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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 THIRD QUARTER RESULTS FOR 2021 • • • • • • • Maintained $ 1.85 per unit annualized distribution ; Portfolio continues to provide recurring income with an in - place occupancy rate of 97.3 % and committed occupancy rate of 97.6 % ; Continued advancement of non - retail pipeline of 281 projects representing approximately 55 million square feet across the network ( 32 million square feet at the Trust's share ) ; Average collection levels across the portfolio approximate 97 % for the quarter ; The remaining 192 presold condominium units at Transit City 3 closed during the quarter generating FFO of $ 5.9 million ( $ 0.03 per Unit ) ; FFO per Unit with adjustments excluding ECL and condominium profits increased by $ 0.02 or 4.4 % as compared to the same period in 2020 ; and Strong debt metrics continue , including Debt to Total Assets of 44.5 % , Interest Coverage Ratio net of capitalized interest multiple of 3.7X , and Adjusted Debt to Adjusted EBITDA multiple of 8.5X . TORONTO , ONTARIO - ( November 10 , 2021 ) SmartCentres Real Estate Investment Trust ( " SmartCentres ” , the “ Trust ” or the " REIT " ) ( TSX : SRU.UN ) is pleased to report its financial and operating results for the quarter ended September 30 , 2021 . " This is the first release of results since the passing of Peter Forde . Peter was a true gentleman and a wonderful partner in the running of the SmartCentres business . We were not just colleagues , but good friends that spoke many times a day for 22 years . I think of him daily and we all miss him dearly , " said Mitchell Goldhar , Executive Chairman and CEO of SmartCentres REIT . " Regarding our third quarter , we ended with solid performances from every aspect of the business . Operational resiliency was demonstrated by improved leasing momentum , occupancy increasing to 97.6 % , and cash flow in excess of 97 % . This is a reflection of the strength of our tenants . Our accretive mixed - use intensification program continues to be a source of additional growth , demonstrated this quarter by the completion of the remaining 192 - unit closings in SmartVMC's 55 - storey Transit City 3 condominium tower . " " At SmartVMC , the most prolific and comprehensive of all the REIT's masterplan intensification projects , we have thus far closed on 1,741 units in the first three Transit City condominium phases , resulting in $ 0.37 in FFO per unit . While a healthy contribution indeed , it is merely the tip of the iceberg for our SmartVMC property , where we will have 1,026 additional units closing in our sold - out Transit City 4 and 5 towers , and where our newly minted residential banner , ‘ SmartLiving ' , will imminently launch our next residential phase to the market , called ArtWalk . " " ArtWalk , a 12 - acre mixed - use neighbourhood in the heart of SmartVMC , located on the former Walmart parcel , will , upon full completion , consist of approximately 5 million square feet , 5,000 residential units , and 100,000 - 150,000 square feet of non- residential , across 12 separate buildings . Phase 1 of ArtWalk is planned to consist of over 370 condo units and 190 rental apartments , 70,000 square feet of large floor - plate tech office space , an innovative multi - use event space building , common and exclusive amenities for all building users , connected by world - class open spaces . The ArtWalk neighbourhood extends the tone set by our Transit City towers , with one very important distinction : SmartCentres REIT will own 50 % of ArtWalk condos , double the 25 % it owned in Transit City . " " We remain committed to our vision to grow our company in the areas of greatest opportunity . While SmartVMC is but one of the REIT's 94 properties slated for intensification , it represents our vision of the future , at its finest . "