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, with up to 300 freehold townhomes expected on an approximately 16-acre site, and initial occupancy planned for 2019. Expected return of 20% to 25% on costs of $185 million of which our share is 50%

- earnouts and developments – committed pipeline of approximately 109,000 square feet in place at a yield of 6.7%

- 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 until at least the end of 2017

- 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

- 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 expected to start in early fall for first rental tower

. 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

- begun discussions with a number of potential partners to consider residential (including condominium, rental and single family homes), seniors housing and other potential uses on existing retail sites

. Acquisitions

- market activity with respect to SmartREIT quality property continues to be very limited, but various opportunities under consideration See chart on page 17 for a summary of the financial benefits of each of these opportunities and others not specifically discussed.

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 5 Conference Call Highlights

Capital Activities

. Leverage at 45.0% of FMV, up from 44.6% in 2016. Subsequent to quarter-end, on April 13, 2017, $150.0 million aggregate principal amount of 3.385% Series J senior unsecured debentures were redeemed. Including the repayment of these debentures, leverage reduced to 44.1%

. Total debt weighted average interest rate of 3.71% (4.01% in 2016)

. Interest coverage at 3.1X (3.0X in 2016)

. Unencumbered asset pool in excess of $2.7 billion, providing significant future flexibility. Pool contains high quality assets

. On March 13, 2017, $150.0 million of 5-year 2.876% Series Q senior unsecured debentures was issued for net proceeds including issuance costs totaling $149.1 million

. Secured debt of $21.5 million with a weighted average interest rate of 4.35% was repaid

. Annual distributions increased in October 2016 to $1.70 from $1.65, representing a 3.0% increase

2017 Outlook

. 2017 Operating FFO still expected to grow in the 2% - 3% range, based on:

- same property growth

- full year of NOI from 2016 acquisitions

- full year of refinancing benefits from 2016 and further 2017 benefits

- developments and earnouts

- lease buyouts and guarantee payments

- continued G&A costs associated with the development platform

- ongoing settlement of long-standing tenant issues

. 2017 Transactional FFO from land sales to new Joint Ventures still expected to be in the 1% - 2% range based on various JV relationships in place

. Payout ratio expected to continue to stay in the mid to low 80% range by the end of the year

. Adoption of the new REALpac guidelines on AFFO and ACFO has led management to consider the appropriate measurement going forward

. Adjusted payout ratio at Q1 was 85.0%, reflecting somewhat higher sustaining capex and leasing costs in Q1 2017 due to portfolio leasing activity

. Acquisitions targeted in the $150 million range

. Occupancy expected to remain in excess of 98%, assuming no material retailer challenges, with some fluctuations in the balance of the year based on known projected vacancies

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 6 Looking Beyond

Vaughan Metropolitan Centre – Concept Plan

Vaughan Metropolitan Centre See Vaughan’s new downtown vision on YouTube: http://www.youtube.com/watch?v=m3uO9eU8SwI

VMC - Artist's Rendering of the PWC Tower

Westside Mall – Concept Plan

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 7 Looking Beyond

Toronto Premium Outlets – Expansion Plan

Potential Single Family Development in Vaughan NW

Laval Centre – Concept Plan

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 8 Portfolio Highlights

As at As at March 31, 2017 March 31, 2016 in $000s, except for Unit and other non-financial data) Number of retail and other properties 142 139 Number of properties under development 8 11 Number of office properties 1 0 Number of mixed-use properties 1 0 Total number of properties owned 152 150 Number of Walmarts / Supercentres 95 / 90 94 / 89 Number of Walmarts / Supercentres (including shadows) 109 / 103 108 / 102 Gross leasable area (sq. ft.) 32,024,887 31,033,583 Total GLA in Walmart anchored centres (sq. ft.) 27,362,648 26,451,035 Future estimated development area (sq. ft.) 4,068,361 5,016,641 Occupancy 98.1% 98.5% Occupancy including executed leases 98.4% 98.5% Average lease term to maturity 6.1 years 6.7 years Net rental rate (per occupied sq. ft.) $15.24 $15.22 Net rental rate excluding anchors (per occupied sq. ft.) (1) $21.83 $21.97 Investment properties(2) 8,202,187 8,215,538 Total assets 8,886,478 8,562,488 Debt(2) 4,031,172 3,838,553 Total debt – Weighted average interest rate (3) 3.71% 4.01% Secured debt – Weighted average contractual interest rate (4) 3.78% 3.86% Secured debt – Weighted average maturity 4.6 years 5.3 years Debt to gross book value (5) 52.5% 52.1% Debt to gross book value, excluding $150M Series J debentures (5) 51.6% 52.1% Debt to aggregate assets 45.0% 44.6% Debt to aggregate assets, excluding $150M Series J debentures 44.1% 44.6% Secured debt to aggregate assets 28.5% 31.1% Unencumbered assets to unsecured debt 1.9X 2.1X Unencumbered assets to unsecured debt, excluding $150M Series J debentures 2.1X 2.1X Interest coverage (6) 3.1X 3.0X Debt to adjusted EBITDA (7) 8.4X 8.4X Equity (book value) 4,669,726 4,532,177 Units outstanding (8) 156,072,260 154,608,575

Three months ended Three months ended March 31, 2017 March 31, 2016 FFO excluding adjustments (9) $0.54 $0.54 AFFO (9) $0.50 $0.52 Payout ratio (to AFFO) (10) 85.0% 79.4% Surplus of cash provided by operating activities over distributions paid 1,937 3,788 (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 investment in associate. (3) Includes convertible debentures and acquisition date fair value adjustments. (4) Excludes acquisition date fair value adjustments. (5) Defined as debt divided by Aggregate Assets plus accumulated amortization less cumulative unrealized fair value gain or loss with respect to investment property. Refer to “Financial Covenants” in the MD&A for the three months ended March 31, 2017 for a reconciliation of this ratio. (6) Defined as Adjusted EBITDA over interest expense, where interest expense excludes the distributions on deferred units and LP Units classified as liabilities and adjustments relating to the early redemption of unsecured debentures. Refer to “Financial Covenants” in the MD&A for the three months ended March 31, 2017 for a reconciliation of this ratio. (7) Defined as debt divided by Adjusted EBITDA. (8) 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 noncontrolling interests. (9) See “Other Measures of Performance” in the MD&A for the three months ended March 31, 2017 for a reconciliation of these measures to the nearest consolidated financial statement measure. (10) Payout ratio is calculated as distributions per Unit divided by Adjusted Funds From Operations per Unit.

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 9 Distribution Reinvestment Plan

Unitholders who elect to participate will have their monthly cash distributions automatically reinvested in units of SmartREIT at a price equal to 97% of the average TSX market price over the 10 business days preceding the monthly distribution date.

SmartREIT’s 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:

Smart 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 2017 2016 2015 2014 2013 ($) ($) ($) ($) ($) January 0.14167 0.13750 0.13340 0.12900 0.12900 February 0.14167 0.13750 0.13340 0.12900 0.12900 March 0.14167 0.13750 0.13340 0.12900 0.12900 April 0.13750 0.13340 0.12900 0.12900 May 0.13750 0.13340 0.12900 0.12900 June 0.13750 0.13340 0.12900 0.12900 July 0.13750 0.13340 0.12900 0.12900 August 0.13750 0.13340 0.12900 0.12900 September 0.13750 0.13340 0.12900 0.12900 October 0.14167 0.13750 0.13340 0.12900 November 0.14167 0.13750 0.13340 0.12900 December 0.14167 0.13750 0.13340 0.12900 Total 0.42501 1.66251 1.61310 1.56120 1.54800

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 10 Performance of SmartREIT Units

Average Unit Trading Price

Per unit 2017 2016 2015 2014 2013 ($) ($) ($) ($) ($) 1st Quarter 32.47 31.33 30.17 25.37 29.35 2nd Quarter 34.78 29.45 26.52 27.71 3rd Quarter 36.59 29.75 26.23 24.99 4th Quarter 31.96 31.33 27.14 24.91 YTD / Annual 32.47 33.42 30.29 26.31 26.68 Closing trading price at end of 32.67 32.29 30.19 27.30 25.16 period

Average Daily Volume of Units Traded

2017 2016 2015 2014 2013 ($) ($) ($) ($) ($) 1st Quarter 221,865 288,045 200,374 199,418 201,657 2nd Quarter 198,964 242,372 185,756 205,188 3rd Quarter 226,367 218,051 156,254 224,222 4th Quarter 278,983 334,127 184,375 200,424 Annual 221,865 247,612 248,924 181,379 207,912

Market Capitalization Summary

Date Total Units Outstanding (1) Share price per Unit Market Capitalization ($) ($) March 31, 2017 156,072,260 32.67 5,098,880,734 December 31, 2016 155,686,295 32.29 5,027,110,466 December 31, 2015 154,088,207 30.19 4,651,922,983 December 31, 2014 136,315,194 27.30 3,721,404,809 December 31, 2013 134,381,155 25.16 3,381,029,860

(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.

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 11 Gross Revenue and Area by Province

Gross Revenue by Province

1 – Ontario – 60.2% 2 – Quebec – 15.1% 3 – British Columbia – 8.8% 4 – Manitoba – 3.7% 5 – Alberta – 3.7% 6 – Saskatchewan – 3.4% 7 – Newfoundland and Labrador – 3.0% 8 – Nova Scotia – 0.9% 9 – New Brunswick – 0.7% 10 – Prince Edward Island – 0.5%

Gross Area by Province

1 – Ontario – 56.6% 2 – Quebec – 16.1% 3 – British Columbia – 9.3% 4 – Alberta – 4.7% 5 – Saskatchewan – 3.9% 6 – Manitoba – 3.6% 7 – Newfoundland and Labrador – 3.2% 8 – Nova Scotia – 1.0% 9 – New Brunswick – 0.9% 10 – Prince Edward Island – 0.7%

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 12 Top 25 Tenants

Number Gross Remaining Rank Tenant of Stores Rental Revenue Lease Term (%) (years) 1 Walmart 95 26.3 7.6 2 Canadian Tire, Mark's and FGL Sports 67 4.5 6.0 3 Winners, HomeSense, Marshalls 49 4.0 5.3 4 Lowe's, RONA 9 2.6 7.2 5 Sobeys 17 2.4 6.2 6 Reitmans 100 2.3 3.3 7 Loblaws and Shoppers Drug Mart 20 2.3 7.2 8 Best Buy 23 1.9 2.6 9 Dollarama 46 1.6 4.5 10 Michaels 24 1.6 4.6 11 Staples 23 1.5 2.9 12 LCBO 29 1.4 7.9 13 Cara Restaurants 48 1.3 5.1 14 Hudson's Bay Company 14 1.2 3.4 15 Gap Inc. 23 1.1 2.8 16 The Brick 9 1.1 4.4 17 Bonnie Togs 42 1.0 5.3 18 Bulk Barn 48 1.0 5.9 19 Toys R Us 7 1.0 6.2 20 CIBC 26 0.9 3.3 21 Dollar Tree and Dollar Giant 26 0.9 4.8 22 Pacific West 37 0.8 4.7 23 Sail 4 0.8 9.6 24 Metro 7 0.8 5.5 25 Home Depot 3 0.8 6.5 Total 796 65.1 6.6

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 13 Lease Expiration Schedule

Number Annualized Base Average Year of Expiry of Stores Area Area Rent Rent psf (sq. ft.) (%) ($) ($) Month-to-month and holdovers 59 233,921 0.7 4,118,063 17.60

2017 (remainder of year) 176 938,454 2.9 17,170,551 18.30

2018 473 2,356,183 7.4 49,510,100 21.01

2019 394 3,106,947 9.7 47,504,715 15.29

2020 331 3,368,510 10.5 49,602,100 14.73

2021 357 3,540,893 11.1 50,624,287 14.30

2022 289 3,928,655 12.3 52,254,370 13.30

2023 240 2,809,343 8.8 40,953,970 14.58

2024 208 2,014,223 6.3 33,865,395 16.81

2025 130 1,393,871 4.4 19,518,694 14.00

2026 145 1,452,982 4.5 25,327,232 17.43

2027 79 1,738,918 5.4 24,223,201 13.93

2028 26 880,723 2.8 13,242,340 15.04

2029 21 1,401,290 4.4 17,109,325 12.21

2030 11 604,448 1.9 9,726,569 16.09

2031 13 455,049 1.4 7,479,315 16.44

2032 5 700,744 2.2 9,944,887 14.19

Beyond 4 487,847 1.4 6,557,681 13.44

Vacant 197 611,886 1.9 - -

Total 3,158 32,024,887 100.0 478,732,794 15.24

Weighted Average Lease Expiry by area = 6.1 years

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 14 Area by Age

Age Area Area (sq. ft.) (%) 2002 – present 24,033,758 75.1 1995 – 2001 7,220,597 22.5 Before 1995 770,532 2.4 Total 32,024,887 100.0

Portfolio of high quality, newly developed assets with an average age of 13.3 years and minimal capital expenditure requirements.

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 15 Future Earnouts and Developments

Total Gross Invested Net Yield / Year Area Area Income Commitment To-date Commitment Cap Rate (sq. ft.) (%) ($000s) ($000s) ($000s) ($000s) (%) Earnouts Committed Earnouts 2017 4,878 0.1% 197 2,871 583 2,288 6.9% 2018 and beyond 6,950 0.2% 176 2,692 27 2,665 6.5% Sub-total Committed Earnouts 11,828 0.3% 373 5,563 610 4,953 6.7%

Uncommitted Earnouts 2017 18,436 0.5% 355 5,409 376 5,033 6.6% 2018 and beyond 534,558 13.1% 10,968 164,540 4,519 160,021 6.7% Sub-total Uncommitted Earnouts 552,994 13.6% 11,323 169,949 4,895 165,054 6.7%

Total Earnouts 564,822 13.9% 11,696 175,512 5,505 (1) 170,007 6.7%

Developments Committed Developments 2017 32,502 0.8% 700 10,676 (2) 4,239 (2) 6,437 6.6%(3) 2018 and beyond 64,252 1.6% 1,389 20,610 (2) 7,450 (2) 13,160 6.7%(3) Sub-total Committed Developments 96,754 2.4% 2,089 31,286 11,689 19,597 6.7%

Uncommitted Developments 2017 106,016 2.6% 1,871 20,996 (2) 20,344 (2) 652 8.9%(3) 2018 and beyond 3,300,769 81.1% 71,586 1,170,071 (2) 470,899 (2) 699,172 6.1%(3) Sub-total Uncommitted Developments 3,406,785 83.7% 73,457 1,191,067 491,243 699,824 6.2%

Total Developments (4) 3,503,539 86.1% 75,546 1,222,353 502,932 (1) 719,421 6.2%

Total Earnouts and Developments 4,068,361 100.0% 87,242 1,397,865 508,437 889,428 6.2% Non-cash Development Cost (5) 4,956 Vaughan Metropolitan Centre (“VMC”) (6) 72,620 (1) Total before Mezzanine Financing 4,068,361 100.0% 87,242 1,397,865 586,013 (1) 889,428 6.2% Options through Mezzanine Financing (7) 700,667 Total Potential Pipeline 4,769,028

(1) Under “Properties Under Development” in the MD&A for the three months ended March 31, 2017, Earnouts of $71,900, Developments of $417,544 and Investments in associates relating to VMC of $101,096 comprise the total amount of $590,540. 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%, 6.6%, 7.5%, and 5.6%, 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. (7) See “Recourse Loans to Developers”.

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 16 Major Mixed-Use Real Estate Initiatives

Estimated Costs ($M) Estimated Gain on Final Sale

GLA ('000sf) SRU NOI at 100% NOI at SRU Completion Site Project Type / Units % Share 100% SRU Share ($M) Share ($M) Year Yield Profit % SRU Share Timing

a. KPMG (T#1) Office 360sf 50% $184 $92 $10.5 $5.25 2016 5.8% - - - b. PWC (T#2) Office 105sf 50% $70.6 $35.3 $2.8 $1.4 2019 4.5%-5.5% - - - c. Office (T#3) Office 450sf 50% $140 $70 $8.4 $4.2 2021 5.5%-6.5% - - - (1) 1. VMC (Office Towers) d. Office (T#4) Office 450sf 50% $140 $70 $8.4 $4.2 2023 5.5%-6.5% - - -

2018 (2) 2. Toronto Premium Outlets Phase II (JV) Retail 144sf 50% $118.80 $59.4 $10.9 $5.4 NOV 2018 9.0%-9.5% - - -

(2) 3. Montreal Premium Outlets Phase II (JV) Retail 140sf 50% $56 $28 $5.6 $2.7 2021-2022 9%-10% - - -

4. New Premium Outlets Premium (JV) Retail 260sf 50% $114 $57 $8.7 $4.4 2020 7.5%-8.0% - - -

(3) 5. Laval Centre Jadco (2 Bldgs) Apartments 300 Units 50% $75 $37.5 $4.3 $2.2 2019-2020 5.7% - - -

CentreCourt Condo #1 553 Units 25% $162 $40.5 N/A N/A 2020 N/A 15%-20% 25% 2020 CentreCourt Condo #2 570 Units 25% $203 $50.75 N/A N/A 2021 N/A 15%-20% 25% 2021 Condo Condo #3 550 Units 25% $160 $40 N/A N/A 2022 N/A 15%-20% 25% 2022 (3) 6. VMC (Condos) Condo Condo #4 & 5 1,100 Units 25% $320 $80 N/A N/A 2023 N/A 15%-20% 25% 2023

(3) 7. Vaughan NW Fieldgate Townhomes 296 Units 50% $186.7 $93 N/A N/A 2019-2020 N/A 15%-25% 50% 2019-2020

8. Ottawa Laurentian JV Partner (2 Bldgs) Apartments 300 Units 25% $86 $21.5 $4.9 $1.23 2020-2021 5.5%-6.5% - - -

400sf built $4.1M net $2.0M net Self Storage per Year in $52M per yr $26M per yr new NOI new NOI (4 new facilities each of in each of in each of commences commences 9. Multiple Locations Self Storage (JV) each year) years 1-5 50% years 1-5 years 1-5 annually annually 2019-2023 7.5%-8.5% - - - Mixed-Use (Office, Studio, 10. StudioCentre (Toronto) SRU-Penguin JV Hotel) 150sf 50% $53 $26.3 $3.4 $1.71 2019-2022 6.0%-7.0% - - -

Notes: (1) KPMG and PWC towers are included in the future development pipeline as Developments (see “Future Earnouts and 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 (see “Future Earnouts and Developments”). (3) Estimated Incremental FFO Gain on Sale in 2017 related to Laval Centre, VMC (Condo's) and Vaughan NW parcels, collectively are in the range of 1-2% of annual FFO at SmartREIT's ownership share. Further land sale gains are expected to occur in future years as sales of land into JV's continue.

In addition to the projects set out in the table above (with the exception of the projects listed in Notes 1 and 2), SmartREIT's pipeline also includes approximately 4.1 million sf of future developments as set out in the table shown on the “Future Earnouts and Developments” section . Also in addition to the above, over the longer term, SmartREIT has a further mixed-use development pipeline estimated at 4-4.5M sf in projects such as Ottawa South SmartCentre, Westside Mall (Toronto), Vaughan (400 & 7) SmartCentre and Richmond Hill SmartCentre.

SMART REAL ESTATE INVESTMENT TRUST

MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 17 Recourse Loans to Developers

Total Leasable Potential Area Loan Interest Area upon Upon Exercising Project Outstanding Committed Maturity Date Rate Option Completion Purchase Option ($000s) ($000s) (%) (%) (8) (sq. ft.) (sq. ft.) (8)

Salmon Arm, BC(1)(2) 16,536 23,264 October 2017 4.28% - 215,431 - Innisfil, ON(1)(3) 18,947 27,077 December 2020 2.91% - 139,744 - Aurora (South), ON(4) 15,020 30,543 March 2022 3.67% 50% 193,035 96,518 Mirabel (Retail Centre I), QC(5) - 18,262 December 2022 7.50% - 256,000 - Mirabel (Retail Centre II), QC(6) - 5,721 December 2022 7.50% - 178,068 - Toronto (Eastern), ON(1)(4) 25,150 43,759 November 2023 3.94% 25% 911,322 227,831 Vaughan (7 & 427), ON 16,014 53,127 December 2023 4.97% 50% 302,029 151,015 Pitt Meadows, BC(4) 25,648 68,664 April 2024 4.13% 50% 450,605 225,303 Caledon (Mayfield), ON(4) 8,715 14,034 June 2024 3.97% 50% - - Total 126,031 284,452 3.97% 2,646,234 700,667

(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 $7,200 and banker's acceptance rate plus 1.75% on any additional loans above $7,200. (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 Loan Amendments section in the MD&A for the three months ended March 31, 2017. (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. As at March 31, 2017, it is management's expectation that the Trust will exercise these purchase options.

Note: Of the $158.4 million of remaining loan advances available, $81.6 million is set aside as interest accrual reserve.

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 18 Individual Property Summary

Owned Rentable Owned Rentable Non-Owned Property Location Occupancy Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants (%) (sq. ft.) (sq. ft.) (sq. ft.)

Retail Properties

British Columbia

Walmart Supercentre, Winners, Courtenay SmartCentre Courtenay, BC 97.2 273,289 135,899 - Staples, Best Buy, Sport Chek, Mark's, Reitmans, RBC Walmart Supercentre, Real Canadian Superstore*, Home Cranbrook SmartCentre Cranbrook, BC 100.0 164,025 107,158 185,556 Hardware*, Sport Chek, Dollar Tree Walmart Supercentre*, RONA*, Cowichan Commons East Duncan, BC 96.5 247,954 188,680 235,732 Canadian Tire, Home Depot, Best Buy, Bulk Barn Walmart Supercentre, Michaels, Kamloops SmartCentre Kamloops, BC 97.3 232,800 143,619 - Lordco Auto Parts, Pier 1 Imports, Sleep Country Walmart Supercentre, Home Langley SmartCentre Langley, BC 98.7 351,224 261,497 172,161 Depot*, Save-on-Foods*, Home Outfitters, London Drugs, Best Buy Walmart Supercentre, Thrifty Maple Ridge SmartCentre Maple Ridge, BC 100.0 215,684 146,521 - Foods, Westminster Savings Credit Union, Dollar Tree, Rexall Walmart Supercentre, Home New Westminster New Westminster, BC 95.7 407,577 159,449 - Outfitters, Tommy Hilfiger, Carter's SmartCentre OshKosh, The Gap Walmart Supercentre*, Sport Chek, Peachtree Square Penticton, BC 95.0 54,915 - 175,000 Dollar Tree, Valley First Credit Union, Bulk Barn Real Canadian Superstore, Penticton Power Centre Penticton, BC 98.6 202,322 110,795 - Staples, Winners, Sleep Country, TD Canada Trust Walmart Supercentre, Home Prince George SmartCentre Prince George, BC 97.3 313,390 165,350 204,247 Depot*, Canadian Tire*, Michaels, Old Navy, Mark's, Petland

Walmart Supercentre, Winners, Salmon Arm SmartCentre** Salmon Arm, BC 100.0 67,324 48,345 - Dollarama, Bulk Barn

Walmart Supercentre, Dollar Tree, Surrey West SmartCentre Surrey, BC 100.0 187,156 133,943 - Ardene, Sleep Country, Reitmans, Carter's OshKosh Walmart Supercentre, RONA*, Vernon SmartCentre Vernon, BC 94.3 259,302 144,782 50,300 Best Buy, Value Village, Mark's, Petland, Sleep Country

Subtotal British Columbia 97.5 2,976,962 1,746,038 1,022,996

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 19 Individual Property Summary

Owned Rentable Owned Rentable Non-Owned Property Location Occupancy Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants (%) (sq. ft.) (sq. ft.) (sq. ft.)

Alberta

Walmart Supercentre, London Calgary Southeast Calgary, AB 100.0 246,085 199,758 - Drugs, Mark's, Reitmans, Carter's SmartCentre OshKosh, Bulk Barn

Re/Max, Respiratory Homecare Crowchild Corner Calgary, AB 100.0 23,377 - - Solutions Inc.

Walmart Supercentre, Safeway, Edmonton East Edmonton, AB 100.0 180,100 94,835 - Winners, Petland, Dollarama, TD SmartCentre** Canada Trust Walmart Supercentre, Michaels, Edmonton Northeast Edmonton, AB 97.5 274,353 161,925 - Bulk Barn, Moores, Penningtons, SmartCentre Reitmans

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

Walmart Supercentre, Home Lethbridge SmartCentre Lethbridge, AB 100.0 333,092 194,564 95,000 Depot*, Ashley Furniture, Best Buy, Mark's, Gap Outlet Walmart Supercentre, Save-on- St. Albert SmartCentre St. Albert, AB 100.0 251,329 197,101 91,737 Foods*, RONA*, Mark's, Canadian Western Bank

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

Subtotal Alberta 99.5 1,493,711 1,004,385 255,684

Saskatchewan

Walmart Supercentre, Regina East SmartCentre (I) Regina, SK 100.0 398,003 282,845 - HomeSense, London Drugs, Home Outfitters, Best Buy, Michaels RONA, Real Canadian Regina East SmartCentre Regina, SK 99.4 198,134 107,608 130,000 Superstore*, Wholesale Sports, (II) Old Navy, Petland Walmart Supercentre, IGA, Mark's, Regina North SmartCentre Regina, SK 99.5 276,251 206,339 - Dollarama, Bulk Barn, Reitmans, TD Canada Trust Walmart Supercentre, Home Saskatoon South Saskatoon, SK 100.0 374,722 194,210 109,084 Depot*, HomeSense, The Brick, SmartCentre Ashley Furniture, Golf Town

Subtotal Saskatchewan 99.8 1,247,110 791,002 239,084

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 20 Individual Property Summary

Owned Rentable Owned Rentable Non-Owned Property Location Occupancy Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants (%) (sq. ft.) (sq. ft.) (sq. ft.)

Manitoba

RONA, Costco*, Indigo Books, Kenaston Common Winnipeg, MB 100.0 257,222 98,570 143,613 Golf Town, Petland, Nygard, CIBC, SmartCentre HSBC, RBC

Walmart Supercentre, Home Winnipeg Southwest Winnipeg, MB 98.1 528,180 281,606 95,000 Depot*, Safeway, Home Outfitters, SmartCentre HomeSense, Urban Planet

Walmart Supercentre, Canadian Winnipeg West SmartCentre Winnipeg, MB 97.0 354,679 171,146 75,240 Tire*, Sobeys, Winners, Value Village, Sport Chek, Staples

Subtotal Manitoba 98.2 1,140,081 551,322 313,853

Ontario

Walmart Supercentre, Dollarama, Alliston SmartCentre Alliston, ON 100.0 170,770 151,709 - Tim Hortons

Walmart Supercentre, Canadian Ancaster SmartCentre Ancaster, ON 99.0 264,833 163,794 74,018 Tire*, Winners, GoodLife Fitness, Bouclair, Dollar Tree

Walmart Supercentre, RONA, Best Aurora North SmartCentre Aurora, ON 99.2 508,567 313,637 - Buy, Golf Town, LCBO, Dollarama, RBC, TD Canada Trust

Aurora SmartCentre Aurora, ON 85.1 51,186 - - Winners, Bank of Nova Scotia

Food Basics, Pharma Plus, Barrie Essa Road Shopping Barrie, ON 88.8 104,916 35,152 - Dollarama, Anytime Fitness, Pet Centre Valu, Tim Hortons

Walmart Supercentre, Loblaws*, Barrie North SmartCentre Barrie, ON 98.3 234,700 160,727 81,373 Old Navy, Carter's OshKosh, Addition-Elle, Reitmans

Walmart Supercentre, Sobeys, Barrie South SmartCentre Barrie, ON 93.6 409,884 243,629 - Winners, La-Z-Boy, PetSmart, Stitches, Dollar Tree

Walmart Supercentre, LCBO, Bolton SmartCentre Bolton, ON 99.2 242,444 161,864 - Mark's, The Beer Store, Reitmans

Walmart Supercentre, Home Bracebridge SmartCentre Bracebridge, ON 100.0 142,501 115,779 90,000 Depot*, Dollar Tree, Boston Pizza, Bulk Barn

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 21 Individual Property Summary

Owned Rentable Owned Rentable Non-Owned Property Location Occupancy Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants (%) (sq. ft.) (sq. ft.) (sq. ft.)

Walmart Supercentre, GoodLife Bradford SmartCentre Bradford, ON 100.0 241,701 168,571 - Fitness, Dollarama, Bulk Barn, CIBC, RBC

LA Fitness, Value Village, LCBO, Bramport SmartCentre Brampton, ON 100.0 153,237 45,877 37,082 Dollarama, Swiss Chalet, CIBC, Bank of Montreal

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

Walmart Supercentre, The Brick, Brampton East SmartCentre Brampton, ON 99.4 360,695 243,610 - Winners, Staples, Mark's, Carter's OshKosh, Sleep Country

Fortinos*, Shoppers Drug Mart, Brampton North Brampton, ON 83.4 58,794 - 62,496 RBC, Synergy Performing Arts SmartCentre Academy

Walmart Supercentre, LCBO, Brampton Northeast Brampton, ON 100.0 227,242 153,455 - Dollarama, CIBC, Bank of Nova SmartCentre Scotia, RBC

Walmart Supercentre*, Real Brockville SmartCentre Brockville, ON 100.0 144,084 - 322,054 Canadian Superstore*, Home Depot*, Winners, Michaels, LCBO

Toys R Us, LA Fitness, Shoppers Burlington (Appleby) Burlington, ON 100.0 151,115 100,646 - Drug Mart, Golf Town, Bank of SmartCentre Montreal

Walmart Supercentre, Dollar Tree, Burlington North Burlington, ON 100.0 226,451 161,127 - Reitmans, Moores, Bank of Nova SmartCentre Scotia

Walmart Supercentre, RONA, LA Cambridge SmartCentre (I) Cambridge, ON 96.3 738,034 323,394 - Fitness, Best Buy, Staples, Bed Bath & Beyond, Michaels

Canadian Tire*, Home Depot*, Cambridge SmartCentre (II) Cambridge, ON 53.4 23,938 - 224,695 2001 Audio Video, Henry's Photography

Walmart Supercentre, Dollarama, Carleton Place SmartCentre Carleton Place, ON 100.0 148,885 115,811 - Mark's, Bulk Barn

Walmart Supercentre, Real Canadian Superstore*, Winners, Chatham SmartCentre** Chatham, ON 98.4 154,545 101,053 91,275 Mark's, PetSmart, Dollarama, LCBO Walmart Supercentre, Home Cobourg SmartCentre Cobourg, ON 97.9 197,935 142,634 85,433 Depot*, Winners, Dollar Tree, Swiss Chalet

Cornwall SmartCentre Cornwall, ON 100.0 165,954 154,510 - Walmart Supercentre, Dollar Tree

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 22 Individual Property Summary

Owned Rentable Owned Rentable Non-Owned Property Location Occupancy Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants (%) (sq. ft.) (sq. ft.) (sq. ft.)

Home Depot*, Winners, Sobeys, Leaside SmartCentre East York, ON 95.4 258,136 108,632 113,000 Sport Chek, Best Buy, LCBO, Golf Town, RBC

Etobicoke (Index) Sail, Marshalls, PetSmart, Party Etobicoke, ON 100.0 188,059 107,838 - SmartCentre Packagers, Structube, Bouclair

Walmart Supercentre, Home Etobicoke SmartCentre Etobicoke, ON 100.0 294,734 199,824 135,000 Depot*, Best Buy, Old Navy, Mark's, Urban Barn

Walmart Supercentre*, Dollarama, Rexdale SmartCentre Etobicoke, ON 100.0 35,174 - 126,083 Bank of Nova Scotia

Walmart Supercentre*, No Frills*, Fort Erie SmartCentre Fort Erie, ON 100.0 12,738 - 140,142 LCBO, Bank of Nova Scotia

Walmart Supercentre, Home Guelph SmartCentre Guelph, ON 99.5 296,116 171,396 110,000 Depot*, HomeSense, Michaels, Dollarama, CIBC, RBC

Saks Fifth Avenue OFF 5TH, Polo Toronto Premium Outlets** Halton Hills, ON 100.0 179,333 - - Ralph Lauren, Restoration Hardware, Nike, Columbia, Coach

Walmart Supercentre, Shoppers Hamilton South Hamilton, ON 99.1 239,519 124,524 - Drug Mart, LCBO, Dollarama, The SmartCentre Beer Store, CIBC

Walmart Supercentre, Your Huntsville SmartCentre Huntsville, ON 100.0 126,436 84,861 68,837 Independent Grocer*, Dollar Tree, Mark's, Reitmans

Walmart Supercentre, Dollarama, Kanata SmartCentre Kanata, ON 99.2 201,548 155,739 - Bulk Barn, CIBC, RBC

RONA*, Zehrs*, Home Outfitters, Laurentian Power Centre Kitchener, ON 100.0 69,223 34,023 220,978 Staples, CIBC

Walmart Supercentre, Toys R Us, London East Argyle Mall London, ON 98.4 424,986 224,281 - No Frills, Winners, Staples, Sport Chek, GoodLife Fitness

Walmart Supercentre, Canadian London North London, ON 97.8 250,118 131,671 108,262 Tire*, Winners, Sport Chek, SmartCentre** HomeSense, Old Navy, LCBO

Lowe's*, Boston Pizza, Montana's, London Northwest London, ON 88.1 36,214 - 137,316 Bank of Montreal, TD Canada SmartCentre Trust, RBC

Markham East Walmart Supercentre, Dollar Tree, Markham, ON 100.0 69,008 61,207 - SmartCentre** CIBC

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 23 Individual Property Summary

Owned Rentable Owned Rentable Non-Owned Property Location Occupancy Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants (%) (sq. ft.) (sq. ft.) (sq. ft.)

Home Depot, Longo's*, Winners, Markham Woodside Markham, ON 98.6 179,950 80,385 - Staples, Chapters, Michaels, La-Z- SmartCentre** Boy, LCBO

Walmart Supercentre*, Canadian Milton Walmart Centre** Milton, ON 94.1 116,602 - 227,896 Tire*, Sport Chek, Indigo, Michaels, Mark's, Staples, RBC

Walmart Supercentre, No Frills, Mississauga (Erin Mills) Mississauga, ON 97.0 287,034 171,973 - GoodLife Fitness, Shoppers Drug SmartCentre Mart, Dollarama

Real Canadian Superstore*, Toys Mississauga (Go Lands) Mississauga, ON 100.0 113,005 50,696 115,000 R Us, Marshalls, Dollarama, TD SmartCentre Canada Trust

Walmart Supercentre, RONA, Mississauga (Meadowvale) Mississauga, ON 99.8 557,902 325,691 - Home Outfitters, Winners, Staples, SmartCentre Michaels, Mark's, PetSmart

Walmart Supercentre, PetSmart, Niagara Falls SmartCentre Niagara Falls, ON 100.0 249,745 183,698 - Penningtons, Dollarama, LCBO, Bulk Barn, Sleep Country

Real Canadian Superstore*, 401 & Weston Power North York, ON 99.2 128,991 74,712 180,000 Canadian Tire, The Brick, Home Centre** Outfitters, Best Buy, LCBO

Walmart Supercentre, Real Oakville SmartCentre Oakville, ON 99.0 461,226 314,588 - Canadian Superstore, LCBO, The Beer Store, The Keg, CIBC, RBC

Metro, Shoppers Drug Mart, LCBO, South Oakville Centre Oakville, ON 98.5 188,337 41,289 - The Beer Store, CIBC, TD Canada Trust

Walmart Supercentre, Canadian Orleans SmartCentre (I) Orleans, ON 95.8 384,015 232,635 117,136 Tire*, Home Outfitters, Best Buy, Shoppers Drug Mart Walmart Supercentre, Real Canadian Superstore, Home Oshawa North SmartCentre Oshawa, ON 99.6 558,157 341,156 116,348 Depot*, Marshalls, Sport Chek, Best Buy, Michaels Home Outfitters, Winners, Oshawa North SmartCentre Oshawa, ON 100.0 163,259 34,109 - PetSmart, Party Packagers, (II) Boston Pizza, TD Canada Trust

Walmart Supercentre, Lowe's, Sail, Oshawa South SmartCentre Oshawa, ON 100.0 536,707 430,536 - Dollarama, Urban Barn, Moores, Reitmans, CIBC, RBC

Ottawa (Laurentian Place) Walmart Supercentre, Stantec, Ottawa, ON 100.0 127,585 112,391 - SmartCentre** CIBC

Walmart Supercentre, Loblaws, Ottawa South Ottawa, ON 96.3 261,551 156,471 - Cineplex Odeon, Winners, Staples, SmartCentre** Chapters

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 24 Individual Property Summary

Owned Rentable Owned Rentable Non-Owned Property Location Occupancy Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants (%) (sq. ft.) (sq. ft.) (sq. ft.)

Walmart Supercentre, Home Owen Sound SmartCentre Owen Sound, ON 100.0 158,074 105,963 130,000 Depot*, Penningtons, Dollarama, Carter's OshKosh, Reitmans

Walmart Supercentre, Lowe's, Pickering SmartCentre Pickering, ON 96.1 546,194 393,572 82,000 Sobeys, Canadian Tire*, Toys R Us, Winners, PetSmart, LCBO

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

Walmart Supercentre, LCBO, Port Perry SmartCentre Port Perry, ON 100.0 138,789 92,473 - Mark's, Dollarama, Bulk Barn, Bank of Nova Scotia

Walmart Supercentre, Food Richmond Hill Richmond Hill, ON 97.8 136,306 94,458 - Basics, Shoppers Drug Mart, SmartCentre** HSBC, Bank of Montreal

Walmart Supercentre, Winners, Sarnia SmartCentre Sarnia, ON 99.4 342,617 214,513 - Michaels, PetSmart, LCBO, Penningtons, Dollarama

Walmart Supercentre, Winners, Scarborough (1900 Scarborough, ON 99.2 380,090 254,693 - Mark's, LCBO, David's Bridal, Bank Eglinton) SmartCentre of Montreal

Walmart Supercentre, Cineplex Scarborough East Scarborough, ON 100.0 282,156 225,385 - Odeon, LCBO, Reitmans, Boston SmartCentre Pizza, Sleep Country

Walmart Supercentre, Real St. Catharines West St. Catharines, ON 98.6 370,106 230,513 182,132 Canadian Superstore*, Canadian SmartCentre (I) Tire*, Home Outfitters, Best Buy

St. Catharines West The Brick, Michaels, Shoppers St. Catharines, ON 94.8 120,438 35,108 - SmartCentre (II) Drug Mart, Golf Town, Bouclair

Walmart Supercentre, Real St. Thomas SmartCentre St. Thomas, ON 92.6 224,382 138,567 196,212 Canadian Superstore*, Canadian Tire*, Staples, Dollar Tree

Food Basics, JYSK, King's Buffet, Centennial Parkway Plaza Stoney Creek, ON 91.5 133,748 39,271 - Salvation Army Thrift Store

Walmart Supercentre, Toys R Us, Stoney Creek SmartCentre Stoney Creek, ON 99.0 257,064 228,795 - Dollar Tree

Walmart Supercentre*, Canadian Stouffville SmartCentre Stouffville, ON 100.0 162,968 69,283 162,633 Tire, Winners, Staples, Dollarama, Bouclair, Bulk Barn

Walmart Supercentre, LCBO, Sudbury South SmartCentre Sudbury, ON 100.0 233,046 183,708 - Mark's, Dollarama, Bouclair

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 25 Individual Property Summary

Owned Rentable Owned Rentable Non-Owned Property Location Occupancy Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants (%) (sq. ft.) (sq. ft.) (sq. ft.)

Toronto Stockyards Walmart Supercentre*, Bank of Toronto, ON 100.0 8,615 - 128,194 SmartCentre Montreal, CitiFinancial

Canadian Tire, FreshCo., Dollar Westside Mall Toronto, ON 95.0 144,405 110,019 - Tree, Rogers, CIBC

Rutherford Village Shopping Sobeys, TD Canada Trust, Rogers Vaughan, ON 95.5 104,307 48,890 - Centre Video, Tim Hortons

Sail, The Brick, Home Depot*, Vaughan (400 & 7) Vaughan, ON 100.0 229,557 124,989 100,000 Staples, Value Village, GoodLife SmartCentre Fitness

Vaughan Northwest Vaughan, ON 100.0 164,298 128,791 - Walmart Supercentre, CIBC SmartCentre

Walmart Supercentre, Value Waterloo SmartCentre Waterloo, ON 100.0 181,623 128,005 - Village, Mark's, Dollarama

Walmart Supercentre, Canadian Welland SmartCentre Welland, ON 100.0 240,663 221,327 100,667 Tire*, RONA, Mark's, Dollar Tree

Walmart Supercentre, Real Whitby North SmartCentre Whitby, ON 97.5 279,153 178,841 148,571 Canadian Superstore*, Mark's, LCBO, Bank of Nova Scotia

Whitby Northeast Boston Pizza, Swiss Chalet, Whitby, ON 97.5 39,249 - - SmartCentre Popeyes, Bell World, RBC

Metro, LCBO, Bank of Nova Whitby Shores Shopping Whitby, ON 100.0 85,470 39,919 - Scotia, Lovell Drugs, Pet Valu, Tim Centre Hortons

Walmart Supercentre, Part Source, Windsor South SmartCentre Windsor, ON 95.4 231,402 129,121 - Dollarama, PetSmart, Moores, The Beer Store, CIBC

Canadian Tire*, Fortinos*, Woodbridge SmartCentre** Woodbridge, ON 96.8 216,983 32,630 142,073 Winners, Best Buy, Toys R Us, Chapters, Michaels, Sport Chek

Walmart Supercentre, Canadian Woodstock SmartCentre Woodstock, ON 97.9 257,220 170,764 91,254 Tire*, Staples, Mark's, Carter's OshKosh, Reitmans, Dollar Tree

Subtotal Ontario 98.2 18,167,278 10,881,907 4,448,160

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 26 Individual Property Summary

Owned Rentable Owned Rentable Non-Owned Property Location Occupancy Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants (%) (sq. ft.) (sq. ft.) (sq. ft.)

Quebec

Walmart Supercentre, Winners, Blainville SmartCentre Blainville, QC 100.0 197,812 131,537 - Dollarama, Bulk Barn, Bank of Nova Scotia, RBC

Walmart Supercentre, Loblaws*, Hull SmartCentre** Hull, QC 97.6 161,239 80,824 326,717 RONA*, Famous Players*, Super C*, Winners, Staples

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

Walmart Supercentre, Lachenaie SmartCentre** Lachenaie, QC 100.0 141,292 78,432 - HomeSense, Value Village, Michaels, SAQ, Bouclair, Structube

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

Walmart Supercentre, Canadian Laval East SmartCentre Laval, QC 98.0 540,056 340,736 - Tire, IGA, Winners, Michaels, Bouclair, Dollarama, SAQ

Walmart Supercentre, RONA, Laval West SmartCentre Laval, QC 91.2 586,201 314,461 124,000 Canadian Tire*, IGA*, Michaels, Staples

Mascouche North RONA*, Jean Coutu, Structube, Mascouche, QC 97.4 59,228 - 120,000 SmartCentre SAQ, McDonald's, Bulk Barn

Walmart Supercentre, IGA, Home Mascouche SmartCentre Mascouche, QC 97.7 407,799 261,834 - Outfitters, Winners, Staples, Best Buy, Bouclair, Mark's

The Bay Outlet, Polo Ralph Montreal Premium Outlets** Mirabel, QC 97.8 182,975 - - Lauren, Old Navy, Nike, Urban Planet, Tommy Hilfiger, Coach

Walmart, Toys R Us, Baton Rouge, Montreal (Decarie) Montreal, QC 100.0 132,434 83,858 - Suzy Shier, P.F. Chang's, Bulk SmartCentre** Barn, Carter's OshKosh

Walmart Supercentre, IGA, Montreal North SmartCentre Montreal, QC 98.8 267,713 173,668 - Winners, Dollarama, Le Chateau, Sleep Country, TD Canada Trust

Canadian Tire, Super C, Place Bourassa Mall Montreal, QC 96.5 219,748 130,323 - Pharmaprix, L'Aubainerie, SAQ, Yellow

Walmart Supercentre, Home Pointe Claire SmartCentre Pointe Claire, QC 97.5 381,966 234,402 - Depot, Marks, Dollarama, Baron Sports, Pier 1 Imports

Walmart Supercentre, Tanguay*, Rimouski SmartCentre Rimouski, QC 100.0 243,740 127,087 104,973 Super C*, Winners, Best Buy, SAQ, Dollarama, Clement, Scores

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 27 Individual Property Summary

Owned Rentable Owned Rentable Non-Owned Property Location Occupancy Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants (%) (sq. ft.) (sq. ft.) (sq. ft.)

Walmart Supercentre, Home Saint-Constant SmartCentre Saint-Constant, QC 98.8 361,610 202,613 95,000 Depot*, Super C, L’Aubainerie Concept Mode, Michaels Walmart Supercentre, Maxi*, Saint-Jean SmartCentre Saint-Jean, QC 97.0 249,981 153,988 80,000 Michaels, Mark's, Bouclair, Reitmans, TD Canada Trust Walmart Supercentre*, Home Saint-Jerome SmartCentre Saint-Jerome, QC 100.0 164,001 44,856 246,705 Depot*, IGA, Best Buy, Michaels, Bouclair, Dollarama Walmart Supercentre, Canadian Sherbrooke SmartCentre Sherbrooke, QC 99.2 243,804 196,847 199,588 Tire*, Home Depot*, The Brick, Michaels, Mark's Walmart Supercentre, Dollarama, Valleyfield SmartCentre Valleyfield, QC 100.0 188,252 133,439 - SAQ, Reitmans, Claire France, Yellow

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

Walmart Supercentre*, Home Victoriaville SmartCentre Victoriaville, QC 100.0 37,784 - 289,519 Depot*, Maxi*, Winners, Reitmans

Subtotal Quebec 97.8 5,151,571 3,050,955 1,875,692

New Brunswick

Fredericton North Walmart Supercentre*, Canadian Fredericton, NB 100.0 11,390 - 274,906 SmartCentre Tire*, Kent*, Dollarama

Walmart Supercentre, Kent*, Saint John SmartCentre Saint John, NB 93.5 271,694 173,390 182,122 Canadian Tire*, Winners, Best Buy, Old Navy, Pier 1 Imports

Subtotal New Brunswick 93.8 283,084 173,390 457,028

Nova Scotia

Walmart, Atlantic Superstore, Colby Village Plaza Dartmouth, NS 96.5 152,633 108,659 - Cleve's Source for Sports, Pharma Save, Bank of Nova Scotia Atlantic Superstore*, Winners, Halifax Bayers Lake Centre Halifax, NS 72.4 167,769 35,483 80,000 Cleve's Warehouse Sporting Goods, Bouclair

Subtotal Nova Scotia 83.9 320,402 144,142 80,000

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 28 Individual Property Summary

Owned Rentable Owned Rentable Non-Owned Property Location Occupancy Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants (%) (sq. ft.) (sq. ft.) (sq. ft.)

Prince Edward Island

Walmart Supercentre, Toys R Us*, Charlottetown SmartCentre Charlottetown, PE 100.0 225,057 127,159 80,000 Michaels, Best Buy, Old Navy

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

Newfoundland

Walmart, Canadian Tire*, Corner Brook SmartCentre Corner Brook, NL 100.0 178,988 106,352 136,327 Dominion (Loblaw)*, Staples, Mark's, Buck or Two, Bulk Barn

Walmart, Dominion (Loblaw)*, Mount Pearl SmartCentre Mount Pearl, NL 100.0 268,534 161,001 174,047 Canadian Tire*, Staples, GoodLife Fitness, Mark's, CIBC

Shoppers Drug Mart, Bulk Barn, Pearlgate Shopping Centre Mount Pearl, NL 88.9 42,993 - - TD Canada Trust

Walmart*, Home Depot*, Canadian St. John's Central St. John's, NL 100.0 157,773 48,808 311,149 Tire*, Sobeys, Staples, Mark's, SmartCentre Dollarama, Moores

Walmart, Dominion (Loblaw)*, St. John's East SmartCentre St. John's, NL 100.0 371,343 128,273 102,818 Winners, Staples, Marshalls, Michaels, Sport Chek, Old Navy

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

Total Retail Properties 98.1 32,024,887 18,914,734 9,496,838

Office Properties

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

Total Office Properties 100.0 16,226 - -

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 29 Individual Property Summary

Owned Rentable Owned Rentable Non-Owned Property Location Occupancy Area Anchor Area (1) Anchor Area (1) Anchors and Major Tenants (%) (sq. ft.) (sq. ft.) (sq. ft.)

Mixed-Use Properties

Walmart Supercentre, KPMG, Vaughan Metropolitan Vaughan, ON 100.0 210,929 97,623 - GFL, Miller Thomson LLP, Harley Centre Davidson, Home Outfitters

Total Mixed-Use Properties 100.0 210,929 97,623 -

Development Properties

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

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

Innisfil SmartCentre** Innisfil, ON - - - - -

Orleans SmartCentre (II)** Orleans, 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 98.1 32,252,042 19,012,357 9,708,497

* Non-owned anchor. ** The Trust has a partial ownership interest (the Trust owns a 25% interest in Mirabel SmartCentre (II), 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.

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 30 General Information

Stock Exchange Listing: The Toronto Stock Exchange (TSX)

Trading Symbols: Trust Units SRU.UN

Corporate Office: Smart Real Estate Investment Trust 700 Applewood Crescent, Suite 200 Vaughan, ON, L4K 5X3 Canada

Tel: (905) 326-6400 Fax: (905) 326-0783

Senior Management: 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

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

SMART REAL ESTATE INVESTMENT TRUST MARCH 2017 SUPPLEMENTAL INFORMATION PACKAGE 31