres, and Westside Mall offers a unique opportunity to establish a complete community directly adjacent to a major multi-modal transit hub.
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