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Supplemental Information Package FOR THE THREE MONTHS ENDED MARCH 31, 2018

1ST QUARTERSM A RTCE N T R ES R E I T SM A RT To dAy SM A RT To M o R Row

TABLE OF CONTENTS

1

SMARTCENTRES REAL ESTATE INVESTMENT TRUST

MARCH 2018 SUPPLEMENTAL INFORMATION PACKAGE

Notice to Reader …………………………………………………………………………........………….... 2

Conference Call Highlights ………….……..………………………………………………………………. 3

Looking Beyond ……………………………………………………..…………………………………… 10

Portfolio Highlights ……………………………...……………...…………………………………………. 12

Distribution Reinvestment Plan ……………………………………………...…………………………… 13

Distribution History …………………………………………..………………….…………..... 13

Performance of SmartCentres Units ………………………………………………………………......... 14

Average Unit Trading Price …………………………………………………………….…….. 14

Average Daily Volume of Units Traded ………………………………………..……………. 14

Market Capitalization Summary ………………………………………………..……………. 14

Gross Revenue and Area by Province ………………………………………………………………….. 15

Top 25 Tenants ……………………………………………………………………………………............. 16

Lease Expiration Schedule ……………………………………………………………………………..… 17

Area by Age …………………………………………………………………………………………….….. 18

Future Earnouts and Developments ………………………………………………………………......… 19

Major Mixed-Use Real Estate Initiatives ……….……………………………………………………...… 20

Recourse Loans to Developers ………………………………………………………………………….. 22

Individual Property Summary ………………………………………………………………………..…… 23

General Information ………………………………………………………………………........................ 36

.

NOTICE TO READER

2



Readers are cautioned that certain terms used in this Supplemental Information Package

(“Supplement”) such as Funds From Operations ("FFO"), Adjusted Cashflow From Operations

("ACFO"), "Gross Book Value", "Payout Ratio", "Interest Coverage", "Total Debt to Adjusted EBITDA"

and any related per Unit amounts used by management to measure, compare and explain the

operating results and financial performance of the Trust do not have any standardized meaning

prescribed under IFRS and, therefore, should not be construed as alternatives to net income or cash

flow from operating activities calculated in accordance with IFRS. These terms are defined in this

Supplement and reconciled to the consolidated financial information of the Trust in the

Management’s Discussion and Analysis (“MD&A”) for the three months ended March 31, 2018. Such

terms do not have a standardized meaning prescribed by IFRS and may not be comparable to

similarly titled measures presented by other publicly traded entities.

Certain statements in this Supplement are "forward-looking statements" that reflect management's

expectations regarding the Trust's future growth, results of operations, performance and business

prospects and opportunities. More specifically, certain statements contained in this Supplement,

including statements related to the Trust's maintenance of productive capacity, estimated future

development plans and costs, view of term mortgage renewals including rates and upfinancing

amounts, timing of future payments of obligations, intentions to secure additional financing and

potential financing sources, and vacancy and leasing assumptions, and statements that contain

words such as "could", "should", "can", "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 presented for the purpose of assisting

the Trust's Unitholders and financial analysts in understanding the Trust's operating environment,

and may not be appropriate for other purposes. 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. A number of

factors could cause actual results to differ materially from the results discussed in the forward-looking

statements. Although the forward-looking statements contained in this Supplement are based on

what management believes to be reasonable assumptions, the Trust cannot assure investors that

actual results will be consistent with these forward-looking statements. The forward-looking

statements contained herein are expressly qualified in their entirety by this cautionary statement.

These forward-looking statements are made as at the date of this Supplement and the Trust

assumes no obligation to update or revise them to reflect new events or circumstances unless

otherwise required by applicable securities legislation.

CONFERENCE CALL

HIGHLIGHTS

3



OPERATIONS – FOR THE QUARTER

▪ FFO with one time adjustment and transactional FFO increased by $6.0 million or 7.2% to

$89.8 million, and by $0.02 or 3.7% to $0.56 on a per Unit basis for the quarter compared to Q1

2017

▪ ACFO with one time adjustment increased by $3.9 million or 5.0% to $81.8 million compared to

the same quarter in 2017

▪ Payout ratio to ACFO with one time adjustment increased by 0.6% to 86.1% compared to the

same quarter of 2017

▪ Occupancy level at 98.0% at the end of the quarter (98.1% in Q1 2017) and 98.1% including

executed leases (98.4% in Q1 2017)

▪ Renewed 1,363,421 square feet, representing 61.8% of lease maturities for 2018, with average

face rents increase of 3.8%

▪ Average cap rate of investment properties at 5.84% (5.84% in Q1 2017)

TENANT ACTIVITY

▪ No Sears exposure in any format

▪ Approximately 44,000 square feet of retail and office tenancies were completed and transferred

this quarter via earnouts and development, providing an unleveraged yield of 6.5%

▪ SmartCentres' occupancy at 98.0% (98.1% including executed deals), remains strong

▪ Dollar store growth principally through Dollarama continues to absorb surplus space. Total

number of stores is now 79 (Dollarama – 52, and Dollar Tree – 27)

▪ Purchase of Toys "R" Us (Canada) by Fairfax Financial Holdings Limited stabilizes this tenant

and may provide upside potential if business grows

▪ Continued good interest from tenants for various size properties based on quality of locations

▪ Overall, SmartCentres continues to monitor closely those tenants in certain markets where

some rationalizing is taking place

CONFERENCE CALL

HIGHLIGHTS

4



GROWTH

▪ Same properties' NOI decreased by $0.5 million or (0.4)% for the quarter compared to 2017.

Excluding the impact of a $1.1 million reversal of previously recorded general bad debt

provisions included in 2017, year-over-year same property growth for the three months ended

March 31, 2018 would have been 0.5%

▪ Premium Outlets

- Toronto

o tenant sales continuing to perform well and are now approximately $1,170 psf

(excluding Saks) on a rolling 12 month basis

o Q1 2018 sales ahead of Q1 2017 by a strong 6.5% despite challenging

weather in January and February

o virtually all temporary tenants replaced with long term leases and quality

tenants, and site is 100% occupied

o the new parking facility, to provide 1,800 parking spots as part of the 145,000

square foot expansion of the shopping centre, opened at the end of

November 2017

o the 145,000 square foot expansion scheduled to open in November 2018 is

on track and on budget. Expected to open virtually full

- Montreal

o tenancy of long and short term tenants currently at 100%

o Salvatore Ferragamo and Gucci continue as key traffic drivers with respect to

luxury brands, and driving strong sales

o 2017 income grew 14.0% over 2016 and sales are now at $678 psf on a

rolling 12 month basis

o Q1 2018 sales up by a very strong 22% over Q1 2017

o 75-acre site adjacent to the centre under consideration for various uses

including residential and hotel

- SmartCentres actively working with Simon to develop two potential additional sites. One

potential site in the GTA has been abandoned, but has been replaced by another potential

location

CONFERENCE CALL

HIGHLIGHTS

5



GROWTH (CONT’D)

▪ Vaughan Metropolitan Centre

- subway opened on December 17, 2017

- project progressing very well and the KPMG Tower is now complete

- the KPMG Tower won the 16th Annual Real Estate Excellence (REX) Award for Office

Development of the Year for the GTA

- minimal office space left now in the KPMG Tower based on executed leases. FM Global, a

global insurance company, now operating on the 2nd floor of the tower and all of the

additional podium space

- project coming in well below budget for construction costs

- second mixed-use tower topping off ceremony in April 2018 with PwC as lead tenant as

well as YMCA, a library and other community space

- extremely successful launch for first residential developments in a joint venture with

Mitchell Goldhar and CentreCourt Developments Inc. with three condominium towers,

which will be 55 storeys each and have a total of 1,716 units. All three towers sold out at

significantly increased pricing versus original proformas. Construction of the first two

towers has started, with the third to follow later this year

- north condominium tower will include new BUCA-branded restaurant and BAR BUCA at

the lobby level

- design work commenced on next phase, with two additional condominium towers, third

office tower and first residential rental tower under consideration

- York Regional bus terminal finalizing construction and expected to be ready in May 2018

- significant internal road infrastructure now completed, improving internal access

- surface parking for 900 cars now available for subway commuters in two lots on the site

and these are generally fully occupied Monday to Friday

- TD Canada Trust retail branch now open in the KPMG Tower

CONFERENCE CALL

HIGHLIGHTS

6



GROWTH (CONT’D)

▪ Future Opportunities

- residential single family home project at Vaughan NW moving forward in a JV with

Fieldgate, a well known home developer, with up to 230 freehold townhomes now

expected on an approximately 16-acre site, and initial occupancy planned for early 2020.

Expected return of 20% to 25% on costs of approximately $152 million of which our share

is 50%

- sale of land to the JV booked in Q2 2017 providing 2 cents of transactional FFO benefit

- earnouts and developments – committed pipeline of approximately 189,000 square feet in

place at a yield of 6.4%

- the initial phase of development of office and retail space for the StudioCentre at

Lakeshore Boulevard East has now begun. The film studios are fully booked close to the

end of 2018 and new sound stage is now open

- Westside Mall – mixed-use opportunity for 2 million to 2.5 million square feet resulting from

Eglinton LRT line station and proposed GO interchange integrated with existing retail

property moving forward with strong council support

- Vaughan (400 & 7) SmartCentre – 20-acre site along Hwy 7 is now slated for

approximately 2.5 million square feet of redevelopment, including residential, office, retail

and entertainment. The site under the Vaughan Official Plan is permitted one of the

highest densities in Vaughan, second only to the Vaughan Metropolitan Centre

- Laval Centre

o proposed mixed-use development, including office, residential, seniors

housing and further retail, now underway

o JV with Jadco progressing well and construction starting in May for first rental

tower

- Pointe-Claire SmartCentre acquired in 2016 now identified for significant intensification,

with zoning now approved for up to 1.5 million square feet of residential, in various forms,

and retirement homes. First condominium tower planned for completion by 2020

- South Oakville Centre now in active planning and discussion for redevelopment, including

residential and senior home uses on part of the site

CONFERENCE CALL

HIGHLIGHTS

7



GROWTH (CONT’D)

▪ Intensification / Redevelopment

- JV with SmartStop Asset Management progressing for self-storage sites. Five sites in the

GTA now moving forward with more sites to follow

- agreements with Revera for a multi-site retirement homes development program moving

forward. Additional sites with other organizations also under negotiation

- discussions with a number of potential partners to consider residential (including

condominium, rental and single family homes), and other potential uses on existing retail

sites underway

- first six Tesla charging stations now open, with a further 12 sites planned by year-end, as

part of a comprehensive strategy to incorporate value-added services to many of the

properties in the retail portfolio

- in excess of 56 sites now under consideration for development / intensification (up from

initial 30)

▪ Acquisitions

- The acquisition of 12 properties as part of the OneREIT transaction in October 2017

continues to deliver the expected benefits

CONFERENCE CALL

HIGHLIGHTS

8



CAPITAL ACTIVITIES

▪ Leverage at 45.0% of FMV, consistent with the 45.0% in 2017

▪ Total debt weighted average interest rate of 3.79% (3.71% in 2017)

▪ Interest coverage at 3.1X (3.1X in 2017)

▪ Unencumbered asset pool in excess of $3.5 billion, providing significant future flexibility. Pool

contains high quality assets

▪ Rebalancing between unsecured and secured debt continues and expected to be at

approximately 50:50 by year-end based on current financing strategy

▪ Annual distribution increased in October 2017 to $1.75 from $1.70, representing a 2.9%

increase

▪ Completed construction financing for:

- Transit City condos (first two residential towers) - joint venture with Mitchell Goldhar and

CentreCourt

- Transit City parkade (commercial portion) - joint venture with Mitchell Goldhar

- PwC-YMCA tower (second office tower) - joint venture with Mitchell Goldhar

- Orleans II (Phase I retail) - joint venture with Mitchell Goldhar

▪ Actively pursuing construction financing for:

- Transit City condos (third residential tower) - joint venture with Mitchell Goldhar and

CentreCourt

- Laval Centre (two residential rental towers) - joint venture with Jadco

▪ Total financing needs based on current development program is $60 million in 2018, $90 million

in 2019, and $90 million in 2020, all of which are expected to be very manageable based on

current balance sheet

CONFERENCE CALL

HIGHLIGHTS

9



2018 OUTLOOK

▪ 2018 Operating FFO expected to grow by approximately 7 cents, based on:

- same property growth

- full year of NOI from 2017 acquisitions and partial year from any potential 2018

acquisitions

- full year of refinancing benefits from 2017 and further 2018 benefits

- developments and earnouts including completion of the Toronto Premium Outlets

expansion

- ongoing settlement of long-standing tenant issues

- 2018 transactional activities expected to add a further 3 cents of FFO

- expenditures on acquisitions in the $100 million - $125 million range

LONG TERM OUTLOOK

▪ FFO growth rate expected to increase in 2019 to 4% - 5%, reflecting the benefit of a full year of

the Toronto Premium Outlets expansion and other initiatives as well as further transactional

FFO

▪ For 2020, FFO growth rate expected to accelerate to in excess of 10% as initial benefits of

significant development in townhomes and condominiums are realized

10



LOOKING BEYOND

Vaughan Metropolitan Centre

VMC - Artist's Rendering of

the PWC Tower

Pointe-Claire – Concept Plan

11



LOOKING BEYOND

Toronto Premium Outlets - Expansion Plan – New Parking Deck

Potential Single Family

Development in Vaughan NW

Laval Centre – Concept Plan

(1) Anchors are defined as tenants within a property with leasable area greater than 30,000 square feet.

(2) Includes the Trust’s share of equity accounted investments.

(3) Includes convertible debentures and acquisition date fair value adjustments.

(4) Excludes acquisition date fair value adjustments.

(5) Calculated as debt divided by Aggregate Assets plus accumulated amortization less cumulative unrealized fair value gain or loss with respect to investment

property. The ratio is used by the Trust to manage an acceptable level of leverage and is not considered a measure in accordance with IFRS.

(6) Defined as Adjusted EBITDA over interest expense, where interest expense excludes the distributions on deferred units and LP Class D Units classified as

liabilities and adjustments relating to the early redemption of unsecured debentures. The ratio is used by the Trust to manage an acceptable level of interest

expense relative to available earnings and is not considered a measure in accordance with IFRS.

(7) Defined as debt divided by Adjusted EBITDA. The ratio of total debt to Adjusted EBITDA is included and calculated each period to provide information on the

level of the Trust’s debt versus the Trust’s ability to service that debt. Adjusted EBITDA is used as part of this calculation because the fair value changes and

gains and losses on investment property dispositions do not have an impact on cash flow, which is a critical part of this measure (see “Financial Covenants”

section).

(8) Total Units outstanding include Trust Units and LP Units, including Units classified as liabilities. LP Units classified as equity in the consolidated financial

statements are presented as non-controlling interests.

(9) Represents a non-GAAP measure. The Trust’s method of calculating non-GAAP measures may differ from other reporting issuers’ methods and accordingly

may not be comparable. For definitions and basis of presentation of the Trust’s non-GAAP measures, refer to the “Presentation of Non-GAAP Measures”

section in the MD&A.

(10) See “Other Measures of Performance” in the MD&A for the three months ended March 31, 2018 for a reconciliation of these measures to the nearest

consolidated financial statement measure.

(11) The calculation of the Trust’s ACFO and related ACFO payout ratio, including comparative amounts, is a new financial metric pursuant to the February 2018

REALpac White Paper on ACFO. Comparison with other reporting issuers may not be appropriate. Payout ratio is calculated as declared distributions divided

by ACFO.

12



PORTFOLIO HIGHLIGHTS

As at

March 31, 2018

As at

March 31, 2017

in $000s, except for Unit and other non-financial data)

Number of retail and other properties 153 142

Number of properties under development 7 8

Number of office properties 1 1

Number of mixed-use properties 2 1

Total number of properties owned 163 152

Number of Walmarts / Supercentres 101 / 96 95 / 90

Number of Walmarts / Supercentres (including shadows) 115 / 109 109 / 103

Gross leasable area (sq. ft.) 34,158,051 32,024,887

Total GLA in Walmart anchored centres (sq. ft.) 28,540,589 27,071,086

Future estimated development area (sq. ft.) 3,960,992 4,068,000

Occupancy 98.0% 98.1%

Occupancy including executed leases 98.1% 98.4%

Average lease term to maturity 5.7 years 6.1 years

Net rental rate (per occupied sq. ft.) $15.29 $15.24

Net rental rate excluding anchors (per occupied sq. ft.) (1) $21.67 $21.83

Investment properties (2) 8,984,949 8,427,532

Total assets 9,416,938 8,886,478

Debt (2) 4,269,593 4,031,172

Total debt – Weighted average interest rate (3) 3.79% 3.71%

Secured debt – Weighted average contractual interest rate (4) 3.90% 3.78%

Secured debt – Weighted average maturity 4.5 years 4.6 years

Debt to aggregate assets 45.0% 45.0%

Debt to gross book value (5) 51.8% 52.5%

Secured debt to aggregate assets 24.8% 28.5%

Unencumbered assets to unsecured debt 1.8X 1.9X

Interest coverage (6) 3.1X 3.1X

Debt to adjusted EBITDA (7) 8.5X 8.4X

Equity (book value) 4,871,886 4,669,726

Units outstanding (8) 160,173,698 156,072,260

Three months ended

March 31, 2018

Three months ended

March 31, 2017

FFO with one-time adjustment and before transactional FFO (2)(9)(10) $0.56 $0.54

FFO with one-time adjustment and transactional FFO (2)(9)(10) $0.56 $0.54

Payout ratio to ACFO (2)(9)(10) 86.1% 88.4%

Payout ratio to ACFO with one-time adjustment (2)(9)(10)(11) 86.1% 85.5%

Surplus of ACFO with one-time adjustment over distributions declared 11,400 11,290

13



DISTRIBUTION REINVESTMENT PLAN

Unitholders who elect to participate will have their monthly cash distributions automatically

reinvested in units of SmartCentres at a price equal to 97% of the average TSX market price

over the 10 business days preceding the monthly distribution date.

SmartCentres' DRIP will be administered by Computershare Trust Company of Canada.

Interested unitholders can also obtain an information package and the necessary registration

forms from, or direct any inquiries/concerns regarding the DRIP to, Computershare Trust

Company of Canada via telephone at 1-800-564-6253 or via mail at:

SmartCentres Real Estate Investment Trust

c/o Computershare Trust Company of Canada

100 University Avenue, 9th Floor

Toronto, ON, M5J 2Y1

Canada

Attention: Dividend Reinvestment Department

DISTRIBUTION HISTORY

Per unit, paid monthly

2018

($)

2017

($)

2016

($)

2015

($)

2014

($)

January 0.14583 0.14167 0.13750 0.13340 0.12900

February 0.14583 0.14167 0.13750 0.13340 0.12900

March 0.14583 0.14167 0.13750 0.13340 0.12900

April 0.14167 0.13750 0.13340 0.12900

May 0.14167 0.13750 0.13340 0.12900

June 0.14167 0.13750 0.13340 0.12900

July 0.14167 0.13750 0.13340 0.12900

August 0.14167 0.13750 0.13340 0.12900

September 0.14167 0.13750 0.13340 0.12900

October 0.14583 0.14167 0.13750 0.13340

November 0.14583 0.14167 0.13750 0.13340

December 0.14583 0.14167 0.13750 0.13340

Total 0.43749 1.71252 1.66251 1.61310 1.56120

14



PERFORMANCE OF SMARTCENTRES UNITS

AVERAGE UNIT TRADING PRICE

Per unit

2018

($)

2017

($)

2016

($)

2015

($)

2014

($)

1st Quarter 29.76 32.47 31.33 30.17 25.37

2nd Quarter 32.22 34.78 29.45 26.52

3rd Quarter 30.66 36.59 29.75 26.23

4th Quarter 29.81 31.96 31.33 27.14

YTD / Annual 29.76 31.39 33.42 30.29 26.31

Closing trading

price at end of

period

29.11 30.91 32.29 30.19 27.30

AVERAGE DAILY VOLUME OF UNITS TRADED

2018

($)

2017

($)

2016

($)

2015

($)

2014

($)

1st Quarter 237,282 221,865 288,045 200,374 199,418

2nd Quarter 274,092 198,964 242,372 185,756

3rd Quarter 181,862 226,367 218,051 156,254

4th Quarter 215,099 278,983 334,127 184,375

Annual 237,282 223,428 247,612 248,924 181,379

MARKET CAPITALIZATION SUMMARY

Date Total Units Outstanding (1) Share price per Unit

($)

Market Capitalization

($)

March 31, 2018 160,173,698 29.11 4,662,656,349

December 31, 2017 159,720,126 30.91 4,936,949,095

December 31, 2016 155,686,295 32.29 5,027,110,466

December 31, 2015 154,088,207 30.19 4,651,922,969

December 31, 2014 136,315,194 27.30 3,721,404,796

(1) Total Units outstanding include Trust Units and LP Units, including LP Units classified as liabilities. LP Units classified as equity in the

consolidated financial statements are presented as non-controlling interests.

15



GROSS REVENUE AND AREA BY PROVINCE

GROSS REVENUE BY PROVINCE

1 - Ontario - 62.0%

2 - Quebec - 14.1%

3 - British Columbia - 8.5%

4 - Saskatchewan - 3.9%

5 - Manitoba - 3.4%

6 - Alberta - 3.3%

7 - Newfoundland and Labrador - 2.8%

8 - Nova Scotia - 0.9%

9 - New Brunswick - 0.7%

10 - Prince Edward Island - 0.4%

GROSS AREA BY PROVINCE

1 - Ontario - 58.4%

2 - Quebec - 15.2%

3 - British Columbia - 9.1%

4 - Alberta - 4.3%

5 - Saskatchewan - 4.3%

6 - Manitoba - 3.3%

7 - Newfoundland and Labrador - 3.0%

8 - Nova Scotia - 0.9%

9 - New Brunswick - 0.8%

10 - Prince Edward Island - 0.7%

16



TOP 25 TENANTS

Rank TenantNumber of

Stores

Gross Rental

Revenues(%)

Average Remaining

Lease Term(years)

1 Walmart 101 26.0 6.9

2 Canadian Tire, Mark's and FGL Sports 70 4.5 5.1

3 Winners, HomeSense, Marshalls 53 4.0 4.9

4 Loblaws and Shoppers Drug Mart 24 2.7 7.6

5 Lowe's, RONA 9 2.4 6.2

6 Sobeys 18 2.3 5.1

7 Reitmans 94 2.1 2.8

8 Best Buy 22 1.8 2.6

9 Dollarama 52 1.7 4.2

10 Michaels 25 1.5 4.1

11 LCBO 34 1.5 7.5

12 Staples 21 1.3 3.6

13 Cara Restaurants 51 1.3 5.1

14 Bonnie Togs 46 1.1 4.8

15 Gap Inc. 23 1.0 3.1

16 The Brick 9 1.0 3.4

17 Bulk Barn 51 1.0 6.2

18 Toys R Us 7 0.9 6.9

19 CIBC 27 0.9 3.0

20 Pacific West 39 0.8 4.6

21 Dollar Tree and Dollar Giant 27 0.8 4.7

22 Metro 8 0.8 4.2

23 Sail 4 0.8 8.6

24 GoodLife Fitness Clubs 11 0.8 8.3

25 Sleep Country 35 0.8 4.2

Total 861 63.8 6.1

17



LEASE EXPIRATION SCHEDULE

Year of Expiry Numberof Stores

Area(sq. ft.)

Area(%)

Annualized Base Rent

($)

AverageRent

($ psf)

Month-to-month and holdovers 120 375,136 1.1 7,258,337 19.35

2018 248 1,094,944 3.2 20,804,508 19.00

2019 445 3,244,584 9.5 48,398,773 14.92

2020 411 3,741,510 11.0 54,726,851 14.63

2021 408 3,790,460 11.1 54,471,503 14.37

2022 408 4,364,219 12.8 62,550,253 14.33

2023 425 3,834,132 11.2 63,777,537 16.63

2024 225 2,198,199 6.4 37,936,787 17.26

2025 138 1,574,833 4.6 21,546,059 13.68

2026 154 1,479,439 4.3 25,918,921 17.52

2027 139 2,252,946 6.6 33,275,938 14.77

2028 82 1,182,785 3.5 19,749,896 16.70

2029 26 1,592,453 4.7 19,683,466 12.36

2030 13 634,081 1.9 10,271,239 16.20

2031 15 480,449 1.4 8,190,515 17.05

2032 8 844,086 2.5 12,401,109 14.69

2033 6 228,716 0.7 3,092,504 13.52

Beyond 6 554,760 1.5 7,566,525 13.64

Vacant 208 690,319 2.0 — —

Total 3,485 34,158,051 100.0 511,620,723 15.29

Weighted Average Lease Expiry by area = 5.7 years

18



AREA BY AGE

Age Area(sq. ft.)

Area(%)

2002 - present 25,188,110 73.7

1995 - 2001 7,466,398 21.9

Before 1995 1,503,543 4.4

Total 34,158,051 100.0

Portfolio of high quality, newly developed assets with an

average age of 14.2 years and minimal capital expenditure

requirements.

19



FUTURE EARNOUTS AND DEVELOPMENTS

Year Area

(sq. ft.)

Total

Area

(%)

Income

($000s)

Gross

Commitment

($000s)

Invested

To-date

($000s)

Net

Commitment

($000s)

Yield /

Cap Rate

(%)

EARNOUTS

Committed Earnouts

2018 21,500 0.5% 346 4,979 730 4,249 6.9%

2019 and beyond 9,050 0.3% 283 3,819 108 3,711 7.4%

Subtotal Committed Earnouts 30,550 0.8% 629 8,798 838 7,960 7.1%

Uncommitted Earnouts

2018 20,387 0.5% 449 7,784 1,304 6,480 5.8%

2019 and beyond 463,330 11.7% 9,195 137,278 5,676 131,602 6.7%

Subtotal Uncommitted Earnouts 483,717 12.2% 9,644 145,062 6,980 138,082 6.6%

Total Earnouts 514,267 13.0% 10,273 153,860 7,818 (1) 146,042 6.7%

DEVELOPMENTS

Committed Developments

2018 124,992 3.2% 2,822 45,082 (2) 11,788 (2) 33,294 6.3% (3)

2019 and beyond 33,240 0.8% 709 10,874 (2) 6,998 (2) 3,876 6.5% (3)

Subtotal Committed Developments 158,232 4.0% 3,531 55,956 18,786 37,170 6.3%

Uncommitted Developments

2018 100,642 2.5% 6,227 63,648 (2) 47,485 (2) 16,163 9.8% (3)

2019 and beyond 3,187,851 80.5% 62,304 1,092,896 (2) 477,789 (2) 615,107 5.7% (3)

Subtotal Uncommitted Developments 3,288,493 83.0% 68,531 1,156,544 525,274 631,270 5.9%

Total Developments (4) 3,446,725 87.0% 72,062 1,212,500 544,060 (1) 668,440 5.9%

Total Earnouts and Developments 3,960,992 100.0% 82,335 1,366,360 551,878 814,482 6.0%

Non-cash Development Cost (5) 2,109

Vaughan Metropolitan Centre (“VMC”) (6) 55,345 (1)

Total before Mezzanine Financing 3,960,992 100.0% 82,335 1,366,360 614,362 (1) 814,482 6.0%

Options through Mezzanine Financing (7) 614,711

Total Potential Pipeline 4,575,703

(1) Under “Properties Under Development” in the MD&A for the three months ended March 31, 2018, Earnouts of $48,922, Developments of $469,456 and Investments in associates

relating to VMC of $95,984 comprise the total amount of $614,362. The amounts in the chart above have been adjusted for i) Earnouts that are expected to be completed after the

expiry of the Earnout options being reclassified as Developments and ii) the first phases of VMC relating to the office complexes referred to in Note 4 have been included as

Developments.

(2) Includes fair value adjustment for land.

(3) On a cost basis, the yield would be 6.0%, 6.8%, 9.3%, and 5.1%, respectively.

(4) Includes the Trust’s 50% ownership of the office complex in VMC with KPMG as lead tenant and a second office complex with PwC as lead tenant, scheduled to be completed by

2019.

(5) Represents net liability currently recorded.

(6) Future development lands relating to the Trust’s 50% ownership of the VMC, but excluding the office complexes in Note 4.

Estimated Costs ($M) Estimated Gain on Final Sale

Site Project Type

GLA

('000sf) /

Units

SRU

% Share 100%

SRU

ShareNOI at 100%

($M)

NOI at SRU

Share ($M)

Completion

Year Yield Profit %

SRU

Share Timing

1. VMC (Office Towers)(1)

a. KPMG (T#1)

b. PWC (T#2)

c. Office (T#3)

d. Office (T#4)

Office

Office

Office

Office

360sf

105sf

600sf

300sf

50%

50%

50%

50%

$180.0

$65.0

$310.0

$175.0

$90.0

$32.5

$155.0

$87.5

$10.2

$3.0

$17.4

$9.6

$5.1

$1.5

$8.7

$4.8

2016

2019

2023

2025

5.7%

4.5%-5.5%

5.0%-6.0%

5.0%-6.0%

—

—

—

—

—

—

—

—

—

—

—

—

2. Toronto Premium

Outlets(2)

Phase II (JV) Retail 144sf 50% $133.0 $66.5 $10.9 $5.4 Nov 2018 8.0%-8.5% — — —

3. Montreal Premium

Outlets(2)

Phase II (JV) Retail 140sf 50% $56.0 $28.0 $5.6 $2.7 2022-2023 9%-10% — — —

4. New Premium Outlets Premium (JV) Retail 360sf 50% $136.0 $68.0 $11.7 $5.9 2020 8.0%-8.5% — — —

5. Laval Centre(4)

Jadco (2 Bldgs) Apartments 338 Units 50% $76.5 $38.3 $4.3 $2.2 2019-2020 5.6% — — —

6. VMC (Condos)(4)

CentreCourt

CentreCourt

CentreCourt

Condo

Condo #1

Condo #2

Condo #3

Condo #4 & 5

551 Units

559 Units

606 Units

1,100 Units

25%

25%

25%

25%

$181

$189

$190

$380

$45.25

$47.25

$47.5

$95.0

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

2020

2020

2021

2023

N/A

N/A

N/A

N/A

25%-30%

25%-30%

20%-25%

20%-25%

25%

25%

25%

25%

2020

2020

2021

2023

7. Vaughan NW Fieldgate Townhomes 229 Units 50% $152.0 $76.0 N/A N/A 2020-2021 N/A 20%-25% 50%

2020-

2021

8. Ottawa Laurentian(4)

JV Partner (2

Bldgs) Apartments 300 Units 25% $86.0 $21.5 $4.9 $1.23 2020-2021 5.5%-6.5% — — —

9. Multiple Locations(4)

Self Storage (JV)

Self Storage

(4 to 5 new

facilities each

year)

500sf built

per year in

each of

years 1-5 50%

$52M per

year in

each of

years 1-5

$26M per

year in

each of

years 1-5

$4.8M net

new NOI

commences

annually on

stabilization (3)

$2.4M net

new NOI

commences

annually on

stabilization (3)

2019-2023 7.5%-8.5% — — —

10. StudioCentre

(Toronto) SRU-Penguin JV

Mixed-Use

(Office, Studio,

Hotel) 150sf 50% $53.0 $26.5 $3.4 $1.71 2019-2022 6.0%-7.0% — — —

20



MAJOR MIXED-USE REAL ESTATE INITIATIVES

Estimated Costs ($M) Estimated Gain on Final Sale

Site Project Type

GLA

('000sf) /

Units

SRU

% Share 100%

SRU

ShareNOI at 100%

($M)

NOI at SRU

Share ($M)

Completion

Year Yield Profit %

SRU

Share Timing

11. VMC (Apartments)(4)

VMC Rental

Apartments Apartments 221 Units 25% $113.6 $28.4 $5.6 $1.4 2021-2022 4.9% — — —

12. Pointe-Claire

(Apartments)(4)

Rental Apartments

(2 Bldgs) Apartments 486 Units 50% $154.8 $77.4 $7.2 $3.6 2023 4.7% — — —

13. Pointe-Claire

(Condo)(4)

Condo Condo 194 Units 50% $54.8 $27.4 N/A N/A 2020 N/A 10%-15% 50% 2020

14 Multiple Locations(4)

Retirement

Homes (JV)

Retirement

Homes

(3 to 5 new

facilities each

year)

600sf built

per year in

each of

years 1-5 50%

$70M per

year per

site in

each of

years 1-5

$35M per

year per

site in

each of

years 1-5

$4.2M-$5.6M

net new NOI

commences

annually on

stabilization (3)

$2.1M-$2.8M

net new NOI

commences

annually on

stabilization (3)

2022-2024 6.0%-8.0% — — —

21



MAJOR MIXED-USE REAL ESTATE INITIATIVES

Notes:(1) KPMG and PwC-YMCA towers are included in the future development pipeline as Developments.(2) The Phase II expansions for both the Toronto Premium Outlets and the Montreal Premium Outlets are included in the future development pipeline as Developments.(3) Stabilization is estimated to be 2 to 3 years after completion.(4) Estimated Transactional FFO Gains on Sale related to parcel sales of land into Joint Ventures estimated at 1%-2% of annual FFO at SmartCentres' ownership share.

In addition to the projects set out in the table above (with the exception of the projects listed in Notes 1 and 2), SmartCentres' pipeline also includes approximately 4.0 million square feet of future

developments as set out in the table shown on the “Future Earnouts and Developments” section . Also in addition to the above, SmartCentres has a further mixed-use development pipeline estimated at 4

million square feet in projects that are underway or active. Further, SmartCentres will initiate activities in the short-term to work towards development of a further estimated 12.5 million to 15 million square

feet in mixed-use initiatives that will be completed in the longer-term.

22



RECOURSE LOANS TO DEVELOPERS

Project

Loan

Outstanding

($000s)

Committed

($000s)

Maturity Date

Interest

Rate

(%)

Option

(%) (7)

Total

Leasable

Area upon

Completion

(sq. ft.)

Potential Area

Upon Exercising

Purchase Option

(sq. ft.) (7)

Salmon Arm, BC (1)(2) 14,871 20,907 August 2018 4.80% — 215,431 —

Innisfil, ON (1)(3) 19,567 27,077 December 2020 3.58% — 139,744 —

Aurora (South), ON (4) 15,634 30,543 March 2022 4.40% 50% 192,000 —

Mirabel (Shopping Centre), QC (5) — 18,262 December 2022 7.50% — 256,000 96,500

Mirabel (Option Lands), QC (6) — 5,721 December 2022 7.50% — 178,068 —

Pitt Meadows, BC (4) 26,817 68,664 November 2023 4.84% 50% 75,000 —

Vaughan (7 & 427), ON 16,925 53,127 December 2023 5.63% 50% 302,029 37,500

Caledon (Mayfield), ON (4) 9,098 14,033 April 2024 4.69% 50% 203,730 101,865

Toronto (StudioCentre), ON (1)(4) 26,247 43,759 June 2024 4.66% 25% 911,322 227,831

Total 129,159 282,093 4.65%(8) 2,473,324 614,711

(1) The Trust owns a 50% interest in these properties, with the other 50% interest owned by Penguin. These loans are secured against Penguin's interest in the property.

(2) Monthly variable rate based on a fixed rate of 6.35% on loans outstanding up to $7.2 million and banker's acceptance rate plus 1.75% on any additional loans above $7.2 million.

(3) The monthly variable rate is based on the banker's acceptance rate plus 2.00%. The interest rate on this mortgage will reset in 2018 to the four-year Government of Canada bond

rate plus 4.0%, subject to a lower limit of 6.75% and an upper limit of 7.75%.

(4) These loans were amended during the three months ended March 31, 2017. See the "Loan Amendments" section below for details.

(5) The Trust owns a 33.3% interest in this property. The loan is secured against a 33.3% interest owned by Penguin, as well as a guarantee by Penguin.

(6) The Trust owns a 25% interest in this property. The loan is secured against a 25% interest owned by Penguin, as well as a guarantee by Penguin.

(7) The Trust has an option to purchase an additional purchase option percentage from the borrower in these properties upon a certain level of development and leasing being

achieved. As at December 31, 2017, it is management's expectation that the Trust will exercise these purchase options.

(8) Represents the weighted average effective interest rate.

Note: Of the $152.9 million of remaining loan advances available, $76.1 million is set aside as interest accrual reserve.

23



INDIVIDUAL PROPERTY SUMMARY

Property Location Occupancy

(%)

Owned Rentable

Area

(sq. ft.)

Owned Rentable

Anchor Area (1)

(sq. ft.)

Non-Owned

Anchor Area (1)

(sq. ft.)

Anchors and Major Tenants

RETAIL PROPERTIES

BRITISH COLUMBIA

Chilliwack Mall Chilliwack, BC 100.0 126,625 46,544 — Safeway, Winners, Sport Chek

Courtenay SmartCentre Courtenay, BC 97.7 273,289 135,899 —

Walmart Supercentre, Winners,

Staples, Best Buy, Sport Chek,

Mark's, Reitmans

Cranbrook SmartCentre Cranbrook, BC 100.0 164,025 107,158 185,556

Walmart Supercentre, Real

Canadian Superstore*, Home

Hardware*, Sport Chek, Dollar

Tree

Cowichan Commons East Duncan, BC 94.3 249,677 188,680 235,732

Walmart Supercentre*, RONA*,

Canadian Tire, Home Depot, Best

Buy, Bulk Barn

Kamloops SmartCentre Kamloops, BC 96.7 232,800 143,619 —

Walmart Supercentre, Michaels,

Lordco Auto Parts, Pier 1 Imports,

Sleep Country

Langley SmartCentre Langley, BC 99.3 351,225 255,527 172,161

Walmart Supercentre, Home

Depot*, Save-on-Foods*, London

Drugs, Home Outfitters, Best Buy

Maple Ridge SmartCentre Maple Ridge, BC 94.2 226,874 146,521 —

Walmart Supercentre, Thrifty

Foods, Westminster Savings

Credit Union, Dollar Tree, Rexall

New Westminster

SmartCentreNew Westminster, BC 91.9 409,249 159,449 —


Outfitters, Tommy Hilfiger, The

Gap, Carter's OshKosh

Peachtree Square Penticton, BC 95.0 54,915 — 175,000

Walmart Supercentre*, Sport

Chek, Dollar Tree, Valley First

Credit Union, Bulk Barn

Penticton Power Centre Penticton, BC 98.6 202,322 110,795 —

Real Canadian Superstore,

Staples, Winners, PetSmart,

Sleep Country, TD Canada Trust

Prince George

SmartCentrePrince George, BC 96.5 313,390 165,350 204,247


Depot*, Canadian Tire*, Michaels,

Old Navy, Mark's, Petland

Salmon Arm

SmartCentre**Salmon Arm, BC 100.0 67,324 48,345 —


Dollarama, Bulk Barn

Surrey West SmartCentre Surrey, BC 99.4 188,264 133,943 —

Walmart Supercentre, Dollar

Tree, Ardene, Sleep Country,

Reitmans, Carter's OshKosh

Vernon SmartCentre Vernon, BC 100.0 246,552 144,782 50,300

Walmart Supercentre, RONA*,

Best Buy, Value Village, Mark's,

Petland, Sleep Country

Subtotal British

Columbia96.9 3,106,531 1,786,612 1,022,996

24





(%)

Owned Rentable

Area

(sq. ft.)

Owned Rentable

Anchor Area (1)

(sq. ft.)

Non-Owned

Anchor Area (1)

(sq. ft.)


ALBERTA

Calgary Southeast

SmartCentreCalgary, AB 100.0 246,085 199,758 —

Walmart Supercentre, London

Drugs, Mark's, Reitmans, Carter's

OshKosh, Bulk Barn

Edmonton East

SmartCentre**Edmonton, AB 100.0 180,100 94,835 —

Walmart Supercentre, Safeway,

Winners, Fit4Less, Petland,

Dollarama

Edmonton Northeast

SmartCentreEdmonton, AB 97.1 274,353 161,925 —

Walmart Supercentre, Your Dollar

Store With More, Michaels, Bulk

Barn, Moores, Penningtons

Lethbridge II SmartCentre Lethbridge, AB 100.0 53,392 40,373 — Sobeys

Lethbridge SmartCentre Lethbridge, AB 98.9 333,092 194,564 95,000


Depot*, Best Buy, Ashley

Furniture, Mark's, Gap Outlet

St. Albert SmartCentre St. Albert, AB 100.0 251,329 197,101 91,737

Walmart Supercentre, Save-on-

Foods*, RONA*, Dollarama,

Canadian Western Bank

Sylvan Lake SmartCentre Sylvan Lake, AB 100.0 131,983 115,829 68,947Walmart Supercentre, Canadian

Tire*, Dollarama

Subtotal Alberta 99.2 1,470,334 1,004,385 255,684

SASKATCHEWAN

Golden Mile Shopping

CentreRegina, SK 93.9 259,245 93,938 —

Loblaws, GoodLife Fitness,

Rainbow Cinemas, Dollarama,

Bison Liquor, RBC

Regina East SmartCentre

(I)Regina, SK 100.0 364,681 249,523 —

Walmart Supercentre,

HomeSense, London Drugs, Best

Buy, Michaels, Pier 1 Imports

Regina East SmartCentre

(II)Regina, SK 98.6 198,134 107,608 130,000

RONA, Real Canadian

Superstore*, Wholesale Sports,

PetSmart, Old Navy, Petland

Regina North SmartCentre Regina, SK 99.5 276,251 206,339 —

Walmart Supercentre, IGA,

Mark's, Dollarama, TD Canada

Trust, Reitmans, Bulk Barn

Saskatoon South

SmartCentreSaskatoon, SK 100.0 380,642 194,210 109,084


Depot*, HomeSense, The Brick,

Ashley Furniture, Golf Town

Subtotal Saskatchewan 98.7 1,478,953 851,618 239,084

25





(%)

Owned Rentable

Area

(sq. ft.)

Owned Rentable

Anchor Area (1)

(sq. ft.)

Non-Owned

Anchor Area (1)

(sq. ft.)


MANITOBA

Kenaston Common

SmartCentreWinnipeg, MB 100.0 257,222 98,570 143,613

RONA, Costco*, Indigo Books,

Golf Town, Petland, Nygard,

CIBC, HSBC, RBC

Winnipeg Southwest



Depot*, Safeway, Home

Outfitters, HomeSense, Urban

Planet

Winnipeg West


Walmart Supercentre, Canadian

Tire*, Sobeys, Winners, Value

Village, Sport Chek, Staples

Subtotal Manitoba 97.1 1,140,093 551,322 313,853

ONTARIO

Alliston SmartCentre Alliston, ON 100.0 170,770 151,709 —Walmart Supercentre, Dollarama,

Tim Hortons

Ancaster SmartCentre Ancaster, ON 99.2 264,785 163,794 74,018


Tire*, Winners, GoodLife Fitness,

Bouclair, Dollar Tree

Aurora North SmartCentre Aurora, ON 99.1 508,567 313,637 —

Walmart Supercentre, RONA,

Best Buy, Golf Town, LCBO,

Dollarama, RBC, TD Canada

Trust

Aurora SmartCentre Aurora, ON 100.0 51,186 — —Winners, Healthy Planet, Bank of

Nova Scotia

Barrie Essa Road

Shopping CentreBarrie, ON 90.9 104,906 35,152 —

Food Basics, Pharma Plus,

Dollarama, Anytime Fitness, Pet

Valu, Tim Hortons

Barrie North SmartCentre Barrie, ON 100.0 234,700 160,727 81,373

Walmart Supercentre, Loblaws*,

Old Navy, Carter's OshKosh,

Addition-Elle, Reitmans

Barrie South SmartCentre Barrie, ON 98.5 389,561 243,629 —

Walmart Supercentre, Sobeys,

Winners, La-Z-Boy, PetSmart,

Stitches, Dollar Tree

Bolton SmartCentre Bolton, ON 99.2 242,444 161,864 —Walmart Supercentre, LCBO,

Mark's, The Beer Store, Reitmans

Bracebridge SmartCentre Bracebridge, ON 100.0 142,501 115,779 90,000


Depot*, Dollar Tree, Boston

Pizza, Bulk Barn

26





(%)

Owned Rentable

Area

(sq. ft.)

Owned Rentable

Anchor Area (1)

(sq. ft.)

Non-Owned

Anchor Area (1)

(sq. ft.)


Bradford SmartCentre Bradford, ON 100.0 241,701 168,571 —

Walmart Supercentre, GoodLife

Fitness, Dollarama, Bulk Barn,

CIBC, RBC

Bramport SmartCentre Brampton, ON 100.0 163,450 45,877 37,082

LA Fitness, Value Village, LCBO,

Dollarama, Swiss Chalet, CIBC,

Bank of Montreal

Bramport SmartCentre (II) Brampton, ON 100.0 37,857 37,857 — No Frills

Brampton East

SmartCentreBrampton, ON 100.0 360,695 243,610 —

Walmart Supercentre, The Brick,

Winners, Staples, Mark's, Dollar

Tree, Carter's OshKosh

Brampton North

SmartCentreBrampton, ON 83.9 58,794 — 62,496

Fortinos*, Shoppers Drug Mart,

RBC

Brampton Northeast

SmartCentreBrampton, ON 100.0 233,197 153,455 —

Walmart Supercentre, GoodLife

Fitness, LCBO, Dollarama, CIBC,

Bank of Nova Scotia, RBC

Kingspoint Shopping

CentreBrampton, ON 98.2 202,236 76,430 —

Giant Tiger, GoodLife Fitness,

Shoppers Drug Mart, The Beer

Store

Brockville SmartCentre Brockville, ON 100.0 144,084 — 322,054

Walmart Supercentre*, Real

Canadian Superstore*, Home

Depot*, Winners, Michaels, LCBO

Burlington (Appleby)

SmartCentreBurlington, ON 100.0 151,115 100,646 —

Toys R Us, LA Fitness, Shoppers

Drug Mart, Golf Town, Bank of

Montreal

Burlington North

SmartCentreBurlington, ON 100.0 226,451 161,127 —


Tree, Reitmans, Moores, Bank of

Nova Scotia

Cambridge SmartCentre (I) Cambridge, ON 93.0 744,417 323,394 —

Walmart Supercentre, RONA, LA

Fitness, Best Buy, Staples, Bed

Bath & Beyond, Michaels

Cambridge SmartCentre

(II)Cambridge, ON 66.6 23,938 — 224,695

Canadian Tire*, Home Depot*,

Henry's Photography, Allstate

Insurance

Carleton Place

SmartCentreCarleton Place, ON 97.9 148,885 115,811 —

Walmart Supercentre, Dollarama,

Mark's, Bulk Barn

Chatham SmartCentre** Chatham, ON 99.3 154,545 101,053 91,275


Canadian Superstore*, Winners,

Mark's, PetSmart, Dollarama,

LCBO

Cobourg SmartCentre Cobourg, ON 98.9 197,935 142,634 85,433


Depot*, Winners, Dollar Tree,

Swiss Chalet

27





(%)

Owned Rentable

Area

(sq. ft.)

Owned Rentable

Anchor Area (1)

(sq. ft.)

Non-Owned

Anchor Area (1)

(sq. ft.)


Cornwall SmartCentre Cornwall, ON 100.0 171,176 154,510 —Walmart Supercentre, Dollar

Tree, Bank of Montreal

Leaside SmartCentre East York, ON 98.0 257,919 108,632 113,000

Home Depot*, Winners, Sobeys,

Sport Chek, Best Buy, LCBO,

Golf Town, RBC

Etobicoke (Index)

SmartCentreEtobicoke, ON 100.0 188,059 107,838 —

Sail, Marshalls, PetSmart, Party

Packagers, Structube, Bouclair,

Penningtons

Etobicoke SmartCentre Etobicoke, ON 100.0 294,734 199,824 135,000


Depot*, Best Buy, Winners, Old

Navy, Mark's, Urban Barn

Rexdale SmartCentre Etobicoke, ON 100.0 35,174 — 126,083Walmart Supercentre*,

Dollarama, Bank of Nova Scotia

Fergus SmartCentre Fergus, ON 100.0 109,652 95,035 — Walmart Supercentre, LCBO

Fort Erie SmartCentre Fort Erie, ON 100.0 12,738 — 140,142Walmart Supercentre*, No Frills*,

LCBO, Bank of Nova Scotia

Guelph SmartCentre Guelph, ON 97.9 296,116 171,396 110,000


Depot*, HomeSense, Michaels,

Dollarama, CIBC, RBC

Toronto Premium Outlets** Halton Hills, ON 100.0 180,332 — —

Saks Fifth Avenue OFF 5TH, Polo

Ralph Lauren, Restoration

Hardware, Nike, Columbia, Coach

Hamilton South

SmartCentreHamilton, ON 100.0 241,795 124,524 —

Walmart Supercentre, Shoppers

Drug Mart, LCBO, Dollarama, The

Beer Store, CIBC

Huntsville SmartCentre Huntsville, ON 100.0 126,436 84,861 68,837

Walmart Supercentre, Your

Independent Grocer*, Dollar Tree,

Mark's, Reitmans

Kanata SmartCentre Kanata, ON 99.2 201,548 155,739 —Walmart Supercentre, Dollarama,

Bulk Barn, CIBC, RBC

Laurentian Power Centre Kitchener, ON 100.0 35,200 — 220,978 RONA*, Zehrs*, Staples, CIBC

London East Argyle Mall London, ON 98.4 424,986 224,281 —

Walmart Supercentre, Toys R Us,

No Frills, Winners, Staples, Sport

Chek, GoodLife Fitness

28





(%)

Owned Rentable

Area

(sq. ft.)

Owned Rentable

Anchor Area (1)

(sq. ft.)

Non-Owned

Anchor Area (1)

(sq. ft.)


London North

SmartCentre**London, ON 99.3 250,118 131,671 108,262


Tire*, Marshalls, Winners, Sport

Chek, HomeSense, Old Navy

London Northwest

SmartCentreLondon, ON 100.0 36,214 — 137,316

Lowe's*, Boston Pizza, Bank of

Montreal, Montana's, Kelsey's,

RBC

Markham East

SmartCentre**Markham, ON 100.0 69,008 61,207 —


Tree, CIBC

Markham Woodside

SmartCentre**Markham, ON 100.0 179,950 80,385 —

Home Depot, Longo's*, Winners,

Staples, Chapters, Michaels, La-

Z-Boy, LCBO

Milton Walmart Centre** Milton, ON 94.1 116,602 — 227,896

Walmart Supercentre*, Canadian

Tire*, Sport Chek, Indigo,

Michaels, Mark's, Staples, RBC

Burnhamthorpe

SmartCentreMississauga, ON 85.1 199,970 — —

Government, Swiss Chalet,

Remax

Creekside Crossing** Mississauga, ON 100.0 120,017 91,385 —

Walmart Supercentre, Costco,

LCBO, Dollarama, The Beer

Store, CIBC, TD Canada Trust,

RBC

Mississauga (Erin Mills)

SmartCentreMississauga, ON 96.3 290,562 171,973 —

Walmart Supercentre, No Frills,

GoodLife Fitness, Shoppers Drug

Mart, Dollarama

Mississauga (Go Lands)

SmartCentreMississauga, ON 100.0 113,005 50,696 115,000

Real Canadian Superstore*, Toys

R Us, Marshalls, Dollarama, TD

Canada Trust

Mississauga (Meadowvale)

SmartCentreMississauga, ON 93.5 557,845 319,275 —


Winners, Staples, Michaels,

Mark's, PetSmart, LCBO

Niagara Falls SmartCentre Niagara Falls, ON 100.0 249,745 183,698 —

Walmart Supercentre, PetSmart,

Penningtons, Dollarama, LCBO,

Sleep Country, Bulk Barn

401 & Weston Power

Centre**North York, ON 100.0 108,662 58,071 180,000

Real Canadian Superstore*,

Canadian Tire, The Brick, Best

Buy, LCBO, Mark's, Dollar Tree

Oakville SmartCentre Oakville, ON 99.6 461,226 314,588 —


Canadian Superstore, LCBO, The

Beer Store, The Keg, CIBC, RBC

South Oakville Centre Oakville, ON 100.0 181,577 41,289 —

Metro, Winners, Shoppers Drug

Mart, LCBO, The Beer Store,

CIBC, TD Canada Trust

29





(%)

Owned Rentable

Area

(sq. ft.)

Owned Rentable

Anchor Area (1)

(sq. ft.)

Non-Owned

Anchor Area (1)

(sq. ft.)


Orillia SmartCentre Orillia, ON 100.0 241,659 165,902 —Walmart Supercentre, Winners,

Staples, Michaels, Dollarama

Orleans SmartCentre (I) Orleans, ON 97.4 384,015 232,635 117,136


Tire*, Home Outfitters, Best Buy,

Shoppers Drug Mart

Orleans SmartCentre (II)** Orleans, ON 100.0 27,000 — — Indigo Books, Marshalls

Oshawa North

SmartCentreOshawa, ON 100.0 558,159 341,156 116,348


Canadian Superstore, Home

Depot*, Marshalls, Sport Chek,

Best Buy, Michaels

Oshawa North

SmartCentre (II)Oshawa, ON 100.0 163,259 34,109 —

Home Outfitters, Winners,

PetSmart, Party Packagers,

Boston Pizza, TD Canada Trust

Oshawa South

SmartCentreOshawa, ON 99.4 536,707 430,536 —

Walmart Supercentre, Lowe's,

Sail, CIBC, Dollarama, Moores,

Reitmans, RBC

Ottawa (Laurentian Place)

SmartCentre**Ottawa, ON 97.4 128,939 112,391 —

Walmart Supercentre, Stantec,

CIBC

Ottawa South

SmartCentre**Ottawa, ON 93.9 261,569 156,471 —

Walmart Supercentre, Loblaws,

Cineplex Odeon, Marshalls,

Winners, Chapters

Owen Sound SmartCentre Owen Sound, ON 100.0 163,101 105,963 130,000


Depot*, Penningtons, Dollarama,

Carter's OshKosh, Reitmans

Pickering SmartCentre Pickering, ON 98.2 546,194 403,289 82,000

Walmart Supercentre, Lowe's,

Sobeys, Canadian Tire*, Toys R

Us, Winners, PetSmart, LCBO

Port Elgin SmartCentre Port Elgin, ON 100.0 115,524 115,524 — Walmart Supercentre

Port Perry SmartCentre Port Perry, ON 100.0 138,789 92,473 —

Walmart Supercentre, LCBO,

Dollarama, Mark's, Bulk Barn,

Bank of Nova Scotia

Richmond Hill

SmartCentre**Richmond Hill, ON 98.7 136,306 94,458 —

Walmart Supercentre, Food

Basics, Shoppers Drug Mart,

HSBC, Bank of Montreal

Rockland SmartCentre Rockland, ON 99.0 147,592 115,890 24,253Walmart Supercentre, Rona*,

Dollarama, LCBO, Boston Pizza

30





(%)

Owned Rentable

Area

(sq. ft.)

Owned Rentable

Anchor Area (1)

(sq. ft.)

Non-Owned

Anchor Area (1)

(sq. ft.)


Sarnia SmartCentre Sarnia, ON 99.4 342,617 214,513 —


Michaels, PetSmart, LCBO,

Dollarama, Penningtons

Scarborough (1900

Eglinton) SmartCentreScarborough, ON 98.3 380,090 254,693 —


Mark's, LCBO, David's Bridal,

Bank of Montreal

Scarborough East

SmartCentreScarborough, ON 100.0 282,156 225,385 —

Walmart Supercentre, Cineplex

Odeon, LCBO, Reitmans, Boston

Pizza, Sleep Country

Simcoe SmartCentre Simcoe, ON 100.0 129,876 111,294 —Walmart Supercentre, LCBO,

Dollar Tree

Hartzel Plaza St. Catharines, ON 100.0 67,972 34,522 —Food Basics, Provincial

Government

Lincoln Value Centre St. Catharines, ON 93.0 327,596 214,891 —Walmart Supercentre, Canadian

Tire, No Frills, Dollarama

St. Catharines West

SmartCentre (I)St. Catharines, ON 99.6 370,106 230,513 182,132


Canadian Superstore*, Canadian

Tire*, Home Outfitters, Best Buy

St. Catharines West

SmartCentre (II)St. Catharines, ON 95.8 120,438 35,108 —

The Brick, Michaels, Shoppers

Drug Mart, Golf Town, Bouclair

St. Thomas SmartCentre St. Thomas, ON 96.4 224,390 138,567 196,212


Canadian Superstore*, Canadian

Tire*, Staples, Dollar Tree

Centennial Parkway Plaza Stoney Creek, ON 90.0 114,042 39,271 —Food Basics, JYSK, King's Buffet,

Salvation Army Thrift Store

Stoney Creek SmartCentre Stoney Creek, ON 99.5 257,064 228,795 —Walmart Supercentre, Toys R Us,

Dollar Tree

Stouffville SmartCentre Stouffville, ON 100.0 162,968 69,283 162,633


Tire, Winners, Staples,

Dollarama, Bouclair, Bulk Barn

Sudbury South

SmartCentreSudbury, ON 100.0 233,046 183,708 —

Walmart Supercentre, LCBO,

Mark's, Dollarama, Bouclair

Toronto Stockyards

SmartCentreToronto, ON 100.0 8,615 — 128,194

Walmart Supercentre*, Bank of

Montreal, CitiFinancial

31





(%)

Owned Rentable

Area

(sq. ft.)

Owned Rentable

Anchor Area (1)

(sq. ft.)

Non-Owned

Anchor Area (1)

(sq. ft.)


Westside Mall Toronto, ON 95.8 144,405 110,019 —Canadian Tire, FreshCo, Dollar

Tree, Rogers, CIBC

Yorkgate Shopping Centre Toronto, ON 93.4 214,701 74,907 —

No Frills, City of Toronto, Planet

Fitness, Seneca College,

Dollarama

Rutherford Village

Shopping CentreVaughan, ON 96.7 104,301 48,890 —

Sobeys, TD Canada Trust,

Rogers Video, Tim Hortons

Vaughan (400 & 7)

SmartCentreVaughan, ON 100.0 216,342 124,989 100,000

Sail, The Brick, Home Depot*,

Value Village, GoodLife Fitness,

Fabricland

Vaughan Northwest

SmartCentreVaughan, ON 95.9 172,170 128,791 — Walmart Supercentre, CIBC

Waterloo SmartCentre Waterloo, ON 100.0 181,623 128,005 —Walmart Supercentre, Value

Village, Mark's, Dollarama

Welland SmartCentre Welland, ON 100.0 240,663 221,327 100,667Walmart Supercentre, Canadian

Tire*, RONA, Mark's, Dollar Tree

Whitby North SmartCentre Whitby, ON 100.0 279,153 178,841 148,571


Canadian Superstore*, Mark's,

LCBO, Bank of Nova Scotia

Whitby Northeast

SmartCentreWhitby, ON 100.0 39,249 — —

Boston Pizza, Swiss Chalet, RBC,

Popeyes

Whitby Shores Shopping

CentreWhitby, ON 100.0 85,602 39,919 —

Metro, LCBO, Bank of Nova

Scotia, Lovell Drugs, Pet Valu,

Tim Hortons

Windsor South

SmartCentreWindsor, ON 98.4 230,967 129,121 —

Walmart Supercentre, Part

Source, Dollarama, PetSmart,

Moores, The Beer Store, CIBC

Woodbridge SmartCentre** Woodbridge, ON 98.1 216,983 32,630 142,073

Canadian Tire*, Fortinos*,

Winners, Best Buy, Toys R Us,

Chapters, Michaels, Sport Chek

Woodstock SmartCentre Woodstock, ON 97.9 257,220 170,764 91,254


Tire*, Staples, Mark's, Carter's

OshKosh, CIBC, Reitmans

Subtotal Ontario 98.2 19,662,254 11,717,177 4,472,413

32





(%)

Owned Rentable

Area

(sq. ft.)

Owned Rentable

Anchor Area (1)

(sq. ft.)

Non-Owned

Anchor Area (1)

(sq. ft.)


QUEBEC

Blainville SmartCentre Blainville, QC 100.0 197,812 131,537 —


Dollarama, Bulk Barn, Bank of

Nova Scotia, RBC

Hull SmartCentre** Hull, QC 100.0 161,239 80,824 326,717

Walmart Supercentre, Loblaws*,

RONA*, Famous Players*, Super

C*, Winners, Staples

Kirkland SmartCentre Kirkland, QC 100.0 207,216 202,271 — Walmart Supercentre, The Brick

Lachenaie SmartCentre** Lachenaie, QC 100.0 141,292 78,432 —

Walmart Supercentre,

HomeSense, Michaels, SAQ,

Bouclair, Structube

Laval East SmartCentre Laval, QC 97.2 540,056 340,736 —


Tire, IGA, Winners, Michaels,

Bouclair, Dollarama, SAQ

Laval West SmartCentre Laval, QC 97.3 577,678 280,074 124,000


Canadian Tire*, IGA*,

Archambault, Marshalls, Michaels

Mascouche North

SmartCentreMascouche, QC 87.1 62,800 — 120,000

RONA*, Jean Coutu, Structube,

SAQ, McDonald's, Bulk Barn

Mascouche SmartCentre Mascouche, QC 100.0 407,799 261,834 —

Walmart Supercentre, IGA, Home

Outfitters, Winners, Staples, Best

Buy, Bouclair, Mark's

Montreal Premium

Outlets**Mirabel, QC 94.4 182,976 — —

The Bay Outlet, Polo Ralph

Lauren, Old Navy, Nike, Urban

Planet, Tommy Hilfiger, Coach

Montreal (Decarie)

SmartCentre**Montreal, QC 96.4 132,434 83,858 —

Walmart, Toys R Us, Ardene,

Baton Rouge, Suzy Shier, P.F.

Chang's, Bulk Barn

Montreal North

SmartCentreMontreal, QC 96.9 267,713 173,668 —

Walmart Supercentre, IGA,

Winners, Dollarama, Sleep

Country, Bulk Barn, TD Canada

Trust

Place Bourassa Mall Montreal, QC 82.6 266,148 130,608 —

Canadian Tire, Super C,

Pharmaprix, L'Aubainerie, Yellow,

Urban Depot, Ardene

Pointe Claire SmartCentre Pointe Claire, QC 98.4 384,915 234,402 —


Depot, Marks, Dollarama, Baron

Sports, Pier 1 Imports

Rimouski SmartCentre Rimouski, QC 98.9 243,740 127,087 104,973

Walmart Supercentre, Tanguay*,

Super C*, Winners, Best Buy,

SAQ, Dollarama, Clement,

Scores

Saint-Constant

SmartCentreSaint-Constant, QC 97.8 361,610 202,613 95,000


Depot*, Super C, L’Aubainerie

Concept Mode, Michaels

33





(%)

Owned Rentable

Area

(sq. ft.)

Owned Rentable

Anchor Area (1)

(sq. ft.)

Non-Owned

Anchor Area (1)

(sq. ft.)


Saint-Jean SmartCentre Saint-Jean, QC 97.7 249,981 153,988 80,000

Walmart Supercentre, Maxi*,

Michaels, Mark's, Bouclair,

Reitmans, TD Canada Trust

Saint-Jerome SmartCentre Saint-Jerome, QC 100.0 164,001 44,856 246,705

Walmart Supercentre*, Home

Depot*, IGA, Best Buy, Michaels,

Bouclair, Dollarama

Sherbrooke SmartCentre Sherbrooke, QC 99.2 243,804 196,847 199,588


Tire*, Home Depot*, The Brick,

Michaels, Mark's

Valleyfield SmartCentre Valleyfield, QC 100.0 188,252 133,439 —

Walmart Supercentre, Dollarama,

SAQ, Reitmans, Claire France,

Yellow

Vaudreuil SmartCentre Vaudreuil-Dorion, QC 100.0 16,941 — 159,190Walmart Supercentre*, Brunet,

Coco Fruitti

Victoriaville SmartCentre Victoriaville, QC 100.0 37,784 — 289,519

Walmart Supercentre*, Home

Depot*, Maxi*, Winners, Carter's

OshKosh, Bulk Barn, Reitmans

Subtotal Quebec 97.3 5,036,191 2,857,074 1,745,692

NEW

BRUNSWICK

Fredericton North

SmartCentreFredericton, NB 100.0 11,390 — 274,906


Tire*, Kent*, Dollarama

Saint John SmartCentre Saint John, NB 91.4 271,694 173,390 182,122

Walmart Supercentre, Kent*,

Canadian Tire*, Winners, Best

Buy, Old Navy, Pier 1 Imports

Subtotal New Brunswick 91.7 283,084 173,390 457,028

NOVA SCOTIA

Colby Village Plaza Dartmouth, NS 97.1 152,633 108,659 —

Walmart, Atlantic Superstore,

Cleve's Source for Sports,

Pharma Save, Bank of Nova

Scotia

Halifax Bayers Lake

CentreHalifax, NS 96.4 167,921 35,635 80,000

Atlantic Superstore*, Bed, Bath

and Beyond, Winners, Cleve's

Warehouse Sporting Goods

Subtotal Nova Scotia 96.7 320,554 144,294 80,000

34





(%)

Owned Rentable

Area

(sq. ft.)

Owned Rentable

Anchor Area (1)

(sq. ft.)

Non-Owned

Anchor Area (1)

(sq. ft.)


PRINCE EDWARD ISLAND

Charlottetown SmartCentre Charlottetown, PE 100.0 225,057 127,159 80,000

Walmart Supercentre, Toys R

Us*, Michaels, Best Buy, Old

Navy, Gap Outlet

Subtotal Prince Edward Island 100.0 225,057 127,159 80,000

NEWFOUNDLAND

Corner Brook SmartCentre Corner Brook, NL 100.0 178,988 106,352 136,327

Walmart, Canadian Tire*,

Dominion (Loblaw)*, Staples,

Mark's, Buck or Two, Bulk Barn

Mount Pearl SmartCentre Mount Pearl, NL 100.0 268,534 161,001 174,047

Walmart, Dominion (Loblaw)*,

Canadian Tire*, Staples,

GoodLife Fitness, Mark's, CIBC

Pearlgate Shopping Centre Mount Pearl, NL 88.9 42,993 — —Shoppers Drug Mart, Bulk Barn,

TD Canada Trust

St. John's Central

SmartCentreSt. John's, NL 100.0 157,773 48,808 311,149

Walmart*, Home Depot*,

Canadian Tire*, Sobeys, Staples,

Mark's, Dollarama, Moores

St. John's East

SmartCentreSt. John's, NL 100.0 371,343 128,273 102,818

Walmart, Dominion (Loblaw)*,

Winners, Marshalls, Michaels,

Sport Chek, Old Navy

Subtotal Newfoundland 99.5 1,019,631 444,434 724,341

Total Retail Properties 98.0 33,902,461 19,817,244 9,521,091

OFFICE PROPERTIES

British Colonial Building Toronto, ON 100.0 16,226 — — Irish Embassy Pubs

Total Office Properties 100.0 16,226 — —

35





(%)

Owned Rentable

Area

(sq. ft.)

Owned Rentable

Anchor Area (1)

(sq. ft.)

Non-Owned

Anchor Area (1)

(sq. ft.)


MIXED-USE PROPERTIES

Vaughan Metropolitan

CentreVaughan, ON 100.0 239,364 121,673 —

Walmart Supercentre, KPMG,

GFL, FM Global, Miller Thomson

LLP, Harley Davidson

Laval Centre Laval, QC 100.0 159,779 159,779 130,000 Walmart Supercentre, Leon's*

Total Mixed-Use Properties 100.0 399,143 281,452 130,000

DEVELOPMENT

PROPERTIES

Quesnel SmartCentre Quesnel, BC — — — 82,316 Walmart Supercentre*

Dunnville SmartCentre Dunnville, ON — — — 129,343 Canadian Tire*, Sobeys*

Innisfil SmartCentre** Innisfil, ON — — — — —

StudioCentre** Toronto, ON — — — — —

Jonquiere SmartCentre Jonquiere, QC — — — — —

Mirabel SmartCentre (I)** Mirabel, QC — — — — —

Mirabel SmartCentre (II)** Mirabel, QC — — — — —

Total Development Properties — — — 211,659

TOTAL PORTFOLIO 98.0 34,158,051 19,938,917 9,732,750

* Non-owned anchor.

** The Trust has a partial ownership interest (the Trust owns a 25% interest in Mirabel SmartCentre (II), a 30% interest in Creekside Crossing, a 33.3% interest in Mirabel

SmartCentre (I), a 40% interest in Markham East SmartCentre, a 44.4% interest in 401 & Weston Power Centre, a 49.9% interest in Hull SmartCentre, a 60% interest in

Orleans SmartCentre (II), and 50% interests in Chatham SmartCentre, Edmonton East SmartCentre, Innisfil SmartCentre, Lachenaie SmartCentre, London North

SmartCentre, Markham Woodside SmartCentre, Milton Wal-Mart Centre, Montreal (Decarie) SmartCentre, Montreal Premium Outlets, Ottawa (Laurentian Place)

SmartCentre, Ottawa South SmartCentre, Richmond Hill SmartCentre, Salmon Arm SmartCentre, StudioCentre, Toronto Premium Outlets, Vaughan SmartCentre, and

Woodbridge SmartCentre).

(1) Anchors are tenants in excess of 30,000 square feet.

GENERAL

INFORMATION

36



Stock Exchange Listing: The Toronto Stock Exchange (TSX)

Trading Symbols: Trust Units SRU.UN

5.50% Convertible Debentures SRU.DB.B

Corporate Office: SmartCentres Real Estate Investment Trust

700 Applewood Crescent, Suite 200

Vaughan, ON, L4K 5X3

Canada

Tel: (905) 326-6400

Fax: (905) 326-0783

Senior Management: Mitchell Goldhar Executive Chairman

Huw Thomas Chief Executive Officer

Peter Forde President & Chief Operating Officer

Peter Sweeney Chief Financial Officer

Mauro Pambianchi Chief Development Officer

Rudy Gobin EVP Portfolio Management & Investments

Stephen Champion EVP Development

Transfer Agent & Registrar: Computershare Share Trust

Company of Canada

100 University Avenue, 9th Floor

Toronto, ON, M5J 2Y1

Auditors: PricewaterhouseCoopers LLP

PwC Tower

18 York Street, Suite 2600

Toronto, ON, M5J 0B2

Legal Counsel: Osler, Hoskin & Harcourt LLP

100 King Street West

1 First Canadian Place

Suite 4600, P.O. Box 50

Toronto, ON, M5X 1B8

supplemental information package - home - smartcentres · march 2018 supplemental information...

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