SmartCentres Real Estate Investment Trust : June 2021 Distribution
SmartCentres declares distribution for June 2021
Toronto, Ontario (June 22, 2021) – The SmartCentres Real Estate Investment Trust (“SmartCentres” or the “Trust”) (TSX: SRU.UN) announced today that the trustees of SmartCentres have announced a distribution of 0.15417 CDN per trust unit for the month of June 2021, which equals 1.85 CDN per unit on an annual basis. Payment will be made on July 15, 2021 to the shareholders registered on June 30, 2021.
Via SmartCenter
SmartCentres Real Estate Investment Trust is one of Canada’s largest fully integrated REITs with a premier portfolio of 168 strategically located properties in communities across the country. SmartCentres has approximately $ 10.3 billion in assets and 33.8 million square feet of income generating value 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 its existing retail properties. Project 512, a publicly announced $ 13.5 billion intensification program ($ 7.9 billion on SmartCentres stake), is the current main focus of development for the trust, which is expected to begin construction within the next five years. This intensification program includes rental apartments, condominiums, senior residences and hotels that are to be developed under the SmartLiving banner, as well as retail, office and warehouse spaces that are developed under the SmartCentres banner.
SmartCentres’ intensification program is expected to produce an additional 55.4 million square feet (32.5 million square feet for the SmartCentres stake), of which 27.7 million square feet (16.2 million square feet for the SmartCentres stake) over the next five years. From shopping malls to city centers, SmartCentres is uniquely positioned to reshape the Canadian urban and suburban landscape.
Included in this intensification program is the Trust’s stake in SmartVMC, which when completed is expected to comprise approximately 11.0 million square feet of mixed-use space in Vaughan, Ontario. The construction of the first five sold-out sections of the Transit City Condominiums with 2,789 residential units is progressing. The final two phase closings of Transit City Condominiums began ahead of budget and ahead of schedule in August 2020, and all 1,110 units in the first and second phases were closed. In addition, the pre-sold 631 units of the third phase and 22 townhomes, all of which are sold out and currently under construction, are expected to be closed in 2021. The fourth and fifth sold-out phases with 1,026 units are currently under construction and construction is 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. More specifically, certain statements, including, but not limited to, statements relating to SmartCentres’ anticipated or proposed development plans and joint venture projects, including the nature, scope, cost, and other financial metrics and expected schedule of construction and construction described
Condominium closures and statements that contain words such as “may,” “should,” “may,” “expect,” “expect,” “believe,” “will,” “may” and similar expressions and statements relating to matters that Not historical facts, and constitute “forward-looking statements.” These forward-looking statements are made 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 the current views of management and are based on information currently available to management.
However, such forward-looking statements involve considerable risks and uncertainties. A number of factors could cause actual results to differ materially from those discussed in the forward-looking statements, including risks associated with possible acquisitions that may not complete or not complete on schedule, public health crises such as the COVID- 19 pandemic, real estate ownership and development, debt and equity financing for development, interest and financing costs, construction and development risks, ability to obtain commercial and municipal permits for development. These and other risks are discussed in greater detail under the “Risks and Uncertainties” heading and elsewhere in the most recent SmartCentres management discussion and analysis, and under the “Risk Factors” heading in the latest SmartCentres annual information form. Although the forward-looking statements contained in this press release are based on assumptions that management believes to be reasonable, SmartCentres cannot guarantee investors that actual results will correspond to these forward-looking statements. The forward-looking statements contained herein are expressly restricted in their entirety by this cautionary note. These forward-looking statements speak as of the date of this press release and SmartCentres undertakes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by applicable securities laws.
Material factors or assumptions used in drawing a conclusion or estimate in the forward-looking information could include, but are not limited to: a stable retail environment; relatively low and stable interest costs; an ongoing trend towards intensification of land use, including housing in urban markets and continued growth along transport hubs; Access to equity and debt capital markets to finance future capital requirements at acceptable costs and to refinance our debts as they fall due; that the necessary permits for the development are obtained in the normal course, construction and permit costs in line with the last year and recent inflation trends.
For more information, please visit www.smartcentres.comor contact:
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Mitchell Goldhar |
Peter Sweeney |
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CEO |
CFO |
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SmartCenter |
SmartCenter |
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(905) 326-6400 ext. 7674 |
(905) 326-6400 ext. 7865 |
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Disclaimer of liability
Smart Real Estate Investment Trust published this content on June 22, 2021 and is solely responsible for the information contained therein. Distributed by public, unedited and unchanged, on June 22, 2021 20:50:07 UTC.