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SMARTCENTRES® REAL ESTATE INVESTMENT TRUST 3200 HIGHWAY 7 VAUGHAN , ON L4K 5Z5 T 905 326 6400 F 905 326 0783 SMARTCENTRES REAL ESTATE INVESTMENT TRUST RELEASES FIRST QUARTER RESULTS FOR 2021 $ 1.85 per unit annualized distribution maintained ; Open shopping centre portfolio continues to provide recurring income with a committed occupancy rate of 97.3 % ; Average collection levels across portfolio exceed 94 % for the quarter ; 631 presold condominium units at Transit City 3 commence closings today ; and Health authorities using approximately 150,000 square feet of SmartCentres ' donated space in Cambridge , Rimouski , Chilliwack , and Maple Ridge as vaccination centres ; discussions continue on additional locations to assist to fast - track the vaccination process for all Canadians . TORONTO , ONTARIO - ( May 12 , 2021 ) SmartCentres Real Estate Investment Trust ( “ SmartCentres ” or the “ Trust " ) ( TSX : SRU.UN ) is pleased to report its financial and operating results for the quarter ended March 31 , 2021 . " We continue the rapid repositioning of our portfolio , " said Mitchell Goldhar , Executive Chairman of SmartCentres . " Transit City Condominium Tower 3 at SmartVMC in Vaughan will start to contribute to FFO in the second quarter , while the large wave of earnings and FFO growth from our $ 13.5b development program is even closer to shore . This is the backdrop to our existing unique national retail portfolio tenanted mostly by essential services , with its stable source of recurring income including quality companies such as Wal - Mart . We will continue to protect our solid balance sheet with its debt to total assets of 44.7 % and an interest coverage multiple of 3.2X and ended the quarter with a rolling 12 month payout ratio of 89 % . With respect to the pandemic , helping all Canadians will continue to be a priority , and in this regard we are in direct dialogue with federal and provincial authorities offering donate to them the use of space in our properties to assist with the acceleration of the vaccination process " , added Mr. Goldhar . " SmartVMC in Vaughan , like many of our properties in Canada , is a good example of our ' shopping centres to city centres ' transformation and our Team continues to work on our growing mixed - use development platform and now has some 284 projects identified for our pipeline , the majority of which will provide recurring income . We understand how to build entire city centres and have more in the planning stages at major centres across Canada . Additionally , our retail portfolio continues to demonstrate its stability , evidenced by our 97.3 % occupancy level when factoring in committed leases " said Peter Forde , President and CEO .