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, 2023.
“We are pleased with to report a strong start to
2023,” said Mitchell Goldhar, Executive Chair and CEO of
SmartCentres. “Once again, the resiliency of our value-oriented
retail portfolio and the strong draw of Walmart and our other
anchor tenants resulted in solid customer traffic at our centres
and drove a healthy $5.5 million increase in net rental income(1)
compared to the first quarter of last year. At 98%, our in-place
and committed occupancy rate is industry leading. We expect to
continue to deliver strong occupancy levels and solid rental income
for the balance of the year.”
“In addition to the strength of our core retail
business, our mixed-use development business also continues to
deliver strong results. We are delighted with the progress we have
made on our Transit City 4 and Transit City 5 condominium projects
at the Vaughan Metropolitan Centre,” said Mr. Goldhar. “During
the quarter, we closed on the first 194 units in Transit City 4,
resulting in net profits – at the REIT’s share – of $4.1 million or
$0.02 of FFO per Unit(1). The remaining 832 units at these two
towers are expected to close over the balance of the year,
primarily in Q2 and Q3.”
“During the quarter, we also completed our
self-storage development at our Kingspoint Plaza in Brampton. Our
previously announced industrial project for Bad Boy Furniture in
Pickering is also now complete, although occupancy commenced just
after the end of Q1.”
“We currently have 10 mixed-use development
initiatives that are under construction. Collectively, these
projects have an estimated total development cost, at the REIT’s
share, of $532.5 million, of which $216.6 million is
required to complete construction. We remain confident that we have
ample liquidity available not only to complete these projects, but
also to commence several new initiatives where construction is
expected to begin later in the year. These new projects include
Phase I of our sold-out Art Walk condominium tower at the VMC, a
large retail project in Leaside, and several new self-storage
locations.”
“Despite a more challenging economic environment
for launching new development initiatives, we remain nimble and we
are continuing to move forward with a smaller number, but impactful
projects,” continued Mr. Goldhar. “As always, we are focused on the
long term, which includes advancing new entitlements and zoning
applications for multiple opportunities within our large network of
retail centres. We are confident that the intensification on
these strategically-located properties will be highly complementary
to our existing retail centres and will deliver strong returns to
unitholders for many years to come.”
(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. |
|
|
Selected Consolidated Operational,
Mixed-Use Development and Financial InformationKey
consolidated operational, mixed-use development and financial
information shown in the table below includes the Trust’s
proportionate share of equity accounted investments:
(in thousands of
dollars, except per Unit and other non-financial data) |
As at |
March 31, 2023 |
December 31, 2022 |
|
March 31, 2022 |
|
Portfolio Information (Number of properties) |
|
|
|
Retail properties |
155 |
155 |
|
155 |
|
Office properties |
4 |
4 |
|
4 |
|
Self-storage properties |
8 |
6 |
|
6 |
|
Residential properties |
1 |
1 |
|
1 |
|
Properties under development |
20 |
19 |
|
19 |
|
Total number of properties with an ownership interest |
188 |
185 |
|
185 |
|
Leasing and Operational
Information(1) |
|
|
|
|
|
Gross leasable retail and
office area (in thousands of sq. ft.) |
34,777 |
34,750 |
|
34,664 |
|
In-place and committed
occupancy rate (%) |
98.0 |
98.0 |
|
97.2 |
|
Average lease term to maturity
(in years) |
4.2 |
4.2 |
|
4.4 |
|
Net
annualized retail rental rate excluding Anchors (per occupied sq.
ft.) ($) |
22.47 |
22.20 |
|
22.17 |
|
Mixed-Use Development Information |
|
|
|
|
|
Trust’s
share of future development area (in thousands of sq. ft.) |
40,275 |
41,200 |
|
40,600 |
|
Financial Information |
|
|
|
|
|
Investment properties(2) |
10,264,253 |
10,250,392 |
|
10,244,143 |
|
Total unencumbered
assets(3) |
8,653,321 |
8,415,900 |
|
8,364,500 |
|
Debt to Aggregate Assets
(%)(3)(4)(5) |
43.2 |
43.6 |
|
42.5 |
|
Adjusted Debt to Adjusted
EBITDA(3)(4)(5) |
10.0X |
10.3X |
|
9.4X |
|
Weighted average interest rate
(%)(3)(4) |
3.89 |
3.86 |
|
3.09 |
|
Weighted average term of debt
(in years) |
3.9 |
4.0 |
|
4.7 |
|
Interest coverage
ratio(3)(4)(5) |
2.9X |
3.1X |
|
3.5X |
|
Weighted average number of units outstanding – diluted |
179,891,028 |
179,657,455 |
|
179,590,588 |
|
Three Months Ended |
|
March 31, 2023 |
|
March 31, 2022 |
|
Financial Information |
|
|
|
|
|
Rentals from investment
properties and other(2) |
|
210,594 |
|
202,828 |
|
Net income and comprehensive
income(2) |
|
112,861 |
|
370,110 |
|
FFO(3)(4)(6) |
|
97,133 |
|
92,235 |
|
AFFO(3)(4)(6) |
|
88,601 |
|
85,700 |
|
Cash flows provided by
operating activities(2) |
|
81,931 |
|
102,819 |
|
Net rental income and
other(2) |
|
124,821 |
|
120,719 |
|
NOI(3)(4) |
|
133,468 |
|
123,868 |
|
Change in net rental income
and other(3) |
|
3.4 |
% |
3.7 |
% |
Change in SPNOI(3)(4) |
|
4.3 |
% |
2.3 |
% |
Net income and comprehensive
income per Unit(2) |
|
$0.63/$0.63 |
|
$2.08/$2.06 |
|
FFO per Unit(3)(4)(6) |
|
$0.55/$0.54 |
|
$0.52/$0.51 |
|
FFO with adjustments per
Unit(3)(4) |
|
$0.51/$0.51 |
|
$0.51/$0.50 |
|
AFFO per Unit(3)(4)(6) |
|
$0.50/$0.49 |
|
$0.48/$0.48 |
|
AFFO with adjustments per
Unit(3)(4) |
|
$0.46/$0.46 |
|
$0.47/$0.47 |
|
Payout Ratio to
AFFO(3)(4)(6) |
|
93.0 |
% |
96.1 |
% |
Payout Ratio to AFFO with
adjustments(3)(4) |
|
99.9 |
% |
97.9 |
% |
Payout
Ratio to cash flows provided by operating activities |
|
100.6 |
% |
80.1 |
% |
(1) |
Excluding residential and self-storage area. |
(2) |
Represents a GAAP measure. |
(3) |
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. |
(4) |
Includes the Trust’s proportionate share of equity accounted
investments. |
(5) |
As at March 31, 2023, cash-on-hand of $29.7 million was
excluded for the purposes of calculating the applicable ratios
(December 31, 2022 – $33.4 million, March 31, 2022 –
$60.0 million). |
(6) |
The calculation of the Trust’s FFO and AFFO and related payout
ratios, including comparative amounts, are financial metrics that
were determined based on the REALpac White Paper on FFO and AFFO
issued in January 2022. Comparison with other reporting issuers may
not be appropriate. The payout ratio to AFFO is calculated as
declared distributions divided by AFFO. |
|
|
Development and Intensification
SummaryThe following table provides additional details on
the Trust’s 10 development initiatives that are currently under
construction (in order of estimated initial occupancy/closing
date):
Projects under construction (Location/Project
Name) |
Type |
Trust’s Share (%) |
Estimated initial occupancy / closing date |
% of completion |
GFA(2)(sq.
ft.) |
No.of units |
|
|
|
|
|
|
|
Vaughan / Transit City 4 |
Condo |
25 |
Q1 2023 |
88 % |
— |
498 |
Vaughan / Transit City 5 |
Q2 2023 |
88 % |
528 |
Vaughan / The Millway |
Apartment |
50 |
Q1 2023 |
81 % |
— |
458 |
Pickering (Seaton Lands) |
Industrial |
100 |
Q2 2023 |
77 % |
241,000 |
— |
Laval Centre |
Apartment |
50 |
Q3 2023 |
70 % |
— |
211 |
Markham East / Boxgrove |
Self Storage |
50 |
Q1 2024 |
44 % |
133,332 |
910 |
Whitby |
Self Storage |
50 |
Q1 2024 |
38 % |
126,135 |
811 |
Ottawa SW(1) |
Retirement Residence |
50 |
Q3 2024 |
29 % |
— |
402 |
Ottawa SW(1) |
Senior Apartments |
Vaughan
NW |
Townhouse |
50 |
Q3 2024 |
15 % |
— |
174 |
|
|
|
|
|
|
|
|
|
|
In millions of dollars |
|
|
Total
Capital Spend to Date at 100%(3) |
|
785.3 |
|
|
Estimated
Cost to Complete at 100% |
|
447.1 |
|
|
Total Expected Capital Spend by Completion at
100%(3) |
|
1,232.4 |
|
|
Total
Capital Spend to Date at Trust’s
share(3) |
|
315.9 |
|
|
Estimated
Cost to Complete at Trust’s share |
|
216.6 |
|
|
Total Expected Capital Spend by Completion at Trust’s
share(3) |
|
532.5 |
|
|
(1) |
Figure represents capital spend of both retirement residence and
senior apartments projects. |
(2) |
GFA
represents Gross Floor Area. |
(3) |
Total
capital spent to date and total expected capital spend by
completion include land value. |
|
|
Reconciliations of Non-GAAP
MeasuresThe following tables reconcile the non-GAAP
measures to the most comparable GAAP measures for the three months
ended March 31, 2023 and the comparable periods in 2022. Such
measures do not have a standardized meaning prescribed by IFRS and
may not be comparable to similar measures disclosed by other
issuers.
Net Operating Income (including the
Trust’s Interests in Equity Accounted Investments)
(in
thousands of dollars) |
Three Months Ended March 31, 2023 |
|
Three Months Ended March 31, 2022 |
|
GAAP Basis |
|
Proportionate Share Reconciliation |
|
Total Proportionate Share(1) |
|
GAAP Basis |
|
Proportionate Share Reconciliation |
|
Total Proportionate Share(1) |
|
Net rental income and other |
|
|
|
|
|
|
Rentals from investment
properties and other |
210,594 |
|
8,056 |
|
218,650 |
|
202,828 |
|
6,187 |
|
209,015 |
|
Property operating costs and other |
(85,123 |
) |
(4,137 |
) |
(89,260 |
) |
(82,109 |
) |
(3,013 |
) |
(85,122 |
) |
|
125,471 |
|
3,919 |
|
129,390 |
|
120,719 |
|
3,174 |
|
123,893 |
|
Condo and townhome closings revenue and other(2) |
— |
|
24,833 |
|
24,833 |
|
— |
|
6 |
|
6 |
|
Condo
and townhome cost of sales and other |
(650 |
) |
(20,105 |
) |
(20,755 |
) |
— |
|
(31 |
) |
(31 |
) |
|
(650 |
) |
4,728 |
|
4,078 |
|
— |
|
(25 |
) |
(25 |
) |
NOI |
124,821 |
|
8,647 |
|
133,468 |
|
120,719 |
|
3,149 |
|
123,868 |
|
(1) |
This column contains non-GAAP measures because it includes figures
that are recorded in equity accounted investments. 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. |
(2) |
Includes additional partnership profit and other revenues. |
|
|
Same Properties NOI
|
Three Months Ended |
|
Three Months Ended |
|
(in thousands of dollars) |
March 31, 2023 |
|
March 31, 2022 |
|
NOI |
124,821 |
|
120,719 |
|
NOI
from equity accounted investments(1) |
8,647 |
|
3,149 |
|
Total portfolio NOI before adjustments(1) |
133,468 |
|
123,868 |
|
Adjustments: |
|
|
Lease termination |
(412 |
) |
(242 |
) |
Non-recurring items and other adjustments(2) |
(1,560 |
) |
1,110 |
|
Total portfolio NOI after adjustments(1) |
131,496 |
|
124,736 |
|
Less NOI sourced from: |
|
|
Acquisitions |
(1,787 |
) |
(925 |
) |
Dispositions |
2 |
|
5 |
|
Earnouts and Developments |
(707 |
) |
(145 |
) |
Same Properties NOI(1) |
129,004 |
|
123,671 |
|
(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. |
(2) |
Includes non-recurring items such as one-time adjustments relating
to COVID ECL and vaccination centre costs, NOI from condo and
townhome closings, royalties, straight-line rent and amortization
of tenant incentives. |
|
|
Reconciliation of FFO
(in thousands of dollars) |
Three Months Ended March 31, 2023 |
|
Three Months Ended March 31, 2022 |
|
Net income and comprehensive income |
112,861 |
|
370,110 |
|
Add (deduct): |
|
|
Fair value adjustment on investment properties and financial
instruments(1) |
(22,008 |
) |
(289,327 |
) |
Gain on derivative – TRS |
1,296 |
|
1,605 |
|
(Gain) loss on sale of investment properties |
(22 |
) |
122 |
|
Amortization of intangible assets and tenant improvement
allowance |
2,395 |
|
1,992 |
|
Distributions on Units classified as liabilities and vested
deferred units |
2,004 |
|
1,721 |
|
Salaries and related costs attributed to leasing activities(2) |
2,080 |
|
1,826 |
|
Adjustments relating to equity accounted investments(3) |
(1,473 |
) |
4,186 |
|
FFO(4) |
97,133 |
|
92,235 |
|
Add (deduct) non-recurring
adjustments: |
|
|
Gain on derivative – TRS |
(1,296 |
) |
(1,605 |
) |
FFO sourced from condominium and townhome closings |
(3,816 |
) |
24 |
|
Transactional FFO – loss on sale of land to co-owner |
(1,008 |
) |
— |
|
FFO with adjustments(4) |
91,013 |
|
90,654 |
|
(1) |
Includes fair value adjustments on revaluation of investment
properties and financial instruments. Fair value adjustment on
revaluation of investment properties is described in “Investment
Properties” in the Trust’s MD&A. Fair value adjustment on
financial instruments comprises the following financial
instruments: units classified as liabilities, DUP, EIP, TRS,
interest rate swap agreement(s), and LTIP recorded in the same
period in 2022. The significant assumptions made in determining the
fair value and fair value adjustments for these financial
instruments are more thoroughly described in the Trust’s unaudited
interim condensed consolidated financial statements for the three
months ended March 31, 2023. For details, please see discussion in
“Results of Operations” in the Trust’s MD&A. |
(2) |
Salaries and related costs attributed to leasing activities of $2.1
million were incurred in the three months ended March 31, 2023
(three months ended March 31, 2022 – $1.8 million) and were
eligible to be added back to FFO based on the definition of FFO, in
the REALpac White Paper published in January 2022, which provided
for an adjustment to incremental leasing expenses for the cost of
salaried staff. This adjustment to FFO results in more
comparability between Canadian publicly traded real estate entities
that expensed their internal leasing departments and those that
capitalized external leasing expenses. |
(3) |
Includes tenant improvement amortization, indirect interest with
respect to the development portion, fair value adjustment on
investment properties, loss (gain) on sale of investment
properties, and adjustment for supplemental costs. |
(4) |
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. |
|
|
Reconciliation of AFFO
(in thousands of dollars) |
Three Months Ended March 31, 2023 |
|
Three Months Ended March 31, 2022 |
|
FFO(1) |
97,133 |
|
92,235 |
|
Add (Deduct): |
|
|
Straight-line of rents |
50 |
|
(76 |
) |
Adjusted salaries and related costs attributed to leasing |
(2,080 |
) |
(1,826 |
) |
Actual sustaining capital expenditures, leasing commissions, and
tenant improvements |
(6,502 |
) |
(4,633 |
) |
AFFO(1) |
88,601 |
|
85,700 |
|
Add (deduct) non-recurring
adjustments: |
|
|
Gain on derivative – TRS |
(1,296 |
) |
(1,605 |
) |
FFO sourced from condominium and townhome closings |
(3,816 |
) |
24 |
|
Transactional FFO – loss on sale of land to co-owner |
(1,008 |
) |
— |
|
AFFO with adjustments(1) |
82,481 |
|
84,119 |
|
Distribution declared |
82,405 |
|
82,339 |
|
Payout Ratio to AFFO(1) |
93.0 |
% |
96.1 |
% |
Payout
Ratio to AFFO with adjustments(1) |
99.9 |
% |
97.9 |
% |
(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. |
|
|
Adjusted EBITDAThe following
table presents a reconciliation of net income and comprehensive
income to Adjusted EBITDA:
|
Rolling 12 Months Ended |
(in thousands of dollars) |
March 31, 2023 |
|
March 31, 2022 |
|
Net income and comprehensive income |
378,711 |
|
1,297,224 |
|
Add (deduct) the following
items: |
|
|
Net interest expense |
142,243 |
|
136,425 |
|
Amortization of equipment,
intangible assets and tenant improvements |
11,370 |
|
3,769 |
|
Fair value adjustments on
investment properties and financial instruments |
(32,186 |
) |
(943,573 |
) |
Fair value adjustment on
TRS |
(5,226 |
) |
6,734 |
|
Adjustment for supplemental
costs |
4,709 |
|
5,281 |
|
Gain (loss) on sale of
investment properties |
(219 |
) |
106 |
|
Gain (loss) on sale of land to
co-owners (Transactional FFO) |
— |
|
336 |
|
Acquisition-related costs |
298 |
|
2,791 |
|
Adjusted EBITDA(1) |
499,700 |
|
509,093 |
|
(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. |
|
|
Non-GAAP Measures
The non-GAAP measures used in this Press
Release, including but not limited to, AFFO, AFFO with adjustments,
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 per Unit with adjustments,
Transactional FFO, Same Properties NOI, Debt to Gross Book Value,
Weighted Average Interest Rate, 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, 2023, dated May 10,
2023 (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.sedar.com.
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, 2023 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, 2023, which are available on SEDAR at
www.sedar.com.
Conference Call
SmartCentres will hold a conference call on
Thursday, May 11, 2023 at 3:00 p.m. (ET). Participating on the
call will be members of SmartCentres’ senior management.
Investors are invited to access the call by
dialing 1-855-353-9183 and then keying in the participant access
code 16803#. You will be required to identify yourself and the
organization on whose behalf you are participating.
A recording of this call will be made available
Thursday, May 11, 2023 beginning at 8:30 p.m. (ET) through to
8:30 p.m. (ET) on Thursday, May 18, 2023. To access the
recording, please call 1-855-201-2300, enter the conference access
code 16803# and then key in the playback access code 0113265#.
About SmartCentres
SmartCentres Real Estate Investment Trust is one
of Canada’s largest fully integrated REITs, with a best-in-class
portfolio featuring 188 strategically located properties in
communities across the country. SmartCentres has approximately
$11.7 billion in assets and owns 34.8 million square feet of income
producing value-oriented retail and first-class office space with
98.0% in-place and committed occupancy, on 3,500 acres of owned
land across Canada.
SmartCentres continues to focus on enhancing the
lives of Canadians by planning and developing complete, connected,
mixed-use communities on its existing retail properties. The
publicly announced $16.0 billion intensification program ($10.8
billion at SmartCentres' share) represents the REIT’s current major
development focus on which construction is expected to commence
within the next five years. This intensification program consists
of rental apartments, condos, seniors’ residences and hotels, to be
developed under the SmartLiving banner, and retail, office, and
storage facilities, to be developed under the SmartCentres
banner.
SmartCentres' intensification program is
expected to produce an additional 55.5 million square feet (40.3
million square feet at SmartCentres’ share) of space, 26.6 million
square feet (17.9 million square feet at SmartCentres’ share) of
which has or will commence construction within the next five years.
From shopping centres to city centres, SmartCentres is uniquely
positioned to reshape the Canadian urban and urban-suburban
landscape.
Included in this intensification program is the
Trust’s share of SmartVMC which, when completed, is expected to
include approximately 20.0 million square feet of mixed-use space
in Vaughan, Ontario. Final closings of the first three phases of
Transit City Condominiums began ahead of budget and ahead of
schedule in August 2020 and all 1,741 units, in addition to the 22
townhomes that complete these phases, have now closed. The fourth
and fifth sold-out phases representing 1,026 units commenced
closing and occupancy in March 2023.
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 condominium 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
such as the COVID-19 pandemic, 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.
For more information, please visit
www.smartcentres.com or contact:
Mitchell
Goldhar |
Peter
Slan |
Executive Chairman and CEO |
Chief Financial Officer |
SmartCentres |
SmartCentres |
(905) 326-6400 ext. 7674 |
(905) 326-6400 ext. 7571 |
mgoldhar@smartcentres.com |
pslan@smartcentres.com |
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