Smartcentres Real Estate Investment Trust · TSX:SRU.UN
Smartcentres Real Estate Investment Trust — Q1 2026 Earnings Presentation
48 slides from Smartcentres Real Estate Investment Trust's earnings presentation, May 7, 2026
Slide 1: 2026 First Quarter Investor Presentation
2026 First Quarter ; Investor Presentation g SMARTCENTRES
Slide 2: Forward Looking Statements and Non-GAAP Measures
Forward Looking Non-GAAP Statements Measures
Slide 3: Q1 Highlights
Q1 Highlights Strong Rental Growth Anchor-driven Pipeline Leasing Momentum Self-Storage Expansion
Slide 4: Q1 Financial Highlights
QI Financial Highlights Ql 2026 @Q4 2025 @Q1 2025 In-place and Committed 98.6% 98.4% Occupancy Rate c 0.8' Renewed Rent Change (excl. Anchors) 11.5% 8.4% 8.4% Same Property NOI Growth (YoY Change) 1.4% 2.9% 4.1% FFO / unit (diluted) $0.54 $0.54 $0.56 FFO ex. TRS / unit (diluted) $0.52 $0.55 $0.54 AF
Slide 5: Table of Contents
Table of Contents 01 About SmartCentres 02 Leading Development Pipeline 03 Environmental, Social & Governance 04 Financial Flexibility and Strength
Slide 6: About SmartCentres
About SmartCentres
Slide 7: M 88.3% 6.5% $36.19 98.6% $28.40 21.5% M $12.3 B
200 36 M 88.3% 6.5% $36.19 98.6% $28.40 21.5% 88 M $12.3 B
Slide 8: Our Foundation is Supported by Three Key Pillars
ABOUT SMARTCENTRES Our Foundation is Supported by Three Key Pillars Resilient Walmart and Grocery- anchored Shopping Centers vy Favourably located open-air shopping centres across the country with ample parking v Existing and new retailers continue to expand and require additional retail space v Hig
Slide 9: 1999 2015 2018 2022 2025 1989 - 1994 2003 2016 2019 2023 6+
1999 2015 2018 2022 2025 1989 - 1994 2003 2016 2019 2023 2026+
Slide 10: 30+ Year Strategic Partnership with Walmart
30+ Year Strategic Growing Retail Base Significant Robust Exceptional Partnership and Mixed-use Development Financial Team with Walmart Portfolio Pipeline Position
Slide 11: Stable Tenants and Cashflows
ABOUT SMARTCENTRES Stable Tenants and Cashflows 99+% rental receipts 95+% of tenants are national or regional 22.8% he, 4.5% Walmart 4.4% 2.7% Loblaws 2.2% 2.1% | PooLLaRAMA C1) 40+% of rental income from top 10 tenants 80+% of tenants provide consumers with essential services 1.7% LCBO 1.6% 1.5% 1.
Slide 12: Majority Walmart Anchored with Diversified Tenant Base
ABOUT SMARTCENTRES Majority Walmart Anchored with Diversified Tenant Base NECESSITY-BASED PORTFOLIO! CENTRE PROFILE? ya Greater-VECTOM 80+” Necessity-based 72.0% Portfolio ay Primary: REVENUE 16.3% 114 shopping centres Secondary: anchored by Walmart? Ps Walmart >;< Ux 11.7% Strong revenue supports V
Slide 13: Leading Tenants Announcing Expansion Plans
ABOUT SMARTCENTRES Leading Tenants Announcing Expansion Plans Loblaws SHOPPERS | Loblaw to invest $2.4 billion in the Canadian economy in 2026, with plans to build 70 new stores Costco Business Centre Canada expansion gaining momentum in recent months, marking the retailer's Tith Business Centre in
Slide 14: Major Retailers Currently Accelerating Growth
ABOUT SMARTCENTRES Major Retailers Currently Accelerating Growth : he Walmart >'< Ux Costco | Sobeyr 4 BMark’s | metro | p==mm@ | LCBO FRESHCO Uloblaws SHOPPERS pet GCIFIOWN BANKS BMOo @ ia) cco @ Scotiabank. RBC 4 na cc] Ti Hotlens ~POPeYeS pzz0 pizza kite
Slide 15: Upcoming Lease Maturities Provide Upside
ABOUT SMARTCENTRES Upcoming Maturities © warnar Provide Upside S Norte 8.0 18% 6.0 15% 11% 4.0 Average Expiring Rent $24.54 per sq. ft.2 2.0 Average Market Rent - H2 2025 $44.50 per sq. ft.* Vacant 2026 2027 2028 2029 2030 2031 2032 & Edmontor Beyond SMARTCENTRES REIT | 2026 Ql INVESTOR PRESENTATION
Slide 16: 88 Million sq. ft. Development Pipeline
88 Million 36 Million $10.2 Billion $1.0 Billion
Slide 17: Alignment and Accomplishments
Alignment and Accomplishments ✓ ✓ ✓
Slide 18: Leading Development Pipeline
Leading Development Pipeline
Slide 19: 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 Strong Relationships Significant Landbank 30+ Years of Development Experience Y¥ Strong long-term relationships with v Less than 25% land utilization Y 100+ person development team leading retailers, joint ve
Slide 20: Multiple Avenues for Future Growth
LEADING DEVELOPMENT PIPELINE Multiple Avenues for Future Growth Recurring Income Development Income Innovation / Value-Add Services y Shopping Centres / Retail Y¥ Condos v Space for Logistics Y Office ¥ Townhomes vy EV Charging v¥ Apartments Y Digital Signage v Self-Storage ¥ Sustainability Initiati
Slide 21: Future Mixed-use Development Pipeline
LEADING DEVELOPMENT PIPELINE Future Mixed-use Development | Pipeline consists principally of residential projects but also includes additional retail, self-storage, office and industrial projects as part of the portfolio’s expected future buildout 87.6 M Total Square Feet Under Construction | 1% 0.8
Slide 22: Public Spaces Parks & Squares
Public Spaces Parks Transit Arts & Squares & Trails Connectivity & Culture
Slide 23: Development Initiatives Under Construction
LEADING DEVELOPMENT PIPELINE Development Initiatives Under Construction eres er type gf's Etinaed nal Sof SA al (Location/Project Name) are (%) ES taEA ‘ompletion (sq. ft.) Units Vaughan Nw (Phase | & Il) Townhomes 50% 2024 68% 366,000 174 Montreal (Notre-Dame) SelfStorage 50% 22026 78% 184,000 2 La
Slide 24: Retail, Apartments, Condos, Townhomes, Self-storage
Retail Apartments Condos Townhomes Self-storage
Slide 25: Retail: Leaside Canadian Tire
RETAIL Canadian Tire Corporation LEASIDE 225,000 sq. ft. Retail Project 50/50 joint venture with Penguin 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 Q1’27 | 225,000 Sq. ft. Retail Project alice
Slide 26: Apartments
B snitios | > SMART APARTMENTS > in Transit City 4 podium, The M i | lway ae cl ye . in Millway Tower) f the units leased SMARTCENTRES REIT | 2026 Ql INVESTOR PRESENTATION
Slide 27: Condos: ArtWalk
CONDOS ArtWalk 93” 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 4.6 r ntial units mmenced in fall 2 SMARTCENTR i PRESENTATION
Slide 28: 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
Slide 29: Self-Storage
UH SELF-STORAGE SmartStop Storage Units: 25,000 1.9 Million sq. ft. of Operating GFA OPEN 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 Scarborough East, ON:
Slide 30: VMC: A New City Centre
% VMC A New. City Centre
Slide 31: SmartVMC: The New City Centre
CURRENT LEADING DEVELOPMENT PIPELINE SmartVMC The New City Centre +100 Acre Land PORTAGE PKWY —— * = TRANSIT HUB ON SITE TTC subway station Regional bus terminal VIVA rapid transit station WALMART 5 acr for deve % VMC Sa Y YMCA Opened on-site, April 2022 PRESENTATION 30
Slide 32: SmartVMC Vision
VISION % VMC SMARTVMC WEST SMARTVMC EAST SMARTVMC WEST LAND + ACQUIRED DEC 2021 LEADING DEVELOPMENT PIPELINE FULL SMARTVMC BUILD-OUT CAPABILITY: Sma rtVM Cc 15 million sa. 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 Resident
Slide 33: Environmental, Social and Governance
nvironmental, Social and Governance
Slide 34: ESG Highlights
© ESG Highlights ESG and sustainability considerations are woven into the fabric of SmartCentres 5 5% of retail tenant portfolio committed to net zero by 2050 or sooner 3 02 Electric vehicle charging stations across the portfolio 1 340 Volunteer hours donated to local charities in 2025 ’ % 75 0 of B
Slide 35: ESG Progress: Year 1 to Year 3
Year 1: 2024 Year 2: 2025 Year 3: 2026 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Slide 36: Governance Initiatives
Voting Top-up Rights Independence on Committees Formation of Independent Committee Settlement of Earn-outs Elimination of Mezzanine Loans Oversight of the ESG, Sustainability and Climate Change
Slide 37: Financial Flexibility and Strength
Financial Flexibility and Strength
Slide 38: Total Returns in Excess of Benchmarks
FINANCIAL FLEXIBILITY AND STRENGTH Total Returns in Excess of Benchmarks @ rcomest @ TSX Capped REIT TSX Composite Value of $100 (Assumes Reinvested Distributions)! 1 2 4% $1,600 Average Annual $1,571 Return Since IPO! ; $1,200 $800 $ hr 702 $400 2002 2004 2006 2007 2009 2011 2012 2014 2016 2017 201
Slide 39: Stable Cash Distributions
FINANCIAL FLEXIBILITY AND STRENGTH Stable Cash Distributions Growth in Regular Distributions (12 Month Rolling)’ 25% (25%) (50%) +20% +19% +1% -16” @ SmartCentres First Capital @ Choice? @ RioCan @ Crombie PREDICTABLE AND STABLE distributions backed by robust cashflows and strong balance sheet RESIL
Slide 40: Significant Unencumbered Asset Base
FINANCIAL FLEXIBILITY AND STRENGTH Total Assets Significant Unencumbered Asset Base © Unencumbered Assets @ Annualized Distributions Total Assets and Unencumbered Assets! Cin Billions of $) 2 1 Q% CAGR2 since IPO 3 1.9 11.9 12.1 12 ng 17 10.7 Ss 9.9 : 9.4.9.5 92 99 as 87 8.4 65 71 7.1 6: 5.7 5.8 43,
Slide 41: $11.4B $0.5B $4.7B $1.1B $5.7B 4.0% $5.2B
$11.4B $0.5B $4.7B $1.1B $5.7B 4.0% $5.2B
Slide 42: Net Asset Value and Implied Upside
FINANCIAL FLEXIBILITY AND STRENGTH Net Asset Value and Implied Upside $722 $1,730 $3.96 $9.48 $9,235 $50.60 Investment Properties Under Equity Accounted Properties Development Investments $807 $4.42 ($5,889) ($32.26) Other Liabilities Assets $ Value Total $ Value per Unit +27.4% Upside $6,606 $36.19
Slide 43: Conservative Debt Maturity Profile
FINANCIAL FLEXIBILITY AND STRENGTH Conservative Debt % of Total Debt @ Unsecured Credit Facilities and Other Debt Matu rity Profile @ Unsecured Debentures. $1,500 $1,000 $500 $O @ Secured Debt 24% 18% 5 = 17% 10% 7% 6% 2% $66 zim 2029 2030 2031 2032 Thereafter med. SMARTCENTRES REIT | 2026 Ql INVEST
Slide 44: Appendix
Appendix
Slide 45: Oakville North
Oakville N OAKVILLE, ON Offering unmatched convenience and a diverse shopping experience in one of Oakville’s most sought-after locations. SmartCentres Oakville North is a premier 460,000 sq ft. retail destination, strategically anchored by Walmart and Loblaws, and featuring over 40 popular retailer
Slide 46: Leaside
Leaside TORONTO, ON LAIRD DR FT Vif 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 Canadian Tire which is curren
Slide 47: SmartVMC
SmartVMC VAUGHAN, ON APPLEWOOD CRES 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 to become
Slide 48: Thank You
Thank You For more information, please contact: Investor Relations T 905 326 6400 inv ia i @sm la m “a SMARTCENTRES® REAL ESTATE INVESTMENT TRUST
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