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Firstquarter FIRSTQUARTER Supplemental Information Package FOR THE THREE MONTHS ENDED MARCH 31, 2017 Table of Contents Notice to Reader …………………………………………………………………………........………. 2 Conference Call Highlights ………….……..………………………………………………………….. 3 Looking Beyond ……………………………………………………..…………………………………. 7 Portfolio Highlights ……………………………………………..………………………………………. 9 Distribution Reinvestment Plan ……………………………………………...……………………….. 10 Distribution History ………………………………………………….………………………..... 10 Performance of SmartREIT Units ……………………………………………………………..……... 11 Average Unit Trading Price …………………………………………………………….……... 11 Average Daily Volume of Units Traded ………………………………………………………. 11 Market Capitalization Summary ………………………………………………………………. 11 Gross Revenue and Area by Province ………………………………………………………………. 12 Top 25 Tenants ……………………………………………………………………………………........ 13 Lease Expiration Schedule ……………………………………………………………………………. 14 Area by Age …………………………………………………………………………………………….. 15 Future Earnouts and Developments …………………………………………………………………. 16 Major Mixed-Use Real Estate Initiatives ……….……………………………………………………. 17 Recourse Loans to Developers ………………………………………………………………………. 18 Individual Property Summary …………………………………………………………………………. 19 General Information ………………………………………………………………………................... 31 Notice to Reader Readers are cautioned that certain terms used in this Supplemental Information Package (“Supplement”) such as Funds From Operations ("FFO"), Adjusted Funds From Operations ("AFFO"), 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, 2017. 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. SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 2 Conference Call Highlights Operations – for the quarter . FFO per unit remained the same for the quarter compared to Q1 2016 . AFFO(1) per unit decreased 3.8% for the quarter compared to Q1 2016 . AFFO(1) payout ratio at 85.0% (79.4% in 2016) . Timing difference on revenues and general and administrative expenses negatively impacts FFO per unit by approximately $0.01 . Reduction in mezzanine loan and other interest impact of approximately $0.5 million year over year offset by benefit of approximately same amount due to settlement of old tenant issues . Occupancy level at 98.1% at the end of the quarter (98.5% in 2016) and 98.4% including executed leases . Renewed 1,146,245 square feet, representing 56.0% of lease maturities for 2017, with average face rents increase of 1.9% . Average cap rate of investment properties at 5.84%, (5.91% in 2016) (1) The calculation of the Trust’s AFFO and related AFFO payout ratio, including comparative amounts, has changed pursuant to the February 2017 REALpac White Paper on FFO and AFFO. As a result, comparability against previously reported AFFO and AFFO payout ratios may be inappropriate. Tenant Activity . Approximately 74,000 square feet of tenancies were completed and transferred this quarter via earnouts and development, providing an unleveraged yield of 5.3% . SmartREIT’s occupancy at 98.1% (98.4% including executed deals), remains strong. Had we treated the two former Target anchored locations, which are now being developed, as vacant, our occupancy would have been 97.4% . Dollar store growth principally through Dollarama continues to absorb surplus space. Total number of stores is now 72 (Dollarama – 46, and Dollar Tree – 26) . No store closures due to Golf Town and only 1 store relating to the Grafton Fraser restructuring . No Sears exposure in any format . Overall, SmartREIT continues to monitor closely those tenants in certain markets where some rationalizing is taking place SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 3 Conference Call Highlights Growth . Same properties’ net operating income increased by 1.1% for the quarter compared to 2016 . Premium Outlets - Toronto o tenant sales continuing to outperform expectations and are now over $1,100 psf o virtually all temporary tenants replaced with long term leases and quality tenants, and site is 97.4% occupied o stabilized yield continues to be in the double digits o new tenants opening soon include Carter's and Soft Moc, and a variety of potential high quality tenants are looking at the last available unit o construction well underway on a new parking facility to provide a net new 900 parking spots as part of the 140,000 square foot expansion of the shopping centre o temporary parking facility created for up to 600 vehicles to support building activity - Montreal o tenancy of long and short term tenants currently at 98.1%, leaving only two stores to be leased o Salvatore Ferragamo opened subsequent to quarter-end and joins Gucci as key traffic drivers with respect to luxury brands o 2016 sales grew 21.4% over 2015 and are now over $560 psf o recent new tenants include Laura, Thread & Copper and Moose Knuckles's only retail outlet - SmartREIT actively working with Simon to develop two potential additional sites . Vaughan Metropolitan Centre - construction progressing very well and the KPMG tower is now complete - KPMG office opened on October 3rd, 2016 and now has approximately 500 staff in place - the KPMG Tower won the 16th Annual Real Estate Excellence (REX) Award for Office Development of the Year for the GTA - marginal office space left now in the KPMG tower based on executed leases and those under negotiation. New retail and office tenants include TD Bank and BMO, and a global insurance company is finalizing a lease for the 2nd floor in the tower and all of the additional podium space - project coming in well below budget for construction costs - second mixed-use tower now finalized with PWC as lead tenant as well as YMCA, a library and other community space - will break ground this month - planning process continuing for first residential development in a joint venture with CentreCourt Developments Inc. on two condominium towers, now projected to be 53-55 storeys each and approximately 1,200 units. Sales office will open in the next few weeks for the first tower - condominium tower will include new BUCA-branded restaurant and BAR BUCA at the lobby level SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 4 Conference Call Highlights Growth (cont’d) . Vaughan Metropolitan Centre (cont’d) - design work commenced on next phase, with over 2 million square feet of mixed-use complex fronting on Hwy 7 - subway opening in late 2017 remains on target - York Regional bus terminal has broken ground and expected to be ready by late 2017 - significant internal road infrastructure to be completed during 2017 to improve internal access . Future Opportunities - residential single family home project at Vaughan NW moving forward in a JV with Fieldgate, a well known home developer,
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