SmartCentres Declares Distribution for June 2023
16 Juin 2023 - 5:12PM
SmartCentres Real Estate Investment Trust (“SmartCentres” or the
“Trust”) (TSX:SRU.UN) announced today that the trustees of
SmartCentres have declared a distribution for the month of June
2023 of CDN $0.15417 per trust unit, representing CDN $1.85 per
unit on an annualized basis. Payment will be made on July 17, 2023
to unitholders of record on June 30, 2023.
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 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 and occupancy levels, expectations relating to the
SmartLiving platform, SmartCentres’ expected or planned development
plans and joint venture projects, including the described type,
scope, costs and other financial metrics including expected yields
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, and construction and permitting costs are
consistent with the past year and recent inflation trends.
For more information, visit www.smartcentres.com
or please 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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