Smartcentres Real Estate Investment Trust · TSX:SRU.UN
Smartcentres Real Estate Investment Trust — Q3 2020 Earnings Presentation
69 slides from Smartcentres Real Estate Investment Trust's earnings presentation, November 2020
Slide 1: Q3 Investor Presentation
Q3 INVESTOR ~—" | PRESENTATION. SMARTCENTRES” REAL ESTATE INVESTMENT TRUST
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: Agenda
COVID-19 UPDATE 04 OUR LONG-TERM STRATEGY 12 PARTNERSHIP UPDATES 30 FEATURED PROPERTIES 33 FINANCIAL HIGHLIGHTS 64 SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 3
Slide 4: COVID-19 Update
COVID-19 UPDATE SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION
Slide 5: Covid Response: Supporting Canadians
COVID RESPONSE: SUPPORTING CANADIANS March 23rd – SmartCentres formally offered free use of 1 million sf. of built space, land, parking lots & signage, to help support government & health care covid-19 relief efforts Trillium Health Network and Hamilton Health Sciences, which include 13 hospitals an
Slide 6: Covid Response: Supporting Smaller Retailers
COVID RESPONSE: SUPPORTING SMALLER RETAILERS CECRA PROGRAM (CANADA EMERGENCY COMMERCIAL RENT ASSISTANCE) 6-month Government assistance program from APRIL – SEPTEMBER 2020 Tenant pays Landlord pays Government pays 25% 25% 50% of rent of rent of rent Q3 IMPACT Recovery from Federal Tenant Funding CECR
Slide 7: Improving Rent Collections
COVID RESPONSE: IMPROVING RENT COLLECTIONS* 95.6% 96.1% 93.1% 84.7% 82.2% 80.0% Rent collected including CECRA 75.7% 73.6% 78.2% 86.7% 89.0% 89.5% Rent collected excluding CECRA APRIL MAY JUNE JULY AUG SEPT *Collections as of October 23, 2020 SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 7
Slide 8: Accelerated Development Activity
COVID RESPONSE: ACCELERATED DEVELOPMENT ACTIVITY +40M SF of additional density advanced during COVID-19 SUPPORTED BY A STRONG FINANCIAL POSITION: 34.1M SF $5.8B $1.15B Income-producing Liquidity: Unencumbered Liquidity: Cash resources + portfolio asset pool operating line accordion available SMARTCE
Slide 9: Continued Construction Momentum
COVID RESPONSE: CONTINUED CONSTRUCTION MOMENTUM WALMART SMARTSTOP VAUGHAN VAUGHAN NORTHWEST COMPLETED CONSTRUCTION OF: 2 Transit City condos, A rental apartment in FROM in SmartVMC, Ontario Laval, Quebec THEN 1,100 units – 100% presold, 171 units – 80% leased $30 million of FFO in Q3 2 SmartStop sel
Slide 10: Built for Heavy Weather: Solid Tenant Base
BUILT FOR HEAVY WEATHER: SOLID TENANT BASE 166 +50% of rent from strong, properties at key creditworthy and open intersections across essential service tenants Canada: 97.4% 73% +25% industry-leading anchored by of revenue from occupancy rate Walmart Walmart 60% of tenants are essential services tha
Slide 11: Central Community Marketplace
BUILT FOR HEAVY WEATHER: CENTRAL COMMUNITY MARKETPLACE INCOME NET PRODUCING OPERATING OCCUPANCY GROCERY/ PROPERTIES INCOME RATE PHARMACY # % % % G-VECTOM 99 73 96.9 100 PRIMARY 32 16 97.2 100 SECONDARY 27 11 98.7 100 TOTAL 158 100% 97.4% 100% SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 11
Slide 12: Fulfilling Our Long-Term Strategy
FULFILLING OUR LONG-TERM STRATEGY: FROM SHOPPING CENTRES TO CITY CENTRES
Slide 13: Unlocking the Possibilities
A LAND DEVELOPMENT COMPANY UNLOCKING THE POSSIBILITIES 1989-1994 1999 2003 2014 Mitchell Goldhar helped Walmart Joint Venture First transaction Penguin Pickup bring Walmart to Canada with SmartCentres with Calloway REIT concept is introduced (Ultimately developing 175 (JV partners in 100 (CWT assets
Slide 14: Mitchell Goldhar, Executive Chairman
EXECUTIVE CHAIRMAN MITCHELL GOLDHAR ROLES & RESPONSIBILITIES Mitchell Goldhar provides development services to the REIT through his 100% owned company, Penguin: • His real estate development and operations business acumen give the REIT a competitive edge • He is personally leading the REIT’s massive
Slide 15: $10.4B in Total Assets
$10.4B + IN TOTAL ASSETS $12.1B REIT SHARE $5.5B -FOCUSED INITIATIVES APARTMENTS | CONDOS | TOWNS | SENIORS’ RESIDENCES SMARTCENTRES REIT | Q2 2020 INVESTOR PRESENTATION 15
Slide 16: Best Positioned for Intensification
BEST POSITIONED FOR INTENSIFICATION BEST PORTFOLIO IN THE COUNTRY 166 PROPERTIES 3,500 ACRES EASY ACCESS FLEXIBLE STRUCTURES MAJOR INTERSECTIONS <24% LAND UTILIZATION TRANSIT CONNECTIVITY 2,775 UNBUILT ACRES STRONG TENANT RELATIONSHIPS SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 16
Slide 17: Best Positioned for Intensification: Development Team
BEST POSITIONED FOR INTENSIFICATION DEVELOPMENT DEVELOPMENT THIS TEAM IN OUR DNA TEAM OF DEVELOPED 60 160 86% MILLION SF IN-HOUSE RESOURCES OF OUR CURRENT DEVELOPED FOCUSED ON RETAIL AREA SINCE 1989 INTENSIFICATION PLANNERS / DEVELOPERS • ENGINEERS • GOVERNMENT RELATIONS • LEASING • ENVIRONMENTAL /
Slide 18: Ongoing Services Innovation
ONGOING SERVICES INNOVATION… DIGITAL SIGNAGE EV CHARGING STATIONS PENGUIN PICKUP 5G CELL TOWERS …GENERATING NEW REVENUE SOURCES SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 18
Slide 19: Properties Identified for Intensification
94 PROPERTIES IDENTIFIED FOR INTENSIFICATION… BRITISH ALBERTA SASKATCHEWAN MANITOBA ONTARIO QUEBEC ATLANTIC TOTAL 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 3.9 3.2 63.0 13.9 4
Slide 20: 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 (88) SENIORS (45) (77%) (23%) (100%) CONDOS (46) TOWNHOUSES (14) HOTELS (5) SM
Slide 21: Development Income Initiatives
DEVELOPMENT INCOME INITIATIVES OUR STEADY PIPELINE OF CONDO AND TOWNHOUSE PROFITS WILL: STRENGTHEN STRENGTHEN FUND RECURRING LIQUIDITY EARNINGS LEVELS INCOME INITIATIVES 2020 (Q3) 2020 (Q4) 2021 2022 2023 Transit City 1 & 2 Transit City 1 & 2 Transit City 3 Vaughan Northwest Transit City 4 & 5 condo
Slide 22: Value Creation
VALUE CREATION 32 70 154 256 UNDERWAY ACTIVE FUTURE TOTAL CONSTRUCTION INITIATION (Years) 1 2 3 4 5 6+ PLANNING ENTITLEMENTS (#) 31 31 77 139 PROJECT SF (SF Millions) 12.5 14.6 32.2 59.3 REIT SHARE 5.7 6.6 15.6 27.9 POTENTIAL VALUE CREATION $958.1 $698.6 $1,790.1 $3,446.8 ($ Millions) $456.0 $214.8
Slide 23: Value Creation Example: 1900 Eglinton Ave E
VALUE CREATION EXAMPLE 1900 EGLINTON AVE E – 28 ACRES • 380,000 SF • 28 acres with 380,000 sf of retail • Anchored by a Walmart Supercentre • The new Eglinton Crosstown LRT line is being built with two stations on its doorstep • Planning entitlements for 5.3 million sf. (incl. 14 towers up to 40 sto
Slide 24: Value Creation Example: 1900 Eglinton Ave E
VALUE CREATION EXAMPLE 1900 EGLINTON AVE E Full 20-year build-out would yield $250 million in potential value above the current IFRS value PHASE 1: 2 CONDO TOWERS POTENTIAL VALUE CREATION: $40 MILLION Only phase 1 of this redevelopment is included in the total project count (256) & potential value c
Slide 25: Retail Opportunity Example: Pickering
RETAIL OPPORTUNITY EXAMPLE PICKERING • 48 acres with 546,000 sf. of retail • Walmart and Lowe’s-anchored • 5 minutes from the Pickering GO station, next to Highway 401 and minutes from Durham Live 25
Slide 26: Retail Opportunity Example: Pickering
RETAIL OPPORTUNITY EXAMPLE PICKERING • Masterplan includes 5 million sf. of density • Phase 1 includes 2 residential towers (33/34 storeys, 737 units) • Preliminary plans include high-rise condos, townhouses, a seniors’ residence and • Official Plan, Zoning and Phase 1 Site Plan apartments applicati
Slide 27: Redevelopment Sequencing Example
REDEVELOPMENT SEQUENCING EXAMPLE HWY 400 & 7 • 20-acres of retail land • Retail closure altered the sequencing of residential redevelopment plans • Well located at Hwy 400 & Hwy 7 that were already underway • Serviced by VIVA Rapid Transit, with direct connection to SmartVMC & TTC 27
Slide 28: Redevelopment Sequencing Example
REDEVELOPMENT SEQUENCING EXAMPLE HWY 400 & 7 Masterplan includes: • Official Plan and Zoning • 5.1 million sf. of mixed use applications submitted • 14 buildings • Phase 1 site plan application • 3,900 residential units submitted 28
Slide 29: Major Mixed-Use Development Initiatives
MAJOR MIXED-USE DEVELOPMENT INITIATIVES Estimated Costs ($M) Estimated Gain on Final Sale GLA ('000sf) SRU SITE PROJECT TYPE /Units Completion Year % Share 100% SRU Share Yield Profit % SRU Share Timing KPMG (T#1) 360sf 2016 50% $175 $87.5 6.0% PwC-YMCA (T#2) (2) 113sf 2019 50% $58 $29.2 5.3% 1. VMC
Slide 30: Revera JV Projects
Partnership Update 7 REVERA JV PROJECTS • Approximately 1,700 units across all 7 properties • 6% - 8% yield expected once stabilized • Seniors apartments & retirement residences (NO LONG-TERM CARE) Projects: • Barrie • Oakville - Downtown • Markham – Main Street • Toronto - Bathurst & Wilson (Pengui
Slide 31: SmartStop JV Projects
Partnership Update 10 SMARTSTOP JV PROJECTS • Approximately 9,000 units and 900,000sf of GLA across all 10 properties Open and in lease-up: • Dupont St: Opened fall 2019 • Leaside: Opened June 2020 • Brampton: Opened November 2020 Under construction: • Vaughan • Oshawa • Scarborough Other: • Brampto
Slide 32: Greenwin JV Projects
Partnership Update 2 GREENWIN JV PROJECTS Over 2,000 purpose-built rental units across the 2 properties Barrie Waterfront: • 7.8-acres on the waterfront • 4 towers of mixed use including residential, retail and hotel • Official Plan, Zoning and Site Plan applications submitted • SmartCentres has 50%
Slide 33: Featured Properties
FEATURED PROPERTIES 1. SMARTVMC (VAUGHAN METROPOLITAN CENTRE) TORONTO | 100 ACRES – Page 34 2. VAUGHAN NORTHWEST, TORONTO | 42 ACRES – Page 43 3. CAMBRIDGE | 73 ACRES – Page 45 4. WESTSIDE MALL, TORONTO | 12 ACRES – Page 47 5. OAKVILLE NORTH, TORONTO | 52 ACRES – Page 49 6. OAKVILLE SOUTH, TORONTO |
Slide 34: New City Centre
NEW CITY CENTRE 100 ACRES AT HWYS 7 400 IN THE VAUGHAN METROPOLITAN CENTRE
Slide 35: Unparalleled Transit Hub
UNPARALLELED TRANSIT HUB • TTC subway station on site • 43 minutes to Union Station, downtown Toronto • 2 stops from York University • 15,000 daily subway commuters • Regional Bus Terminal • VIVA Rapid transit station • 140,000sf Walmart opened in October 2020, freeing up 15.5 acres of prime real es
Slide 36: The New City Centre
THE NEW CITY CENTRE • Potential for 20 million sf of mixed-use density • SmartCentres owned lands (25 acres at REIT share) represent approximately 5 million sf of potential • 3.5 million sf. built or under construction SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 36
Slide 37: SmartVMC Residential
SMARTVMC RESIDENTIAL 1, 2 & 3 SOLD OUT 22 Townhouses presold 100% | Construction expected in December 1,741 >35% with delivery late 2021 $710 units across average price return on cost 3 towers per square foot $50M $35M in profit expected from in profit over Transit City 1 & 2 our original plan by De
Slide 38: SmartVMC Residential: The Next Phase
SMARTVMC RESIDENTIAL THE NEXT PHASE UNDER CONTRUCTION PURPOSE BUILT-RENTAL 454 UNITS TRANSIT CITY 4&5 1,026 UNITS $838 & $865 PER SF 20% DEPOSITS IN PLACE SOLD OUT SmartVMC’s first 6 residential towers will bring +6,000 residents to Vaughan SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 38
Slide 39: SmartVMC Offices
SMARTVMC OFFICES OFFICES 100% LEASED KPMG TOWER (365,000 SF) PwC/YMCA TOWER (220,000 SF) RENDERING REALITY RENDERING REALITY 2,000 employees in the first two office towers: SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 39
Slide 40: SmartVMC Office: The Next Phase
SMARTVMC OFFICE THE NEXT PHASE 21-STOREYS 500,000 SF ZONING & SITE PLAN APPLICATIONS SUBMITTED SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 40
Slide 41: SmartVMC Moving Forward
SMARTVMC MOVING FORWARD Planning Applications – In Progress BUTTERMILL AVE Zoning & site plan applications submitted 2.2 4 acres acres EDGELEY BLVD COMMERCE ST APPLE MILL RD Submissions imminent NEW PARK PLACE 1.7 acres (First Vaughan) SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 41
Slide 42: The New City Centre... & Beyond
170+ ACRES THE NEW CITY CENTRE…& BEYOND 30+ MILLION SF. OF POTENTIAL (REIT SHARE 12.5 MILLION SF) SRU: SMARTCENTRES REIT PPI: PENGUIN PROPERTIES INC. SmartCentres REIT leading most planning and development SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 42
Slide 43: Vaughan Northwest: Existing
EXISTING VAUGHAN NORTHWEST • 41 acres • 397,584 sf. of retail • Walmart-anchored shopping centre at Major Mackenzie Drive & Weston Road • 1 km from Canada’s first smart hospital, opening in 2021 SMARTCENTRES REIT | Q2 2020 INVESTOR PRESENTATION 43
Slide 44: Vaughan Northwest: Vision
VISION VAUGHAN NORTHWEST • 1.7 million sf. of potential • Construction in progress for an 875-unit SmartStop self- storage facility 4 BUILDINGS SMARTSTOP PHASE 1 SELF-STORAGE FIELDGATE • Approval to commence TOWNHOMES development of 179 freehold townhouses with Fieldgate • A Revera JV seniors’ apart
Slide 45: Cambridge: Existing
EXISTING CAMBRIDGE • 73 acres • 744,000 sf of retail • Walmart anchored shopping centre along Hwy 401 and Hespeler Rd • Minister’s Zoning Order (MZO) issued November 2020, permitting residential, retail, office, institutional and other commercial uses on the property. SMARTCENTRES REIT | Q2 2020 INV
Slide 46: Cambridge: Vision
VISION CAMBRIDGE • 10-20-year build-out, beginning in 2021 • Plans include over 12 million sf of development • Up to 10,000 new residential units, including rental apartments, condos, towns and seniors SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 46
Slide 47: Westside Mall (Toronto): 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 FreshCo anchored Shopping Centre • New Eglinton Crosstown LRT station to open on site • New GO station will connect East:West LRT to e
Slide 48: Westside Mall (Toronto): Vision
VISION WESTSIDE MALL (TORONTO) • Potential for up to 3 million sf. of residential density • Phase 1 plans includes 1 residential tower with 485 units and retail 1 TOWER PHASE 1 SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 48
Slide 49: 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 • Located within the uptown core area of Oakville with uncapped de
Slide 50: Oakville North: Vision
VISION OAKVILLE NORTH • Master plan has upwards of 7 million sf. of residential, commercial and retail • Phase 1 includes 2 residential towers with 28 and 29 storeys, 575+ units and 490,000 sf. combined 2 TOWERS PHASE 1 SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 50
Slide 51: 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 SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 51
Slide 52: Oakville South: Vision
VISION OAKVILLE SOUTH • 430,000 sf. of potential • Plans include a seniors' residence with Revera (161 units) and 86 townhomes SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 52
Slide 53: 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 • Adjacent to a 150,000 sf. Walmart and 22,000 sf. of retail SMARTCENT
Slide 54: Ottawa SW: Vision
VISION OTTAWA SW • Plans include 2 15-storey retirement towers (420 units) in partnership with Group Selection • Site zoned • Site plan approval imminent • Construction expected to begin Winter 2021 SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 54
Slide 55: Alliston: Existing
EXISTING ALLISTON • 36 acres • 171,000 sf. of retail • Walmart anchored shopping centre • Well located on Hwy #89 just east of Alliston close to Honda Manufacturing Plant SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 55
Slide 56: Alliston: Vision
VISION ALLISTON • Rezoning for residential (350 units), self-storage and hotel • 1st phase: 3 storey, 42-unit, purpose-built rental • Zoning application submitted • Site plan application submitted 1 BUILDING PHASE 1 SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 56
Slide 57: 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 SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 57
Slide 58: Laval Centre: Vision
VISION LAVAL CENTRE • 4.5 million sf. of potential • Parcels of land sold to develop a seniors’ residence, hotel and office • JV with Jadco for 2 Equinoxe Daniel-Johnson rental apartments (342 units) • Remaining land to be developed for mixed-use SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 58
Slide 59: Laval Centre: Vision
VISION LAVAL CENTRE RENDERING REALITY • Construction complete on the 1st of 2, 15-storey Equinoxe Daniel-Johnson rental apartments • First residents moved in March 2020 • Approximately 82% leased • Approval received to commence construction of the second 15-storey tower SMARTCENTRES REIT | Q3 2020 I
Slide 60: 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 West Island, purchased in 2016 • Excellent transit (new light rail transit line to downtown) and road access SMARTCENTRES REIT | Q3 2020 INVESTOR PRESEN
Slide 61: Pointe-Claire: Vision
VISION POINTE-CLAIRE • Zoning secured for multiple uses including residential, seniors housing and office on the perimeter of the property • First rental apartment building expected to be completed in 2023 • Significant NAV accretion potential from entitlements achieved to date 2 TOWERS PHASE 1 • Ma
Slide 62: Kirkland: Existing
EXISTING KIRKLAND • 16 acres • 207,216 sf of retail • Walmart anchored location well located on the south side of Hwy 40 SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 62
Slide 63: Kirkland: Vision
VISION KIRKLAND • Development plans include residential and other mixed- use opportunities 1 BUILDING PHASE 1 • Planning Advisory Committee package submitted July 2020 • Phase 1 construction anticipated to begin in 2021 SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 63
Slide 64: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 65: Total Returns to Unit Holders
TOTAL RETURNS TO UNIT HOLDERS $1,200 12.9% AVERAGE ANNUAL RETURN SINCE IPO (as of November 11, 2020) $1,000 $887.98 $800 $600 $509.92 $400 $432.76 $200 $0 SmartCentres TSX Capped REIT TSX Composite SMARTCENTRES REIT | Q3 2020 INVESTOR PRESENTATION 65
Slide 66: Stable Cashflow
STABLE CASHFLOW 83.1% 83.0% 87.5% 88.8% 81.1% 81.8% PAYOUT RATIO* 2015 2016 2017 2018 2019 Q3 2020 in thousands of dollars (except per Unit information) FFO per Unit(1) 2.10 2.17(3) 2.20 2.28 2.26(4) AFFO/ACFO per Unit(2) 1.99 2.00(3) 2.10 2.13 2.08(4) Distributions per Unit 1.61 1.66 1.71 1.76 1.81
Slide 67: Total Assets Valued at $10.4B
TOTAL ASSETS VALUED AT $10.4B TOTAL ASSETS (in billions of $) 12.0 1.90 10.4 29.3% CAGR 9.9 1.80 Annualized Distributions ($ per Unit) 10.0 since 2002 9.4 9.5 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 2006 200
Slide 68: Debt / Maturity / Leverage
DEBT /MATURITY/LEVERAGE DEBT MATURITY (in millions of $) 600 550 500 450 371 400 350 320 300 300 300 250 220 250 200 200 135 142 119 100 160 87 80 100 18 44 39 14 45 8 5 3 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 BEYOND Secured Debt Unsecured Debentures Unsecured Bank Loans Equity Account
Slide 69: Thank You
> THANKYOU
SmartCentres Real Estate Investment Trust — Q3 2020 Earnings Presentation on 6ix