Smartcentres Real Estate Investment Trust · TSX:SRU.UN
Smartcentres Real Estate Investment Trust — Q4 2025 Earnings Presentation
46 slides from Smartcentres Real Estate Investment Trust's earnings presentation, February 2026
Slide 1: SmartCentres REIT 2025 Q4 Investor Presentation
SMARTCENTRES: REAL ESTATE INVESTMENT TRUST February 2026 2025 Q4 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: Q4 2025 Highlights
Q4 2025 Highlights SmartCentres continued its strong financial and operational performance with increased demand for retail Leasing Momentum Resilient leasing momentum with an industry leading in- place and committed occupancy rate of 98.6%. 430,000 sq. ft. of existing vacant space leased and 125,00
Slide 4: Q4 2025 Financial Highlights
Q4 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 Q4 2025 98.6% 6.3% 2.9% $0.54 $0.55 $0.48 9.7x Q3 2025 * 98.6% 6
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 : SMARTCENTRES SMARTCENTRES SMARTCENTRES ACQUIRES $513M CONTINUES TO WALMART JOINT SMARTCENTRES’ LAUNCHES SMARTVMC WEST DEVELOP SMARTCENTRES STRATEGIC SMARTLIVING LANDS Vaughan NW Townhomes SMARTCENTRES FOCUS EVOLVES R
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 44+” of rental income from top 10 tenants 60+” of tenants provide consumers with essential services 22.8% 4.5% Walmart >< Ux 4.5% 2.7% Loblaws 2.1% 2.1% Sobeys 1.7
Slide 12: Majority Walmart Anchored with Leading Occupancy
ABOUT SMARTCENTRES Majority Walmart Anchored with Leading Occupancy IN-PLACE AND COMMITTED OCCUPANCY RATE O° 98.6% 97.9% Peer Average! CENTRE PROFILE = BY REVENUE = BY PROPERTY FAIR VALUE Greater-VECTOM 72.2% Primary Secondary: 11.6% Greater-VECTOM 76.9% Primary Secondary: 10.1% Walmart >;< 114 shop
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
Upcoming Maturities wo ass Provide Upside Nom anchor \s NEXT 5 YEARS 10.0 MATURITY @ 0; “ 18% 16% 5 60 15% 14% 13% Average Expiring Rent = “e 8% 9% $24.23 per sq. ft. = oO 2.0 Average Market Rent - H2 2025 $44.50 per sq. ft.* = fi Vacant 20267 2027 2028 2029 2030 2031 2032 & Beyond SMARTCENTRES REIT
Slide 15: Unparalleled Development Pipeline
ABOUT SMARTCENTRES Unparalleled Development Pipeline 87 MILLION SQ. FT. of projected mixed-use development initiatives! Supported by a strong financial position: 35.6 Million sq. ft. income-producing portfolio $10.0 Billion unencumbered asset pool $1.1 Billion liquidity: cash + line of credit + acco
Slide 16: Exceptional Management Team with Significant Experience
ABOUT SMARTCENTRES Exceptional Management Rudy Gobin Te am Ww i t h Ss i 9g n ifi ca nt ; Portfolio Management and Investments Experience & Peter Slan Chief Financial Officer ALIGNMENT AND <q ke: ACCOMPLISHMENTS Allan Scully v Largest shareholder with seecutive vice President, 20%+ equity interest e
Slide 17: Leading Development Pipeline
O02 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. 37.4 Million Square Feet Under Construction |
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 Q4 INVESTOR PRESENTATION 20
Slide 22: Development Initiatives Under Construction
LEADING DEVELOPMENT PIPELINE Development Initiatives Under Construction Crolects Under Type REITs Estimsted initial %of ; GFA Rena tit (Location/Project Name) Share @%) “Occupancy / Completion (sa. ft) nei Vaughan NW (Phase | & ID Townhomes 50% 2024 68% 366,000 174 Montreal (Notre-Dame) Self- Storag
Slide 23: Creating Value and Diversifying by Partnering with Leading Players
LEADING DEVELOPMENT PIPELINE Creating Value and Diversifying by Partnering with Leading Players i “oe . RETAIL Proportion SIMON Penguin APARTMENTS cogir JADCOW — Penguin e CONDOS © centrecourt Penguin TOWNHOMES ay SELF-STORAGE SmartStop ‘elf Storage Continuing construction on 200,000 sq. ft. Canadia
Slide 24: Retail: 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 Q3'26 and open in Q’’27 + 50/50 joint venture with Penguin SMARTCENTRES REIT | 20254 INVES
Slide 25: Apartments
Baath | > SMART APARTMENTS 458 purpose-built rental units (45 in Transit City 4 podium, The M i | lway 7 cl ye . in Millway Tower) SMARTCENTRES REIT 5 Q4 INVESTOR 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 | 2025 Q4 INVESTOR 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 | 2025@4 INVESTOR PRESENTATION 26
Slide 28: Self-Storage
SELF-STORAGE SmartStop Storage Units: 25,000 1.9 Million sq. ft. of Operating GFA OPEN / IN LEASE-UP * Toronto (Dupont), ON: Opened Oct. 2019 * Toronto (Leaside), ON: Opened June 2020 * Brampton (Bramport), ON: Opened Nov. 2020 * Vaughan NW, ON: Opened Jan. 2021 * Oshawa South, ON: Opened Aug. 2021
Slide 29: Vaughan, ON
7 SSE EE 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 > SMART res Sa Y YMCA Opened on-site, April 2022 SMARTCENTRES REIT | 2025@4 INVESTOR PRESENTATION 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 96 ‘0 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 IMPLEMENTATION ROADMAP Year 1: 2023 v Updated Associate onboarding, training and development program to include ESG education y¥ Conducted GHG assessment and developed management approach v Aligned risk management processes to th
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 12.4” $1,500 Average Annual $1,510 Return Since IPO! $1,250 $1,000 $750 $500 “ en ae 2002 2003 2005 2006 2007 2008 2009 2010 2011 20
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% _ = +19% 0% — S/T +1% 2013. 2014 «2015 «2016 §=2017 2018 +2019 2020 20 2022 2023 2024 2025 -16* (25%) (50%) @ SmartCentres First Capital @ Choice? @ Rioca
Slide 39: Significant Unencumbered Asset Base
FINANCIAL FLEXIBILITY AND STRENGTH Significant Unencumbered Asset Base Total Assets and \% 2. Unencumbered Assets! 22.1% CAGR (in Billions of $) since IPO Total Assets @ Unencumbered Assets @ Annualized Distributions nz 19 11.9 12.1 92 95 8.4 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20
Slide 40: Balanced Capital Structure
FINANCIAL FLEXIBILITY AND STRENGTH Balanced Capital Structure ENTERPRISE VALUE" DEBT METRICS STLIB Interest Coverage DBRS Credit Rating SECURED DEBT 2.6x BBB Stable WA Rate W.A. Maturit Adj. Debt to Adj. EBITDA AL 1 . 4.53% : : 3.4 Years 9.7x UNSECURED DEBT W.A. Rate? 4.01% Secured: Floating Rate 15
Slide 41: Conservative Debt Maturity Profile
FINANCIAL FLEXIBILITY AND STRENGTH Conservative Debt Maturity Profile $1,500 $1,000 $500 $O 23% % of Total Debt @ Unsecured Credit Facilities and Other Debt @ Unsecured Debentures @ Secured Debt yy 18% 17% 7% 6% 2% 2029 2031 2032 Thereafter SMARTCENTRES REIT | 2025 Q4 INVESTOR PRESENTATION 40
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: Leaside, Toronto
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: SmartVMC, Vaughan
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
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