Smartcentres Real Estate Investment Trust · TSX:SRU.UN
Smartcentres Real Estate Investment Trust — Investor Presentation (January 2022)
75 slides from Smartcentres Real Estate Investment Trust's investor presentation, January 2022
Slide 1: Investor Presentation Updated January 2022
INVESTOR PRESENTATION UPDATED JANUARY 2022 Town Hall September 2013
Slide 2: Notice to Reader
NOTICE TO READER Readers are cautioned that certain terms used in this Investor Presentation (“Presentation”) such as amounts, timing of future payments of obligations, intentions to secure additional financing and Funds from Operations ("FFO"), Adjusted Cashflow from Operations ("ACFO"), "Gross Boo
Slide 3: Table of contents
STRONG FOUNDATION 4 FEATURED PROPERTIES 25 TENANT BASE & CASHFLOWS 5 SMARTVMC 26 CENTRAL MARKETPLACE 6 ALLISTON 35 RENT COLLECTION 7 CAMBRIDGE 37 DEVELOPMENT ACTIVITY 8 OAKVILLE NORTH 39 OAKVILLE SOUTH 41 OTTAWA SOUTHWEST 43 CREATING VALUE 9 PICKERING 45 SMARTCENTRES TIMELINE 10 STONEY CREEK 47 MITC
Slide 4: Strong Foundation
STRONG FOUNDATION Town Hall September 2013
Slide 5: Stable Tenants & Cashflows
STABLE TENANTS & CASHFLOWS +60% * of rent from strong, 168 97.6% 98% creditworthy, essential service tenants Properties at key industry-leading of revenue from intersections across committed occupancy open air centres Canada 73% +25% $3.5B anchored by of revenue from Walmart’s 5-year Walmart Walmart
Slide 6: Central Essential Service Centres
CENTRAL ESSENTIAL SERVICE CENTRES INCOME NET COMMITTED PRODUCING OPERATING OCCUPANCY GROCERY/ PROPERTIES INCOME RATE PHARMACY # % % % GREATER- VECTOM 98 74 97.4 100 PRIMARY 32 14 97.1 100 SECONDARY 27 12 99.3 100 TOTAL 157 100% 97.6% 100% SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 6
Slide 7: Cash Receipts Returning to Normal
CASH RECEIPTS RETURNING TO NORMAL 100% 95% 90% +96% collected year-to-date +97% collected Q3 2021 85% 80% 75% APR MAY JUN JUL AUG SEPT OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEPT 2020 2021 Collections before CECRA Net Collections SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 77
Slide 8: Accelerated Development Activity
ACCELERATED DEVELOPMENT ACTIVITY 22M SF of zoning applications Supported by a strong financial position*: 34M SF $6.0B $1.0B advanced in 2021 income-producing unencumbered LIQUIDITY (22.5 thousand future residential units) portfolio asset pool cash + line of credit + accordion feature *Does not refl
Slide 9: Creating Value
CREATING RESIDENTIAL RISING UP VALUE THROUGH REAL ESTATE DEVELOPMENT Town Hall September 2013
Slide 10: 30+ Years of Land Development
30+ YEARS OF LAND DEVELOPMENT 1989-1994 2003 2015 2018 2020 MITCHELL GOLDHAR HELPED FIRST TRANSACTION CALLOWAY REIT & SMARTCENTRES BEGINS FORMING SMARTCENTRES ANNOUNCES BRING WALMART TO CANADA WITH CALLOWAY REIT SMARTCENTRES MERGE DIVERSIFIED JV PARTNERSHIPS “PROJECT 512” (Ultimately developing 175
Slide 11: Mitchell Goldhar
EXECUTIVE CHAIRMAN & CHIEF EXECUTIVE OFFICER MITCHELL GOLDHAR ROLES & RESPONSIBILITIES Mitchell Goldhar provides development services to the REIT through his 100% owned company, Penguin Group of Companies: • His real estate development and operations business acumen give the REIT a competitive edge
Slide 12: Unlocking Value on Land
BEST PORTFOLIO IN THE COUNTRY 168 PROPERTIES EASY ACCESS UNLOCKING MAJOR INTERSECTIONS VALUE TRANSIT CONNECTIVITY ON LAND 3,500 ACRES FLEXIBLE STRUCTURES <24% LAND UTILIZATION 2,775 UNBUILT ACRES STRONG TENANCIES SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 12
Slide 13: Land Development Experts
LAND DEVELOPMENT EXPERTS DEVELOPMENT ENTREPRENEURIAL MARKET CULTURE MINDSET KNOWLEDGE SF DEVELOPED IN-HOUSE RESOURCES OF OUR CURRENT ASSETS SINCE 1989 FOCUSED ON INTENSIFICATION DEVELOPED BY THIS TEAM PLANNERS / DEVELOPERS • ENGINEERS • GOVERNMENT RELATIONS • LEASING • ENVIRONMENTAL / GEOTECH SPECIA
Slide 14: Residential Expertise
RESIDENTIAL EXPERTISE Our SmartLiving residential team is comprised of top industry talent, guiding our expansive team of land development, engineering and construction experts. This expertise, coupled with our extensive knowledge of existing properties, markets and municipalities, ensures the succe
Slide 15: From Shopping Centres to City Centres
FROM SHOPPING CENTRES TO CITY CENTRES $14.5B publicly announced transformation of existing properties, growing a new portfolio out of our existing one * REIT SHARE $8.6B Property identified for transformation Property under review for transformation CURRENT PORTFOLIO TRANSFORMATION PROGRAM *Represen
Slide 16: Properties Identified for Intensification
94 PROPERTIES IDENTIFIED FOR INTENSIFICATION BRITISH ALBERTA SASKATCHEWAN MANITOBA ONTARIO QUEBEC ATLANTIC TOTAL COLUMBIA MARKED FOR INTENSIFICATION 4 3 2 2 63 20 0 94 UNDER REVIEW FOR INTENSIFICATION 10 4 3 1 40 6 10 74 TOTAL PROPERTIES 14 7 5 3 103 26 10 168 REVENUE MIX 8.0 3.1 3.9 3.3 63.2 13.9 4
Slide 17: 291 Individual Projects Across 94 Properties
291 INDIVIDUAL PROJECTS ACROSS 94 PROPERTIES SELF-STORAGE (46) OFFICE BUILDINGS (7) RECURRING DEVELOPMENT INCOME INCOME TOTAL PROJECT INITIATIVES INITIATIVES COUNT 196 + 95 = 291 APARTMENTS (100) SENIORS (39) CONDOS (80) TOWNHOUSES (15) HOTELS (4) SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENT
Slide 18: Strategic Development Income Initiatives
STRATEGIC DEVELOPMENT INCOME INITIATIVES OUR STEADY PIPELINE OF CONDO & TOWNHOUSE PROFITS WILL: FUND RECURRING STRENGTHEN STRENGTHEN LIQUIDITY + EARNINGS LEVELS + INCOME INITIATIVES 2020 2021 2022 2023 TRANSIT CITY 1 & 2 TRANSIT CITY 3 TC TOWNS TRANSIT CITY 4 & 5 CONDO UNIT CLOSINGS CONDO UNIT CLOSI
Slide 19: Project 512: Unlocking $3.7B of Potential Value
PROJECT 512: UNLOCKING $3.7B OF POTENTIAL VALUE 54 84 1 53 291 UNDERWAY ACTIVE FUTURE TOTAL CONSTRUCTION INITIATION (Years) 1 2 3 4 5 6+ PLANNING ENTITLEMENTS (#) 40 55 81 176 PROJECT SF (SF Millions) 12.7 16.1 29.5 58.3 REIT SHARE 7.3 9.8 17.4 34.5 POTENTIAL VALUE CREATION $938.1 1,128.6 $1,598.4 $
Slide 20: Revera JV Projects
PARTNERSHIP UPDATE 6 REVERA JV PROJECTS APPROXIMATELY 1,100 UNITS ACROSS 5 REIT PROPERTIES • 6% - 7% yield expected once stabilized • Seniors’ apartments & retirement residences (no long-term care) PROJECTS: • Markham • Oakville • Richmond Hill • Toronto (Bathurst & Wilson) Penguin owned property •
Slide 21: SmartStop JV Projects
PARTNERSHIP UPDATE 12 SMARTSTOP JV PROJECTS 11,000 UNITS AND 1.1 MILLION SF OF NEW DEVELOPMENT OPEN AND IN LEASE-UP: • Dupont St: Acquired Fall 2019 • Leaside: Opened June 2020 • Brampton: Opened Nov 2020 • Vaughan: Opened Jan 2021 • Oshawa: Opened Aug 2021 • Scarborough: Opened Nov 2021 UNDER CONST
Slide 22: Greenwin JV Projects
PARTNERSHIP UPDATE 2 GREENWIN JV PROJECTS 2,150 UNITS ACROSS 2 PROPERTIES BARRIE WATERFRONT TORONTO – BALLIOL ST • 7.8 acres on the waterfront • 1.15 acres at Yonge & Davisville • Zoning approved for 4 towers ranging from 25 to 41 • Steps from Davisville subway storeys, including residential, retail
Slide 23: Major Mixed-Use Development Initiatives
MAJOR MIXED-USE DEVELOPMENT INITIATIVES GLA Estimated Costs ($M) Estimated Gain on Final Sale SITE PROJECT TYPE ('000sf) Completion Year SRU Yield % Share 100% SRU Share Profit % SRU Share Timing /Units KPMG (T#1) PwC-YMCA (T#2)(2) 360sf 2016 50% $174 $86.9 6.1% 1. SmartVMC (Office Towers) Office (T
Slide 24: Residential Rising Up: Projects Underway
RESIDENTIAL RISING UP 52 PROJECTS UNDERWAY +3 MILLION SF UNDER CONSTRUCTION Town Hall September 2013 SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 24
Slide 25: Featured Properties
FEATURED PROPERTIES ONTARIO 1. SMARTVMC (VAUGHAN METROPOLITAN CENTRE) | 100+ ACRES – Page 26 2. ALLISTON | 39 ACRES – Page 35 3. CAMBRIDGE | 73 ACRES – Page 37 4. OAKVILLE NORTH | 52 ACRES – Page 39 5. OAKVILLE SOUTH | 21 ACRES – Page 41 6. OTTAWA SOUTHWEST | 15 ACRES – Page 43 7. PICKERING | 48 ACR
Slide 26: Vaughan: The New City Centre
VAUGHAN THE NEW CITY CENTRE
Slide 27: Existing: SmartVMC
EXISTING THE NEW CITY CENTRE | 100+ AC • TRANSIT HUB: TTC subway station, regional bus terminal, VIVA rapid transit station • NEW 140,000 SF Walmart: Opened October 2020, freeing up 15.5 acres of prime real estate for development SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 27
Slide 28: REIT Ownership Doubled
EXISTING REIT OWNERSHIP DOUBLED DECEMBER 2021 ACQUISITION: • SmartCentres Doubles Ownership in SmartVMC • $513 million acquisition of 2/3 interest in 53 acres • Becomes largest landowner in the VMC
Slide 29: Vision: SmartVMC
VISION +20,000,000 SF • 3.5 million SF built or under construction SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 29
Slide 30: Residential: Transit City 1, 2 & 3
RESIDENTIAL | TRANSIT CITY 1, 2 & 3 1,741 SOLD OUT UNITS ACROSS 3 TOWERS $35M 3-TOWER PROFIT IN EXCESS OF PLAN • $45 million in profit from Transit City 1 & 2 in 2020 • $19 million in profit from Transit City 3 in 2021 • TC Towns: 22 townhouses | 100% presold | early 2022 delivery SMARTCENTRES REIT
Slide 31: Residential: TC4, TC5 & Purpose-Built Rentals
RESIDENTIAL | TC4, TC5 & PURPOSE BUILT-RENTALS TC4 TC5 THE MILLWAY TC4 & TC5: 1,026 sold out units | 20% deposits in place THE MILLWAY: 454 purpose-built rental units 2023 - 2024 DELIVERY • SmartVMC’s first 6 residential towers will bring +6,000 residents to Vaughan SMARTCENTRES REIT | UPDATED Q3 20
Slide 32: Residential: ArtWalk
RESIDENTIAL | ARTWALK - SMARTVMC’S NEW ART DISTRICT PHASE 1: 3 MIXED-USE TOWERS Phase 1 550,000 SF | ~627 RESIDENTIAL UNITS Full ArtWalk Build-Out: • 12 Acres • 12 Buildings • 5 Million SF • 5,000 Residential Units SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 32
Slide 33: Office: 100% Leased
OFFICE | 100% LEASED PWC/YMCA TOWER | 220,000 SF PWC/YMCA TOWER | 220,000 SF KPMG TOWER | 365,000 SF KPMG TOWER | 365,000 SF Vaughan Urban Design Award of Excellence SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 33
Slide 34: Moving Forward: Zoning & Site Plan Applications Submitted
MOVING FORWARD | ZONING & SITE PLAN APPLICATIONS SUBMITTED 4 acres 1.7 acres 2 RESIDENTIAL TOWERS RESIDENTIAL, OFFICE, 900,000 SF HOTEL & RETAIL 1,400,000 SF SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 34
Slide 35: The New City Centre & Beyond
THE NEW CITY CENTRE…& BEYOND 170+ ACRES 30+ MILLION SF OF POTENTIAL JANE ST WESTON RD 3 5 2 1 4 SRU: SMARTCENTRES REIT PGC: PENGUIN GROUP OF COMPANIES SMARTCENTRES-LED PLANNING AND DEVELOPMENT 1 SMARTVMC – 50% SRU + 50% PGC 2 SMARTVMC – 66.7% SRU + 33.3% PGC 3 APPLEWOOD – 50% SRU + 50% PGC 4 SMARTCE
Slide 36: Existing: Alliston
EXISTING ALLISTON – 39 AC COUNTY RD 10 DUNHAM DR • LOCATION: Hwy 89 just east of Alliston, close to Honda Manufacturing Plant • RETAIL: 171,000 SF • ANCHOR: Walmart SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 36
Slide 37: Vision: Alliston
VISION ALLISTON – 323,000 SF COUNTY RD 10 DUNHAM DR PHASE 1 1 RESIDENTIAL BUILDING • PHASE 1: 3-storey purpose-built rental (45 units) • STATUS: Rezoning approved for residential (350 units), self-storage and hotel. Phase 1 Site Plan Application submitted SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR
Slide 38: Existing: Cambridge
EXISTING CAMBRIDGE – 73 AC • LOCATION: Highly visible site along Highway 401, in CONESTOGA BLVD growing Cambridge community • RETAIL: 744,00 SF • ANCHOR: Walmart SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 38
Slide 39: Vision: Cambridge
VISION CAMBRIDGE – 12,000,000 SF PHASE 1 RESIDENTIAL • MZO: Minister’s Zoning Order issued Nov 2020 permitting residential, retail, office and industrial uses CONESTOGA BLVD • MASTERPLAN: 10,000 new residential units, including rental apartments, condos, towns and seniors • PHASE 1: Residential mid-
Slide 40: Existing: Oakville North
EXISTING OAKVILLE NORTH – 52 AC DUNDAS ST E • LOCATION: Uptown core area of Oakville, with uncapped densities and permissions allowing for residential, office, retail and commercial uses • RETAIL: 461,000 SF • ANCHORS: Walmart Supercentre and Loblaws SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRES
Slide 41: Vision: Oakville North
VISION OAKVILLE NORTH – 7,000,000 SF DUNDAS ST E • MASTERPLAN: Residential, commercial and PHASE 1 retail 2 RESIDENTIAL TOWERS • PHASE 1: 2 residential towers with 28 and 29 storeys (585 units and 535,000 SF) SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 41
Slide 42: Existing: Oakville South
EXISTING OAKVILLE SOUTH – 21 AC LAKESHORE RD W • RETAIL: 330,000 SF • ANCHORS: Metro Foods, Shoppers Drug Mart, LCBO, Winners and Goodlife Fitness SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 42
Slide 43: Vision: Oakville South
VISION OAKVILLE SOUTH – 430,000 SF PHASE 1 100 TOWNHOMES LAKESHORE RD W • PHASE 1: 100 townhomes SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 43
Slide 44: Existing: Ottawa Southwest
EXISTING OTTAWA SOUTHWEST – 15 AC • LOCATION: South-west of downtown Ottawa, highly visibility from major arterial roads, with excellent public transit • RETAIL: 172,000 SF | Office: 88,000 SF • ANCHOR: Walmart SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 44
Slide 45: Vision: Ottawa Southwest
VISION OTTAWA SOUTHWEST – 665,000 SF PHASE 1 SENIORS’ RESIDENCE • PHASE 1: 2 15-storey rental apartments and seniors’ residences (402 units) with Selection Group • STATUS: Under construction SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 45
Slide 46: Existing: Pickering
EXISTING PICKERING | 48 AC DURHAM LIVE PICKERING GO STN • LOCATION: 5 minutes from the Pickering GO station, next to Highway 401 and minutes from Durham Live • RETAIL: 546,000 SF • ANCHORS: Walmart and Lowe’s SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 46
Slide 47: Vision: Pickering
VISION PICKERING | 5,000,000 SF DURHAM LIVE PHASE 1 3 RESIDENTIAL TOWERS PICKERING GO STN • MASTERPLAN: Condos, towns, seniors’ and apartments • PHASE 1: 3 residential towers (922 units) • STATUS: Official Plan, Zoning and Phase 1 Site Plan Applications submitted SMARTCENTRES REIT | UPDATED Q3 2021
Slide 48: Existing: Stoney Creek
EXISTING STONEY CREEK | 13 AC • LOCATION: Growing area close to highway with future GO and LRT transit • RETAIL: 10,500 SF • ANCHOR: Food Basics SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 48
Slide 49: Vision: Stoney Creek
VISION STONEY CREEK | 855,000 SF PHASE 1 2 TOWERS CONFEDERATION GO STN (COMING SOON) • MASTERPLAN: 1,065 units across 7 buildings • PHASE 1: 15 & 14 storey towers (520 units) • STATUS: Application submission imminent SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 49
Slide 50: Existing: Toronto (Eglinton East)
EXISTING TORONTO (EGLINTON EAST) | 28 AC WARDEN AVE HAKIMI AVE • LOCATION: Highly visible site along Eglinton Ave E flanked between 2 future Crosstown LRT stations. • RETAIL: 380,000 SF • ANCHOR: Walmart Supercentre SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 50
Slide 51: Vision: Toronto (Eglinton East)
VISION TORONTO (EGLINTON EAST) – 7,000,000 SF WARDEN AVE HAKIMI LEBOVIC LRT STN PHASE 1 2 CONDO TOWERS PHARMACY LRT STN • MASTERPLAN: Residential, retail and office • PHASE 1: 2 condo towers (899 units & 650,000 SF) SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 51
Slide 52: Existing: Toronto (Eglinton West)
EXISTING TORONTO (EGLINTON WEST) – 9 AC KEELE ST • LOCATION: Future multimodal transit hub, with new Eglinton Crosstown LRT station and new Barrie-line GO station to open on site • RETAIL: 140,000 SF • ANCHORS: Canadian Tire and FreshCo SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 52
Slide 53: Vision: Toronto (Eglinton West)
VISION TORONTO (EGLINTON WEST) – 3,000,000 SF CALEDONIA LRT & GO STN PHASE 1 1 RESIDENTIAL TOWER 360,000 SF KEELE ST • PHASE 1: 35-storey condo (433 units & 360,000 SF) • STATUS: Zoning and Site Plan Application submitted SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 53
Slide 54: Existing: Vaughan (Hwy 400 & 7)
EXISTING VAUGHAN (HWY 400 & 7) | 20 AC WESTON RD • LOCATION: Highly visible site along Highway 7, separated from SmartVMC by Highway 400 • TRANSIT: Serviced by VIVA Rapid Transit, with direct connection to the TTC SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 54
Slide 55: Vision: Vaughan (Hwy 400 & 7)
VISION VAUGHAN (HWY 400 & 7) | 5,100,000 SF WESTON RD PHASE 1 4 RESIDENTIAL TOWERS • POTENTIAL: 14 buildings and 3,900 residential units • PHASE 1: 4 residential towers (1,742 units) • STATUS: Official Plan, Zoning and Phase 1 Site Plan Applications submitted SMARTCENTRES REIT | UPDATED Q3 2021 INVE
Slide 56: Existing: Vaughan Northwest
EXISTING VAUGHAN NORTHWEST – 41 AC CITY VIEW BLVD VELLORE PARK AVE OPENED JAN 2021 • LOCATION: 1 km from Canada’s first smart hospital (Opened February 2021) • RETAIL & SELF STORAGE: 304,000 SF • ANCHOR: Walmart Town Hall September 2013 SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 56
Slide 57: Vision: Vaughan Northwest
VISION VAUGHAN NORTHWEST – 1,700,000 SF CITY VIEW BLVD VELLORE PARK AVE OPENED JAN 2021 PHASE 2 2 SENIORS’ BUILDINGS PHASE 1 TOWNHOMES PHASE 3 3 RESIDENTIAL BUILDINGS • PHASE 1: 179 freehold townhouses with Fieldgate • PHASE 2: Revera JV seniors’ apartment and retirement residence (450+ units combin
Slide 58: Existing: Montreal (Kirkland)
EXISTING MONTREAL (KIRKLAND) – 16 AC BOUL. ST- CHARLES RUE MOUNTAIN VIEW PHASE 1 RESIDENTIAL CHEMIN SAINTE-MARIE • LOCATION: Well-located on the south side of Hwy 40 REM STATION • RETAIL: 207,000 SF (UNDER CONSTRUCTION) • ANCHOR: Walmart SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 58
Slide 59: Vision: Montreal (Kirkland)
VISION MONTREAL (KIRKLAND) – 750,000 SF BOUL. ST- CHARLES PHASE 1 RESIDENTIAL RUE MOUNTAIN VIEW CHEMIN SAINTE-MARIE • TRANSIT: REM station under construction • PHASE 1: 10-storey residential (170 units) REM STATION • STATUS: Construction anticipated to (UNDER CONSTRUCTION) commence summer 2022 SMART
Slide 60: Existing: Montreal (Laval Centre)
EXISTING MONTREAL (LAVAL CENTRE) – 43 AC PHASE 1 APARTMENTS BOUL DANIEL JOHNSON BOUL CHOMEDEY • ANCHOR: Walmart Supercentre • LAND SALES: Parcels sold to develop a seniors’ residence, hotel and office Town Hall September 2013 SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 60
Slide 61: Equinoxe Daniel-Johnson: 90% Occupied
EQUINOXE DANIEL-JOHNSON – 90% OCCUPIED BOUL DANIEL JOHNSON • PHASE 1: 1st of 2 15-storey Equinoxe Daniel-Johnson BOUL CHOMEDEY rental apartments (382 units) opened in March 2020 • PHASE 2: 2nd tower under construction SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 61
Slide 62: Vision: Montreal (Laval Centre)
VISION MONTREAL (LAVAL CENTRE) – 2,900,000 SF BOUL DANIEL JOHNSON BOUL CHOMEDEY • POTENTIAL: Current master plan includes 2.9 M SF of density. The full property has 4.5M SF of potential. Town Hall September 2013 SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 62
Slide 63: Existing: Montreal (Mascouche)
EXISTING MONTREAL (MASCOUCHE) – 74 AC TRAIN STATION BOUL. DE L’ESPLANADE PHASE 1 RESIDENTIAL MONTÉE MASSON • RETAIL: 470,500 SF • ANCHOR: Walmart SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 63
Slide 64: Vision: Montreal (Mascouche)
VISION MONTREAL (MASCOUCHE) – 1,500,000 SF PHASE 1 TRAIN STATION 2 RENTAL APARTMENTS SENIORS’ BOUL. DE L’ESPLANADE RESIDENCES MONTÉE MASSON • PHASE 1: 2 10-storey residential towers (238 units & 244,000 SF) with COGIR (80% SmartCentres ownership) • STATUS: Under construction SMARTCENTRES REIT | UPDA
Slide 65: Existing: Montreal (Mirabel)
EXISTING MONTREAL (MIRABEL) – 122 AC CHEMIN NOTRE-DAME BOUL. VERSAILLES RUE DE CHAMBORD PHASE 1 & 2 • SmartCentres recently purchased Simon’s interest in the 50 AC parcel, doubling the REIT’s interest to 66%. Town Hall September 2013 SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 65
Slide 66: Vision: Montreal (Mirabel)
VISION MONTREAL (MIRABEL) – 4,500,000 SF HOTEL CHEMIN NOTRE-DAME BOUL. VERSAILLES RETAIL MIXED USE 8-10 STOREYS PHASE 2 MULTI-RESIDENTIAL RESIDENTIAL TOWER 4-8 STOREYS PHASE 1 RESIDENTIAL TOWER 167,500 SF RUE DE CHAMBORD • PHASE 1: 8-storey rental tower (168 units) • STATUS: Zoning approved for 4,00
Slide 67: Existing: Montreal (Pointe-Claire)
EXISTING MONTREAL (POINTE-CLAIRE) – 23 AC REM FAIRVIEW POINT-CLAIRE STATION • LOCATION: Montreal’s West Island with new Light Rail Transit line to downtown • RETAIL: 384,000 SF • ANCHORS: Walmart and Home Depot SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 67
Slide 68: Vision: Montreal (Pointe-Claire)
VISION MONTREAL (POINTE-CLAIRE) – 2,500,000 SF REM FAIRVIEW POINT-CLAIRE STATION PHASE 1 2 TOWERS • PHASE 1: 2 16-storey residential towers (300 units) • STATUS: Zoning secured for multiple uses including residential, seniors housing and office on the perimeter of the property SMARTCENTRES REIT | UP
Slide 69: Ongoing Innovation
DIGITAL SIGNAGE EV CHARGING STATIONS INNOVATION PENGUIN PICKUP 5G CELL TOWERS GENERATING NEW REVENUE SOURCES SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 69
Slide 70: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 71: Total Returns to Unit Holders
TOTAL RETURNS TO UNIT HOLDERS $1,400 14.2% AVERAGE ANNUAL $1,254.34 $1,200 RETURN SINCE IPO (as of August 12, 2021) $1,000 $800 $682.05 $600 $569.05 $400 $200 $0 SmartCentres TSX Capped REIT TSX Composite SMARTCENTRES REIT | UPDATED Q3 2021 INVESTOR PRESENTATION 71
Slide 72: Total Assets Valued at $10.2B
TOTAL ASSETS VALUED AT $10.2B TOTAL ASSETS 12.0 (in billions of $) 1.90 10.7 Annualized Distributions ($ per Unit) 27.4% CAGR 10.2 1.80 9.9 10.0 9.4 9.5 since 2002 8.5 8.7 1.70 8.0 7.1 7.1 1.60 6.5 6.0 6.0 1.50 4.2 4.2 4.4 3.9 1.40 4.0 3.6 2.6 1.30 2.0 1.0 1.20 0.1 0.2 - 1.10 2002 2003 2004 2005 200
Slide 73: Stable Cashflow
STABLE CASHFLOW 83.1% 81.8% 83.0% 87.5% 87.2% 90.1% (5) PAYOUT RATIO 2016 2017 2018 2019 2020 Q3 2021 in thousands of dollars (except per Unit information) FFO per Unit(1) 2.17(3) 2.20 2.28 2.26(4) 2.20 ACFO per Unit(2) 2.00(3) 2.10 2.13 2.08(4) 2.11 Distributions per Unit 1.66 1.71 1.76 1.81 1.85 S
Slide 74: Debt/Maturity/Leverage
DEBT/MATURITY/LEVERAGE DEBT MATURITY (in millions of $) 600 510 550 450 371 400 300 300 279 250 200 170 200 148 119 100 150 97 87 80 25 26 16 14 12 33 3 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 BEYOND Secured Debt Unsecured Debentures Unsecured Bank Loans Equity Accounted Investments Debt
Slide 75: CECENTRESLIVINGSENIORSS
CECENTRESLIVINGSENIORSS ORAGEOFFICEINDUSTRIALEN RESLIVINGSENIORSSTORAGE OFFICECENTRESLIVINGSENIC RSSTORAGEOFFICEINDUSTRI CENTRESLIVINGSENIORSST( RAGEOFFICEINDUSTRIALCEN RESLIVINGSENIORSSTORAGE OFFICECEN? 2: Sz7IVINGSENIC
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