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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  SmartCentres Real Estate Investment Trust    SRU.UN   CA83179X1087

SMARTCENTRES REAL ESTATE INVESTMENT TRUST

(SRU.UN)
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SmartCentres Real Estate Investment Trust : February 2021 Distribution

02/22/2021 | 05:58pm EST

SmartCentres Declares Distribution for February 2021

Toronto, Ontario (February 22, 2021) - SmartCentres Real Estate Investment Trust ("SmartCentres" or the "Trust") (TSX:SRU.UN) announced today that the trustees of SmartCentres have declared a distribution for the month of February 2021 of CDN $0.15417 per trust unit, representing CDN $1.85 per unit on an annualized basis. Payment will be made on March 15, 2021 to unitholders of record on February 26, 2021.

About SmartCentres

SmartCentres Real Estate Investment Trust is one of Canada's largest fully integrated REITs, with a best-in-class portfolio featuring 167 strategically located properties in communities across the country. SmartCentres has approximately $10.7 billion in assets and owns 33.8 million square feet of income producing value-oriented retail space with over 97% occupancy, on 3,500 acres of owned land across Canada.

SmartCentres continues to focus on enhancing the lives of Canadians by planning and developing complete, connected, mixed-use communities on its existing retail properties. Project 512, a publicly announced $13.5 billion intensification program ($7.9 billion at SmartCentres' share) represents the REIT's current major development focus on which construction is expected to commence within the next five years. This intensification program consists of rental apartments, condos, seniors' residences and hotels, to be developed under the SmartLiving banner, and retail, office, and storage facilities, to be developed under the SmartCentres banner.

SmartCentres' intensification program is expected to produce an additional 55.4 million square feet (32.5 million square feet at SmartCentres' share) of space, 27.7 million square feet (16.2 million square feet at SmartCentres' share) of which has or will commence construction within the next five years. From shopping centres to city centres, SmartCentres is uniquely positioned to reshape the Canadian urban and urban-suburban landscape.

Included in this intensification program is the Trust's share of SmartVMC which, when completed, is expected to include approximately 11.0 million square feet of mixed-use space in Vaughan, Ontario. Construction of the first five sold-out phases of Transit City Condominiums that represent 2,789 residential units continues to progress. Final closings of the first two phases of Transit City Condominiums began ahead of budget and ahead of schedule in August 2020 and as at December 31, 2020, substantially all 1,110 units in the first and second phases had closed. In addition, the presold 631 units in the third phase along with 22 townhomes, all of which are sold out and currently under construction, are expected to close in 2021. The fourth and fifth sold-out phases representing 1,026 units are currently under construction and are expected to close in 2023.

Certain statements in this Press Release are "forward-looking statements" that reflect management's expectations regarding the Trust's future growth, results of operations, performance and business prospects and opportunities as further outlined under the headings "Business Overview and Strategic Direction", "Other Measures of Performance" and "Outlook" in Management's Discussion & Analysis of theTrust for the year ended December 31, 2020. More specifically, certain statements contained in this Press Release, 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, including those discussed under the heading "Risks and Uncertainties" and elsewhere in Management's Discussion & Analysis of the Trust for the year ended December 31, 2020 and under the heading "Risk Factors" in its Annual Information Form for the year ended December 31, 2020. 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 Press Release 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 Press Release and the Trust assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.

However, such forward-looking statements involve significant risks and uncertainties.

For more information, please visit www.smartcentres.com or contact:

Mitchell Goldhar

Peter Forde

Executive Chairman

President & CEO

SmartCentres

SmartCentres

(905) 326-6400 ext. 7674

(905) 326-6400 ext. 7615

mgoldhar@smartcentres.com

pforde@smartcentres.com

Peter Sweeney

Chief Financial Officer

SmartCentres

(905) 326-6400 ext. 7865

psweeney@smartcentres.com

2

Disclaimer

Smart Real Estate Investment Trust published this content on 22 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2021 22:57:08 UTC.


© Publicnow 2021
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Financials
Sales 2021 804 M 642 M 642 M
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 6,86%
Capitalization 3 749 M 2 986 M 2 994 M
Capi. / Sales 2021 4,66x
Capi. / Sales 2022 4,61x
Nbr of Employees 342
Free-Float 76,1%
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Technical analysis trends SMARTCENTRES REAL ESTATE INVESTMENT TRUST
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 26,39 CAD
Last Close Price 26,99 CAD
Spread / Highest target 4,67%
Spread / Average Target -2,21%
Spread / Lowest Target -12,9%
Managers and Directors
NameTitle
Peter Charles Forde President, Chief Executive Officer & Trustee
Peter E. Sweeney Chief Financial Officer
Mitchell Goldhar Executive Chairman
Marianne O'Leary Vice President-Operations
Rudy Gobin Executive VP- Investments & Portfolio Management