SmartCentres Real Estate Investment Trust : February 2021 Distribution

SmartCentres announces distribution for February 2021

Toronto, Ontario (February 22, 2021) – – SmartCentres Real Estate Investment Trust (“SmartCentres” or “Trust”) (TSX: SRU.UN) announced today that the trustees of SmartCentres have announced a distribution of CDN 0.15417 per trust unit for the month of February 2021, which corresponds to CDN 1.85 per unit on an annual basis. Payment will be made on March 15, 2021 to registered shareholders on February 26, 2021.

About SmartCentres

SmartCentres Real Estate Investment Trust is one of the largest fully integrated REITs in Canada. with a premier portfolio of 167 strategically located properties in communities across the country. SmartCentres has approximately $ 10.7 billion in net worth and 33.8 million square feet of income, creating value-driven retail space with over 97% occupancy on 3,500 acres across Canada.

SmartCentres continues to focus on improving the lives of Canadians by designing and developing complete, connected, mixed-use communities on top of existing retail properties. Project 512, a publicly announced $ 13.5 billion intensification program ($ 7.9 billion at SmartCentres) represents the current main development focus of the REIT, on which the construction is likely to affect begin within the next five years. This intensification program consists of rental apartments, condominiums, sSenior residences and hotels to be developed under the SmartLiving banner, as well as retail, Office and warehouse facilities to be developed under the SmartCentres banner.

SmartCentres’ intensification program is expected to produce an additional 32.5 million square feet Million square feet in SmartCentres’ stake), 27.7 million square feet (16.2 in Million square feet in SmartCentres’ stake) of which to begin within or within the construction work the next five years. From shopping malls to city centers, SmartCentres is uniquely positioned to reshape the Canadian urban and suburban landscape.

This intensification program includes the portion of the trust in SmartVMC that will be paid after completion is expected to include approximately 11.0 million square feet of mixed-use space in Vaughan, Ontario. The construction of the first five sold-out phases of Transit City Condominiums with 2,789 residential units continues. The final closings of the first two phases of the Transit City Condominiums began prematurely and prematurely in August 2020. As of December 31, 2020, essentially all 1,110 units were closed in the first and second phases. In addition, the 631 pre-sold units in the third phase as well as 22 townhouses, all of which are sold out and currently under construction, are expected to close in 2021. The fourth and fifth sold-out phases with 1,026 units are currently under construction and are expected to close in 2023.

Certain statements in this press release are “forward-looking statements” that reflect management’s expectations regarding future growth, results of operations, performance, and the business prospects and opportunities of the Trust, as set out under the headings “Business Review and Strategic Direction”, “Other Actions “Explained in more detail of performance” and “Outlook” in the discussion and analysis of the management of theTrust for the financial year ending December 31, 2020. In particular, certain statements contained in this press release, including statements relating to the continued production of the Trust, estimated future development plans and costs, term mortgage renewal considerations including interest rates and up-financing amounts, timing of future payments of obligations, intentions to secure additional financing and potential sources of funding, and Vacancy and lease assumptions and statements containing the words “might,” “should,” “may,” “anticipate,” “expect,” “believe,” “will,” “may” and similar expressions and statements relating to Matters that are not historical facts constitute “forward-looking statements.” These forward-looking statements are intended to assist the Trust’s shareholders and financial analysts in understanding the Trust’s operating environment and may not be suitable for any other purpose. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. However, such forward-looking statements involve significant risks and uncertainties, including those discussed under the heading “Risks and Uncertainties” and elsewhere in the Management Trust’s discussion and analysis for the year ended December 31, 2020 and under the heading “Risk Factors” . in its annual information form for the fiscal year ended December 31, 2020. A number of factors could cause actual results to differ materially from those discussed in the forward-looking statements. Although the forward-looking statements contained in this press release are based on assumptions made by management that are reasonable, the Trust cannot assure investors that actual results will correspond to these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this warning notice. These forward-looking statements speak as of the date of this press release and the Trust assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by applicable securities laws.

Such forward-looking statements, however, involve considerable risks and uncertainties.

For more information, please visit www.smartcentres.com or contact:

2