Smartcentres Real Estate Investment Trust · TSX:SRU.UN
Smartcentres Real Estate Investment Trust — Q2 2025 Earnings Presentation
46 slides from Smartcentres Real Estate Investment Trust's earnings presentation, August 2025
Slide 1: 2025 Q2 Investor Presentation
REAL ESTATE INVESTMENT TRUST August 2025 2025 Q2 Investor Presentation CANADA’S SHOPPING CENTRE
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements in this document are "forward-looking statements” that constitute forward-looking information (within the meaning of Canadian securities laws) and that reflect management's expectations regarding the Trust's future growth, results of operations, performa
Slide 3: Q2 2025 Highlights
Q2 2025 Highlights SmartCentres continued its strong financial and operational performance with increased demand for retail Leasing Momentum Strong leasing momentum continued with an in-place and committed occupancy rate of 98.6% and 147,818 sq. ft. of existing vacant space leased during the quarter
Slide 4: Q2 2025 Financial Highlights
Q2 2025 Financia In-place and Committed Occupancy Rate Renewal Rent Change (incl. Anchors) Same Property NOI Growth (YoY Change) FFO / unit (diluted) FFO ex. TRS / unit (diluted) AFFO / unit (diluted) Adj. Debt / Adj. EBITDA Highlights Q@2 2025 98.6% 6.1% 4.8% $0.58 $0.57 $0.54 9.6x Q1 2025 H 98.4%
Slide 5: Contents
Contents 01 About SmartCentres 02 Leading Development Pipeline 03 Environmental, Social & Governance 04 Financial Flexibility and Strength
Slide 6: About SmartCentres
O1 About SmartCentres
Slide 7: SmartCentres at a Glance
ABOUT SMARTCENTRES SmartCentres at a Glance SmartCentres’ portfolio includes an ownership interest in properties comprising retail shopping centres, mixed-use properties, and development lands. Over 90% of the Canadian population lives within 10 km of a SmartCentres shopping centre. Types of Shoppin
Slide 8: Our Foundation is Supported by Three Key Pillars
ABOUT SMARTCENTRES Our Foundation is Supported by Three Key Pillars 1) Resilient Walmart and Grocery- anchored Shopping Centres v Favourably located open- air shopping centres across the country with ample parking Growing Income from Mixed-use Portfolio Y Diversified portfolio of mixed-use propertie
Slide 9: Evolution of SmartCentres into a Leading Player
ABOUT SMARTCENTRES Evolution of SmartCentres into a Leading Player AN SMARTLIVING Y SMARTCENTRES ONGOING SMARTCENTRES AQUIRES $513M INITIATIVES WALMART JOINT : LAUNCHES SMARTVMC WEST VENTURE WITH sarees ee SMARTLIVING LANDS yoetnomnes. SMARTCENTRES Foes EvOLvES Residential growth Doubling the REIT’s
Slide 10: Recession Resistant Portfolio Provides Support for Sustainable Growth
ABOUT SMARTCENTRES Recession Resistant Portfolio Provides Support for Sustainable Growth Zs = er = i me ee Ms for Ru ar or ar ws Ra er = fer Resilient Retail 30+ Year Significant Robust Exceptional Base with Strategic Development Financial Team Growing Partnership Pipeline Position Mixed-use with Wa
Slide 11: Stable Tenants and Cashflows
ABOUT SMARTCENTRES Stable Tenants and Cashflows 99+” rental receipts TOP 10 TENANTS BY REVENUE" 95+” of tenants are national or regional 45+” of rental income from top 10 tenants 60+” of tenants provide consumers with essential services 23.0% 4.5% Ws he, Walmart >< 4.4% 2.7% Ux Loblaws 2.2% 2.1% LDO
Slide 12: Majority Walmart Anchored with Leading Occupancy
ABOUT SMARTCENTRES Majority Walmart Anchored with Leading Occupancy IN-PLACE AND COMMITTED CENTRE PROFILE OCCUPANCY RATE 7] Ps Greater-VECTOM: 98.6% 72.1% py Primary: 97.6% REVENUE Peer Average! Secondary: 11.6% = Greater-VECTOM 76.7% BY PROPERTY Primary FAIR VALUE Secondary 10.2% Walmart >;< 114 sh
Slide 13: Major Tenants Currently Accelerating Growth
ABOUT SMARTCENTRES Major Tenants Currently Accelerating Growth ; Sobveys & Walmart >< Costco f UX —Swnowas | FRESHES) G5 mMark’s | metro | EEO) LCBO SEPHORA BulkBarn” Stoblaws GCLFIOWN i § i) CIBCO mes Popeyes Goodlife FITNESS & BMO © Scotiabank FITNESS SMA\ OLA FITNESS
Slide 14: Upcoming Maturities Provide Upside
ABOUT SMARTCENTRES Upcoming Maturities Provide Upside 10.0 8,0 6.0 16% 14% 4.0 10% 3% 2% Vacant 2028 2026 2027 2028 2.0 18% 2029 @ Walmart @ Other Anchors Non-Anchor \ 41% NEXT 5 YEARS 25% MATURITY aw 17% 13% Average Expiring Rent $23.91 per sq. ft Average Market Rent - 2024 $30.98 per sq. ft.“ 2030
Slide 15: Unparalleled Development Pipeline
ABOUT SMARTCENTRES U npa ralleled Development as % of Total Assets2-3 Development Pipeline oO 86 MILLION SQ. FT. of projected mixed-use development initiatives! Supported by a strong financial position: Peer Average: 4.1% 35.6 Million sq. ft. RioCan income-producing portfolio > 6% Choice Crombie Fir
Slide 16: Exceptional Management Team with Significant Experience
Exceptional Management Satna Team with Significant ; Experience 30 Years Peter Slan MS Chief Financial Officer 29 Years ALIGNMENT AND <4 & » ke: ACCOMPLISHMENTS Allan Scully Executive Vice President, v Largest shareholder with Development 20+% equity interest 33 Years v Over 30 years of real estate
Slide 17: Leading Development Pipeline
02 Leading Development Pipeline
Slide 18: We Are Experienced Developers Which is Core to Our Growth Plan
LEADING DEVELOPMENT PIPELINE We Are Experienced Developers Which is Core to Our Growth Plan 1) Significant Landbank v Less than 25% land utilization currently v Significant opportunity to create value on existing income-producing properties through intensification 30 Years of Development Experience
Slide 19: Multiple Avenues for Future Growth
LEADING DEVELOPMENT PIPELINE Multiple Avenues for Future Growth Development Income Recurring Income yv Condos v Shopping Centres / Retail Y Townhomes Y Office v Apartments v Self-Storage v Industrial and Parking Innovation / Value-Add Services Y Space for Logistics v EV Charging v Digital Signage v
Slide 20: Future Mixed-use Development Pipeline
LEADING DEVELOPMENT PIPELINE Future Mixed-use Development I Pipeline consists principally of residential projects but also includes additional retail, seniors housing, self-storage and office projects as part of the portfolio’s expected future buildout. Square Feet Under Construction | 1% 0.8 Millio
Slide 21: Building Holistic Communities
Building Holistic Communities € 5 SMART Condos Townhomes Apartments Seniors il Public Spaces & Squares Transit Connectivity Prime, transrt @ Parks & Trails ach other Arts &Culture SMARTCENTRES REIT | 2025 G2 INVESTOR PRESENTATION 20
Slide 22: Development Initiatives Under Construction
LEADING DEVELOPMENT PIPELINE Development Initiatives Under Construction IN MILLIONS OF DOLLARS Projects Under , ; ti 1 No. of Construction Type REIT’s Actual / Estimated Initial = % of GFA’ pa Gaetia, f . Share (%) Occupancy / Closing Date Completion (sq. ft.) (Location/Project Name) Units Total Cap
Slide 23: Creating Value and Diversifying by Partnering with Leading Players
LEADING DEVELOPMENT PIPELINE Creating Value and Diversifying by Partnering with Leading Players RETAIL Seles SIMON Penguin APARTMENTS cogir JADCOW — Penguin e CONDOS © CENTRECOURT Penguin TOWNHOMES al, SELF-STORAGE SmartStep Self Storage Continuing construction on 200,000 sq. ft. Canadian Tire in Le
Slide 24: Retail: Canadian Tire Leaside
RETAIL Canadian Tire Corporation LEASIDE 225,000 sq. ft. Retail Project + 200,000 sq. ft. flagship Canadian Tire store * 25,000 sq. ft. of additional retail space * Canadian Tire expected to take possession in Q2'26 and open in Q4'26 + 50/50 joint venture with Penguin SMARTCENTRES REIT | 20252 INVES
Slide 25: Apartments: The Millway
> SMART APARTMENTS in Transit City 4 podium, The M i | Iway 7 a J 0 n Millway Tower) SMARTCENTRES REIT | IVESTOR PRESENTATION
Slide 26: Condos: ArtWalk
"APPLE MILL RD CONDOS A tWalk PRESOLD CONDO UNITS - TOWER A & SMART FULL ARTWALK BUILD-OUT: use towers 12 acres 550,000 sq. ft. 12 buildings idential units +4 Million sq. ft. ship 4,600 re: ntial units Construction commenced in fall 2 SMARTCENTRES REIT | 2 OR PRESENTATION
Slide 27: Townhomes: Vaughan NW
CITY View, Blyp ae Ver che MORE PAR Cay PHASE1 TOWNHOMES — DEVELOPMENT = oa i Wesre i 'D TOWNHOMES Vaughan NW 1: 1 km from Major Mackenzie Dr W & Weston Rd 41 Acres SMARTCENTRES REIT | 2 INVESTOR PRESENTATION 26,
Slide 28: Self-Storage
SELF-STORAGE SmartStop Storage Units: 21,000 1.90 Million sq. ft. of Operating GFA OPEN / IN LEASE-UP * Toronto (Dupont): Opened Oct. 2019 * Toronto (Leaside): Opened June 2020 + Brampton (Bramport): Opened Nov. 2020 * Vaughan NW: Opened Jan. 2021 * Oshawa South: Opened Aug. 2021 * Scarborough East:
Slide 29: Vaughan, ON
“FTWPADWCICAL VAUGHAN, ON
Slide 30: SmartVMC: The New City Centre
CURRENT LEADING DEVELOPMENT PIPELINE SmartVMC The New City Centre +100 Acre Land PORTAGE PKWY —— * = e TRANSIT HUB ON SITE TTC subway station Regional bus terminal VIVA rapid transit station WALMART freeing up 15.5 real estate fe > SMART res Sa Y YMCA Opened on-site, ORPRESENTATION 29
Slide 31: SmartVMC Vision
VISION > SMART SMARTVMC WEST SMARTVMC EAST SMARTVMC WEST LAND + ACQUIRED DEC 2021 LEADING DEVELOPMENT PIPELINE FULL SMARTVMC BUILD-OUT CAPABILITY: Sma rtVM Cc 15 million sq, ft. of Ntial s| million of office space and 2 million sq. ft. of retail space +20,000,000 sq. ft. on Completion +45,000 Reside
Slide 32: Environmental, Social and Governance
03 Environmental, Social and Governance
Slide 33: ESG Highlights
ENVIRONMENTAL, SOCIAL AND GOVERNANCE Highlights . ESG and sustainability considerations are woven into the fabric of SmartCentres % of retail properties achieved BOMA Best Gold 96 certification for excellence in energy and environmental management 55” of retail tenant portfolio committed to net zero
Slide 34: Annual Highlights of ESG Strategy
ENVIRONMENTAL, SOCIAL AND GOVERNANCE Annual Highlights of ESG Strategy G IMPLEMENTATION ROADMAP Year 1: 2023 Year 2: 2024 Year 3: 2025 For more information, plea: Developed TCFD alignment strategy ¥ Conducted GHG assessment and developed management approach Updated Associate onboarding, training and
Slide 35: Governance
ENVIRONMENTAL, SOCIAL AND GOVERNANCE Governance . RECENT GOVERNANCE ENHANCEMENTS SMARTCENTRES ACTION Adopted Trustee Term Limits Newly elected Trustees limited to a maximum of 15 years Corporate Governance and Compensation Committee became lependence on Committee i Independence on Committees fully i
Slide 36: Financial Flexibility and Strength
04 Financial Flexibility and Strength
Slide 37: Total Returns in Excess of Benchmarks
FINANCIAL FLEXIBILITY AND STRENGTH @ SmartCentres Total Returns in Excess © 1x Capped REIT of Benchmarks TSX Composite Value of $100 (Assumes Reinvested DistributionsY 12 6 Average Annual Return Since IPO! $1,250 $1,349 $1,000 $750 $500 $250 SMARTCENTRES REIT | 2025 G2 INVESTOR PRESENTATION
Slide 38: Stable Cash Distributions During Pandemic
FINANCIAL FLEXIBILITY AND STRENGTH Stable Cash Distributions During Pandemic 10-Year Growth in Regular Distributions (12 Month Rolling)’ 25% +20% _ == +18% 0% SS ___. ee o% 2013. 2014 «2015 «42016 §=2017 2018 2019 2020 20 2022 2023 2024 2025 -18* (25%) (50%) @ SmartCentres First Capital @ Choice? @
Slide 39: Significant Unencumbered Asset Base
FINANCIAL FLEXIBILITY AND STRENGTH Significant Unencumbered Asset Base Total Assets and % 2. Unencumbered Assets! 22.6% CAGR' (in Billions of $) since IPO Total Assets @ Unencumbered Assets @ Annualized Distributions 17 1.9 11.9 12.0 92 95 8.4 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2
Slide 40: Balanced Capital Structure
FINANCIAL FLEXIBILITY AND STRENGTH Balanced Capital Structure ENTERPRISE VALUE" DEBT METRICS $10.7B Interest Coverage 2.6x SECURED DEBT DBRS Credit Rating BBB Stable W.A. Rate: W.A. Maturity % A. i 4.42 3.1 Years Adj. Debt to Adj. EBITDA 9.6x UNSECURED DEBT W.A. Rate?: 3.86” Secured: 16% Unsecured:
Slide 41: Conservative Debt Maturity Profile
FINANCIAL FLEXIBILITY AND STRENGTH Conservative Debt % of Total Debt @ Unsecured Credit Facilities and Other Debt Maturity Profile @ Unsecured Debentures $2,000 $1,500 $1,000 $500 $0 @ Secured Debt 27% 13% 12% 11% $56 7% 3% $63 $56 $95 2025 2027 2028 2029 2030 2031 Thereafter SMARTCENTRES REIT | 202
Slide 42: Appendix
Appendix
Slide 43: SmartCentres Oakville North
Offering unmatched convenience and a diverse shopping experience in one of Oakville’s most sought-after locations. SmartCentres Oakville North OAKVILLE, ON is a premier 460,000 sq. ft. retail . destination, strategically anchored by Walmart and Loblaws, and featuring over 40 popular retailers, inclu
Slide 44: Toronto, ON: Leaside
Q TORONTO, ON Leaside EGLINTON AVE E { LAIRD DR I BRENTCLIFFE RD A premier retail destination featuring high-traffic retailers such as Farm Boy, Winners, LCBO, Best Buy and Home Depot. The Centre also includes a self- storage development completed in 2020, and a 225,000 sq. ft. expansion anchored by
Slide 45: Vaughan, ON: SmartVMC
Q VAUGHAN, ON SmartVMC I ontac ee E PKWY Sh SmartCentres’ Flagship Mixed-Use development, an emerging world-class 100+ acre City Centre in the Vaughan Metropolitan Centre (VMC). Seamlessly connected to downtown Toronto via the onsite TTC University subway line, this master-planned community is set t
Slide 46: Thank You
Thank You For more information, please contact: Investor Relations T 905 326 6400 httos://smartcentres.com/investing. SMARTCENTRES’ investorrelations@smartcentres.com REAL ESTATE INVESTMENT TRUST
SmartCentres Real Estate Investment Trust — Q2 2025 Earnings Presentation on 6ix