Smartcentres Real Estate Investment Trust · TSX:SRU.UN
Smartcentres Real Estate Investment Trust — Q1 2020 Earnings Presentation
70 slides from Smartcentres Real Estate Investment Trust's earnings presentation, May 2020
Slide 1: SmartCentres Investor Presentation Q1 2020
INFINITEFormatting throughout POSSIBILITIES… INVESTOR PRESENTATION Q1 2020 Q3 2019 SMARTCENTRES Real Estate Investment Trust INVESTOR PRESENTATION l ogo ate U pd
Slide 2: Notice to Reader
NOTICE TO READER Readers are cautioned that certain terms used in this Investor Presentation (“Presentation”) such as Funds from Operations ("FFO"), Adjusted Cashflow from Operations ("ACFO"), "Gross Book Value", "Payout Ratio", "Interest Coverage", "Total Debt to Adjusted EBITDA" and any related pe
Slide 3: Public Health Crisis Risks
PUBLIC HEALTH CRISIS RISKS Public health crises, including the ongoing and evolving COVID-19 pandemic, or relating to any other broad-reaching disease, virus, flu, epidemic, pandemic or other similar disease or illness (each, a “Public Health Crisis”) have and could further adversely impact the Trus
Slide 4: Contents
CONTENTS COVID-19 Update Page 5 Long-Term Strategy Update Page 13 Joint Venture Update Page 29 Featured Initiatives Page 33 Financial Highlights Page 61 SMARTCENTRES REIT | Q1 2020 IN\VESTOR PRESENTATION 4
Slide 5: COVID-19 Update
COVID-19 UPDATE
Slide 6: COVID-19 Pandemic: A Timeline
COVID-19 PANDEMIC: A TIMELINE MID-MARCH MARCH 23 APRIL 24 All non-essential SmartCentres formally offers Canadian Emergency businesses closed in 1M sf. of rent free built Commercial Rent Assistance Canada space/land to governments & (CECRA) program health authorities for COVID announced related purp
Slide 7: Solid Tenant Base
SMARTCENTRES WAS BUILT FOR HEAVY WEATHER: SOLID TENANT BASE of rent from strong, properties at key +50% creditworthy and open 166 essential service tenants intersections across Canada: 98% 73% +25% industry-leading anchored by of revenue from occupancy rate Walmart Walmart of tenants are essential 6
Slide 8: Central Community Marketplace
SMARTCENTRES WAS BUILT FOR HEAVY WEATHER: CENTRAL COMMUNITY MARKETPLACE INCOME PRODUCING GROCERY/ PROPERTIES NOI OCCUPANCY PHARMACY # % % % G-VECTOM 98 73 97.5 100 PRIMARY 32 16 98.0 100 SECONDARY 27 11 98.6 100 TOTAL 157 100% 98.0% 100% SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION 8
Slide 9: Strong Financial Position
SMARTCENTRES WAS BUILT FOR HEAVY WEATHER: STRONG FINANCIAL POSITION 34.4M SF $10.4B Income producing retail portfolio Dynamic real estate portfolio value +$23M (+41% to $79M) 43.3% Cashflow from operating activities Debt to aggregate assets ratio +$8M (+8.7% to $96M) $5.6B Funds from operations (FFO
Slide 10: Rent Collection Progress
COVID RESPONSE: RENT COLLECTION PROGRESS +525 72% 69% of ‘expected’ April rent of ‘contracted’ April rent deferral offers collected – May following rent collected * made to small, similar trend * independent retailers Rent for April and May continues to be pursued and collected. Normal rent collecti
Slide 11: SmartCentres Land Offer: Supporting COVID Relief Efforts
COVID RESPONSE: SUPPORTING COVID RELIEF EFFORTS ACROSS CANADA SMARTCENTRES LAND OFFER: 1 MILLION SF OF RENT FREE BUILT SPACE TO HELP COVID-19 SUPPORT EFFORTS • Land, parking lots and signage across the country offered to all levels of government and health care authorities • Trillium Health Network
Slide 12: Safely Reopening the Canadian Economy
COVID RESPONSE: SAFELY REOPENING THE CANADIAN ECONOMY 96% of the SmartCentres portfolio is open air retail; the first format to allow non-essential retail to open. Public health measures are fully adopted at our centres: CLEANLINESS & SANITIZATION: • Increased frequency of sanitization and disinfect
Slide 13: Fulfilling Our Long-Term Strategy: From Shopping Centres to City Centres
FULFILLING OUR LONG-TERM STRATEGY: FROM SHOPPING CENTRES TO CITY CENTRES
Slide 14: Evolution from Shopping Centres to City Centres
EVOLUTION FROM SHOPPING CENTRES TO CITY CENTRES 1989-1994 1999 2003 2014 Mitchell Goldhar helps Walmart First transaction Penguin Pickup bring Walmart To Canada Joint Venture with with Calloway REIT concept is introduced (Wmt Sales $21B USD) SmartCentres (Cwt Assets $100M CAD) Canada 2015 2016 2018/
Slide 15: Best Portfolio in the Country
BEST POSITIONED FOR INTENSIFICATION BEST PORTFOLIO IN THE COUNTRY EASY ACCESS FLEXIBLE STRUCTURES MAJOR INTERSECTIONS <24% LAND UTILIZATION TRANSIT CONNECTIVITY 2,775 UNBUILT ACRES STRONG TENANT RELATIONSHIPS SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION 15
Slide 16: Best Positioned for Intensification
BEST POSITIONED FOR INTENSIFICATION DEVELOPMENT DEVELOPMENT THIS TEAM IN OUR DNA TEAM OF DEVELOPED 60M SF 160 86% DEVELOPED IN-HOUSE RESOURCES OF OUR CURRENT SINCE 1989 FOCUSED ON RETAIL AREA INTENSIFICATION PLANNERS / DEVELOPERS • ENGINEERS • GOVERNMENT RELATIONS • LEASING • ENVIRONMENTAL / GEOTECH
Slide 17: $10.4B in Total Assets plus $12.1B Housing-Focused Initiatives
$10.4B IN TOTAL ASSETS + $12.1B NEW HOUSING-FOCUSED INITIATIVES (REIT SHARE $5.5B) SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION 17
Slide 18: Properties Identified for Intensification
94 PROPERTIES IDENTIFIED FOR INTENSIFICATION… AND MORE TO COME BRITISH ALBERTA SASKATCHEWAN MANITOBA ONTARIO QUEBEC TOTAL ATLANTIC COLUMBIA MARKED FOR INTENSIFICATION 6 3 2 2 61 20 0 94 UNDER REVIEW FOR INTENSIFICATION 9 4 3 1 40 5 10 72 TOTAL PROPERTIES 15 7 5 3 101 25 10 166 REVENUE MIX 8.2 3.2 3.
Slide 19: Development Status
DEVELOPMENT STATUS 256 INDIVIDUAL DEVELOPMENT PROJECTS ACROSS 94 PROPERTIES SELF-STORAGE (48) OFFICE BUILDINGS (10) RECURRING DEVELOPMENT TOTAL INCOME INCOME PROJECT INITIATIVES INITIATIVES COUNT 196 + 60 = 256 APARTMENTS LIVING (88) SENIORS (45) (77%) (23%) (100%) CONDOS (46) TOWNHOUSES (14) SMARTC
Slide 20: 256 Development Projects
256 DEVELOPMENT PROJECTS 34 71 151 256 UNDERWAY ACTIVE FUTURE TOTAL CONSTRUCTION INITIATION (Years) 1 2 3 4 5 6+ PLANNING ENTITLEMENTS (#) 33 32 74 139 PROJECT SF (SF Millions) 13.3 14.0 32.0 59.3 REIT SHARE 6.0 6.4 15.5 27.9 POTENTIAL VALUE CREATION $995.1 $667.8 $1,783.9 $3,446.8 ($ Millions) $473
Slide 21: $3.0B-$3.6B Potential Value Creation
VALUE CREATION POTENTIAL $3.0B TO VALUE CREATION FROM THE 256 $3.6B INTENSIFICATION PROJECTS REIT SHARE: $1.3B-$1.5B SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION 21
Slide 22: Value Creation Example: 1900 Eglinton Ave E
VALUE CREATION EXAMPLE 1900 EGLINTON AVE E – 28 ACRES · 380,000 SF SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION 22
Slide 23: Value Creation Example: 1900 Eglinton Ave E
VALUE CREATION EXAMPLE 1900 EGLINTON AVE E Planning entitlements for 5.3 million sf. (incl. 14 towers > 20 stories) Full 20-year build-out would yield $250 million in potential value above the current IFRS value SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION 23
Slide 24: Value Creation Example: Phase 1 Apartments
VALUE CREATION EXAMPLE 1900 EGLINTON AVE E PHASE 1: 2 APARTMENTS POTENTIAL VALUE CREATION: $7 MILLION Only phase 1 of this redevelopment is included in the total project count (256) & potential value creation ($3.0B - $3.6B) calculations SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION 24
Slide 25: Fashion Retail Opportunity Example: Pickering
FASHION RETAIL OPPORTUNITY EXAMPLE PICKERING • 48 acres with 546,000 sf. of retail • A Walmart and Lowe’s anchored shopping centre, with fashion retail • 5 minutes from the Pickering GO station, next to Highway 401 and minutes from Durham Live. SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION 25
Slide 26: Fashion Retail Opportunity Example: Pickering
FASHION RETAIL OPPORTUNITY EXAMPLE PICKERING • Opportunity to consolidate and build up to 8 million sf. • Phase 1 includes 2 residential towers (33/34 stories, 737 units) • Masterplan includes 5 million sf. of density • Official Plan Amendment, Zoning and Phase 1 Site Plan submissions completed. • P
Slide 27: Major Mixed-Use Development Initiatives
MAJOR MIXED-USE DEVELOPMENT INITIATIVES Estimated Costs ($M) Estimated Gain on Final Sale and Timing GLA SRU 100% SRU SRU Site Project Type ('000sf) / Completio % Share Share Share Yield Profit % Share Timing Units n Year 1. VMC (Office Towers) a. KPMG (T#1) Office 360sf 2016 50% $180 $90.0 5.7% — —
Slide 28: Major Mixed-Use Development Initiatives
MAJOR MIXED-USE DEVELOPMENT INITIATIVES Estimated Costs ($M) Estimated Gain on Final Sale and Timing SRU GLA % 100% SRU SRU Site Project Type ('000sf) Completi Share Share Share Yield Profit % Share Timing / Units on Year 9. Pointe-Claire Rental Apartments Apartments 300 Units 2022-2023 50% $115 $57
Slide 29: Joint Venture Partnership Updates
JOINT VENTURE PARTNERSHIP UPDATES INVESTOR PRESENTATION 1. - REVERA Q3 2019 2. - SMARTSTOP 3. - GREENWIN 29
Slide 30: Revera JV Projects
Partnership Update 7 REVERA JV PROJECTS • Total of 2,000 units across all 7 properties • 6% - 7.5% yield expected once stabilized • Seniors apartments & retirement residences (no long-terms care) Projects: • Barrie • Oakville - Downtown • Markham – Main Street • Toronto - Bathurst & Wilson (PPI owne
Slide 31: SmartStop JV Projects
Partnership Update 11 SMARTSTOP JV PROJECTS • 10,000 units and 1.3 million sf of GLA across all 11 properties Open and in lease-up: • Dupont St: Opened fall 2019 Under construction: • Laird (Toronto): Spring 2020 • Brampton: Fall 2020 • Vaughan: Winter 2020 Other: • Oshawa • Scarborough • Brampton K
Slide 32: Greenwin JV Projects
Partnership Update 2 GREENWIN JV PROJECTS: Over 2,000 purpose-built rental units across the 2 properties Barrie: • 7.8-acre multi-phased rental apartment community along the waterfront. Toronto - Balliol Avenue: • 1.15 acres • Yonge & Davisville - steps from the Davisville subway • Plans for newly b
Slide 33: Featured Initiatives
FEATURED INITIATIVES 1. SMARTVMC (VAUGHAN METROPOLITAN CENTRE), TORONTO | 100 ACRES – Page 34 2. VAUGHAN NORTH WEST, TORONTO | 42 ACRES – Page 41 3. WESTSIDE MALL, TORONTO | 12 ACRES – Page 43 4. OAKVILLE NORTH, TORONTO | 52 ACRES – Page 46 5. OAKVILLE SOUTH, TORONTO | 21 ACRES – Page 48 6. OTTAWA S
Slide 34: SmartVMC
• 100 Acres • Currently 900,000 sf. • Located at Hwy. 7 and 400 in the Vaughan Metropolitan Centre • Unparalleled Transit: • 15,000 daily TTC subway commuters INSERT MAP GRAPHIC IN THIS LIGHT • 5,600 weekly bus travelers • JV between SmartCentres and PART OF PAGE Penguin Properties • 2020 Walmart re
Slide 35: SmartVMC: A New City Centre
• A NEW CITY CENTRE • Potential for 20 million sf of mixed-use density • SmartCentres owned lands (25 acres) represent 5 million sf. of potential • Over 2 million sf currently INSERT MAP GRAPHIC IN THIS LIGHT under construction PART OF PAGE SMARTCENTRES REIT | Q1 2020 NVESTOR PRESENTATION HOME 35
Slide 36: SmartVMC Office
SMARTVMC OFFICE OFFICES 100% LEASED • 2,000 people working in the first two office towers • YMCA opening late 2020 with an anticipated 1,200 daily visits KPMG TOWER (365,000 SF) PwC/YMCA TOWER (220,000 SF) RENDERING REALITY RENDERING REALITY SMARTCENTRES REIT | Q4 2019 INVESTOR PRESENTATION HOME 36
Slide 37: SmartVMC Office Future Tower
600,000 SF SMARTVMC OFFICE FUTURE TOWER SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION HOME 37
Slide 38: SmartVMC Residential
SMARTVMC RESIDENTIAL 1, 2 & 3 RENDERING REALITY (March 2020) – Towers 1 & 2 topped off January 2020 Z SOLD OUT 1,741 UNITS ACROSS 3 TOWERS $710 AVERAGE PRICE PER SQUARE FOOT >35% RETURN ON COST +$30M PROFIT OVER ORIGINAL APPROVAL SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION HOME 38
Slide 39: SmartVMC Residential Rental
SMARTVMC RESIDENTIAL THE EAST BLOCK RENTAL RESIDENTIAL ‘THE MILLWAY’ 451 UNITS & TRANSIT CITY 4&5 1015 UNITS $835 & $865 PER SF. SOLD OUT CONSTRUCTION STARTED FALL 2019 SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION HOME 39
Slide 40: A New City Centre & Beyond
170+ ACRES A NEW CITY CENTRE…& BEYOND 30+ MILLION SF OF POTENTIAL (REIT SHARE 12.5 MILLION SF) 00 HWY 4 HWY 407 SRU: SMARTCENTRES REIT PPI: PENGUIN PROPERTIES INC. HOME 40
Slide 41: Vaughan NW Existing
EXISTING VAUGHAN NW • 41 acres • 397,584 sf. of retail • Walmart-anchored shopping centre at Major Mackenzie Drive & Weston Road INSERT MAP GRAPHIC IN THIS LIGHT PART OF PAGE SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION HOME 41
Slide 42: Vaughan NW Vision
THE VISION VAUGHAN NW • 1.7 million sf. of potential • JV with Fieldgate for 179 freehold townhouses. Construction expected to begin in 2020 • Construction in progress for JV with SmartStop - 875 self-storage units • JV with Revera for two towers – seniors’ apartment and retirement INSERT MAP GRAPHI
Slide 43: Westside Mall Existing
EXISTING WESTSIDE MALL (TORONTO) • 12 acres • 140,000 sf. of retail • Urban Toronto redevelopment site, just west of mid-town Toronto • Currently a Canadian Tire and Fresh co-anchored Shopping Centre • New Eglinton Crosstown light INSERT MAP GRAPHIC IN THIS LIGHT rapid transit (LRT) station to open
Slide 44: Westside Mall (Toronto)
WESTSIDE MALL (TORONTO) SmartCentres Properties along the new Eglinton Crosstown LRT: • Westside Mall (at Caledonia) • Laird • 1900 Eglinton (at Pharmacy & Hakimi Lebovic) SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION HOME 44
Slide 45: Westside Mall Vision
THE VISION WESTSIDE MALL (TORONTO) • Planning entitlements for 3 million sf. • Development plans include residential towers and retail. SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION HOME 45
Slide 46: Oakville North Existing
EXISTING OAKVILLE NORTH • 52 acres • 461,040 sf. of retail • Shopping Centre at Highway #5 and Trafalgar Road in the Greater Toronto Area West • Anchored by a 195,000 sf. Walmart Supercentre and a 120,000 sf. Real Canadian Superstore INSERT MAP GRAPHIC IN THIS LIGHT • Located within the uptown core
Slide 47: Oakville North Vision
THE VISION OAKVILLE NORTH • Master plan demonstrates an average density of 4.4 FSI and over 7 million sf. of residential, retail and mixed use • The town recently initiated an official plan review for the uptown core. • SmartCentres is seeking increased height permissions INSERT MAP GRAPHIC IN THIS
Slide 48: Oakville South Existing
EXISTING OAKVILLE SOUTH • 21 acres • 330,000 sf. of retail • Shopping Centre in the Greater Toronto Area West • Anchored by strong retailers such as Metro Foods, Shoppers Drug Mart, LCBO, Winners and Goodlife Fitness INSERT MAP GRAPHIC IN THIS LIGHT PART OF PAGE SMARTCENTRES REIT | Q1 2020 INVESTOR
Slide 49: Oakville South Vision
THE VISION OAKVILLE SOUTH • 430,000 sf. of potential • Plans include a JV Revera seniors' residence (300 units) and a townhouse development. • Discussions have been initiated with the municipality, tenants and potential partners to evolve the site INSERT MAP GRAPHIC IN THIS LIGHT PART OF PAGE SMARTC
Slide 50: Ottawa SW Existing
EXISTING OTTAWA SW • 14.70 acres • 172,000 sf. of retail, 88,000 sf of office space • At the corner of Clyde & Baseline, just south-west of downtown Ottawa • Great visibility from major arterial roads and excellent public transit INSERT MAP GRAPHIC IN THIS LIGHT • Adjacent to a 149,949 sf. Walmart a
Slide 51: Ottawa SW Vision
THE VISION OTTAWA SW • Development plans include a seniors’ apartment and retirement residence JV with Selection Group, with a combined 413 units. • Official Plan Amendment, Zoning Bylaw Amendment and Site Plan Control submissions complete INSERT MAP GRAPHIC IN THIS LIGHT • Construction expected to
Slide 52: Laval Centre Existing
EXISTING LAVAL CENTRE • 35 acres • 159,779 sf. of retail • Anchored by a Walmart Superstore • Greater Montreal Area lands designated as ‘centre-ville’, due to highway and transit access INSERT MAP GRAPHIC IN THIS LIGHT PART OF PAGE SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION HOME 52
Slide 53: Laval Centre Vision
THE VISION LAVAL CENTRE • 4.5 million sf. of potential • Parcels of land sold to others for seniors’ residence, hotel and office development • JV with Jadco for Equinoxe Daniel-Johnson rental apartments INSERT MAP GRAPHIC IN THIS LIGHT PART OF PAGE • Remaining land to be developed for mixed-use SMAR
Slide 54: Laval Centre Vision
THE VISION LAVAL CENTRE • Construction complete on the first of 2 15-storey Equinoxe Daniel-Johnson rental apartments – first residents moved in March 1. Already 50% leased. • Second 15-storey tower REALITY construction expected begin Fall 2020 • 342 rental residential units in total across two towe
Slide 55: Pointe-Claire Existing
EXISTING POINTE-CLAIRE • 22 acres • 384,915 sf. of retail • Walmart and Home Depot anchored site in West Montréal • Well-located site in Montreal’s INSERT MAP GRAPHIC IN THIS LIGHT West Island, purchased in 2016 PART OF PAGE • Excellent transit (new light rail transit line to downtown) and road acce
Slide 56: Pointe-Claire Vision
THE VISION POINTE-CLAIRE • Secured zoning for multiple uses including residential, seniors housing and office on the perimeter of the property • First rental apartment building expected to be completed in 2022 • Significant NAV accretion potential from entitlements INSERT MAP GRAPHIC IN THIS LIGHT a
Slide 57: Bradford Existing
EXISTING BRADFORD • 57 acres • 280,000 sf. of retail • Fast growing community North of Toronto • Currently a Walmart- anchored Shopping Centre INSERT MAP GRAPHIC IN THIS LIGHT PART OF PAGE SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION HOME 57
Slide 58: Bradford Vision
THE VISION BRADFORD • 565,000 sf. of potential • Preliminary intensification plans include a hotel, seniors' residence, town homes, mid-rise residential apartments and/or condos • Process underway for municipal approval INSERT MAP GRAPHIC IN THIS LIGHT PART OF PAGE SMARTCENTRES REIT | Q1 2020 INVEST
Slide 59: Chilliwack Existing
EXISTING CHILLIWACK • 15.5 acres • 124,865 sf. of retail • Currently a Winners and Safeway-anchored shopping centre • Located in the Fraser Valley, East of Vancouver INSERT MAP GRAPHIC IN THIS LIGHT PART OF PAGE SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION HOME 59
Slide 60: Chilliwack Vision
THE VISION CHILLIWACK • Official community plan amendment and rezoning approval by council in September 2019 • Proposal includes demolition of the current enclosed mall to accommodate: • 163,705 sf. of INSERT MAP GRAPHIC IN THIS LIGHT commercial, and PART OF PAGE • 2.63 acres of residential; Three 6
Slide 61: Financial Highlights: Our Retailers Continue to Support Canadians
FINANCIAL HIGHLIGHTS: OUR RETAILERS CONTINUE TO SUPPORT CANADIANS
Slide 62: High Quality Tenants
HIGH QUALITY TENANTS TOP 4 TENANTS ANNUAL RENT $202,300,000 $37,500,000 RENTAL INCOME FROM TOP 4 TENANTS $34,300,000 $296,000,000 $21,900,000 TOP 4 TENANTS REPRESENT OF TOTAL 37% RENTAL INCOME SMARTCENTRES REIT | Q4 2019 INVESTOR PRESENTATION 62
Slide 63: Stable Retail Income Base
STABLE RETAIL INCOME BASE…. LEASE MATURITY BY AREA (in millions of square feet) Average roll of 2.4M sf. annually (7.0% of total GLA per year) 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 MTM Vacant 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Beyond Walmart Other A
Slide 64: Ongoing Services Innovation: New Revenue Sources
ONGOING SERVICES INNOVATION… DIGITAL SIGNAGE EV CHARGING STATIONS PENGUIN PICKUP 5G CELL TOWERS … NEW REVENUE SOURCES SMARTCENTRES REIT | Q1 2020 INVESTOR PRESENTATION 64
Slide 65: Total Returns to Unit Holders
TOTAL RETURNS TO UNIT HOLDERS $1,200 11.6% AVERAGE ANNUAL RETURN SINCE IPO (as of May 8, 2020) $1,000 $800 $688.05 $600 $450.39 $400 $379.94 $200 $0 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 -0 -0 -0 -0 -0 -0 -0 -0 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 v v v v v v v v v v v v v v v v v v No No No No No No No No N
Slide 66: Stable Cashflow
STABLE CASHFLOW 81.1% 83.1% 81.8% 83.0% 87.5% PAYOUT RATIO* 2015 2016 2017 2018 2019 in thousands of dollars (except per Unit information) FFO per Unit(1) 2.10 2.17(4) 2.20 2.28 2.26(5) AFFO/ACFO per Unit(2) 1.99 2.00(4) 2.10 2.13 2.08(5) Distributions per Unit 1.61 1.66 1.71 1.76 1.81 DRIP particip
Slide 67: Total Assets Valued at $10.4B
TOTAL ASSETS VALUED AT $10.4B TOTAL ASSETS (in billions of $) 12.0 1.90 10.4 9.9 Annualized Distributions ($ per Unit) 10.0 30.3% CAGR 9.4 9.5 1.80 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 3.6 3.9 1.40 4.0 2.6 1.30 2.0 1.0 1.20 0.1 0.2 - 1.10 2002 2003 2004 2005 2006 200
Slide 68: Debt / Maturity / Leverage
DEBT /MATURITY/LEVERAGE DEBT MATURITY (in millions of $) 500 450 400 350 371 300 320 300 250 250 250 220 200 200 142 160 134 119100 70 87 80 100 48 45 12 14 3 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 BEYOND Secured Debt Unsecured Debentures Unsecured Bank Loans Equity Accounted Investment
Slide 69: Conservative Capital Structure
CONSERVATIVE CAPITAL STRUCTURE Secured Debt Financing 16.8% Amount - $1.4B Weighted Avg Interest Rate – 3.80% $8.3B Weighted Avg Term to Maturity – 4.3 years Total Enterprise Value Unsecured Debt Amount - $2.7B Focused on: 32.4% Weighted Avg Interest Rate – 3.37% Weighted Avg Term to Maturity – 4.7
Slide 70: Thank You
> THANKYOU
SmartCentres Real Estate Investment Trust — Q1 2020 Earnings Presentation on 6ix