TORONTO, Feb. 18 27, 2022 (GLOBE NEWSWIRE) — SmartCentres Real Estate Investment Trust (“SmartCentres” or the “Trust”) (TSX: SRU.UN) today announced that the trustees of SmartCentres have declared a distribution for the month of February 2022 of C$0.15417 per trust unit, which represents C$1.85 per unit on an annualized basis. Payment will be made on March 15, 2022 to unitholders of record on February 28, 2022.
SmartCentres Real Estate Investment Trust is one of Canada’s largest fully integrated REITs, with a premier portfolio comprising 174 properties strategically located in communities across the country. SmartCentres has approximately $11.3 billion in assets and owns 34.1 million square feet of value-driven, first-class retail and office space with an occupancy rate of 97.6% , on 3,500 acres of land across Canada.
SmartCentres continues to focus on improving the lives of Canadians by planning and developing complete, connected, mixed-use communities on its existing commercial properties. Project 512, a publicly announced $15.2 billion densification program ($9.8 billion from SmartCentres) represents the REIT’s current primary development focus, with construction expected to begin within the next five years. This densification program includes rental apartments, condos, retirement homes and hotels, which will be developed under the SmartLiving banner, as well as retail businesses, offices and warehouses, which will be developed under the SmartCentres banner.
The SmartCentres intensification program is expected to produce an additional 58.6 million square feet (40.6 million square feet for SmartCentres’ share) of space, including 28.6 million square feet (18.6 million square feet for the part of SmartCentres) whose construction has started or will start in the next five years. From malls to downtowns, SmartCentres is uniquely positioned to reshape the Canadian urban and urban-suburban landscape.
This intensification program includes 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. Construction of the first five sold-out phases of the Transit City Condominiums, representing 2,789 residential units, continues to progress. Permanent closings of the first three phases of Transit City Condominiums began before budget and ahead of schedule in August 2020 and all 1,741 units in those phases are now closed. In addition, the 22 sold townhouses that complete this phase of the project are expected to close in 2022. The fourth and fifth sold phases representing 1,026 units are currently under construction and are expected to be completed in 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. Specifically, certain statements, including, but not limited to, statements relating to anticipated or planned development plans and joint venture projects of SmartCentres, including type, scope, costs and other financial measures described along with the anticipated timing of condominium construction and closures and statements that contain words such as “could”, “should”, “may”, “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 Unitholders and financial analysts of the Trust in understanding the Trust’s operating environment and may not be appropriate for other purposes. These forward-looking statements reflect management’s current beliefs and are based on information currently available to management.
However, these 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 completed or not completed under the terms contemplated, public health crises such as the pandemic of COVID-19, real estate ownership and development, debt and equity financing for development, interest and financing costs, construction and development risks, ability to obtain commercial and municipal approvals for development. These and other risks are discussed in greater detail under the heading “Risks and Uncertainties” and elsewhere in SmartCentres’ most recent MD&A, as well as under the heading “Risk Factors” in SmartCentres’ most recent Annual Information Form. Smart Centres. 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 of the date of this press release, and SmartCentres undertakes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.
Important 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; relatively low and stable interest costs; a continued trend towards land use intensification, including residential development in urban markets and continued growth along transportation nodes; access to equity and debt markets to fund, at acceptable costs, future capital requirements and to enable the refinancing of our debts as they mature; that the consents required for the development will be obtained in the normal course, with construction and permitting costs consistent with the past year and recent inflation trends.
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