Smartcentres Real Estate Investment Trust · TSX:SRU.UN
Smartcentres Real Estate Investment Trust — Q1 2025 Earnings Presentation
45 slides from Smartcentres Real Estate Investment Trust's earnings presentation, May 8, 2025
Slide 1: 2025 Q1 Investor Presentation
REAL ESTATE INVESTMENT TRUST May 2025 2025 Q!1 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: 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 4: Leaside, Toronto, ON
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 224,000 sq. ft. expansion anchored by
Slide 5: SmartVMC, Vaughan, ON
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 6: Q1 2025 Highlights
Q1 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 98.4% and 178,408 sq. ft. of existing space leased during the quarter Same P
Slide 7: Q1 2025 Financial Highlights
Q1 2025 Financial Highlights Q1 2025 Q4 2024 Ql 2024 In-place and Committed 98.7% 97.7% Occupancy Rate 98.4% v ees * aera Renewed Rent Change (incl. Anchors) 6.3% * 6.1% 6.3% Same Property NOI Growth 3.8% 3.0% (YoY Change) RS * 03% + me FFO / unit (diluted) $0.56 » $0.53 * $0.48 FFO ex. TRS / unit (
Slide 8: Contents
Contents 01 About SmartCentres 02 Leading Development Pipeline 03 Environmental, Social & Governance 04 Financial Flexibility and Strength
Slide 9: About SmartCentres
O1 About SmartCentres
Slide 10: 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 11: 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 v Existing and new retailers ¥ Partnered with leaders in continue to expand and various formats v Over 30 years of require additional retail development experience space
Slide 12: Evolution of SmartCentres into a Leading Player
ABOUT SMARTCENTRES Evolution of SmartCentres into a Leading Player SMARTLIVING } SMARTCENTRES 2025 INITIATIVES SMARTCENTRES AQUIRES $513M Vaughan NW WALMART JOINT MARTCENTRES’ LAUNCHES SMARTVMC WEST Townhomes VENTURE WITH STRATEGIC. SMARTLIVING LANDS Artwalk Condo Phase 1 SMARTCENTRES FOCUS EVOLVES
Slide 13: 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 14: 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% 2.8% Ux Loblaws 2.2% 2.1% LDO
Slide 15: Majority Walmart Anchored with Leading Occupancy
ABOUT SMARTCENTRES Majority Walmart Anchored with Leading Occupancy IN-PLACE AND COMMITTED OCCUPANCY RATE ° 98.4% Peer Average! 97.4% CENTRE PROFILE = BY REVENUE = BY PROPERTY FAIR VALUE Greater-VECTOM 72.1% Primary Secondary: 11.6% Greater-VECTOM 76.5% Primary Secondary: 10.3% Walmart >;< 114 shopp
Slide 16: 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 17: Upcoming Maturities Provide Upside
ABOUT SMARTCENTRES Upcoming Maturities Provide Upside 8.0 6.0 16% 14% 12% 6% 2% Vacant 2025? 2026 2027 2028 18% 2029 @ Walmart @ Other Anchors 43% Non-Anchor NEXT 21% 5 YEARS MATURITY es' 16% 11% Average Expiring Rent $23.89 per sq. ft.- Average Market Rent - 2024 $30.98 per sq. ft.“ 2030 2031 & Bey
Slide 18: Unparalleled Development Pipeline
ABOUT SMARTCENTRES Unparalleled Development Pipeline 85 MILLION SQ. FT. of projected mixed-use development initiatives! Supported by a strong financial position: 35.4 Million sq. ft. income-producing portfolio $9.6 Billion unencumbered asset pool $1.1 Billion liquidity: cash + line of credit + accor
Slide 19: 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 20: Leading Development Pipeline
O02 Leading Development Pipeline
Slide 21: 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 22: 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 23: Future Mixed-use Development Pipeline
LEADING DEVELOPMENT PIPELINE Future Mixed-use Development | 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% 1.0 Millio
Slide 24: Building Holistic Communities
Building Holistic il @ Communities Public Spaces Parks & Trails & Squares ¢ SMART ning : : rare Condos Townhomes Transit Arts &Culture Connectivity Apartments Prime, transit Seniors SMARTCENTRES REIT | 2025 GIINVESTOR PRESENTATION 23
Slide 25: Development Initiatives Under Construction
LEADING DEVELOPMENT PIPELINE Development Initiatives Under Construction IN MILLIONS OF DOLLARS Projects Under ,, ; iti 1 _ No. of Construction Type REIT’s Actual / Estimated Initial %of GFA’ ‘ont (Location/Project Name) Share (%) Occupancy / Closing Date Completion (sq. ft.) "Units i Total Capital S
Slide 26: 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 27: Retail: Canadian Tire Leaside
RETAIL Canadian Tire Corporation LEASIDE 224,000 sq. ft. Retail Project + 200,000 sq. ft. flagship Canadian Tire store * 24,000 sq. ft. of additional retail soace * Canadian Tire expected to take possession in early 2026 and open in Q2’26 + 50/50 joint venture with Penguin SMARTCENTRES REIT | 2025GI
Slide 28: Apartments: The Millway
Y& SMART . APARTMENTS in Transit City 4 podium, The M i | Iway 7 a J 0 n Millway Tower) OR PRESENTATION
Slide 29: 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 ‘CENTRES REIT | 2 PRESENTATION
Slide 30: 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 PRESENTATION 29
Slide 31: Self-Storage
SELF-STORAGE SmartStop Storage Units: 21,000 1.40 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 32: Vaughan, ON
“FTWPADWCICAL VAUGHAN, ON
Slide 33: SmartVMC Current
CURRENT > SMART res ee ed PORTAGE PKWY —— * = LEADING DEVELOPMENT PIPELINE (=) 3 Y S ma rtV M Cc TRANSIT HUB ON SITE WALMART YMCA * TTC subway station ae Opened on-site, € al bus April 2022 Regional bus terminal freeing up 155 es of prime p The New City Centre + VIVA rapid transit station _ ms fr +1
Slide 34: 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 35: Environmental, Social and Governance
03 Environmental, Social and Governance
Slide 36: 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 76 certification for excellence in energy and environmental management 55” of retail tenant portfolio committed to net zero
Slide 37: Annual Highlights of ESG Strategy
ENVIRONMENTAL, SOCIAL AND GOVERNANCE Annual Highlights of ESG Strategy IMPLEMENTATION ROADMAP Year 1: 2022 v Finalized first three-year ESG Strategic Plan Published first annual ESG Report Updated Privacy and Cyber Security Policy y Conducted employee satisfaction survey ¥ Completed first Global Rea
Slide 38: 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 39: Financial Flexibility and Strength
04 Financial Flexibility and Strength
Slide 40: 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 Average Annual Return Since IPO! $1,250 $1,255 $1,000 $750 yt $584 $500 $250 SMARTCENTRES REIT | 2025 Gl INVESTOR PRESENTATION
Slide 41: 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 «2016 §=2017 2018 2019 2020 20 2022 2023 2024 2025 -19% (25%) (50%) @ SmartCentres First Capital @ Choice?
Slide 42: Significant Unencumbered Asset Base
FINANCIAL FLEXIBILITY AND STRENGTH Significant Unencumbered Asset Base Total Assets and Yo 2. Unencumbered Assets! 22.8” CAGR' (in Billions of $) since IPO Total Assets @ Unencumbered Assets @ Annualized Distributions 7 11.9 1.9 11.9 92 95 8.4 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2
Slide 43: Balanced Capital Structure
FINANCIAL FLEXIBILITY AND STRENGTH Balanced Capital Structure ENTERPRISE VALUE" $10.6B SECURED DEBT W.A. Rate: 4.22% UNSECURED DEBT W.A. Rate?: 3.87% OTHER? EQUITY* Yield: 7.29% DEBT METRICS Interest Coverage DBRS Credit Rating 2.5x BBB Stable W.A. Maturity Adj. Debt to Adj. EBITDA 3.3 Years 9.6x ~~
Slide 44: 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% 14% 11% 12% 10% $56 7% 2% S26 $28 $61 $23 $94 ERG 2025 2027 2028 2029 2030 2031 Thereafter SMARTCE
Slide 45: 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
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