SMARTQ1 - SUPPLEMENTAL INFORMATION PACKAGE FOR THE THREE MONTHS ENDED MARCH 31, 2016
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SUPPLEMENTAL INFORMATION PACKAGE
FOR THE THREE MONTHS ENDED
MARCH 31, 2016
SMARTQ1
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
March 2016 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 three months ended March 31, 2016. 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 2016 Supplemental Information Package 2
Conference Call Highlights
Operations
FFO/unit increased 3.8% for the quarter compared to the same period in 2015
AFFO/unit increased 6.3% for the quarter compared to the same period in 2015
Lease termination revenue was $2.4 million lower in Q1 2016 vs Q1 2015
Occupancy level at 98.5% at the end of the quarter
Renewed 1,249,098 square feet, representing 70.0% of lease maturities for 2016, with average face
rents increase of 6.8% excluding anchor tenants, 4.6% including them
AFFO payout ratio at 81.0% (82.6% in Q1 2015)
Average cap rate of investment properties at 5.91% (5.98% in Q1 2015)
Excess of operating cash flow over paid distributions at $3.8 million (shortfall of $5.4 million in Q1
2015)
Tenant Activity
Approximately 47,000 square feet of tenancies came on-stream this quarter via earnouts and
development, providing an unleveraged yield of 6.0%
Net rental rate (excluding anchors) per occupied square foot increased 2.2% over Q1 2015
SmartREIT’s occupancy at 98.5%, remains strong 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%
Dollar store growth through Dollarama and Dollar Tree continues to absorb surplus space. Total
number of stores is now 67 (Dollarama – 41, and Dollar Tree – 26)
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. We expect the
amounts due from Target will be resolved as part of a settlement with substantially all former Target
landlords which is due to be approved in June 2016
Danier Leather announced an insolvency filing in the first week of February. two stores were
disclaimed on SmartREIT properties. The property at the Toronto Premium Outlet has already been
re-leased
Overall, SmartREIT continues to monitor closely those tenants in certain markets where some
rationalizing is taking place
Smart Real Estate Investment Trust
March 2016 Supplemental Information Package 3Conference Call Highlights
Growth
Same properties’ net operating income increased by 1.0% for the quarter compared to Q1 2015
Earnouts and development of 47,000 square feet at a 6.0% 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 less than three years. Sales now in excess of $1,000 psf on
average
- 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
- Saks Fifth Avenue OFF 5TH opened as new anchor (replacing The Bay) in the
Spring of 2016 to strong consumer demand
- YTD same store sales up double digits on already strong performance
- 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 continue to perform well
- YTD same store sales up well into double digits as well as higher sales due to
increased occupancy
- SmartREIT actively working with Simon to develop two potential additional sites
Vaughan Metropolitan Centre
- construction progressing very well and the KPMG tower is now largely complete
- handover to KPMG in March 2016, for opening in October 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 mixed use tower planning now close to finalization, with tenants at final LOI / lease
negotiation stage. Project to include YMCA, Library and other community space as well as
commercial office space
- discussions underway for first residential development with JV partners
- subway now fully funded and updated schedule to open in late 2017
Future Opportunities
- earnouts and developments – committed pipeline of approximately 232,000 square feet in
place at a yield of 6.3%
- the initial phase of development of office and retail space for the StudioCentre at Lakeshore
Boulevard East has now begun. The film studios are very active until at least the end of 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
existing retail property
Smart Real Estate Investment Trust
March 2016 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
- market activity with respect to SmartREIT quality property continues to be very limited, but
there has been some increase in activity towards the end of the quarter
- no closed acquisition activity in the quarter
Smart Real Estate Investment Trust
March 2016 Supplemental Information Package 5Conference Call Highlights
Capital Activities
Leverage at 44.6% of FMV
Total debt weighted average interest rate of 4.01% (4.58% in Q1 2015)
Interest coverage of 3.0X (2.8X in Q1 2015)
Unencumbered asset pool at $2.5 billion, providing significant future flexibility
Issued fixed rate secured debt of $31.0 million with a term of 10 years and an interest rate of 3.24%
Repaid secured debt of $14.0 with an interest rate of 6.18%
Annual distribution increased in October 2015 to $1.65 from $1.60, representing a 3.125% increase
2016 Outlook
2016 FFO and AFFO expected to grow in the 4% - 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
- lease buyouts and guarantee payments
Payout ratio expected to continue its decline towards the high 70% to low 80% range. Target payout
ratio adjusted to 77% - 82%
Acquisitions still 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
March 2016 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
March 2016 Supplemental Information Package 7Portfolio Highlights
As at As at
March 31, 2016 March 31, 2015
in $000s, except for Unit and other non-financial data)
Number of retail and other properties 139 122
Number of properties under development 11 7
Total number of properties owned 150 129
Number of Walmarts / Supercentres 94 / 89 79 / 72
Number of Walmarts / Supercentres (including shadows) 108 / 102 92 / 82
Gross leasable area (sq. ft.) 31,033,583 27,447,009
Total GLA in Walmart anchored centres (sq. ft.) 26,451,035 23,277,522
Future estimated development area (sq. ft.) 5,016,641 2,670,665
Occupancy 98.5% 98.6%
Average lease term to maturity 6.7 years 6.7 years
Net rental rate (per occupied sq. ft.) $15.22 $15.01
Net rental rate excluding anchors (per occupied sq. ft.) (1) $21.97 $21.50
Investment properties(2) 8,215,538 6,848,893
Total assets 8,562,488 7,197,619
Debt(2) 3,838,553 3,075,422
Total debt – Weighted average interest rate (3) 4.01% 4.58%
Secured debt – Weighted average contractual interest rate (4) 3.86% 4.79%
Secured debt – Weighted average maturity 5.3 years 5.7 years
(5)
Debt to gross book value 52.1% 50.9%
Debt to aggregate assets 44.6% 43.1%
Secured debt to aggregate assets 31.1% 25.4%
Unencumbered assets to unsecured debt 2.1X 1.9X
(6)
Interest coverage 3.0X 2.8X
Debt to adjusted EBITDA (7) 8.4X 7.6X
Equity (book value) 4,532,177 3,918,889
(8)
Units outstanding 154,608,575 136,739,722
Three months ended Three months ended
March 31, 2016 March 31, 2015
FFO excluding adjustments (9) $0.54 $0.52
AFFO (9) $0.51 $0.48
Payout ratio (to AFFO) (10) 81.0% 82.6%
Surplus of cash provided by operating activities over distributions paid 3,788 2,209
(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 three months ended
March 31, 2016 for a reconciliation of this ratio.
(6) Defined as earnings before interest, income taxes, amortization, loss on sale of investment property, acquisition costs, 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 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. Refer to “Financial Covenants” in the
MD&A for the three months ended March 31, 2016 for a reconciliation of this ratio.
(7) Defined as debt over earnings before interest, income taxes, amortization, loss on sale of investment property, acquisition costs, 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.
(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 three months ended March 31, 2016 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 2016 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
2016 2015 2014 2013 2012
($) ($) ($) ($) ($)
January 0.13750 0.13340 0.12900 0.12900 0.12900
February 0.13750 0.13340 0.12900 0.12900 0.12900
March 0.13750 0.13340 0.12900 0.12900 0.12900
April 0.13340 0.12900 0.12900 0.12900
May 0.13340 0.12900 0.12900 0.12900
June 0.13340 0.12900 0.12900 0.12900
July 0.13340 0.12900 0.12900 0.12900
August 0.13340 0.12900 0.12900 0.12900
September 0.13340 0.12900 0.12900 0.12900
October 0.13750 0.13340 0.12900 0.12900
November 0.13750 0.13340 0.12900 0.12900
December 0.13750 0.13340 0.12900 0.12900
Total 0.41250 1.61310 1.56120 1.54800 1.54800
Smart Real Estate Investment Trust
March 2016 Supplemental Information Package 9Performance of SmartREIT Units
Average Unit Trading Price
Per unit
2016 2015 2014 2013 2012
($) ($) ($) ($) ($)
1st Quarter 31.33 30.17 25.37 29.35 27.09
2nd Quarter 29.45 26.52 27.71 27.84
3rd Quarter 29.75 26.23 24.99 29.64
4th Quarter 31.33 27.14 24.91 28.66
YTD / Annual 31.33 30.29 26.31 26.68 28.27
Closing trading
price at end of 33.93 30.19 27.30 25.16 28.95
period
Average Daily Volume of Units Traded
2016 2015 2014 2013 2012
($) ($) ($) ($) ($)
1st Quarter 288,045 200,374 199,418 201,657 184,079
2nd Quarter 242,372 185,756 205,188 162,337
3rd Quarter 218,051 156,254 224,222 166,512
4th Quarter 334,127 184,375 200,424 173,510
Annual 288,045 248,924 181,379 207,912 171,593
Market Capitalization Summary
Date Total Units Outstanding (1) Share price per Unit Market Capitalization
($) ($)
March 31, 2016 154,608,575 33.93 5,245,868,966
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
(1) Includes Limited Partnership Class B and D units.
Smart Real Estate Investment Trust
March 2016 Supplemental Information Package 10Gross Revenue and Area by Province
Gross Revenue by Province
1 – Ontario – 60.0%
2 – Quebec – 14.8%
3 – British Columbia – 9.3%
4 – Manitoba – 3.8%
5 – Saskatchewan – 3.5%
6 – Alberta – 3.3%
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 – 57.0%
2 – Quebec – 15.3%
3 – British Columbia – 9.5%
4 – Alberta – 4.6%
5 – Saskatchewan – 4.0%
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
March 2016 Supplemental Information Package 11Top 25 Tenants
Number Gross Remaining
Rank Tenant of Stores Rental Revenue Lease Term
(%) (years)
1 Walmart 94 27.0 8.6
2 Canadian Tire, Mark's and FGL Sports 68 4.7 6.5
3 Winners, HomeSense and Marshalls 44 3.7 5.7
4 Reitmans 109 2.5 3.1
5 Best Buy 27 2.3 2.6
6 Loblaws and Shoppers Drug Mart 19 2.3 7.1
7 Sobeys 15 2.2 6.3
8 RONA 7 2.0 7.3
9 Michaels 24 1.6 4.8
10 Staples 23 1.4 2.6
11 Dollarama 41 1.4 4.6
12 LCBO 28 1.4 8.4
13 Home Outfitters 15 1.4 3.7
14 Cara Restaurants 44 1.2 4.0
15 Gap Inc. 23 1.1 3.7
16 The Brick 8 1.0 5.1
17 Toys R Us 7 1.0 7.2
18 Bonnie Togs 40 1.0 6.1
19 Bulk Barn 47 1.0 6.5
20 Dollar Tree and Dollar Giant 26 0.9 5.4
21 Pacific West 35 0.9 4.7
22 CIBC 25 0.9 4.2
23 Sail 3 0.8 10.9
24 Metro 7 0.7 5.8
25 Bouclair 21 0.7 3.8
Total 800 65.1 7.2
Smart Real Estate Investment Trust
March 2016 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 286 292,969 0.9 5,949,290 20.31
2016 210 738,189 2.4 14,302,573 19.38
2017 301 1,889,587 6.1 36,512,231 19.32
2018 422 2,337,646 7.5 49,650,602 21.24
2019 335 3,069,809 9.9 47,311,275 15.41
2020 230 3,103,101 10.0 46,552,423 15.00
2021 162 3,100,137 10.0 41,366,353 13.34
2022 170 3,045,803 9.8 36,953,902 12.13
2023 231 2,583,874 8.3 37,594,622 14.55
2024 196 1,945,956 6.3 32,294,670 16.60
2025 119 1,377,569 4.4 19,379,430 14.07
2026 73 1,189,339 3.8 18,196,611 15.30
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 1,401,290 4.5 17,109,325 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 4.1 16,502,568 13.88
Vacant 150 472,284 1.5 - -
Total 2,970 31,033,583 100.0 465,100,045 15.22
Weighted Average Lease Expiry by area = 6.7 years
Smart Real Estate Investment Trust
March 2016 Supplemental Information Package 13Area by Age
Age Area Area
(sq. ft.) (%)
2002 – present 23,116,229 74.5
1995 – 2001 7,164,205 23.1
Before 1995 753,149 2.4
Total 31,033,583 100.0
Portfolio of high quality, newly developed assets with an average age
of 12.2 years and minimal capital expenditure requirements.
Smart Real Estate Investment Trust
March 2016 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) (%)
EARNOUTS
Committed Earnouts
2016 18,694 0.4% 588 9,732 792 8,940 6.0%
2017 and beyond 6,890 0.1% 222 3,301 440 2,861 6.7%
Sub-total Committed Earnouts 25,584 0.5% 810 13,033 1,232 11,801 6.2%
Uncommitted Earnouts
2016 11,324 0.2% 223 3,564 705 2,859 6.3%
2017 and beyond 685,478 13.7% 14,250 211,977 8,584 203,393 6.7%
Sub-total Uncommitted Earnouts 696,802 13.9% 14,473 215,541 9,289 206,252 6.7%
Total Earnouts 722,386 14.4% 15,285 228,348 10,521 217,827 6.7%
DEVELOPMENTS
Committed Developments
(1) (1)
2016 118,097 2.4% 3,609 52,697 25,969 26,728 6.8%(2)
(1) (1)
2017 and beyond 36,271 0.7% 733 11,614 9,628 1,986 6.3%(2)
Sub-total Committed Developments 154,368 3.1% 4,342 64,311 35,597 28,714 6.8%
Uncommitted Developments
(1) (1)
2016 244,400 4.9% 4,570 51,949 45,329 6,620 8.8%(2)
(1) (1)
2017 and beyond 3,895,487 77.6% 82,451 1,399,024 493,124 905,900 5.9%(2)
Sub-total Uncommitted Developments 4,139,887 82.5% 87,021 1,450,973 538,453 912,520 6.0%
Total Developments (3) 4,294,255 85.6% 91,363 1,515,284 574,050 941,234 6.0%
Total Earnouts and Developments 5,016,641 100.0% 106,648 1,743,632 584,571 1,159,061 6.1%
Non-cash Development Cost (4) 32,410
Vaughan Metropolitan Centre (“VMC”) (5) 74,741
Total before Mezzanine Financing 5,016,641 100.0% 106,648 1,743,632 691,722 1,159,061 6.1%
Options through Mezzanine Financing (6) 699,890
Total Potential Pipeline 5,716,531
(1) Includes fair value adjustment for land.
(2) On a cost basis, the yield would be 6.8%, 5.7%, 8.3%, and 5.5%, respectively.
(3) Includes the Trust’s 50% ownership of the office complex in VMC with KPMG as lead tenant, scheduled to open in 2016.
(4) Represents net liability currently recorded.
(5) Future development lands relating to the Trust’s 50% ownership of the VMC, but excluding the office complex in Note 3.
(6) See “Recourse Loans to Developers” on page 16.
Smart Real Estate Investment Trust
March 2016 Supplemental Information Package 15Recourse Loans to Developers
Total Purchase
Leasable Option on
Loan Interest Area upon Non-owned
Project Outstanding Committed Maturity Date Rate Option Completion Portion
($000s) ($000s) (%) (%) (sq. ft.) (sq. ft.)
Pitt Meadows, BC 24,103 60,119 December 2017 6.93% 50% 450,605 225,303
(1)(2)
Salmon Arm, BC 15,841 23,264 October 2017 4.32% - 215,460 -
Aurora (South), ON 14,151 34,807 June 2020 6.75% 50% 190,535 95,268
Caledon (Mayfield), ON 8,189 10,372 December 2016 7.00% 50% - -
(1)(3)
Innisfil, ON 18,406 27,077 December 2020 2.87% - 139,744 -
(4)
Mirabel (Shopping Centre), QC - 18,262 December 2022 7.50% - 256,000 -
(5)
Mirabel (Option Lands), QC - 5,721 December 2022 7.50% - 135,000 -
Toronto (StudioCentre), ON (1) 23,657 36,102 December 2017 6.87% 50% 907,176 226,794
Vaughan (7 & 427), ON 24,886 63,173 December 2020 6.75% 50% 305,050 152,525
Total 129,233 278,897 5.97% 2,599,570 699,890
(1) The Trust owns a 50% interest. The loan is secured against the remaining 50%.
(2) 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.
(3) Monthly variable rate based on the banker's acceptance rate plus 2.00%.
(4) The Trust owns a 33.3% interest. The loan is secured against a 33.3% interest owned by one of the joint venture partners.
(5) The Trust owns a 25% interest. The loan is secured against a 25% interest owned by one of the joint venture partners.
Note: Of the $149.7 million of remaining loan advances available, $72.8 million is set aside as interest accrual reserve.
Smart Real Estate Investment Trust
March 2016 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 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 100.0 226,874 146,521 - 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
Walmart Supercentre, Winners,
Salmon Arm SmartCentre** Salmon Arm, BC 100.0 66,288 48,345 -
Dollarama, 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 98.4 2,963,421 1,746,038 1,022,996
Smart Real Estate Investment Trust
March 2016 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 90.7 274,353 161,925 - 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 98.2 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 97.7 198,110 107,608 130,000 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 99.5 1,247,086 791,002 239,084
Smart Real Estate Investment Trust
March 2016 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 95.7 528,180 281,606 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 97.4 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 98.5 507,921 313,637 - 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 93.6 409,884 243,629 - Winners, La-Z-Boy, PetSmart,
Stitches, Dollar Tree
Walmart Supercentre, LCBO,
Bolton SmartCentre Bolton, ON 98.5 242,444 161,864 -
Mark's, The Beer Store, Reitmans
Walmart Supercentre, Home
Bracebridge SmartCentre Bracebridge, ON 100.0 142,536 115,779 90,000 Depot*, Dollar Tree, Boston Pizza,
Bulk Barn
Smart Real Estate Investment Trust
March 2016 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 97.7 144,835 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 99.0 144,084 - 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 99.4 226,451 161,127 - 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 93.9 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 97.9 152,053 101,053 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
March 2016 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 99.2 188,059 107,838 -
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
Saks OFF 5TH, Polo Ralph
Toronto Premium Outlets
Halton Hills, ON 98.9 179,334 - - 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 99.3 248,155 131,671 108,262 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
March 2016 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 96.3 116,602 - 227,896 Tire*, Sport Chek, Indigo,
Michaels, Mark's, Staples, RBC
Walmart Supercentre, No Frills,
Mississauga (Erin Mills)
Mississauga, ON 97.1 282,674 171,973 - 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 98.6 557,902 325,691 - 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 100.0 128,973 74,712 180,000 Canadian Tire, The Brick, Home
Centre**
Outfitters, Best Buy, LCBO
Walmart Supercentre, Real
Oakville SmartCentre Oakville, ON 100.0 443,923 314,588 - Canadian Superstore, LCBO, The
Beer Store, The Keg, CIBC, RBC
Walmart Supercentre, Canadian
Orleans SmartCentre (I) Orleans, ON 97.9 384,015 232,635 117,136 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 100.0 156,428 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 99.0 158,074 105,963 130,000 Depot*, Penningtons, Dollarama,
Bonnie Togs, Reitmans
Walmart Supercentre, Lowe's,
Pickering SmartCentre Pickering, ON 96.0 539,222 393,572 82,000 Sobeys, Canadian Tire*, Toys R
Us, Winners, PetSmart, LCBO
Smart Real Estate Investment Trust
March 2016 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 96.9 136,306 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 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 99.0 370,106 230,513 182,132 Canadian Superstore*, Canadian
SmartCentre (I)
Tire*, Home Outfitters, Best Buy
St. Catharines West The Brick, Michaels, Shoppers
St. Catharines, ON 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 99.5 257,064 228,795 -
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 Supercentre*, Bank of
Toronto, ON 100.0 8,615 - 128,194
SmartCentre Montreal, CitiFinancial
Canadian Tire, FreshCo., Dollar
Westside Mall Toronto, ON 96.2 144,407 110,019 -
Tree, Rogers, CIBC
Smart Real Estate Investment Trust
March 2016 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 100.0 181,623 128,005 -
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 97.7 279,153 178,841 148,571 Canadian Superstore*, Mark's,
LCBO, Bank of Nova Scotia
Whitby Northeast Boston Pizza, Swiss Chalet,
Whitby, ON 89.4 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 94.4 216,983 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, Bonnie
Togs, Reitmans, Dollar Tree
Subtotal Ontario 98.4 17,679,707 10,806,595 4,227,182
Smart Real Estate Investment Trust
March 2016 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 100.0 161,239 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 Central SmartCentre Laval, QC 100.0 159,779 159,779 130,000 Walmart Supercentre, Leon's*
Walmart Supercentre, Canadian
Laval East SmartCentre Laval, QC 99.5 540,056 340,736 - 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 98.1 132,434 83,858 - Suzy Shier, P.F. Chang's, Bulk
SmartCentre**
Barn, Carter's Osh Kosh
Walmart Supercentre, IGA,
Montreal North SmartCentre Montreal, QC 100.0 267,842 173,668 - Winners, Dollarama, Le Chateau,
Sleep Country, TD Canada Trust
Canadian Tire, Super C,
Place Bourassa Mall Montreal, QC 100.0 218,609 130,323 - Pharmaprix, L'Aubainerie, SAQ,
Yellow
Walmart Supercentre, Tanguay*,
Rimouski SmartCentre Rimouski, QC 98.9 243,740 127,087 104,973 Super C*, Winners, Best Buy,
SAQ, Dollarama, Clement, Scores
Walmart Supercentre, Home
Saint-Constant SmartCentre Saint-Constant, QC 99.4 361,610 202,613 95,000 Depot*, Super C, L’Aubainerie
Concept Mode, Michaels
Smart Real Estate Investment Trust
March 2016 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 16,801 - 159,190
Coco Fruitti
Walmart Supercentre*, Home
Victoriaville SmartCentre Victoriaville, QC 100.0 37,784 - 289,519
Depot*, Maxi*, Winners, Reitmans
Subtotal Quebec 99.3 4,734,359 2,816,553 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 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 97.6 152,633 108,659 - Cleve's Source for Sports, Pharma
Save, Bank of Nova Scotia
Atlantic Superstore*, Winners,
Halifax Bayers Lake Centre Halifax, NS 89.9 167,788 35,483 80,000 Cleve's Warehouse Sporting
Goods, Bouclair
Subtotal Nova Scotia 93.6 320,421 144,142 80,000
Smart Real Estate Investment Trust
March 2016 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 98.3 157,806 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 99.3 1,018,900 444,434 724,341
Total Retail Properties 98.5 31,033,583 18,564,647 9,275,860
Smart Real Estate Investment Trust
March 2016 Supplemental Information Package 27Individual 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.)
Development Properties
Quesnel SmartCentre Quesnel, BC - - - 82,316 Walmart Supercentre*
Dunnville SmartCentre Dunnville, ON - - - 129,343 Canadian Tire*, Sobeys*
Innisfil SmartCentre** Innisfil, ON - - - - -
RONA*, Zehrs*, Home Outfitters,
Laurentian Power Centre Kitchener, ON - - - 220,978
Staples, CIBC
Metro, Shoppers Drug Mart, LCBO,
South Oakville Centre Oakville, ON - - - - The Beer Store, CIBC, TD Canada
Trust
Orleans SmartCentre (II)** Orleans, ON - - - - -
British Colonial Building Toronto, ON - - - - Irish Embassy Pubs Inc.
StudioCentre** Toronto, ON - - - - -
Jonquiere SmartCentre Jonquiere, QC - - - - -
Mirabel SmartCentre (I)** Mirabel, QC - - - - -
Mirabel SmartCentre (II)** Mirabel, QC - - - - -
Total Development Properties - - - 432,637
Total Portfolio 98.5 31,033,583 18,564,647 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 (Mirabel), Ottawa
(Laurentian Place) SmartCentre, Ottawa South SmartCentre, Richmond Hill SmartCentre, Salmon Arm SmartCentre, Toronto (Eastern) Centre, Toronto
Premium Outlets (Halton Hills), Vaughan SmartCentre, and Woodbridge SmartCentre).
(1) Anchors are tenants in excess of 30,000 square feet.
Smart Real Estate Investment Trust
March 2016 Supplemental Information Package 28General 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 President and Chief Executive Officer
Peter Forde 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 2016 Supplemental Information Package 29You can also read
