SmartCenters Real Estate Investment Trust
TORONTO, Nov. 23, 2022 (GLOBE NEWSWIRE) — SmartCenters Real Estate Investment Trust (“SmartCenters” or the “Trust”) (TSX: SRU.UN) today announced that the Trustees of SmartCenters distributions for this month have been announced. The November 2022 CDN of $0.15417 per trust unit represents CDN $1.85 per unit on an annualized basis. Unitholders registered on November 30, 2022 will be paid out on December 15, 2022.
About Smart Center
SmartCentres Real Estate Investment Trust is one of Canada’s largest fully integrated REITs with a best-in-class portfolio of 185 strategically located properties in communities across the country. SmartCentres has approximately $11.9 billion in assets and owns 34.7 million square feet of income-producing value-oriented retail and prime office space at 98.1% occupancy on 3,500 owned acres across Canada.
SmartCentres continues to focus on improving the lives of Canadians by planning and developing complete, connected, mixed-use communities within their existing retail properties. Project 512, a publicly announced $15.2 billion ($9.8 billion in part from SmartCenters) intensification program, represents the REIT’s current major development focus, with construction expected to begin within the next five years. This intensification program includes rental apartments, apartments, homes for the elderly and hotels to be developed under the SmartLiving flag, and retail, office and storage spaces to be developed under the SmartCenter banner.
The SmartCenters Intensification Program is expected to generate 57.0 million square feet (39.5 million square feet in the SmartCenters portion) of space, of which 27.8 million square feet (18.1 million square feet in the SmartCenters portion) construction has started or will take place in the next five years. From malls to city centers, SmartCentre is uniquely positioned to reshape Canada’s urban, urban and suburban landscape.
This densification program includes the Trust’s share of SmartVMC, which upon completion is expected to comprise approximately 20 million square feet of mixed-use space in Vaughan, Ontario. Construction of the first five sold phases of the Transit City apartments, comprising 2,789 residential units, continues. Final completion of the first three phases of Transit City apartments began in August 2020, ahead of budget and ahead of schedule, and all 1,741 units in addition to the 22 townhouses that completed these phases have now closed. The fourth and fifth salable phases, amounting to 1,026 units, are currently under construction and are expected to close in 2023.
Certain statements in this press release are “forward-looking statements” that reflect management’s expectations regarding the Trust’s future development, results of operations, performance and business prospects and opportunities. More specifically, certain statements, including, but not limited to, statements regarding SmartCenters’ expectations regarding cash collections and occupancies, expectations regarding the SmartLiving Platform, SmartCenters’ anticipated or planned development plans and joint venture projects, are described includes type, scope, cost and other financial measures, including projected revenues and projected timing of construction and closure of condominiums and statements such as “may”, “should”, “could”, “estimate”, “expect”, contains words like “conviction”. The expressions “will,” “may,” and similar expressions and statements regarding matters that are not historical facts constitute “forward-looking statements.” These forward-looking statements are presented to assist the Trust’s shareholders and financial analysts in understanding the Trust’s operating environment and may not be appropriate for any other purpose. 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 those discussed in the forward-looking statements, including risks associated with potential acquisitions not being completed or not completed on anticipated terms, public health crises such as the COVID-19 pandemic, real estate 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 development consents. These and other risks are discussed in greater detail under the heading “Risks and Uncertainties” and elsewhere in SmartCenters management’s most recent discussion and analysis, as well as in SmartCenters’ most recent annual information form under the heading “Risk Factors.” Is. While the forward-looking statements in this press release are based on what management believes to be reasonable assumptions, SmartCenter cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are fully and expressly qualified by this cautionary statement. These forward-looking statements are issued as of the date of this press release and SmartCenters assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by applicable securities laws.
Material factors or assumptions used in making conclusions or estimates in the forward-looking information may include, but are not limited to: a stable retail environment; a continued trend toward land use intensification, including housing in urban markets and continued development along transportation hubs; Access to equity and debt capital markets, at an acceptable cost, to facilitate future capital requirements and loan refinancing at maturity; The necessary development consents will be obtained in the usual manner and construction and permit costs are in line with inflation trends over the past year and more recently.
For more information, visit www.smartcentres.com or contact: