SRU.UN SmartCentres Real Estate Investment Trust

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, 2023.

“Building on a successful first half of the year, we are pleased to report stronger performances in all areas of the business for Q3,” said Mitchell Goldhar, CEO of SmartCentres. “Our core retail portfolio has gone into a higher gear and become more offensive, with even stronger numbers in our centres anchored by Walmart, which drove an increase in net rental income compared to the same quarter of last year. In-place and committed occupancy has increased by 30 basis points from last quarter to 98.5%, continuing our industry leadership. We expect to continue delivering strong occupancy levels and solid rental income for the balance of the year.”

“In addition to the strength of our core recurring retail income, our mixed-use development program also continues to grow and deliver strong results. We are delighted with the progress we have made on our Transit City 4 & 5 condominium projects at the Vaughan Metropolitan Centre,” said Mr. Goldhar. “During the quarter, we closed on an additional 274 units in Transit City 4 & 5, and the remaining 106 units at these two towers are expected to close by the end of this year.”

“We also commenced construction or initial siteworks on four new mixed-use development projects during the quarter. These include the sold-out, 40-storey ArtWalk condominium project at the Vaughan Metropolitan Centre, a new 200,000 square foot flagship Canadian Tire store in the Leaside neighbourhood in Toronto, and two additional multi-level self-storage projects. We are confident that each of these projects will deliver strong financial results to the Trust in the years to come.”

2023 Third Quarter Highlights

Operational

• Shopping centre leasing activity continued to strengthen from Q2 2023, with an industry-leading in-place and committed occupancy rate of 98.5% as at September 30, 2023 (June 30, 2023 – 98.2%).
• Executed new leases of 182,682 square feet during the quarter.
• Renewed 84.2% of the 5,083,274 square feet of current year expiries, with average growth in renewed rents of 8.4% (excluding anchors).

Development

• Occupancy and condo closings for Transit City 4 and 5 continued with an additional 274 units closed during the third quarter generating $6.9 million of FFO(1). The remaining 106 units are expected to take place in Q4 2023.
• The Millway, a 458 rental unit apartments project is nearing completion. Leasing continues to benefit from strong demand and is ahead of budget. As of the end of the quarter, 67% of the 331 completed units were leased. The remaining units are expected to be completed and ready for lease by the end of 2023.
• Siteworks at ArtWalk condominium Phase 1 commenced in September 2023, with all 320 released units sold out and the remaining units expected to be released for sale in Q4 2023.
• The second phase of the purpose-built residential rental project in Laval, comprising 211 units, opened on July 1, 2023, and reached 82% occupancy at the end of Q3 2023. Occupancy for the first phase has reached 99%.
• The Trust, together with its partner, Penguin, has also commenced preliminary siteworks for the 224,000 square foot retail project on Laird Drive in Toronto, that is expected to feature a flagship 200,000 square foot Canadian Tire store together with 24,000 square feet of additional retail space. Canadian Tire is expected to take possession in early 2026.
• The Trust obtained municipal approvals for two self-storage facilities in Stoney Creek and in Toronto (Gilbert Ave), and commenced construction.

Financial

• Same Properties NOI(1) increased by $2.6 million or 1.9% in Q3 2023 as compared to the same period in 2022, which was attributable to lease-up activity and higher rental renewal rates.
• Net rental income for the three months ended September 30, 2023 increased by $2.9 million or 2.3% as compared to the three months ended September 30, 2022, primarily due to lease-up activity, higher rental renewal rates and percentage rents.
• Net income and comprehensive income per Unit was $1.19 (three months ended September 30, 2022 – $0.02). The increase was primarily due to a valuation adjustment in the prior year.
• FFO per Unit(1) was $0.55 for the three months ended September 30, 2023 compared to $0.49 for the three months ended September 30, 2022. The increase was mainly attributable to higher profits from condo closings at Transit City 4 & 5 and higher rental income, partially offset by higher interest costs and a non-cash loss on the total return swap.
• The Payout Ratio to AFFO(1) for the three months ended September 30, 2023 was 96.1%, as compared to 101.6% for the same period ended September 30, 2022, and 87.8% payout ratio to cash flows provided by operating activities for the three months ended September 30, 2023.

(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 Information

(in thousands of dollars, except per Unit and other non-financial data)
As at				September 30, 2023			December 31, 2022			September 30, 2022
Portfolio Information (Number of properties)
Retail properties				155			155			155
Office properties				4			4			4
Self-storage properties				9			6			6
Residential properties				2			2			2
Industrial properties				1			0			0
Properties under development				20			19			19
Total number of properties with an ownership interest				191			186			186
Leasing and Operational Information(1)
Gross leasable retail and office area (in thousands of sq. ft.)				35,033			34,750			34,685
In-place and committed occupancy rate				98.5%			98.0%			98.1%
Average lease term to maturity (in years)				4.3			4.2			4.3
Net annualized retail rental rate excluding Anchors (per occupied sq. ft.)			$22.43			$22.20			$22.40
Mixed-Use Development Information
Trust’s share of future development area (in thousands of sq. ft.)				40,325			41,200			39,500
Financial Information
Investment properties(2)				10,433,183			10,250,392			10,211,384
Total unencumbered assets(3)				9,067,121			8,415,900			8,383,900
Debt to Aggregate Assets(3)(4)(5)				43.0%			43.6%			43.7%
Adjusted Debt to Adjusted EBITDA(3)(4)(5)				9.7X			10.3X			10.0X
Weighted average interest rate(3)(4)				4.13%			3.86%			3.67%
Weighted average term of debt (in years)				3.7			4.0			4.2
Interest coverage ratio(3)(4)				2.8X			3.1X			3.3X
Weighted average number of units outstanding – diluted(7)				180,069,508			179,696,944			179,678,009
	Three Months Ended September 30						Nine Months Ended September 30
	2023			2022			2023			2022
Financial Information
Rentals from investment properties and other(2)	206,016			196,962			623,560			598,375
Net income and comprehensive income(2)	215,175			3,548			495,938			535,655
FFO(3)(4)(6)	98,405			88,403			294,072			269,102
AFFO(3)(4)(6)	85,788			81,093			262,237			248,230
Cash flows provided by operating activities(2)	93,855			97,011			237,108			243,800
Net rental income and other(2)	130,402			127,481			385,110			373,453
NOI(3)(4)	143,834			130,986			424,407			384,888
Change in net rental income and other(3)	2.3%			2.9%			3.1%			3.8%
Change in SPNOI(3)	1.9%			3.1%			3.2%			3.3%
Net income and comprehensive income per Unit(2)	$1.21/$1.19			$0.02/$0.02			$2.78/$2.76			$3.01/$2.98
FFO per Unit(3)(4)(6)	$0.55/$0.55			$0.50/$0.49			$1.65/$1.64			$1.51/$1.50
FFO with adjustments per Unit(3)(4)	$0.54/$0.54			$0.53/$0.52			$1.60/$1.59			$1.57/$1.56
AFFO per Unit(3)(4)(6)	$0.48/$0.48			$0.46/$0.45			$1.47/$1.46			$1.39/$1.38
AFFO with adjustments per Unit(3)(4)	$0.47/$0.47			$0.48/$0.48			$1.42/$1.41			$1.45/$1.44
Payout Ratio to AFFO(3)(4)(6)	96.1%			101.6%			94.3%			99.6%
Payout Ratio to AFFO with adjustments(3)(4)	97.7%			95.6%			97.6%			95.6%
Payout Ratio to cash flows provided by operating activities	87.8%			84.9%			104.3%			101.4%

(1)	Excluding residential and self-storage area.
(2)	Represents a Generally Accepted Accounting Principles (“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 September 30, 2023, cash-on-hand of $45.3 million was excluded for the purposes of calculating the applicable ratios (December 31, 2022 – $33.4 million, September 30, 2022 – $150.0 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 (“REALpac White Paper”). Comparison with other reporting issuers may not be appropriate. The payout ratio to AFFO is calculated as declared distributions divided by AFFO.
(7)	The diluted weighted average includes the vested portion of the deferred units issued pursuant to the deferred unit plan.

Development and Intensification SummaryThe following table provides additional details on the Trust’s 13 development initiatives that are currently under construction or where initial siteworks have began (in order of estimated initial occupancy/closing date):

Projects under construction (Location/Project Name)	Type	Trust’s Share (%)	Actual / estimated initial occupancy / closing date	% of completion		GFA(2) (sq. ft.)	No. of units
Mixed-use Developments
Vaughan / The Millway	Apartment	50	Q1 2023	94	%	—	458
Vaughan / Transit City 4	Condo	25	Q1 2023	96	%	—	498
Vaughan / Transit City 5			Q2 2023	96	%		528
Pickering (Seaton Lands)	Industrial	100	Q2 2023	90	%	229,000	—
Markham East / Boxgrove	Self-storage	50	Q1 2024	63	%	133,000	910
Whitby	Self-storage	50	Q1 2024	59	%	126,000	811
Vaughan NW	Townhouse	50	Q3/Q4 2024	34	%	—	174
Toronto (Gilbert Ave.)	Self-storage	50	Q4 2024	41	%	176,000	1,469
Stoney Creek	Self-storage	50	Q4 2024	16	%	138,000	973
Ottawa SW (2)	Retirement Residence	50	Q2 2025	25	%	—	402
Ottawa SW (2)	Seniors’ Apartments
Vaughan / ArtWalk (40 Storeys)	Condo	50	Q2 2027	12	%	—	373
Retail Development
Toronto (Laird)	Retail	50	Q1 2026	19	%	224,000	—

(1)	GFA represents Gross Floor Area.
(2)	Figure represents capital spend of both retirement residence and seniors’ apartments projects.

Reconciliations of Non-GAAP MeasuresThe following tables reconcile the non-GAAP measures to the most comparable GAAP measures for the three and nine months ended September 30, 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)Quarterly Comparison to Prior Year

(in thousands of dollars)	Three Months Ended September 30, 2023									Three Months Ended September 30, 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	$206,016			$9,580			$215,596			$196,962			$7,286			$204,248
Property operating costs and other		(74,551	)		(4,397	)		(78,948	)		(69,451	)		(3,567	)		(73,018	)
	$131,465			$5,183			$136,648			$127,511			$3,719			$131,230
Residential sales revenue and other(2)		—			37,934			37,934			—			7			7
Residential cost of sales and other		(1,063	)		(29,685	)		(30,748	)		(30	)		(221	)		(251	)
	$(1,063		)	$8,249			$7,186			$(30		)	$(214		)	$(244		)
NOI	$130,402			$13,432			$143,834			$127,481			$3,505			$130,986

(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.

Year-to-Date Comparison to Prior Year

(in thousands of dollars)	Nine Months Ended September 30, 2023									Nine Months Ended September 30, 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	$623,560			$26,105			$649,665			$598,375			$20,202			$618,577
Property operating costs and other		(235,074	)		(12,680	)		(247,754	)		(224,497	)		(9,688	)		(234,185	)
	$388,486			$13,425			$401,911			$373,878			$10,514			$384,392
Residential sales revenue and other(2)		—			125,401			125,401			—			4,524			4,524
Residential cost of sales and other		(3,376	)		(99,529	)		(102,905	)		(425	)		(3,603	)		(4,028	)
	$(3,376		)	$25,872			$22,496			$(425		)	$921			$496
NOI	$385,110			$39,297			$424,407			$373,453			$11,435			$384,888

(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 September 30						Nine Months Ended September 30
(in thousands of dollars)		2023			2022			2023			2022
Net rental income and other	$130,402			$127,481			$385,110			$373,453
NOI from equity accounted investments(1)		13,432			3,505			39,297			11,435
Total portfolio NOI before adjustments(1)	$143,834			$130,986			$424,407			$384,888
Adjustments:
Lease termination		(230	)		12			(691	)		(133	)
Net profit on condo and townhome closings		(7,186	)		244			(22,496	)		(496	)
Non-recurring items and other adjustments(2)		1,814			3,073			5,324			6,143
Total portfolio NOI after adjustments(1)	$138,232			$134,315			$406,544			$390,402
NOI sourced from:
Acquisitions		(576	)		27			(5,537	)		(3,857	)
Dispositions		—			1			2			(12	)
Earnouts and Developments		(970	)		(226	)		(3,017	)		(818	)
Same Properties NOI(1)	$136,686			$134,117			$397,992			$385,715

(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 vaccination centre costs, royalties, straight-line rent and amortization of tenant incentives.

Reconciliation of FFO

	Three Months Ended September 30						Nine Months Ended September 30
(in thousands of dollars)		2023			2022			2023			2022
Net income and comprehensive income	$215,175			$3,548			$495,938			$535,655
Add (deduct):
Fair value adjustment on investment properties and financial instruments(1)		(67,063	)		80,790			(157,989	)		(279,703	)
Loss on derivative – TRS		(5,482	)		(4,900	)		(13,519	)		(11,138	)
Loss on sale of investment properties		—			112			23			216
Amortization of intangible assets and tenant improvement allowance		2,085			2,294			6,730			6,197
Distributions on Units classified as liabilities and vested deferred units		2,172			1,801			6,321			5,333
Adjustment on debt modification		—			—			—			(1,960	)
Salaries and related costs attributed to leasing activities(2)		1,776			2,216			5,810			5,994
Acquisition-related costs		—			(25	)		—			298
Adjustments relating to equity accounted investments(3)		(50,258	)		2,567			(49,242	)		8,210
FFO(4)	$98,405			$88,403			$294,072			$269,102
Add (deduct) non-recurring adjustments:
Loss on derivative – TRS		5,482			4,900			13,519			11,138
FFO sourced from condominium and townhome closings		(6,918	)		216			(21,354	)		(860	)
Transactional FFO – loss on sale of land to co-owner		—			—			(1,008	)		—
FFO with adjustments(4)	$96,969			$93,519			$285,229			$279,380

(1)	Includes fair value adjustments on investment properties and financial instruments. Fair value adjustment on 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, Deferred Unit Plan (“DUP”), Equity Incentive Plan (“EIP”), TRS, interest rate swap agreements, and LTIP recorded in the same period in 2022. The significant assumptions made in determining the fair value are more thoroughly described in the Trust’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 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 $5.8 million were incurred in the nine months ended September 30, 2023 (nine months ended September 30, 2022 – $6.0 million) and were eligible to be added back to FFO based on the definition of FFO, in the REALpac White Paper, 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

	Three Months Ended September 30						Nine Months Ended September 30
(in thousands of dollars)		2023			2022			2023			2022
FFO(1)	$98,405			$88,403			$294,072			$269,102
Add (Deduct):
Straight-line of rents		(410	)		(24	)		(211	)		(403	)
Adjusted salaries and related costs attributed to leasing		(1,776	)		(2,216	)		(5,810	)		(5,994	)
Actual sustaining capital expenditures, leasing commissions, and tenant improvements		(10,431	)		(5,070	)		(25,814	)		(14,475	)
AFFO(1)	$85,788			$81,093			$262,237			$248,230
Add (deduct) non-recurring adjustments:
Loss on derivative – TRS		5,482			4,900			13,519			11,138
FFO sourced from condominium and townhome closings		(6,918	)		216			(21,354	)		(860	)
Transactional FFO – loss on sale of land to co-owner		—			—			(1,008	)		—
AFFO with adjustments(1)	$84,352			$86,209			$253,394			$258,508

(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)	September 30, 2023			September 30, 2022
Net income and comprehensive income	$596,309			$1,187,736
Add (deduct) the following items:
Net interest expense		151,810			137,054
Amortization of equipment, intangible assets and tenant improvements		11,367			10,907
Fair value adjustments on investment properties and financial instruments		(228,795	)		(840,441	)
Fair value adjustment on TRS		(7,298	)		(6,958	)
Adjustment for supplemental costs		5,212			5,035
(Gain) loss on sale of investment properties		(509	)		521
Gain on sale of land to co-owners (Transactional FFO)		—			336
Acquisition-related costs		—			3,089
Adjusted EBITDA(1)	$528,096			$497,279

(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 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, Same Properties NOI, 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, 2023, dated November 8, 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.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, 2023 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, 2023, which are available on SEDAR+ at www.sedarplus.ca.

Conference Call

Management will hold a conference call on Thursday, November 9, 2023 at 8:00 a.m. (ET).

Interested parties are invited to access the call by dialing 1-888-440-5675 and then keying in the participant access code 2010586#.

A recording of this call will be made available Thursday, November 9, 2023 through to Thursday, November 16, 2023. To access the recording, please call 1-800-770-2030 and enter the conference access code 2010586#.

About SmartCentres

SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 191 strategically located properties in communities across the country. SmartCentres has approximately $12.0 billion in assets and owns 35.0 million square feet of income producing value-oriented retail and first-class office properties with 98.5% in place and committed occupancy, on 3,500 acres of owned land across Canada.

Cautionary Statements Regarding Forward-looking Statements

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, 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.

Contact

For 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