Smartcentres Real Estate Investment Trust · TSX:SRU.UN
Smartcentres Real Estate Investment Trust — Q3 2025 Earnings Presentation
46 slides from Smartcentres Real Estate Investment Trust's earnings presentation, November 2025
Slide 1: 2025 Q3 Investor Presentation
REAL ESTATE INVESTMENT TRUST November 2025 2025 Q3 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: Q3 2025 Highlights
Q3 2025 Highlights SmartCentres continued its strong financial and operational performance with increased demand for retail Leasing Momentum Strong leasing momentum continued with an industry leading in-place and committed occupancy rate of 98.6% and 68,019 sq. ft. of existing vacant space leased du
Slide 4: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights Q@3 2025 Q2 2025 Q3 2024 In-place and Committed 98.6% 98.6% 98.5% Occupancy Rate S +011 Renewal Rent Change (incl. Anchors) 6.2% * 6.1% * 6.1% Same Property NOI Growth 48% 4.9% (YoY Change) 2.6% Vv ae v 3%. FFO / unit (diluted) $0.59 p 8058 y 70.71 FFO ex. TRS / unit (di
Slide 5: Contents
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 22.9% * 4.5% x WS CANADIAN Walmart >< 4.4% 2.7% Ux WLoblaws 2.2
Slide 12: Majority Walmart Anchored with Leading Occupancy
ABOUT SMARTCENTRES Majority Walmart Anchored with Leading Occupancy IN-PLACE AND COMMITTED CENTRE PROFILE OCCUPANCY RATE } Ps Greater-VECTOM: 98.6% 72.2% 97.8% ey Primary Peer Average! REVENUE Secondary: 11.6% = Greater-VECTOM 76.8% BY PROPERTY Primary FAIR VALUE Secondary 10.2% 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
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 $24.09 per sq. ft. Average Market Rent - 2024 $30.98 per sq. ft.“ 203
Slide 15: Unparalleled Development Pipeline
ABOUT SMARTCENTRES Unparalleled Development Pipeline 86 MILLION SQ. FT. of projected mixed-use development initiatives! Supported by a strong financial position: 35.6 Million sq. ft. income-producing portfolio $9.8 Billion unencumbered asset pool $1.1 Billion liquidity: cash + line of credit + accor
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
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 G3 INVESTOR PRESENTATION 20
Slide 22: Development Initiatives Under Construction
LEADING DEVELOPMENT PIPELINE Development Initiatives Under Construction IN MILLIONS OF DOLLARS Projects Under REITs Estimsted initial %of GFA No.of Construction Type - Residential (Location/Project Name) Share (%) | Occupancy/ Completion _(sa. ft.) a Closing Date Total Capital Spend to $443 Date at
Slide 23: Creating Value 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: Canadian Tire Leaside Retail Project
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 | 20253 INVES
Slide 25: Apartments
Baath | > SMART APARTMENTS 458 purpose-built rental units (45 in Transit City 4 podium, The M i | lway ae cl ye ° in Millway Tower) f the units leased SMARTCENTRES REIT 33 INVESTOR PRESENTATION
Slide 26: ArtWalk Condos
"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 c OR PRESENTATION
Slide 27: Vaughan NW Townhomes
CITY View, Blyp t ” ste ORE AR. 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 a R PRESENT)
Slide 28: Self-Storage
SELF-STORAGE SmartStop Storage Units: 22,000 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
“FTWPADWCICAL VAUGHAN, ON
Slide 30: SmartVMC: The New City Centre
CURRENT PORTAGE PKWY —— * = LEADING DEVELOPMENT PIPELINE (=) Sma rtVMC TRANSIT HUB ON SITE * TTC subway station Regional bus terminal The New City Centre + VIVA rapid transit station +100 Acre Land WALMART > SMART res Sa Y YMCA Opened on-site, April 2022 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 96 ‘0 certification for excellence in energy and environmental management 55” of retail tenant portfolio committed to net zero b
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 12.2” $1,500 Average Annual Return Since IPO! $1,411 $1,250 $1,000 $750 $500 $250 SMARTCENTRES REIT | 2025 G3 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% ——oeeeSSS 71 o% 2013. 2014 «2015 «2016 §=2017 2018 +2019 2020 20 2022 2023 2024 2025 -17% (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! 22.4” 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 $10.9B Interest Coverage SECURED DEBT 2.6x DBRS Credit Rating BBB Stable W.A. Rate: W.A. Maturity % A. i 4.40 2.9 Years Adj. Debt to Adj. EBITDA 9.6x UNSECURED DEBT W.A. Rate?: 3.86” Secured: 15% 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% 1% 1% 10% 7% $29 $56 $95 2025 2028 2029 2030 2031 Thereafter SMARTCENTRES REIT | 2025 G3 INVES
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, 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 225,000 sq. ft. expansion anchored by
Slide 45: 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 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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