Development Initiatives Investor Presentation September 12, 2017 SmartCentres Development History

Assembling sites 1989-1994 10 Employees

st 1994 1 new Walmart 65 Employees

1994-1999 26 Walmarts open 138 Employees

1st transaction with Calloway (now 2003 SmartREIT) 292 Employees

2007 SmartREIT acquires SmartCentres property management platform

SmartREIT purchases SmartCentres 2015 development platform 380 Employees Developed 175 Walmarts across Canada 1994-2017 Developed 200+ retail properties - 52 million sf open

SMART REAL ESTATE INVESTMENT TRUST 2 Retail is Great Real Estate

Close to Population

Designated Growth and Intensification Areas

Superior Access & Visibility

SMART REAL ESTATE INVESTMENT TRUST 3 Development Opportunities

Vacant Land

Intensification

Consolidation

SMART REAL ESTATE INVESTMENT TRUST 4 Development Categories

Residential Senior Residences Retail

Apartment Build –out of Rentals Office existing

Self Condominiums Storage Outlet Malls

Townhouses Penguin Pick-Up

SMART REAL ESTATE INVESTMENT TRUST 5 Technology Initiatives

Charging Stations

Mobile Digital Advertising Signs Technology

Wifi Building Networks Systems

Advertising Kiosks

SMART REAL ESTATE INVESTMENT TRUST 6 Deal Structures

SC’s Development Team

Joint Venture Partners

Building Lease

Ground Lease

Sale of Surplus Land

SMART REAL ESTATE INVESTMENT TRUST 7 Development Initiatives

• 16 Underway Non Retail • 48 Active Initiatives • 54+ Future

• 19 Underway Retail • 36 Active Developments • 2+ Future

SMART REAL ESTATE INVESTMENT TRUST 8 Residential Development Initiatives

Apartment Rentals  Underway 1  Active 9  Future 15+

Condominiums  Underway 4  Active 7  Future 12+

Townhouses  Underway 1  Active 5  Future 4+

SMART REAL ESTATE INVESTMENT TRUST 9 Development Initiatives

Self-Storage:  Underway 8  Active 15  Future 7+

Office:  Underway 1  Active 2

Seniors Residences:  Underway 1  Active 10  Future 16+

SMART REAL ESTATE INVESTMENT TRUST 10 Retail Development

Build-out of existing:  Underway 17  Active 34

Outlet Malls:  Existing 2  Expansions 2  Future 2

SMART REAL ESTATE INVESTMENT TRUST 11 Ability to Execute

Strong, Experienced In-House Development Team

Partner Relationships

Government/Consultant Relationships

SMART REAL ESTATE INVESTMENT TRUST 12 In-House Development Experience

Employees in Development & Leasing Related Functions:

# of People 145

# of Years Experience with SmartCentres Average 7.5 years Total 1088 years

# of Years Experience in Real Estate Average 15.0 years Total 2175 years

SMART REAL ESTATE INVESTMENT TRUST 13 In-House Development Skills

Environmental/ Planners/ Government Engineers Relations Geotech Developers Specialists

Leasing Construction Architects

Finance/ Lawyers Financial Analysts

SMART REAL ESTATE INVESTMENT TRUST 14 Executive Team

Mitchell Goldhar Chairman of the Board

Board of Trustees

Peter Forde Huw Thomas President & Chief Chief Executive Operating Officer Officer

Rudy Gobin Geographic Fernando Vescio Mauro Pambianchi Development Peter Sweeney EVP Portfolio Chief Development Leaders & SVP, Human Management & Chief Financial Resources & Officer Development Officer Investments Finance Corporate Services

 Asset Management  2 Development  Leasing  Construction  Investments and  Operations M&A  Development Support  Valuations

SMART REAL ESTATE INVESTMENT TRUST 15 Development Teams

Team Leader # of Years in Real Estate West Vice President 21.5

Ontario 1 Executive Vice President 29

Ontario 2 Executive Vice President 26

VMC Senior Vice President 13

Quebec Vice President 15

 Total # in teams: 40  Total # of years in real estate: 500 SMART REAL ESTATE INVESTMENT TRUST 16 Leasing Teams

Team Leader # of Years in Real Estate Overall Senior Vice President 34

West Vice President 21

Ontario Vice President 24

Ontario Vice President 17

Ontario Vice President 33

Quebec & Atlantic Vice President 24

Legal Vice President& Senior Counsel 24

 Total # in teams: 24 SMART REAL ESTATE INVESTMENT TRUST  Total # of years in real estate: 410 17 Construction

Team Leader # of Years in Real Estate

Overall Senior Vice President, 29 Construction & Operations

Construction ExecutiveVice President 45

Construction & Tenant Vice President 19 Design

Estimating Vice President 28

Construction Director 31

Project Management Senior Project Manager 31

 Total # in teams: 35  SMART REAL ESTATE INVESTMENT TRUST Total # of years in real estate: 615 18 Development Support

Team Leader # of Years in Real Estate Corporate Affairs/ Vice President 12 Government Relations

Engineering & Vice President 20 Development

West - Engineering Vice President 19

 Total # in teams: 7  Total # of years in real estate: 82

SMART REAL ESTATE INVESTMENT TRUST 19 Finance and Legal

Team Leader # of years in Real Estate Finance & Tax Senior Vice President 33

Cash Management Vice President 28 & Development Accounting

Financial Asset Vice President 13 Management

Legal Vice President & 20 Senior Counsel, Corporate

SMART REAL ESTATE INVESTMENT TRUST 20 Operations and Corporate

Team Leader # of Years in Real Estate

Finance & Accounting Vice President 18

Operations, Shopping Vice President 29 Centres Management

Office Property Vice President 27 Management

Investments Vice President 27

SMART REAL ESTATE INVESTMENT TRUST 21 Development Initiative Presentations

Vaughan NW

StudioCentre,

Outlet Centre Expansion

Laval Centre & Pointe Claire

VMC

SMART REAL ESTATE INVESTMENT TRUST 22 Vaughan NW – Retail, Residential, Mixed Use, Self-Storage

Vaughan NW

SMART REAL ESTATE INVESTMENT TRUST 23 Vaughan NW - Overview

New $1.3B hospital under construction

 Annual average daily traffic on HWY 400: 200,000 +  Annual average daily traffic on Major Mackenzie Drive: 40,000 + SMART REAL ESTATE INVESTMENT TRUST 24 Vaughan NW – Retail, Residential, Mixed Use, Self-Storage

Townhouse Lands Mixed Use Lands Self Storage Lands Shopping Centre Lands 15.88 Acres 5.9 Acres 1.55 Acres 20 Acres

SMART REAL ESTATE INVESTMENT TRUST 25 Vaughan NW – Retail, Residential, Mixed Use, Self-Storage

SMART REAL ESTATE INVESTMENT TRUST 26 Vaughan NW – Residential

 15.88 acres rolled into JV with Fieldgate on June 29, 2017  Fieldgate share of the purchase price was $19.4 Million

SMART REAL ESTATE INVESTMENT TRUST 27 Vaughan NW – Residential

Phase II Phase I

 Two phased development  Phase I parcel designated as-of-right to permit townhouses  Phase II parcel requires a rezoning SMART REAL ESTATE INVESTMENT TRUST 28 Vaughan NW – Residential

Standard Towns – Front Elevation Dual Frontage Towns – Front Elevation

Rear Lane Decked Towns – Front Elevation

Phase I Development 106 Standard Townhomes 55 Rear Lane Townhomes 16 Dual Frontage Townhomes

SMART REAL ESTATE INVESTMENT TRUST 29 Vaughan NW – Mixed-Use

 5.9 acre block to be developed with high-density residential & mixed uses Mixed Use Development Block

SMART REAL ESTATE INVESTMENT TRUST 30 Vaughan NW – Mixed-Use

 Development to include a mix of rental apartments,  Mixed use block will require a rezoning condominiums, retirement residential & ground floor  Application to run concurrently with Phase II retail townhouse block  Anticipate upwards of 800,000 sf upon completion SMART REAL ESTATE INVESTMENT TRUST 31 Vaughan NW – Self-Storage

 1.5 acre site to be rolled into JV with SmartStop Self Storage

SMART REAL ESTATE INVESTMENT TRUST 32 Vaughan NW – Self-Storage

 Proposing a 4- storey, 106,000 sf self-storage facility  Rezoning application underway to permit use  Property to be rolled into JV upon rezoning

SMART REAL ESTATE INVESTMENT TRUST 33 Vaughan NW – Digital Sign, Charging Station, Penguin Pick-Up

SMART REAL ESTATE INVESTMENT TRUST 34 Vaughan NW – Retail, Residential, Mixed Use, Self-Storage

SMART REAL ESTATE INVESTMENT TRUST 35 StudioCentre

* Plan is for illustrative purposes only and is subject to change SMART REAL ESTATE INVESTMENT TRUST 36 629 Eastern Avenue

DON VALLEY PARKWAY

QUEEN ST DOWNTOWN

EASTERN AVE

Union Station Gardiner Rogers Centre Expressway CN Tower Air Canada Centre

Billy Bishop Lake Ontario Airport

SMART REAL ESTATE INVESTMENT TRUST 37 2017

18.5 ACRES

SMART REAL ESTATE INVESTMENT TRUST 38 Industrial Past

TORONTO IRON WORKS & TANNERY (c.1960)

SMART REAL ESTATE INVESTMENT TRUST 39 South Of Eastern/

SMART REAL ESTATE INVESTMENT TRUST 40 Leslieville Neighbourhood

SMART REAL ESTATE INVESTMENT TRUST 41 Film In Its DNA

SMART REAL ESTATE INVESTMENT TRUST 42 Revival 629 Film Studios

SMART REAL ESTATE INVESTMENT TRUST 43 Toronto’s Film Hub

5 4

1 1 6

3 2

TORONTO’S FILM HUB 7

REVIVAL 629 4 FILM PORT 629 SUNNSIDE UP 5 1 CINESPACE STUDIO

2 PINEWOOD 6 SHOWLINE

3 STUDIOS OF CORUS 7 AMERICA

SMART REAL ESTATE INVESTMENT TRUST 44 Revival 629 Film Studios

234,000 sf of Film Stages, Production Offices, Support Space and Post Production Facilities 3rd largest Film Studio in the City of Toronto

Film was a $1.8 billion dollar investment in Toronto’s economy (2016)

Investment in Toronto’s Film Production industry has been on a steady rise since 2012

Television series continue to dominate production investment in Toronto

SMART REAL ESTATE INVESTMENT TRUST 45 Productions

FEATURE FILMS TELEVISION PIXELSPIXELS REMEMBER ZOOM FALL OUT THE SUITSSUITS SENSITIVE SKIN 1 SENSITIVE SKIN 2 REMEDY DARK STRANGER MAN VS. MAPS TO THE LUCKY 7 LOST GIRL HORIZON ROCKY STARS WET BUM ROBOCOP THE COCKSURE HORROR PICTURE SHOW: LET’S DO THE LADS MOVIE DOWNSIZING IT WAS YOU, TIMEWARP THE ADVENTURES OF NAPKIN MAN SEASON CHARLIE TRACEABLE SUICIDE SQUAD 1 SALVATION: S1 THE ADVENTURES OF NAPKIN OPERATION AVALANCHE MY BIG FAT GREEK MAN SEASON 2 BITTEN MAX AND SHRED SEASON 1 WEDDING 2 HOW TO STATE LIKE SLEEP THE LISTENER MAX AND SHRED SEASON 2 THE BUILD A BETTER BOY PRISONER X KICK ASS STRAIN THE STANLEY DYNAMIC SEASON 1 THE 2 IDOL’S EYE PROJECT BABY THE SHAPE STANLEY DYNAMIC SEASON 2 HEROES REBORN OF WATER THE PARTING GLASS LOVE IS DEAD ORPHAN BLACK UNDERCOVER THE SHAPE ROGUE WARRIORS SCHITT’S CREEK BEYOND OF WATER SKYLINE NIKITA WAREHOUSE 13 DARK MATTER HANNIBAL SPACE BACON DARKNET ROOM KIM’S POLTERGEIST MAN SEEKING WOMAN CONVENIENCE SATISFACTION AGAIN RANSOM CLOSE ENCOUNTERS THE II AMERICAN GODS: S1 DRIVER 4 HIRE 4 IN THE STRAIN MORNING ALIAS GRACE ISSUES THE DETAIL: S1 GUILT FREE ZONE: S2 KIM’S CONVENIENCE WORKIN’ MOMS: S1 WORKIN’ MOMS: S2 IMPOSTERS: S2

SMART REAL ESTATE INVESTMENT TRUST 46 THE VISION STUDIOCENTRE

AERIAL VIEW LOOKING SOUTHEAST

SMART REAL ESTATE INVESTMENT TRUST 47 StudioCentre Concept Plan

1.2 million sf of density consisting of: LEGEND  150,000 sf Retail

 800,000 sf Office

 80,000 sf Hotel

 1,400 Parking Spaces

 Revival 629 Film Studios Possible land uses:

 Cultural & art facilities

 Communications & Broadcasting facilities

 Artist & Design Studios

 Film & Media Training Facilities

 Commercial Schools

 Performing Arts Facility

 Photographer’s Studio

 Post Secondary Education Facilities

SMART REAL ESTATE INVESTMENT TRUST 48 View Looking North From Lakeshore Avenue

SMART REAL ESTATE INVESTMENT TRUST 49 Internal Site View

MEWS LOOKING NORTHEAST

SMART REAL ESTATE INVESTMENT TRUST 50 View Looking South From Eastern Avenue

EASTERN AVENUE AT CAROLINE AVENUE LOOKING SOUTH

SMART REAL ESTATE INVESTMENT TRUST 51 Internal Site View

BACK LOT LOOKING SOUTEAST

SMART REAL ESTATE INVESTMENT TRUST 52 Infrastructure Upgrades

PROPOS ED SUBWAY 72 STATION QUEEN ST 501/502

RICHMOND ST 72

EASTERN AVE 143

KING ST

PROPOSED UNILEVER SITE

STATION

GARDINER EXPY

72

501/502 QUEEN ST & DOWNTOWNER STREETCAR

72 / 72C PAPE BUS ROUTE 143 DOWNTOWN / BEACH EXPRESS BUS ROUTE

PROPOSED SMARTRACK ROUTE DOWNTOWN RELIEF LINE

SMART REAL ESTATE INVESTMENT TRUST 53 Development Proposals

GM Mobility Campus

SMART REAL ESTATE INVESTMENT TRUST 54 Strategic Location

SMART REAL ESTATE INVESTMENT TRUST 55 Premium Outlets

SMART REAL ESTATE INVESTMENT TRUST 56 Toronto Premium Outlets

SMART REAL ESTATE INVESTMENT TRUST 57 Toronto Premium Outlets

SMART REAL ESTATE INVESTMENT TRUST 58 Phase 2 Expansion

Objectives:

 Optimize pedestrian mall circulation

 Minimize disruption to operating centre

 Minimize potential for offsite traffic congestion

BEST LAYOUT & EXECUTION

SMART REAL ESTATE INVESTMENT TRUST 59 SMART REAL ESTATE INVESTMENT TRUST 60 SMART REAL ESTATE INVESTMENT TRUST 61 SMART REAL ESTATE INVESTMENT TRUST 62 +1800 Spaces

SMART REAL ESTATE INVESTMENT TRUST 63 SMART REAL ESTATE INVESTMENT TRUST 64 SMART REAL ESTATE INVESTMENT TRUST 65 SMART REAL ESTATE INVESTMENT TRUST 66 SMART REAL ESTATE INVESTMENT TRUST 67 Premium Outlets Montréal

SMART REAL ESTATE INVESTMENT TRUST 68 Premium Outlets Montréal

SMART REAL ESTATE INVESTMENT TRUST 69 Premium Outlets Montréal

Opening Day October 30, 2014

SMART REAL ESTATE INVESTMENT TRUST 70 Premium Outlets Montréal

SMART REAL ESTATE INVESTMENT TRUST 71 Premium Outlets Montréal

SMART REAL ESTATE INVESTMENT TRUST 72 Premium Outlets Montréal

SMART REAL ESTATE INVESTMENT TRUST 73 Premium Outlets Montréal

SMART REAL ESTATE INVESTMENT TRUST 74 Quartier St-Martin District

QUARTIER ST-MARTIN DISTRICT

SMART REAL ESTATE INVESTMENT TRUST 75 + Laval Area Map

N

SMART REAL ESTATE INVESTMENT TRUST 76 Downtown Laval +

DOWNTOWN LAVAL

DOWNTOWN MONTREAL

N

P.-E.-TRUDEAU AIRPORT

SMART REAL ESTATE INVESTMENT TRUST 77 Downtown Laval – Existing Developments

ENCLOSED MALL SALES PSF $865 1,336,842 SF GLA CADILLAC FAIRVIEW

UNENCLOSED SHOPPING CENTRE CENTROPOLIS 1000m SALES PSF $392 798,000 SF GLA COMINAR 500m

UNENCLOSED SHOPPING CENTRE 250m GALERIES LAVAL 600,000 SF GLA FTQ

UNENCLOSED SHOPPING CENTRE QUARTIER LAVAL 600,000 SF GLA COMINAR

MIXED-USE INTENSIFICATION PROJECT N QUARTIER ST-MARTIN ENCLOSED SHOPPING CENTRE CURRENT GLA 159,799 SF CENTRE LAVAL TOTAL POTENTIAL GLA: 3,069,212 683,000 SF GLA COMINAR

SMART REAL ESTATE INVESTMENT TRUST 78 Initial Site Conditions

TOTAL SITE AREA: 43.26 AC // 1,884,405 SF

SMART REAL ESTATE INVESTMENT TRUST 79 Walmart Supercentre – Construction Start: April 2012 // Opening: November 2012

WALMART PARCEL: 12.84 AC // 559,310 SF TOTAL SITE AREA:TOTAL 43.26 SITEAREA: AC // 1,884,405 43.26 ACSF TOTAL FLOOR AREA: 159,779 SF REMAINING DEVELOPABLE AREA: 30.42 AC // 1,325,095 SF

SMART REAL ESTATE INVESTMENT TRUST 80 BMO Office Building (Parcel Sale) – Construction Start: September 2017 // Opening: 2019

TOTAL SITE AREA: 43.26 AC // 1,884,405 SF

REMAINING DEVELOPABLE AREA: 27.85 AC // 1,213,145 SF

BMO PARCEL SIZE 2.57 AC // 111,949 SF TOTAL FLOOR AREA 80,000 SF # FLOORS 6

SMART REAL ESTATE INVESTMENT TRUST 81 Hotel (Parcel Sale) – Construction Start: February 2018 // Opening: 2019

TOTAL SITE AREA: 43.26 AC // 1,884,405 SF

REMAINING DEVELOPABLE AREA: 26.37 AC // 1,148,677 SF

HOTEL PARCEL 1.48 AC // 64,468 SF TOTAL FLOOR AREA 108,000 SF # FLOORS 12 # ROOMS 142

SMART REAL ESTATE INVESTMENT TRUST 82 Seniors Residence Groupe Maurice (Parcel Sale) – Construction Start: November 2017 // Opening: 2019

TOTAL SITE AREA: 43.26 AC // 1,884,405 SF

REMAINING DEVELOPABLE AREA: 22.66 AC // 987,069 SF

G.M. PARCEL SIZE 3.71 AC // 161,607 SF # FLOORS 4 – 8 # UNITS 350

SMART REAL ESTATE INVESTMENT TRUST 83 Rental Apartments Jadco (Partnership) – Construction Start: Fall 2017 // Opening: 2019

TOTAL SITE AREA: 43.26 AC // 1,884,405 SF

REMAINING DEVELOPABLE AREA: 20.36 AC // 886,881 SF

JADCO PARCEL SIZE 2.30 AC // 100,187 SF # FLOORS 2 X 14 + 2 FLOOR PODIUM # UNITS 332

SMART REAL ESTATE INVESTMENT TRUST 84 Future Development Potential

REMAINING PARCEL SIZE 20.36 AC // 886,881 SF TOTAL SITE AREA: 43.26 AC // 1,884,405 SF FUTURE POTENTIAL FLOOR AREA 1,934,488 SF # FLOORS MAX 15 2017 FLOOR AREA 159,779 SF 2020 FLOOR AREA 1,134,724 SF FUTRE POTENTIAL FLOOR AREA 1,934,488 SF

TOTAL FLOOR AREA 3,069,212 SF

SMART REAL ESTATE INVESTMENT TRUST 85 Future Development Potential – Street View

SMART REAL ESTATE INVESTMENT TRUST 86 Pointe-Claire – Location In Relation To Other Nodes

SMART REAL ESTATE INVESTMENT TRUST 87 Pointe-Claire – Existing Conditions

FUTURE REM STATION

SMART REAL ESTATE INVESTMENT TRUST 88 Pointe-Claire – Current Situation

TOTAL GLA 375,740 SF WALMART 109,000 SF TOTAL SITE AREA: 22.50 AC // 980,100 SF HOME DEPOT 112,000 SF TD BANK 5,600 SF # FLOORS 1 – 6 OFFICE TOWER 65,000 SF *CANADIAN TIRE REGIONAL OFFICE

OPTICAL CENTER

SMART REAL ESTATE INVESTMENT TRUST 89 Pointe-Claire – Proposed Mixed-Use Intensification Project

2017 GLA 375,740 SF # FLOORS 1 – 20 TOTAL SITE AREA: 22.50 AC // 980,100 SF POTENTIAL GLA (DENSITY) 703,000 SF TOTAL GLA (DENSITY) 1,078,740 SF

SELF

HYMUS BOUL. SMART REAL ESTATE INVESTMENT TRUST 90 Pointe-Claire – Perspective from St-Jean & Hymus

SMART REAL ESTATE INVESTMENT TRUST 91 Pointe-Claire – Added Convenience

SMART REAL ESTATE INVESTMENT TRUST 92 SmartCentres Place - VMC

SMART REAL ESTATE INVESTMENT TRUST 93 SmartCentres Place - VMC

100 Acres

400 Acres

SMART REAL ESTATE INVESTMENT TRUST 94 SmartCentres Place – Toronto Overlay

SMART REAL ESTATE INVESTMENT TRUST 95 SmartCentres Place – Canary Wharf Overlay

SMART REAL ESTATE INVESTMENT TRUST 96 SmartCentres Place Aerial

VMC Transit Overview

EXISTING RBC BUILDING

SMART REAL ESTATE INVESTMENT TRUST 97 SmartCentres Place Ownership

VMC Transit Overview

SmartREIT + Mitchell Goldhar

Mitchell Goldhar + Partners

EXISTING RBC BUILDING

SMART REAL ESTATE INVESTMENT TRUST 98 Overview

SmartCentres Place VMC

100 acres 400 Acres

20,000 anticipated daily 17 million square feet of commuters through the Development transit hub by 2019 Projected population of 9 acre central park designed 25,000 and 12,000 jobs by by Claude Cormier 2031 Urban Square equivalent Toronto York Spadina size to Yonge/Dundas Subway Extension total cost: Square $3.16 Billion

SMART REAL ESTATE INVESTMENT TRUST 99 SmartCentres Place Master Plan HWY 400 HWY

HWY 7

SMART REAL ESTATE INVESTMENT TRUST 100 VMC Transit

SMART REAL ESTATE INVESTMENT TRUST 101 VMC Subway Station – Opening Dec 2017

GRAND OPENING: DECEMBER 2017

SMART REAL ESTATE INVESTMENT TRUST 102 VMC Subway Station – Opening Dec 2017

GRAND OPENING: DECEMBER 2017

SMART REAL ESTATE INVESTMENT TRUST 103 SmartCentres Place Bus Terminal – Opening Dec 2017

GRAND OPENING: DECEMBER 2017

SMART REAL ESTATE INVESTMENT TRUST 104 VIVA Rapidway – Opening Dec 2017

GRAND OPENING: DECEMBER 2017

SMART REAL ESTATE INVESTMENT TRUST 105 Transit Connectivity

HWY 400

Edgeley Blvd

RAPID BUS TRANSIT

SUBWAY BUS STATION TERMINAL

LEGEND VIVA Bus Lane Underground Pedestrian Tunnel

SMART REAL ESTATE INVESTMENT TRUST 106 Transit Connectivity

SMART REAL ESTATE INVESTMENT TRUST 107 KPMG Tower HWY 400 HWY

HWY 7

SMART REAL ESTATE INVESTMENT TRUST 108 KPMG Tower - Grand Opening October 2016

SMART REAL ESTATE INVESTMENT TRUST 109 KPMG Tower - NAIOP Office Development Of The Year 2016

SMART REAL ESTATE INVESTMENT TRUST 110 KPMG Tower – Tenants

SMART REAL ESTATE INVESTMENT TRUST 111 PwC – YMCA Tower HWY 400 HWY

HWY 7

SMART REAL ESTATE INVESTMENT TRUST 112 PwC - YMCA Tower, Grand Opening Fall 2019

SMART REAL ESTATE INVESTMENT TRUST 113 PwC – YMCA Tower Construction Status

SMART REAL ESTATE INVESTMENT TRUST 114 PwC – YMCA Tower

SMART REAL ESTATE INVESTMENT TRUST 115 Central Park and Transit Square HWY 400 HWY

HWY 7

SMART REAL ESTATE INVESTMENT TRUST 116 Transit Square

SMART REAL ESTATE INVESTMENT TRUST 117 Transit Square

SMART REAL ESTATE INVESTMENT TRUST 118 Central Park

SMART REAL ESTATE INVESTMENT TRUST 119 Central Park

SMART REAL ESTATE INVESTMENT TRUST 120 Transit City Condos

1 3

2 HWY 400 HWY

HWY 7

SMART REAL ESTATE INVESTMENT TRUST 121 VMC Residential Growth

Transit City +/-3,424 people

EXPO The Met Tower 1, 2,3 +/- 1,020 people +/- 2,208 people

9 6 3 5 4 1 1

8 7 Nord East & West +/- 1,688 people

1 0 1 Centro Square Tower 1 & 2 2 Cosmos +/- 1,566 people Tower 1,2,3 +/- 2,314 people

7600 Residential Icona Tower 1,2,3 +/- 3.132 people Units Under Development

SMART REAL ESTATE INVESTMENT TRUST 122 Transit City Condos

“Transit City is the most successful new condo launch in the history of the GTA” – Urbanation, May 2017

TOWER 1 551 Units SOLD OUT

TOWER 2 559 Units SOLD OUT

TOWER 3 606 Units SOLD OUT

TOTAL UNITS SOLD - 1716

SMART REAL ESTATE INVESTMENT TRUST 123 Transit City Condos - BUCA

SMART REAL ESTATE INVESTMENT TRUST 124 SmartCentres Place

SMART REAL ESTATE INVESTMENT TRUST 125