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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 SECOND QUARTER RESULTS FOR 2021 • • • . • • • Maintained $ 1.85 per unit annualized distribution ; Portfolio continues to provide recurring income with an occupancy rate of 97.1 % ; Non - retail pipeline reaches 55 million square feet across the network ( inclusive of partners ' share ) ; Average collection levels across the portfolio approximate 95 % for the quarter ; Approximately 70 % of the 631 unit presold condominium units at Transit City 3 closed during the quarter generating FFO of $ 12.9 million ( $ 0.07 per Unit ) , the remaining units closed subsequent to quarter end ; ACFO Payout Ratio declines to 84.5 % ; and Strong debt metrics continue , including Debt to Total Assets of 44.6 % , Interest Coverage Ratio net of capitalized interest multiple of 3.8X , and Adjusted Debt to Adjusted EBITDA multiple of 8.2X . TORONTO , ONTARIO - ( August 11 , 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 June 30 , 2021 . " Our second quarter results reflect the continued strength of our portfolio that experienced collection levels of approximately 95 % . Our occupancy level improved to 97.1 % , our payout ratio declined to 84.5 % and our various debt metrics all reflected improved levels over the prior quarter . These results are encouraging and reflective of our confidence in our assets , which supports our decision not to have cut distributions , " said Mitchell Goldhar , Executive Chairman of SmartCentres . " As Canadians return to previous patterns , we are seeing signs of improvement in leasing activity , tenant collections , and customer traffic at our properties . In addition , our results were further improved with earnings from the closings of 439 units in Transit City 3 , contributing $ 12.9 million in FFO during the quarter . 2021 represents the second consecutive year of income derived from our on - site intensification program . The many exciting non - retail projects in our pipeline now represent over 55 million square feet , inclusive of partners ' share , and are expected to be a strong source of income , add considerable FFO and NAV growth for Unitholders , for many years to come . In this regard , significant progress has been made under SmartLiving , the REIT's wholly- owned in - house residential development brand . This quarter , SmartLiving commenced construction on two rental apartment buildings in Montreal and two rental seniors ' residences in Ottawa . Further , in the coming months , we expect to launch ArtWalk , the next phase of condominiums at SmartVMC with over 600 high - rise condominium units , and will bring over 175 townhome units to market at our Vaughan Northwest property " , added Mr. Goldhar .