EXPANDING OUR REACH EXTENDING OUR CAPABILITIES EXPLORING NEW OPPORTUNITIES - SUPPLEMENTAL INFORMATION PACKAGE
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SUPPLEMENTAL INFORMATION PACKAGE FOR THE YEAR ENDED DECEMBER 31, 2015 EXPANDING OUR REACH EXTENDING OUR CAPABILITIES EXPLORING NEW OPPORTUNITIES
Index
Notice to Reader ………………..………………………………………………………………...………………..……. 2
Conference Call Highlights …….………………………………………………………………………..……………... 3
Portfolio Highlights …..….…………………………………………………………………………………..…………... 8
Distribution Reinvestment Plan ..……………………………………………………………………………………..... 9
Distribution History ………………………………………………………………………………………….......….. 9
Performance of SmartREIT Units ………………………………………………………………………………….… 10
Average Unit Trading Price …………………………...………………………………………………………… 10
Average Daily Volume of Units Traded ……………...………………………………………………………… 10
Market Capitalization Summary ………………………..……………………………………………………… 10
Gross Revenue and Area by Province ……...…………………….……………………………………………....… 11
Top 25 Tenants ……………………….………………………………..…………………………………………….… 12
Lease Expiration Schedule ………………………………….…………………………………………………..….. 13
Area by Age ……………………………………..……………………………...…………………………………….… 14
Future Earnouts and Developments ……………………………………………………………………………….. 15
Committed Earnouts and Developments ………...…………………………………………………………… 15
Recourse Loans to Developers ……………….…………………………………..………………………………….. 16
Individual Property Summary ………………………………………………………..……………………………….. 17
General Information …………….…………………………………………………….........…………………………. 29
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Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 1
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"), "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 year ended December 31, 2015. 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
December 2015 Supplemental Information Package 2
Conference Call Highlights
Operations
FFO/unit increased 8.2% for the year compared to the same period in 2014
Occupancy level at 98.7% at the end of the year
Renewed approximately 1,066,000 square feet, representing 75% of lease maturities for 2015, with
average face rents increase of 6.6%
AFFO payout ratio at 81.1% (84.7% in 2014), below our original target range of 82% to 87%
Average cap rate of investment properties at 5.94% at year-end, down from 5.98% in 2014
Excess of operating cash flow over paid distributions now close to $100 million for 2015 ($54.5
million in 2014)
Tenant Activity
Approximately 361,000 square feet of tenancies came on-stream this year via earnouts and
development, providing an unleveraged yield of 7.2%
Net rental rate (excluding anchors) per occupied square foot increased 2.1% over 2014
SmartREIT’s occupancy at 98.7%, remains a class leader amongst its peers, as tenants generally
are being more selective in their location choice than we have seen in the past. Had we treated the
two former Target anchored locations, which we are now redeveloping, as vacant, our occupancy
would have been approximately 98.1%
SmartREIT had 17 former Future Shop stores within its portfolio of which 6 were not converted to
Best Buy stores, but rents continue to be paid as per the lease terms. We have strong tenant interest
in 4 of these locations
Dollar store growth through Dollarama and Dollar Tree continues to absorb surplus space. Total
number of stores is now 67 (Dollarama – 40, and Dollar Tree – 27)
SmartREIT has only two Target locations in its portfolio. The Kitchener and Oakville store leases
have both been disclaimed. Both have the parent company's covenant in place. In addition, these
two stores are located in strong markets and management has taken this opportunity to focus on
redeveloping both sites, as this is the best way to maximize long term returns
Reitmans announced in November 2014 that they will be closing the Smart Set banner across
Canada. SmartREIT has 11 Smart Set stores totaling 47,000 square feet and $1.38M in gross rents.
These locations will be closing in the natural course over time as such leases expire, and
management expects that all will be converted to stores under Reitmans’ other banners or leased to
other retailers
Danier Leather announced an insolvency filing in the first week of February
Overall, SmartREIT continues to monitor closely those tenants in certain markets where some
rationalizing is taking place
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 3
Conference Call Highlights
Growth
Same properties’ net operating income increased by 1.1% for the year and 1.3% for the quarter
Earnouts and development of 361,000 square feet at a 7.2% yield
Premium Outlets
- Toronto - tenant sales continuing to outperform expectations
- virtually all temporary tenants replaced with long term leases and quality tenants
- stabilized yield continues to be in the double digits
- site is now ranked in the top tier of all Simon Premium Outlet locations globally
despite being open only 2 1/2 years
- activity has ramped up on planning for the site expansion, with construction
expected to commence in the Fall of 2016 on a new parking facility
- new tenants opened include Tumi and The Kooples
- Saks Fifth Avenue OFF 5TH to open as new anchor (replacing The Bay) in the
Spring of 2016
- Montreal - site opened strongly in October 2014
- tenancy of long and short term tenants currently at 97%, leaving only two stores
to be leased
- new stores opened include Gucci, Under Armour, Forever 21, Hugo Boss, and
Lacoste
- SmartREIT working with Simon to develop other potential sites
Vaughan Metropolitan Centre
- construction progressing very well and the KPMG tower is now complete and fully glazed
- handover to KPMG on track for early Spring 2016
- broker hired to lease up remaining office space
- significant other broker interest and the number of RFPs for office and associated retail space
has increased significantly
- project coming in well below budget for construction costs
- second potential office tower planning now close to finalization, with tenants at final LOI / lease
negotiation stage
- subway now fully funded and updated schedule to open in late 2017
- investor morning being planned for April 2016 to showcase the location
Future Opportunities
- earnouts and developments – committed pipeline of approximately 205,000 square feet in
place at a yield of 6.4%
- formal council approval now obtained for the StudioCentre at Lakeshore Boulevard East in
Toronto and the initial phase of development of office and retail space has now begun. The
film studios are very active well into 2016
- continuing to work with Walmart Canada on a pipeline of potential new store opportunities
- Westside Mall – mixed use opportunity resulting from Eglinton LRT line station integrated with
property
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 4Conference Call Highlights
Growth (cont’d)
Intensification / Redevelopment
- initial work has identified approximately 310,000 square feet of retail opportunity across
SmartREIT portfolio, with projected yield of close to 8%
- includes Place Bourassa in Montreal, where former Zellers space repositioned and
aligned to existing Montreal North property. Canadian Tire now anchors the centre
with a new 72,000 square foot store. Initial phase represents 137,000 square feet of
redevelopment space
Mixed Use
- portfolio review under way to identify potential development opportunities
- will provide full update in the coming months on opportunities, portfolio size, potential capital
demands, etc.
- began discussions with a number of potential partners to consider residential (both
condominium and rental space), seniors housing and other potential uses
Acquisitions
- closed on the acquisition of a 105,000 square foot retail centre in Barrie ON, grocery-anchored
by a Food Basics for $25.3 million, in February 2015
- closed on the acquisition of the SmartCentres platform as part of a $1.16 billion transaction,
including interests in a $1.1 billion portfolio of 22 properties principally located in Ontario and
Quebec, including 20 open format Walmart Supercentre anchored or shadow-anchored
shopping centres, in May 2015
- closed on the acquisition of a 227,000 square foot retail centre in Maple Ridge BC, anchored
by a Walmart Supercentre for $59.4 million, in July 2015
- closed on the acquisition of a 60% interest in a development land parcel in Ottawa ON for $8.8
million, with approximately 132,000 square feet of potential leasable area, in September 2015
- closed on the acquisition of a development land parcel in Jonquiere QC for $9.0 million,, in
December 2015
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 5Conference Call Highlights
Capital Activities
Leverage at 44.7% of FMV
Total debt weighted average interest rate of 4.16% (4.77% in 2014)
Interest coverage improved to 3.0X (2.7X in 2014)
Unencumbered asset pool at $2.5 billion, providing significant future flexibility
Issued fixed rate secured debt of $596.3 million with a weighted average term of 8.9 years and a
weighted average interest rate of 3.21%
Repaid secured debt of $168.8 million with a weighted average interest rate of 5.68%
On May 27, 2015, the Trust issued notice of redemption of the 5.75% convertible debentures with an
aggregate principal amount outstanding of $55.6 million, to be redeemed on June 30, 2015. The
debenture holders had the right until June 29, 2015 to convert their debentures into Trust Units at a
conversion price of $25.75 per Unit. On June 30, 2015, the Trust redeemed the balance of the 5.75%
convertible debentures for $3.3 million in cash
Issued $160.0 million of 3.556% Series N senior unsecured debentures due on February 6, 2025
Redeemed $150.0 million aggregate principal amount of 5.37% Series B senior unsecured
debentures on March 9, 2015
Settled $100.0 million aggregate principal amount of variable rate Series K senior unsecured
debentures that matured on October 16, 2015
Annual distribution increased in 2014 to $1.60 from $1.55, representing a 3.4% increase, with a
further increase in October 2015 to $1.65, representing a 3.125% increase
2016 Outlook
2016 FFO and AFFO expected to grow in the 5% - 6% range, based on:
- same property growth
- full year of NOI from 2015 acquisitions including the “SmartCentres acquisition”
- full year of refinancing benefits from 2015 and further 2016 benefits
- developments and earnouts
Payout ratio expected to continue its decline towards the high 70% to low 80% range. Target payout
ratio adjusted to 77% - 82%
Acquisitions targeted in the $100 million to $150 million range
Occupancy expected to remain in excess of 98% assuming no material retailer challenges
Portfolio optimization work will continue on select sites
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 6Looking Beyond
Vaughan Metropolitan Centre
Vaughan Metropolitan Centre
See Vaughan’s new downtown vision on YouTube:
http://www.youtube.com/watch?v=m3uO9eU8SwI
Westside Mall – Caledonia Station
Montreal Premium Outlets
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 7Portfolio Highlights
As at As at
December 31, 2015 December 31, 2014
in $000s, except for Unit and other non-financial data)
Number of retail and other properties 139 121
Number of properties under development 11 7
Total number of properties owned 150 128
Number of Walmarts / Supercentres 94 / 88 79 / 71
Number of Walmarts / Supercentres (including shadows) 108 / 99 92 / 80
Gross leasable area (sq. ft.) 31,054,845 27,339,904
Total GLA in Walmart anchored centres (sq. ft.) 26,476,961 23,254,654
Future estimated development area (sq. ft.) 5,036,544 2,677,606
Occupancy 98.7% 99.0%
Average lease term to maturity 6.9 years 6.8 years
Net rental rate (per occupied sq. ft.) $15.16 $15.01
Net rental rate excluding anchors (per occupied sq. ft.) (1) $21.87 $21.43
Investment properties(2) 8,168,551 6,801,370
Total assets 8,505,003 7,107,403
Debt(2) 3,823,229 3,003,121
Total debt – Weighted average interest rate (3) 4.16% 4.77%
Secured debt – Weighted average contractual interest rate (4) 3.87% 5.03%
Secured debt – Weighted average maturity 5.4 years 5.3 years
(5)
Debt to gross book value 52.2% 50.5%
Debt to aggregate assets 44.7% 42.8%
Secured debt to aggregate assets 31.2% 24.7%
Unencumbered assets to unsecured debt 2.1X 1.9X
(6)
Interest coverage 3.0X 2.7X
Debt to adjusted EBITDA (7) 8.4X 7.4X
Equity (book value) 4,482,571 3,906,424
(8)
Units outstanding 154,088,207 136,315,194
Year ended Year ended
December 31, 2015 December 31, 2014
FFO excluding adjustments (9) $2.10 1.95
AFFO (9) $1.99 1.84
Payout ratio (to AFFO) (10) 81.1% 84.7%
Surplus of cash provided by operating activities over distributions paid 98,459 57,565
(1) Anchors are defined as tenants within a property with leaseable area greater than 30,000 square feet.
(2) Includes the Trust’s share of investments in associates.
(3) Includes acquisition date fair value adjustments.
(4) Excludes acquisition date fair value adjustments.
(5) Defined as debt (excluding convertible debentures) divided by total 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 year ended December
31, 2015 for a reconciliation of this ratio.
(6) Defined as earnings before interest, income taxes, amortization, loss on sale of investment property, fair value gain or loss with
respect to investment property and financial instruments and adjustments relating to the early redemption of unsecured debentures in
2015 and 2014 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 in 2015 and 2014. Refer to “Financial Covenants”
in the MD&A for the year ended December 31, 2015 for a reconciliation of this ratio.
(7) Defined as debt over earnings before interest, income taxes, amortization, loss on sale of investment property, fair value gain or loss
with respect to investment property and financial instruments and adjustments relating to the early redemption of unsecured
debentures in 2015 and 2014.
(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 non-controlling interests.
(9) See “Other Measures of Performance” in the MD&A for the year ended December 31, 2015 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
December 2015 Supplemental Information Package 8Distribution 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
2015 2014 2013 2012 2011
($) ($) ($) ($) ($)
January 0.13340 0.12900 0.12900 0.12900 0.12900
February 0.13340 0.12900 0.12900 0.12900 0.12900
March 0.13340 0.12900 0.12900 0.12900 0.12900
April 0.13340 0.12900 0.12900 0.12900 0.12900
May 0.13340 0.12900 0.12900 0.12900 0.12900
June 0.13340 0.12900 0.12900 0.12900 0.12900
July 0.13340 0.12900 0.12900 0.12900 0.12900
August 0.13340 0.12900 0.12900 0.12900 0.12900
September 0.13340 0.12900 0.12900 0.12900 0.12900
October 0.13750 0.13340 0.12900 0.12900 0.12900
November 0.13750 0.13340 0.12900 0.12900 0.12900
December 0.13750 0.13340 0.12900 0.12900 0.12900
Total 1.61310 1.56120 1.54800 1.54800 1.54800
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 9Performance of SmartREIT Units
Average Unit Trading Price
Per unit
2015 2014 2013 2012 2011
($) ($) ($) ($) ($)
1st Quarter 30.17 25.37 29.35 27.09 24.17
2nd Quarter 29.45 26.52 27.71 27.84 25.31
3rd Quarter 29.75 26.23 24.99 29.64 25.03
4th Quarter 31.33 27.14 24.91 28.66 26.25
YTD / Annual 30.29 26.31 26.68 28.27 25.15
Closing trading
price at end of 30.19 27.30 25.16 28.95 26.77
period
Average Daily Volume of Units Traded
2015 2014 2013 2012 2011
($) ($) ($) ($) ($)
1st Quarter 200,374 199,418 201,657 184,079 166,361
2nd Quarter 242,372 185,756 205,188 162,337 129,997
3rd Quarter 218,051 156,254 224,222 166,512 147,638
4th Quarter 334,127 184,375 200,424 173,510 144,570
Annual 248,924 181,379 207,912 171,593 147,075
Market Capitalization Summary
Date Total Units Outstanding (1) Share price per Unit Market Capitalization
($) ($)
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
December 31, 2012 132,279,778 28.95 3,829,499,573
December 31, 2011 124,738,959 26.77 3,339,261,932
(1) Includes Limited Partnership Class B and D units.
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 10Gross Revenue and Area by Province
Gross Revenue by Province
1 – Ontario – 60.0%
2 – Quebec – 14.7%
3 – British Columbia – 9.2%
4 – Manitoba – 3.8%
5 – Saskatchewan – 3.5%
6 – Alberta – 3.5%
7 – Newfoundland and Labrador – 3.0%
8 – Nova Scotia – 1.0%
9 – New Brunswick – 0.8%
10 – Prince Edward Island – 0.5%
Gross Area by Province
1 – Ontario – 57.5%
2 – Quebec – 14.6%
3 – British Columbia – 9.6%
4 – Alberta – 4.6%
5 – Saskatchewan – 4.1%
6 – Manitoba – 3.7%
7 – Newfoundland and Labrador – 3.3%
8 – Nova Scotia – 1.0%
9 – New Brunswick – 0.9%
10 – Prince Edward Island – 0.7%
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 11Top 25 Tenants
Number Gross Remaining
Rank Tenant of Stores Rental Revenue Lease Term
(%) (years)
1 Walmart 94 26.9 8.8
2 Canadian Tire, Mark's and FGL Sports 69 4.7 6.7
3 Winners, HomeSense and Marshalls 43 3.6 5.8
4 Reitmans 109 2.5 3.3
5 Best Buy 27 2.3 3.2
6 Loblaws and Shoppers Drug Mart 19 2.3 6.9
7 Sobeys 15 2.2 6.6
8 RONA 7 2.0 7.6
9 Michaels 24 1.6 4.8
10 Staples 23 1.4 2.9
11 Dollarama 40 1.4 4.8
12 LCBO 28 1.4 8.6
13 Home Outfitters 15 1.3 3.0
14 Cara Restaurants 44 1.2 3.9
15 Gap Inc. 23 1.0 3.9
16 The Brick 8 1.0 5.3
17 Toys R Us 7 1.0 7.4
18 Bonnie Togs 40 1.0 6.2
19 Bulk Barn 46 0.9 6.6
20 Dollar Tree and Dollar Giant 27 0.9 5.5
21 CIBC 25 0.9 4.4
22 Sail 3 0.8 11.1
23 Metro 7 0.7 6.0
24 Bouclair 21 0.7 3.4
25 Sleep Country 28 0.7 3.7
Total 792 64.4 7.4
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 12Lease Expiration Schedule
Number Annualized Base Average
Year of Expiry of Stores Area Area Rent Rent psf
(sq. ft.) (%) ($) ($)
Month-to-month and holdovers 215 260,473 0.8 5,189,045 19.92
2016 310 1,198,269 3.9 21,669,486 18.08
2017 301 1,862,579 6.0 36,407,536 19.55
2018 424 2,323,412 7.5 49,338,582 21.24
2019 338 3,097,427 10.0 47,863,445 15.45
2020 229 3,117,811 10.0 46,654,510 14.96
2021 159 2,812,870 9.1 36,737,200 13.06
2022 170 3,076,582 9.9 36,842,775 11.98
2023 231 2,586,706 8.3 37,677,396 14.57
2024 196 1,945,956 6.3 32,286,383 16.59
2025 119 1,365,658 4.4 19,028,163 13.93
2026 56 1,110,689 3.6 15,932,645 14.34
2027 23 1,472,701 4.7 18,209,831 12.36
2028 21 875,193 2.8 13,068,145 14.93
2029 20 1,401,535 4.5 17,109,282 12.21
2030 9 598,404 1.9 9,599,929 16.04
2031 3 351,141 1.1 4,546,265 12.95
Beyond 9 1,188,591 3.9 16,502,568 13.88
Vacant 132 408,848 1.3 - -
Total 2,965 31,054,845 100.0 464,663,185 15.16
Weighted Average Lease Expiry by area = 6.9 years
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 13Area by Age
Age Area Area
(sq. ft.) (%)
2002 – present 23,135,081 74.5
1995 – 2001 7,163,001 23.1
Before 1995 756,763 2.4
Total 31,054,845 100.0
Portfolio of high quality, newly developed assets with an average age
of 12.1 years and minimal capital expenditure requirements.
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 14Future Earnouts and Developments
Total Gross Invested Net Yield /
Year Area Area Income Commitment To-date Commitment Cap Rate
(sq. ft.) (%) ($000s) ($000s) ($000s) ($000s) (%)
Committed Earnouts
2016 36,834 0.7% 1,032 14,831 4,846 9,985 7.0%
2017 and beyond 30,037 0.5% 705 10,474 341 10,133 6.7%
Total Committed Earnouts 66,871 1.2% 1,737 25,305 5,187 20,118 6.9%
Committed Developments
(1) (1)
2016 54,897 1.1% 1,087 16,635 4,306 12,329 6.5%(2)
(1) (1)
2017 and beyond 83,075 1.6% 2,549 41,755 19,041 22,714 6.1%(2)
Total Committed Developments 137,972 2.7% 3,636 58,390 23,347 35,043 6.1%
Uncommitted Future Developments
Earnouts 658,227 13.1% 14,609 206,428 8,398 198,030 7.1%
(1) (1)
Developments 4,173,474 83.0% 89,883 1,463,717 533,178 930,539 6.1%(2)
Total Uncommitted Future Developments 4,831,701 96.1% 104,492 1,670,145 541,576 1,128,569 6.3%
Total before Non-cash
5,036,544 100.0% 109,865 1,753,840 570,110 1,183,730 6.3%
Development Cost
Non-cash Development Cost (3) 35,909
Vaughan Metropolitan Centre (“VMC”) (4)
66,887
Total before Mezzanine Financing 5,036,544 100.0% 109,865 1,753,840 672,906 1,183,730 6.3%
Options through Mezzanine Financing (5) 699,890
Total Potential Pipeline 5,736,434
(1) Includes fair value adjustment for land.
(2) On a cost basis, the yield would be 5.9%, 6.1% and 5.8%, respectively.
(3) Represents net liability currently recorded.
(4) Developments relating to the Trust’s 50% ownership of the VMC include the office complex with KPMG as lead tenant,
scheduled to open in 2016 and does not include the rest of the estimated 3 million square feet.
(5) See “Recourse Loans to Developers” on page 16.
Committed Earnouts and Developments
Executed Total Gross Invested Net Yield /
Year Leases Area Income Commitment To-date Commitment Cap Rate
(sf) (%) ($000s) ($000s) ($000s) ($000s) (%)
2016 91,731 1.8% 2,119 31,466 (1)
9,152 (1) 22,314 6.7%(2)
2017 and beyond 113,112 2.1% 3,254 52,229 (1)
19,382 (1) 32,847 6.2%(2)
Total before Non-cash
204,843 3.9% 5,373 83,695 (1)
28,534 (1)
55,161 6.4%(2)
Development Cost
(1) Includes fair value adjustment for land.
(2) On a cost basis, the yield would be 6.4%, 6.2% and 6.3%, respectively.
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 15Recourse Loans to Developers
Total
Leasable
Loan Interest Area upon Purchase
Project Outstanding Committed Maturity Date Rate Option Completion Option
($000s) ($000s) (%) (%) (sq. ft.) (sq. ft.)
Pitt Meadows, BC (1) 23,693 60,119 December 2017 6.93% 50% 450,605 225,303
(2)(3)
Salmon Arm, BC 15,671 23,264 October 2017 4.32% - 215,483 -
(4)
Aurora (South), ON 13,916 34,807 June 2020 6.75% 50% 190,535 95,268
Caledon (Mayfield), ON 8,048 10,372 December 2016 7.00% 50% - -
(2)(5)
Innisfil, ON 18,275 27,077 December 2020 2.84% - 139,744 -
(6)
Mirabel (Shopping Centre), QC - 18,262 December 2022 7.50% - 256,000 -
(7)
Mirabel (Option Lands), QC - 5,721 December 2022 7.50% - 135,000 -
Toronto (StudioCentre), ON (2) 23,257 36,102 December 2017 6.87% 50% 907,177 226,794
(8)
Vaughan (7 & 427), ON 24,473 63,173 December 2020 6.75% 50% 305,050 152,525
Total 127,333 278,897 5.96% 2,599,594 699,890
(1) At October 31, 2015, the rate changed to Canada Bond Yield plus 4%. Up to October 31, 2015, the rate was based on the
monthly variable rate based on a fixed rate of 7.25% on loans outstanding up to $15.0 million and a fixed rate of 7.75% on any
additional loans above $15.0 million.
(2) The Trust owns a 50% interest. The loan is secured against the remaining 50%.
(3) Monthly variable rate based on a fixed rate of 6.35% on loans outstanding up to $7.2 million and the banker's acceptance rate
plus 1.75% on any additional loans above $7.2 million.
(4) On July 1, 2015, the rate for the outstanding loan balance reset to 6.75% based on the December 2012 agreement. Up to
June 30, 2015, the interest rate was based on the 20 day average Canada Bond Yield plus 4%. Further, the agreement
requires the adjusted interest rate to be in the range of 6.75% to 7.75%, otherwise it will adjust up or down accordingly.
(5) Monthly variable rate based on the banker's acceptance rate plus 2.00%.
(6) The Trust owns a 33.3% interest. The loan is secured against a 33.3% interest owned by one of the joint venture partners.
(7) The Trust owns a 25% interest. The loan is secured against a 25% interest owned by one of the joint venture partners.
(8) On January 1, 2015, the rate for the outstanding loan balance reset to 6.75% based on the December 2012 agreement. Up to
December 31, 2014, the interest rate was based on 7.25% per annum. Starting January 1, 2015, the interest rate is based on
a fixed rate equal to the four-year Canada Bond Yield plus 4% per annum, calculated based on the 20-day average
immediately preceding December 31, 2014. Further, the agreement requires the adjusted interest rate to be in the range of
6.75% to 7.75%, otherwise it will be adjusted up or down accordingly.
Note: Of the $151.6 million of remaining loan advances available, $74.7 million is set aside as interest accrual reserve.
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 16Individual 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 98.7 273,289 135,899 - 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 97.7 239,359 188,680 235,732 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 99.3 351,224 261,497 172,161 Depot*, Save-on-Foods*, Home
Outfitters, London Drugs, Best Buy
Walmart Supercentre, Thrifty
Maple Ridge SmartCentre Maple Ridge, BC 100.0 226,874 146,521 - Foods, Westminster Savings Credit
Union, Dollar Tree, Rexall
Walmart Supercentre, Home
New Westminster
New Westminster, BC 97.6 407,577 159,449 - Outfitters, Tommy Hilfiger, Bonnie
SmartCentre
Togs, The Gap
Walmart Supercentre*, Sport Chek,
Peachtree Square Penticton, BC 100.0 54,916 - 175,000 Dollar Tree, Valley First Credit
Union, Bulk Barn
Real Canadian Superstore,
Penticton Power Centre Penticton, BC 98.5 187,227 110,795 - Staples, Winners, Sleep Country,
TD Canada Trust
Walmart Supercentre, Home
Prince George SmartCentre Prince George, BC 99.0 313,390 165,350 204,247 Depot*, Canadian Tire*, Michaels,
Old Navy, Mark's, Petland
Salmon Arm SmartCentre** Salmon Arm, BC 100.0 52,299 48,345 - Walmart Supercentre, Bulk Barn
Walmart Supercentre, Dollar Tree,
Surrey West SmartCentre Surrey, BC 99.4 187,156 133,943 - Ardene, Sleep Country, Reitmans,
Bonnie Togs
Walmart Supercentre, RONA*,
Vernon SmartCentre Vernon, BC 95.9 259,296 144,782 50,300 Best Buy, Value Village, Mark's,
Petland, Sleep Country
Subtotal British Columbia 98.5 2,949,432 1,746,038 1,022,996
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 17Individual 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
Osh Kosh, Bulk Barn
Re/Max, Respiratory Homecare
Crowchild Corner Calgary, AB 100.0 23,377 - -
Solutions Inc.
Walmart Supercentre, Safeway,
Edmonton East
Edmonton, AB 100.0 178,558 94,835 - Winners, Petland, Dollarama, TD
SmartCentre**
Canada Trust
Walmart Supercentre, Michaels,
Edmonton Northeast
Edmonton, AB 95.3 274,353 161,925 - Bulk Barn, Moores, Penningtons,
SmartCentre
Reitmans
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 100.0 125,081 115,829 68,947
Tire*, Dollarama
Subtotal Alberta 99.1 1,431,875 964,012 255,684
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 99.4 198,110 107,608 130,000 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 1,247,086 791,002 239,084
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 18Individual 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 96.7 528,180 281,606 95,000 Depot*, Safeway, Home Outfitters,
SmartCentre
HomeSense, Urban Planet
Walmart Supercentre, Canadian
Winnipeg West SmartCentre Winnipeg, MB 98.0 354,667 171,146 75,240 Tire*, Sobeys, Winners, Value
Village, Sport Chek, Staples
Subtotal Manitoba 97.8 1,140,069 551,322 313,853
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 98.3 507,301 313,637 - 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 88.2 104,908 35,152 - Dollarama, Anytime Fitness, Pet
Centre
Valu, Tim Hortons
Walmart Supercentre, Loblaws*,
Barrie North SmartCentre Barrie, ON 100.0 234,700 160,727 81,373 Old Navy, Bonnie Togs, Addition-
Elle, Reitmans
Walmart Supercentre, Sobeys,
Barrie South SmartCentre Barrie, ON 93.6 410,129 243,874 - 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 100.0 142,444 115,779 90,000 Depot*, Dollar Tree, Boston Pizza,
Bulk Barn
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 19Individual 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 100.0 239,274 168,571 - Fitness, Dollarama, Bulk Barn,
CIBC, RBC
LA Fitness, Value Village, LCBO,
Bramport SmartCentre Brampton, ON 100.0 144,835 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 100.0 360,695 243,610 - Winners, Staples, Mark's, Bonnie
Togs, Sleep Country
Fortinos*, Shoppers Drug Mart,
Brampton North
Brampton, ON 95.8 58,758 - 62,496 RBC, Synergy Performing Arts
SmartCentre
Academy
Brampton Northeast Walmart Supercentre, CIBC, Bank
Brampton, ON 100.0 211,853 153,455 -
SmartCentre of Nova Scotia, RBC
Walmart Supercentre*, Real
Brockville SmartCentre Brockville, ON 99.0 137,873 - 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 95.6 738,034 323,394 - Fitness, Best Buy, Staples, Bed
Bath & Beyond, Michaels
Canadian Tire*, Home Depot*,
Cambridge SmartCentre (II) Cambridge, ON 78.8 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 98.3 152,053 101,053 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 100.0 163,726 154,510 - Walmart Supercentre, Dollar Tree
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 20Individual 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 97.0 249,459 108,632 113,000 Sport Chek, Best Buy, LCBO, Golf
Town, RBC
Etobicoke (Index) Sail, Marshalls, PetSmart, Party
Etobicoke, ON 100.0 186,587 107,838 -
SmartCentre Packagers, Structube, Bouclair
Walmart Supercentre, Home
Etobicoke SmartCentre Etobicoke, ON 98.5 294,734 199,824 135,000 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 100.0 296,116 171,396 110,000 Depot*, HomeSense, Michaels,
Dollarama, CIBC, RBC
The Bay Outlet, Polo Ralph
Toronto Premium Outlets
Halton Hills, ON 100.0 179,334 - - Lauren, Restoration Hardware,
(Halton Hills)**
Nike, Columbia, Coach
Walmart Supercentre, Shoppers
Hamilton South
Hamilton, ON 98.8 239,178 124,524 - 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 100.0 195,504 155,739 -
Bulk Barn, CIBC, RBC
Walmart Supercentre, Toys R Us,
London East Argyle Mall London, ON 98.6 424,986 224,281 - No Frills, Winners, Staples, Sport
Chek, GoodLife Fitness
Walmart Supercentre, Canadian
London North
London, ON 100.0 248,155 131,671 108,262 Tire*, Winners, Sport Chek,
SmartCentre**
HomeSense, Old Navy, LCBO
Lowe's*, Boston Pizza, Montana's,
London Northwest
London, ON 100.0 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
Home Depot, Longo's*, Winners,
Markham Woodside
Markham, ON 100.0 168,724 80,385 - Staples, Chapters, Michaels, La-Z-
SmartCentre**
Boy, LCBO
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 21Individual 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*, Canadian
Milton Walmart Centre** Milton, ON 96.3 116,555 - 227,896 Tire*, Sport Chek, Indigo,
Michaels, Mark's, Staples, RBC
Walmart Supercentre, No Frills,
Mississauga (Erin Mills)
Mississauga, ON 98.0 282,674 171,973 - 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 99.0 557,902 325,691 - 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 100.0 129,459 74,712 180,000 Canadian Tire, The Brick, Home
Centre**
Outfitters, Best Buy, LCBO
Walmart Supercentre, Real
Oakville SmartCentre Oakville, ON 100.0 442,391 314,588 - Canadian Superstore, LCBO, The
Beer Store, The Keg, CIBC, RBC
Walmart Supercentre, Canadian
Orleans SmartCentre (I) Orleans, ON 99.2 384,015 232,635 117,136 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 100.0 149,622 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 100.0 126,767 112,391 -
SmartCentre** CIBC
Walmart Supercentre, Loblaws,
Ottawa South
Ottawa, ON 97.5 261,551 156,471 - Cineplex Odeon, Winners, Staples,
SmartCentre**
Chapters
Walmart Supercentre, Home
Owen Sound SmartCentre Owen Sound, ON 100.0 158,074 105,963 130,000 Depot*, Penningtons, Dollarama,
Bonnie Togs, Reitmans
Walmart Supercentre, Lowe's,
Pickering SmartCentre Pickering, ON 97.0 539,182 393,572 82,000 Sobeys, Canadian Tire*, Toys R
Us, Winners, PetSmart, LCBO
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 22Individual 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.)
Port Elgin SmartCentre Port Elgin, ON 100.0 115,524 115,524 - Walmart Supercentre
Walmart Supercentre, LCBO,
Port Perry SmartCentre Port Perry, ON 100.0 137,280 92,473 - Mark's, Dollarama, Bulk Barn,
Bank of Nova Scotia
Walmart Supercentre, Food
Richmond Hill
Richmond Hill, ON 97.5 136,306 94,458 - Basics, Shoppers Drug Mart,
SmartCentre**
HSBC, Bank of Montreal
Walmart Supercentre, Winners,
Sarnia SmartCentre Sarnia, ON 99.1 342,617 214,513 - Michaels, PetSmart, LCBO,
Penningtons, Dollarama
Walmart Supercentre, Winners,
Scarborough (1900
Scarborough, ON 100.0 380,090 254,693 - Mark's, LCBO, David's Bridal, Bank
Eglinton) SmartCentre
of Montreal
Walmart Supercentre, Cineplex
Scarborough East
Scarborough, ON 98.9 282,156 225,385 - Odeon, LCBO, Reitmans, Boston
SmartCentre
Pizza, Sleep Country
Walmart Supercentre, Real
St. Catharines West
St. Catharines, ON 97.6 402,213 262,620 182,132 Canadian Superstore*, Canadian
SmartCentre (I)
Tire*, Home Outfitters, Best Buy
St. Catharines West The Brick, Michaels, Shoppers
St. Catharines, ON 98.9 120,438 35,108 -
SmartCentre (II) Drug Mart, Golf Town, Bouclair
Walmart Supercentre, Real
St. Thomas SmartCentre St. Thomas, ON 94.8 224,351 138,567 196,212 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 100.0 257,064 228,795 -
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
Toronto Stockyards Walmart*, Bank of Montreal,
Toronto, ON 100.0 8,615 - 128,194
SmartCentre CitiFinancial
Canadian Tire, FreshCo., Dollar
Westside Mall Toronto, ON 95.8 144,407 110,019 -
Tree, Rogers, CIBC
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 23Individual 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.)
Rutherford Village Shopping Sobeys, TD Canada Trust, Rogers
Vaughan, ON 96.6 101,538 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 100.0 161,338 128,791 - Walmart Supercentre, CIBC
SmartCentre
Walmart Supercentre, Home
Vaughan SmartCentre** Vaughan, ON 100.0 97,623 97,623 -
Outfitters
Walmart Supercentre, Value
Waterloo SmartCentre Waterloo, ON 100.0 181,607 128,005 -
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 97.7 279,153 178,841 148,571 Canadian Superstore*, Mark's,
LCBO, Bank of Nova Scotia
Whitby Northeast Boston Pizza, Swiss Chalet,
Whitby, ON 100.0 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 92.6 234,335 129,121 - Dollarama, PetSmart, Moores, The
Beer Store, CIBC
Canadian Tire*, Fortinos*,
Woodbridge SmartCentre** Woodbridge, ON 95.4 216,983 32,630 142,073 Winners, Best Buy, Toys R Us,
Chapters, Michaels, Sport Chek
Walmart Supercentre, Canadian
Woodstock SmartCentre Woodstock, ON 100.0 257,220 170,764 91,254 Tire*, Staples, Mark's, Bonnie
Togs, Reitmans, Dollar Tree
Subtotal Ontario 98.5 17,695,709 10,838,947 4,227,182
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 24Individual 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, Dollarama,
Blainville SmartCentre Blainville, QC 100.0 177,378 131,537 - Bulk Barn, Bank of Nova Scotia,
RBC
Walmart Supercentre, Loblaws*,
Hull SmartCentre** Hull, QC 100.0 161,322 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 Central SmartCentre Laval, QC 100.0 159,779 159,779 130,000 Walmart Supercentre, Leon's*
Walmart Supercentre, Canadian
Laval East SmartCentre Laval, QC 99.5 534,789 340,736 - Tire, IGA, Winners, Michaels,
Bouclair, Dollarama, SAQ
Walmart Supercentre, RONA,
Laval West SmartCentre Laval, QC 99.5 575,676 314,461 124,000 Canadian Tire*, IGA*, Michaels,
Home Outfitters, Staples
Mascouche North RONA*, Jean Coutu, Structube,
Mascouche, QC 100.0 56,228 - 120,000
SmartCentre 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 95.4 182,838 - - Lauren, Old Navy, Nike, Urban
(Mirabel)**
Planet, Tommy Hilfiger, Coach
Walmart, Toys R Us, Baton Rouge,
Montreal (Decarie)
Montreal, QC 97.2 132,434 83,858 - Suzy Shier, P.F. Chang's, Bulk
SmartCentre**
Barn, Carter's Osh Kosh
Walmart Supercentre, IGA,
Montreal North SmartCentre Montreal, QC 100.0 257,694 173,668 - Winners, Dollarama, Le Chateau,
Sleep Country, TD Canada Trust
Canadian Tire, Super C,
Place Bourassa Mall Montreal, QC 100.0 221,737 130,323 - Pharmaprix, L'Aubainerie, SAQ,
Yellow
Walmart, Tanguay*, Super C*,
Winners, Best Buy, SAQ,
Rimouski SmartCentre Rimouski, QC 98.9 243,740 127,087 104,973
Dollarama, Clement, Scores,
Mark's
Walmart Supercentre, Home
Saint-Constant SmartCentre Saint-Constant, QC 99.5 394,615 235,618 95,000 Depot*, Super C, L’Aubainerie
Concept Mode, Michaels
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 25Individual 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, Maxi*,
Saint-Jean SmartCentre Saint-Jean, QC 98.8 249,981 153,988 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 15,249 - 159,190
Coco Fruitti
Walmart*, Home Depot*, Maxi*,
Victoriaville SmartCentre Victoriaville, QC 100.0 37,784 - 260,969
Winners, Reitmans
Subtotal Quebec 99.2 4,753,608 2,849,558 1,847,142
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 97.2 261,298 173,390 182,122 Canadian Tire*, Winners, Best
Buy, Old Navy, Pier 1 Imports
Subtotal New Brunswick 97.3 272,688 173,390 457,028
Nova Scotia
Walmart, Atlantic Superstore,
Colby Village Plaza Dartmouth, NS 98.5 152,633 108,659 - Cleve's Source for Sports, Pharma
Save, Bank of Nova Scotia
Atlantic Superstore*, Winners,
Halifax Bayers Lake Centre Halifax, NS 93.5 167,788 35,483 80,000 Cleve's Warehouse Sporting
Goods, Bouclair
Subtotal Nova Scotia 95.9 320,421 144,142 80,000
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 26Individual 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 98.2 225,057 127,159 80,000
Michaels, Best Buy, Old Navy
Subtotal Prince Edward
98.2 225,057 127,159 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 89.0 42,951 - -
TD Canada Trust
Walmart*, Home Depot*, Canadian
St. John's Central
St. John's, NL 100.0 157,806 48,808 311,149 Tire*, Sobeys, Staples, Mark's,
SmartCentre
Dollarama, Moores
Walmart, Dominion (Loblaw)*,
St. John's East SmartCentre St. John's, NL 100.0 370,621 128,273 102,818 Winners, Staples, Michaels, Sport
Chek, Old Navy, Mark's
Subtotal Newfoundland 99.5 1,018,900 444,434 724,341
Total Retail Properties 98.7 31,054,845 18,630,004 9,247,310
Smart Real Estate Investment Trust
December 2015 Supplemental Information Package 27You can also read
