TORONTO, Sep 21, 2021 (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 September 2021 of C $ 0.15417 per trust unit, which represents C $ 1.85 per unit on an annualized basis. Payment will be made on October 15, 2021 to Unitholders of record on September 30, 2021.
SmartCentres Real Estate Investment Trust is one of the largest fully integrated REITs in Canada, with a premier portfolio comprising 168 properties strategically located in communities across the country. SmartCentres has approximately $ 10.0 billion in assets and owns 33.9 million square feet of income-producing retail space with over 97% occupancy, on 3,500 acres of land owned across Canada.
SmartCentres continues to focus on improving the lives of Canadians by planning and developing complete, connected and versatile communities on its existing commercial properties. Project 512, a publicly announced $ 13.1 billion ($ 7.8 billion from SmartCentres) intensification program represents the main current development objective of the REIT, whose construction is expected to begin over the next five years. . This intensification program includes rental apartments, condos, seniors’ residences and hotels, which will be developed under the SmartLiving banner, and retail, office and storage facilities, which will be developed under the SmartCentres.
The SmartCentres intensification program is expected to produce an additional 55.2 million square feet (32.4 million square feet for SmartCentres’ share) of space, including 27.3 million square feet (16.0 million square feet). on behalf of SmartCentres) have or will begin construction within the next five years. From shopping malls to downtown areas, 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 11.0 million square feet of mixed-use space in Vaughan, Ontario. Construction of the first five sold-out phases of Transit City Condominiums, representing 2,789 residential units, continues to progress. The final closures of the first two phases of Transit City Condominiums began ahead of budget and ahead of schedule in August 2020 and all 1,100 units of the first and second phases have closed. The closures of the 631 pre-sold units of the third phase began in May 2021 and are now fully completed. In addition, the 22 sold-out townhouses that complete this phase of the project are expected to close in 2022. The fourth and fifth sold-out phases representing 1,026 units are currently under construction and are expected to close in 2023.
Certain statements contained in this press release are “forward-looking statements” which reflect management’s expectations regarding the future growth of the Trust, results of operations, performance and business prospects and opportunities. Specifically, certain statements, including, but not limited to, statements relating to the expected or anticipated development plans and joint venture projects of SmartCentres, including the type described, scope, costs and other measures financial statements and the planned timetable for construction and condominium closures and declarations. which contain words such as “might”, “should”, “may”, “anticipate”, “expect”, “believe”, “may”, “may” and similar expressions and statements relating to matters which are not historical facts, constitute “forward-looking statements”. These forward-looking statements are made for the purpose of helping unitholders and financial analysts of the Trust to understand the operating environment of the Trust and may not be appropriate for other purposes. These forward-looking statements reflect the current beliefs of management 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 finalized or not completed under anticipated conditions, public health crises such as COVID-19 pandemic. , 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 permits for development. These and other risks are discussed in more detail under “Risks and Uncertainties” and elsewhere in SmartCentres ‘most recent MD&A, as well as under “Risk Factors” in SmartCentres’ most recent annual information form. Although the forward-looking statements contained in this press release are based on what management considers reasonable assumptions, SmartCentres cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this document 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 assumes no obligation to update or revise them to reflect new events or circumstances, unless required by applicable securities legislation. otherwise.
Important factors or assumptions that have been 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 charges; a continuing trend towards intensification of land use, including residential development in urban markets and continued growth along transport nodes; access to equity and debt markets to fund, at acceptable costs, future capital requirements and to allow refinancing of our debts as they fall due; that the required development permits will be obtained in the normal course, with construction and permit costs corresponding to last year and recent inflation trends.
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