SmartCentres Real Estate Investment Trust (SRU.UN) AGM 2025 Presentation summary

Portfolio overview

• Owns 196 properties across Canada, including retail shopping centres, mixed-use properties, and development lands, with 35.4M sq. ft. of income-producing properties and 85.2M sq. ft. of future mixed-use pipeline.

• Over 90% of Canadians live within 10 km of a property; 98.4% in-place and committed occupancy rate as of Q1 2025.

• Walmart is the largest tenant, accounting for 23% of revenue; over 95% of tenants are national or regional, and 60% provide essential services.

• Maintains a 7.3% dividend yield and has never cut distributions since inception.

• Net asset value per unit is $35.51, with a unit price of $25.39, representing a 28.6% discount to NAV.

Financial performance and stability

• Total assets stand at $11.9B, with a $9.6B unencumbered asset pool and $1.1B in liquidity.

• 11.9% average annual return since IPO, outperforming TSX Capped REIT and TSX Composite benchmarks.

• Stable and predictable cash distributions, with no cuts during market volatility, and a strong track record of returning capital to investors.

• 98.4% occupancy rate in Q1 2025, consistently above peer average.

Development pipeline and growth initiatives

• 85M sq. ft. of projected mixed-use development, with 59M sq. ft. zoned and ready; development represents 13% of total assets, well above peer average.

• Focus on building holistic communities with public spaces, parks, transit connectivity, and diverse residential offerings.

• Strategic partnerships with specialists for apartments, condos, townhomes, and self-storage to complement core retail.

• Major projects include a 224,000 sq. ft. Canadian Tire-anchored expansion in Leaside (opening Q2 2026) and the SmartVMC mixed-use city centre in Vaughan.

• 1.1M sq. ft. leased in the year, with 0.3M sq. ft. for new builds; major tenants accelerating growth include Costco, Sephora, and Farm Boy.