SMARTREIT SUPPLEMENTAL INFORMATION PACKAGE FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2015 - supplemental information package for the three and ...
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SMARTREIT SUPPLEMENTAL INFORMATION PACKAGE FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2015
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
June 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 three and six months ended June 30, 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
June 2015 Supplemental Information Package 2
Conference Call Highlights
Operations – for the quarter
FFO/unit increased 6.1% for the quarter compared to the same period in 2014
Occupancy level at 98.6% for the quarter
Renewed approximately 1,027,000 square feet, representing 72% of lease maturities for 2015, with
average face rents increase of 6.5%
Payout ratio at 82.1% (84.3% in Q2 2014), at the low end of our target range of 82% to 87%
Average cap rate of investment properties at 5.96% at quarter-end
Tenant Activity
Approximately 138,000 square feet of tenancies came on-stream this quarter via earnouts and
development, providing an unleveraged yield of 6.4%
Net rental rate (excluding anchors) per occupied square foot increased 2.8% over Q2 2014
SmartREIT’s occupancy remained at 98.6%, and 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%
We are having on-going discussions with Best Buy/Future Shop about their store program. Our
current expectation is 6 stores will be closed in total and we already have received expressed
interest in 3 of these locations
We currently have no issues with respect to any Staples stores within our portfolio
Dollar store growth through Dollarama and Dollar Tree continues to absorb surplus space. Total
number of stores is now 64 (Dollarama – 40, and Dollar Tree – 24)
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.
While these locations will be closing in the natural course over time as such leases expire,
management expects that all will be converted to stores under Reitmans’ other banners or leased to
other retailers
The impact of other announced closures, such as The Gap, Black’s Photography, Comark, Nine
West, and Jones New York, are not material to SmartREIT’s portfolio, and recent news suggests
both portfolios of Comark and Jones New York have been acquired and will be reopening
Overall, SmartREIT continues to monitor closely those tenants in markets where some rationalizing
is taking place
Smart Real Estate Investment Trust
June 2015 Supplemental Information Package 3
Conference Call Highlights
Growth
Same property net operating income increased by 1.1%
Earnouts and development of 138,000 square feet at a 6.4% yield
Premium Outlets
- Toronto - tenant sales continuing to outperform expectations
- virtually all temporary tenants replaced with long term leases and quality tenants
- stabilized yield expected to be in the double digits
- activity has ramped up on planning for the site expansion
- new tenants coming include Tumi and The Kooples
- Montreal - site opened strongly on October 30, 2014
- tenancy at 85% with a further 8%-10% to come in the next few months,
including Under Armour, Forever 21, Hugo Boss, and Lacoste
- initial yield of 8% expected
- SmartREIT working with Simon to develop other potential sites
Vaughan Metropolitan Centre
- construction progressing very well and concrete pour for the KPMG tower now complete and
glazing under way
- broker hired to lease up remaining office space
- significant other broker interest and the number of RFPs have increased significantly
- project coming in well below budget for construction costs
- second potential office tower now under consideration, with tenant at LOI stage
- subway now fully funded and updated schedule to open in 2017
- KPMG has taken 11,000 square feet of additional space
Future Opportunities
- earnouts and developments – committed pipeline of approximately 324,000 square feet in
place at a yield of 6.3%
- Westside Mall – mixed use opportunity resulting from Eglinton LRT line station integrated with
property
- Studio Centre at Lakeshore Boulevard East in Toronto moving through the zoning process
with good local council support and studios very active
Smart Real Estate Investment Trust
June 2015 Supplemental Information Package 4Conference Call Highlights
Growth (cont’d)
Intensification / Redevelopment
- initial work has identified approximately 300,000 square feet of retail opportunity across
SmartREIT portfolio
- includes Place Bourassa in Montreal, where former Zellers space being repositioned
and aligned to existing Montreal North property. Canadian Tire now anchors the
centre with a new 72,000 square foot store which opened very strongly in late April.
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 inherent opportunities, portfolio size, potential
capital demands, etc.
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
- subsequent to quarter-end, closed on the acquisition of a 227,000 square foot retail centre in
Maple Ridge BC, to be anchored by an incoming Walmart Supercentre for $58 million, on July
30, 2015
Smart Real Estate Investment Trust
June 2015 Supplemental Information Package 5Conference Call Highlights
Capital Activities
Leverage at 45.4% of FMV
Total debt weighted average interest rate now 4.52% (4.85% in Q2 2014)
Interest coverage improved to 2.9X (2.5X in Q2 2014)
Unencumbered asset pool increased to $2.5 billion, providing significant future flexibility
On May 27, SmartREIT 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. The
debenture holders had options until June 29 to convert their debentures into Trust Units at a
conversion price of $25.75 per Unit. On June 30, SmartREIT redeemed the balance of the
debentures for $3.3 million in cash
Repayment of $65.0 million of secured term debt at an average interest rate of 5.44%, and issued
new term debt totaling $177.1 million with an average term of 10.0 years and an average interest
rate of 3.52%
Repayment of $48.2 million of secured construction debt at a variable cost of banker’s acceptance
rate plus 1.15%, and issued new term debt of $85.0 million with a term of 7.0 years and an interest
rate of 3.13%
Remaining 2015 mortgage maturities total $23.4 million with an average interest rate of 5.93%,
providing further potential refinancing benefit, of which $52.0 million has been committed on one
property with a term of 10.0 years and an interest rate of 3.21%
2015 Outlook
2015 FFO and AFFO “base business” expected to grow in the 4% - 5% range, based on:
- same property growth
- full year of NOI from 2014 acquisitions
- refinancing benefits
- developments and earnouts
The SmartCentres real estate and platform acquisition is expected to be accretive by a minimum of
1% to 2% in 2015 and grow in contribution after that
Higher maintenance capital will moderately impact AFFO as various roof and asphalt repairs rolled
out
Payout ratio expected to continue its decline towards the low 80% range
Annual distribution increased in 2014 to $1.60 from $1.55, representing a 3.4% increase, with a
further increase announced from $1.60 to $1.65 effective October 2015, representing an increase of
3.125%
Portfolio optimization work will continue into 2015 on select sites
Smart Real Estate Investment Trust
June 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
June 2015 Supplemental Information Package 7Portfolio Highlights
June 30, 2015 June 30, 2014
Number of properties 147 132
Number of Walmarts / Supercentres 93 / 87 82 / 71
Number of Walmarts / Supercentres (including shadows) 107 / 98 96 / 79
Gross leasable area (sq. ft.) 30,451,460 27,459,309
Total GLA in Walmart anchored centres (sq. ft.) 26,440,482 23,240,764
Future estimated development area (sq. ft.) 4,680,226 2,978,732
Occupancy 98.6% 99.0%
Average lease term to maturity 7.3 years 7.1 years
Net rental rate (per occupied sq. ft.) $15.09 $14.89
(1)
Net rental rate excluding anchors (per occupied sq. ft.) $21.72 $21.13
Total debt – Weighted average interest rate (2) 4.52% 4.85%
Secured debt – Weighted average contractual interest rate (3) 3.99% 5.26%
Secured debt – Weighted average maturity 5.7 years 5.6 years
(in $000s, except for Units and per Unit amounts)
Investment properties(4) 7,992,302 6,739,726
Total assets 8,409,460 7,049,956
Debt(4) 3,793,412 2,998,426
(5)
Debt to gross book value 53.0% 50.8%
Debt to aggregate assets 45.4% 43.1%
Secured debt to aggregate assets 30.3% 27.2%
Unencumbered assets to unsecured debt 1.9X 1.5X
(6)
Interest coverage 2.9X 2.6X
Debt to adjusted EBITDA (7) 8.5X 7.5X
Equity (book value) 4,394,342 3,843,536
(8)
Units outstanding 153,209,776 135,321,366
(9)
FFO excluding adjustments (diluted) $0.518 $0.490
(9)
AFFO (diluted) $0.487 $0.460
(10)
Payout ratio 82.1% 84.1%
Surplus of cash provided by operating activities over distributions paid 6,119 4,796
(1) Anchors are defined as tenants within a property with leaseable area greater than 30,000 square feet.
(2) Includes convertible debentures and acquisition date fair value adjustments.
(3) Excludes acquisition date fair value adjustments.
(4) Includes Trust’s share of investments in associates.
(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 and six months
ended June 30, 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 three and six months ended June 30, 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 three and six months ended June 30, 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
June 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 0.12900 0.12900 0.12900 0.12900
August 0.12900 0.12900 0.12900 0.12900
September 0.12900 0.12900 0.12900 0.12900
October 0.13340 0.12900 0.12900 0.12900
November 0.13340 0.12900 0.12900 0.12900
December 0.13340 0.12900 0.12900 0.12900
Total 0.80040 1.56120 1.54800 1.54800 1.54800
Smart Real Estate Investment Trust
June 2015 Supplemental Information Package 9Performance of SmartREIT Units
Average Unit Trading Price
Per unit
2015 2014 2013 2012 2011
($) ($) ($) ($) ($)
1st Quarter 30.17 25.37 29.35 27.09 24.17
2nd Quarter 29.45 26.52 27.71 27.84 25.31
3rd Quarter 26.23 24.99 29.64 25.03
4th Quarter 27.14 24.91 28.66 26.25
YTD / Annual 29.77 26.31 26.68 28.27 25.15
Closing trading
price at end of 28.92 27.30 25.16 28.95 26.77
period
Average Daily Volume of Units Traded
2015 2014 2013 2012 2011
($) ($) ($) ($) ($)
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 156,254 224,222 166,512 147,638
4th Quarter 184,375 200,424 173,510 144,570
Annual 221,541 181,379 207,912 171,593 147,075
Market Capitalization Summary
Date Total Units Outstanding (1) Share price per Unit Market Capitalization
($) ($)
June 30, 2015 153,209,776 28.92 4,430,826,724
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
June 2015 Supplemental Information Package 10Gross Revenue and Area by Province
Gross Revenue by Province
1 – Ontario – 59.0%
2 – Quebec – 13.5%
3 – British Columbia – 9.6%
4 – Manitoba – 4.3%
5 – Saskatchewan – 4.0%
6 – Alberta – 3.6%
7 – Newfoundland and Labrador – 3.4%
8 – Nova Scotia – 1.2%
9 – New Brunswick – 0.9%
10 – Prince Edward Island – 0.5%
Gross Area by Province
1 – Ontario – 55.6%
2 – Quebec – 14.5%
3 – British Columbia – 9.9%
4 – Alberta – 4.7%
5 – Saskatchewan – 4.5%
6 – Manitoba – 4.2%
7 – Newfoundland and Labrador – 3.7%
8 – Nova Scotia – 1.2%
9 – New Brunswick – 1.0%
10 – Prince Edward Island – 0.7%
Smart Real Estate Investment Trust
June 2015 Supplemental Information Package 11Top 25 Tenants
Number Gross Remaining
Rank Tenant of Stores Rental Revenue Lease Term
(%) (years)
1 Walmart 93 27.4 9.4
2 Canadian Tire, Mark's and FGL Sports 69 4.8 7.0
3 Winners, Homesense, Marshalls 42 3.7 6.1
4 Reitmans 110 2.6 3.3
5 Best Buy 29 2.5 3.3
6 Loblaw, Shoppers Drug Mart 19 2.3 7.5
7 Sobeys 14 2.2 6.9
8 RONA 7 2.1 8.1
9 Michaels 24 1.6 5.3
10 Staples 23 1.5 3.4
11 Dollarama 40 1.4 5.0
12 LCBO 27 1.4 9.4
13 Home Outfitters 13 1.4 3.7
14 The Brick 8 1.1 5.8
15 Toys R Us 7 1.0 7.9
16 Cara Restaurants 37 1.0 4.4
17 Gap Inc. 20 1.0 3.8
18 Bonnie Togs 36 0.9 6.3
19 Bulk Barn 43 0.9 6.6
20 CIBC 23 0.9 5.3
21 Dollar Tree, Dollar Giant 24 0.8 5.0
22 Sail 3 0.8 11.6
23 Metro 6 0.7 7.5
24 Bouclair 21 0.7 3.1
25 Sleep Country 28 0.7 3.3
Total 766 65.4 7.9
Smart Real Estate Investment Trust
June 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 98 178,848 0.6 3,352,889 18.75
2015 132 371,449 1.2 7,621,407 20.52
2016 294 1,475,435 4.8 27,823,218 18.86
2017 302 1,832,149 6.0 35,896,231 19.59
2018 417 2,270,301 7.5 48,106,783 21.19
2019 329 3,033,451 10.0 46,760,743 15.42
2020 220 3,008,327 9.9 43,237,492 14.37
2021 150 2,519,917 8.3 30,863,325 12.25
2022 166 2,988,705 9.8 36,284,480 12.14
2023 231 2,473,792 8.1 37,024,193 14.97
2024 148 1,877,765 6.2 29,835,836 15.89
2025 89 1,195,105 3.9 15,484,023 12.96
2026 28 963,151 3.2 12,916,511 13.41
2027 22 1,438,098 4.7 17,551,108 12.20
2028 21 875,193 2.9 13,068,145 14.93
2029 20 1,401,535 4.6 17,109,282 12.21
2030 7 581,879 1.9 9,139,611 15.71
Beyond 12 1,539,732 5.0 21,048,833 13.67
Vacant 150 426,628 1.4 - -
Total 2,836 30,451,460 100.0 453,124,110 15.09
Weighted Average Lease Expiry by area = 7.2 years
Smart Real Estate Investment Trust
June 2015 Supplemental Information Package 13Area by Age
Age Area Area
(sq. ft.) (%)
2002 – present 22,541,212 74.1
1995 – 2001 7,137,089 23.4
Before 1995 773,159 2.5
Total 30,451,460 100.0
Portfolio of high quality, newly developed assets with an average age
of 11.7 years and minimal capital expenditure requirements.
Smart Real Estate Investment Trust
June 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
2015 51,001 1.1% 1,080 15,860 11,781 4,079 6.8%
2016 and beyond 19,750 0.4% 482 6,554 2,119 4,435 7.4%
Total Committed Earnouts 70,751 1.5% 1,562 22,414 13,900 8,514 7.0%
Committed Developments
(1) (1) (2)
2015 176,509 3.8% 5,068 85,746 79,041 6,705 5.9%
(1) (1) (2)
2016 and beyond 76,551 1.6% 2,835 40,901 10,438 30,463 6.9%
Total Committed Developments 253,060 5.4% 7,903 126,647 89,479 37,168 6.2%
Uncommitted Future Developments
Earnouts 1,001,681 21.4% 21,152 303,342 57,776 245,566 7.0%
(1) (1) (2)
Developments 3,354,734 71.7% 71,093 1,075,950 461,090 614,860 6.6%
Total Uncommitted Future Developments 4,356,415 93.1% 92,245 1,379,292 518,866 860,426 6.7%
Total before Non-cash
4,680,226 100.0% 101,710 1,528,353 622,245 906,108 6.7%
Development Cost
Non-cash Development Cost (3) 7,524
Vaughan Metropolitan Centre (“VMC”) (4)
56,263
Total before Mezzanine Financing 4,680,226 100.0% 101,710 1,528,353 686,032 906,108 6.7%
Options through Mezzanine Financing (5) 748,634
Total Potential Pipeline 5,428,860
(1) Includes fair value adjustment for land.
(2) On a cost basis, the yield would be 5.8%, 6.7% and 6.3%, respectively.
(3) Represents net liability currently recorded.
(4) Developments relating to SmartREIT’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) (%)
(1) (2)
2015 227,510 4.9% 6,148 101,606 90,822 (1) 10,784 6.1%
(1) (2)
2016 and beyond 96,301 2.0% 3,317 47,455 12,557 (1) 34,898 7.0%
Total before Non-cash (1) (1) (2)
323,811 6.9% 9,465 149,061 103,379 45,682 6.3%
Development Cost
(1) Includes fair value adjustment for land.
(2) On a cost basis, the yield would be 6.0%, 6.8% and 6.2%, respectively.
Smart Real Estate Investment Trust
June 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) 24,822 62,119 December 2017 7.44% 50% 450,605 225,303
(2, 3)
Salmon Arm, BC 15,334 23,264 October 2017 4.46% - 214,983 -
Aurora (South), ON 13,451 34,807 June 2020 7.25% 50% 190,535 95,268
Caledon (Mayfield), ON 9,751 12,372 December 2016 7.00% 50% 152,028 76,014
(2,4)
Innisfil, ON 18,017 27,077 December 2020 2.98% - 139,744 -
(5)
Mirabel (Shopping Centre), QC - 18,262 December 2022 7.50% - 256,000 -
(6)
Mirabel (Option Lands), QC - 5,721 December 2022 7.50% - 211,000 -
Toronto (Eastern), ON (2) 26,430 40,102 December 2017 6.87% 50% 427,659 106,915
(7)
Vaughan (7 & 427), ON 25,637 65,173 December 2020 6.75% 50% 292,655 146,328
Montreal (Saint-Michel), QC 1,842 10,310 November 2015 7.75% 50% 197,611 98,806
Total 135,284 299,207 6.22% 2,532,820 748,634
(1) 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) SmartREIT 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 bankers’ acceptance rate
plus 1.75% on any additional loans above $7.2 million.
(4) Monthly variable rate based on the bankers’ acceptance rate plus 2.00%.
(5) SmartREIT owns a 33.3% interest. The loan is secured against a 33.3% interest owned by one of the joint venture partners.
(6) SmartREIT owns a 25% interest. The loan is secured against a 25% interest owned by one of the joint venture partners.
(7) 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 $163.9 million of remaining loan advances available, $80.5 million is set aside as interest accrual reserve.
Smart Real Estate Investment Trust
June 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 98.7 271,617 135,899 - Staples, Future Shop, Sport Chek,
Mark's, RBC
Walmart Supercentre, Real
Canadian Superstore*, Home
Cranbrook SmartCentre Cranbrook, BC 97.2 164,025 107,158 185,556
Hardware*, Sport Chek, Dollar
Tree
Walmart Supercentre*, RONA*,
Cowichan Commons East Duncan, BC 100.0 235,664 188,680 235,732 Canadian Tire, Home Depot,
Future Shop, 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, Home
New Westminster
New Westminster, BC 97.0 407,577 159,449 - Outfitters, Best Buy, Tommy
SmartCentre
Hilfiger, Bonnie Togs
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, TD Canada
Trust
Walmart Supercentre, Home
Prince George SmartCentre Prince George, BC 98.6 313,390 165,350 204,247 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 97.4 187,156 133,943 - Ardene, Sleep Country, Reitmans,
Bonnie Togs
Walmart Supercentre, RONA*,
Vernon SmartCentre Vernon, BC 95.6 259,296 144,782 50,300 Future Shop, Value Village, Mark's,
Petland, Sleep Country
Subtotal British Columbia 98.0 2,717,191 1,599,517 1,022,996
Smart Real Estate Investment Trust
June 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 100.0 170,977 94,835 - Winners, Petland, Dollarama, TD
SmartCentre**
Canada Trust
Walmart Supercentre, Michaels,
Edmonton Northeast
Edmonton, AB 95.3 274,353 161,925 - Mark's, Bulk Barn, Moores,
SmartCentre
Penningtons, 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 1,424,294 964,012 255,684
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 100.0 198,110 107,608 130,000 Superstore*, Wholesale Sports,
(II)
PetSmart, 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 99.9 1,247,086 791,002 239,084
Smart Real Estate Investment Trust
June 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 97.7 528,180 281,606 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 98.3 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 98.9 506,006 313,637 - Buy, Golf Town, LCBO, Dollarama,
RBC, TD Canada Trust
Canadian Tire*, Winners, Bank of
Aurora SmartCentre Aurora, ON 85.1 51,186 - 63,561
Nova Scotia
Barrie Essa Road Shopping Food Basics, Pharma Plus,
Barrie, ON 88.2 104,909 35,152 -
Centre Dollarama, Anytime Fitness
Walmart Supercentre, Zehrs*, Old
Barrie North SmartCentre Barrie, ON 100.0 234,700 160,727 81,373 Navy, Bonnie Togs, Addition-Elle,
Reitmans
Walmart Supercentre, Sobeys,
Barrie South SmartCentre Barrie, ON 95.0 410,129 243,874 - Winners, La-Z-Boy, Michaels,
PetSmart, Stitches, Dollar Tree
Walmart Supercentre, LCBO,
Bolton SmartCentre Bolton, ON 99.2 242,493 161,864 -
Mark's, The Beer Store, Reitmans
Walmart Supercentre, Home
Bracebridge SmartCentre Bracebridge, ON 100.0 139,244 115,779 90,000 Depot*, Dollar Tree, Boston Pizza,
Bulk Barn
Smart Real Estate Investment Trust
June 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 100.0 355,974 243,610 - Winners, Staples, Mark's, Bonnie
Togs, Sleep Country
Fortinos*, Shoppers Drug Mart,
Brampton North
Brampton, ON 97.1 58,758 - 62,496 Synergy Performing Arts Acadamy,
SmartCentre
RBC
Brampton Northeast Walmart Supercentre, CIBC, Bank
Brampton, ON 100.0 174,665 153,455 -
SmartCentre of Nova Scotia, RBC
Walmart Supercentre*, Real
Brockville SmartCentre Brockville, ON 100.0 137,873 - 322,054 Canadian Superstore*, Home
Depot*, Winners, Future Shop
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 95.8 737,860 323,220 - 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, EasyHome
Walmart Supercentre, Zehrs*,
Chatham SmartCentre** Chatham, ON 98.8 152,053 101,053 91,275 Winners, Mark's, PetSmart,
Dollarama, LCBO
Walmart Supercentre, Home
Cobourg SmartCentre Cobourg, ON 96.5 197,935 142,634 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
June 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 100.0 182,055 107,838 -
SmartCentre Packagers, Structube, Bouclair
Walmart Supercentre, Home
Etobicoke SmartCentre Etobicoke, ON 99.1 294,734 199,824 135,000 Depot*, Best Buy, Sport Chek, 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 100.0 176,334 - - 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 98.5 244,576 131,671 108,262 Tire*, Future Shop, Winners, Sport
SmartCentre**
Chek, HomeSense, 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
June 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 93.9 105,384 - 227,896 Tire*, Sport Chek, Indigo,
Michaels, Staples, Mark's, RBC
Walmart Supercentre, No Frills,
Mississauga (Erin Mills)
Mississauga, ON 97.6 282,674 171,973 - 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 97.6 556,050 325,691 - 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 100.0 140,567 74,712 180,000 Canadian Tire, The Brick, Home
Centre**
Outfitters, Future Shop, Staples
Walmart Supercentre, Loblaws,
Oakville SmartCentre Oakville, ON 100.0 442,391 314,588 - LCBO, The Beer Store, The Keg,
CIBC, RBC
Walmart Supercentre, Canadian
Orleans SmartCentre Orleans, ON 97.9 384,015 232,635 117,136 Tire*, Home Outfitters, Future
Shop, Shoppers Drug Mart
Walmart Supercentre, Loblaws,
Oshawa North SmartCentre Oshawa, ON 98.6 558,157 341,156 116,348 Home Depot*, Marshalls, Sport
Chek, Future Shop, 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 98.7 261,551 156,471 - Cineplex Odeon, Future Shop,
SmartCentre**
Winners, Staples, 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 95.0 539,182 393,572 82,000 Sobeys, Canadian Tire*, Toys R
Us, Winners, PetSmart, LCBO
Smart Real Estate Investment Trust
June 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 98.4 136,306 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
The Brick, Michaels, Shoppers
St. Catharines West
St. Catharines, ON 98.9 120,438 35,108 - Drug Mart, Golf Town, Bouclair,
SmartCentre (II)
Bulk Barn
Walmart Supercentre, Real
St. Thomas SmartCentre St. Thomas, ON 94.7 218,926 138,567 196,212 Canadian Superstore*, Canadian
Tire*, Staples, Dollar Tree
Food Basics, JYSK, Future Shop,
Centennial Parkway Plaza Stoney Creek, ON 91.5 133,748 39,271 -
King's Buffet
Walmart Supercentre, Toys R Us,
Stoney Creek SmartCentre Stoney Creek, ON 100.0 247,399 228,795 -
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, CIBC
Smart Real Estate Investment Trust
June 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 96.5 97,494 48,890 -
Centre Video, Tim Hortons
Sail, The Brick, Home Depot*,
Vaughan (400 & 7)
Vaughan, ON 100.0 237,793 124,989 100,000 Staples, Value Village, GoodLife
SmartCentre
Fitness
Vaughan Northwest
Vaughan, ON 100.0 156,538 128,791 - Walmart Supercentre, CIBC
SmartCentre
Walmart Supercentre, Future
Vaughan SmartCentre** Vaughan, ON 100.0 131,854 130,378 -
Shop, Home 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 96.2 279,153 178,841 148,571 Canadian Superstore*, Mark's,
LCBO, Bank of Nova Scotia
Boston Pizza, Swiss Chalet, Sgt.
Whitby Northeast
Whitby, ON 100.0 39,249 - - Pepper's, Popeyes, Bell World,
SmartCentre
RBC
Whitby Shores Shopping Metro, LCBO, Lovell Drugs, Bank
Whitby, ON 98.2 85,596 39,919 -
Centre of Nova Scotia
Walmart Supercentre, Part Source,
Windsor South SmartCentre Windsor, ON 91.3 234,301 129,121 - Dollarama, PetSmart, Moores, The
Beer Store, CIBC
Canadian Tire*, Fortinos*,
Woodbridge SmartCentre** Woodbridge, ON 95.5 216,983 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 98.4 17,654,780 10,871,528 4,290,743
Smart Real Estate Investment Trust
June 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 100.0 166,154 131,537 - Bulk Barn, Bank of Nova Scotia,
RBC
Walmart Supercentre, Loblaws*,
Hull SmartCentre** Hull, QC 100.0 148,260 67,762 326,717 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 100.0 132,826 78,432 - HomeSense, Value Village,
Michaels, 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 100.0 534,789 340,736 - Tire, IGA, Winners, Michaels,
Bouclair, Dollarama, SAQ
Walmart Supercentre, RONA,
Laval West SmartCentre Laval, QC 98.1 577,114 314,461 124,000 Canadian Tire*, IGA*, Michaels,
Home Outfitters, Staples
Mascouche North RONA*, Jean Coutu, Structube,
Mascouche, QC 100.0 51,228 - 120,000
SmartCentre McDonald's, Bulk Barn
Walmart Supercentre, IGA, Home
Mascouche SmartCentre Mascouche, QC 99.4 407,799 261,834 - Outfitters, Winners, Staples, Future
Shop
Walmart, Toys R Us, Baton Rouge,
Montreal (Decarie)
Montreal, QC 92.7 132,300 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 100.0 218,789 130,323 -
Pharmaprix, L'Aubainerie, SAQ
Walmart, Tanguay*, Super C*,
Rimouski SmartCentre Rimouski, QC 100.0 243,740 127,087 104,973 Winners, Future Shop, SAQ,
Dollarama, Mark's
Walmart Supercentre, Home
Saint-Constant SmartCentre Saint-Constant, QC 99.4 327,232 168,235 95,000 Depot*, Super C, L’Aubainerie
Concept Mode, Michaels
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
Smart Real Estate Investment Trust
June 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*, Home
Saint-Jerome SmartCentre Saint-Jerome, QC 100.0 164,001 44,856 246,705 Depot*, IGA, Future Shop,
Michaels, Bouclair, Dollarama
Walmart Supercentre, Canadian
Sherbrooke SmartCentre Sherbrooke, QC 100.0 243,804 196,847 199,588 Tire*, Home Depot*, The Brick,
Best Buy, Mark's
Walmart Supercentre, Dollarama,
Valleyfield SmartCentre Valleyfield, QC 100.0 188,252 133,439 -
SAQ, Reitmans
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 27,534 - 260,969
Winners, Reitmans
Subtotal Quebec 99.4 4,453,741 2,769,113 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, Future
Shop, Old Navy, CIBC
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 - Cleves Source for Sports, Pharma
Save
Target*, Atlantic Superstore*,
Halifax Bayers Lake Centre Halifax, NS 97.1 167,788 35,483 180,000 Future Shop, Winners, Bouclair,
Addition-Elle, Roots
Subtotal Nova Scotia 97.8 320,421 144,142 180,000
Smart Real Estate Investment Trust
June 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, Canadian
Charlottetown SmartCentre Charlottetown, PE 98.0 202,290 104,392 170,000 Tire*, Toys R Us*, Michaels, Future
Shop, Old Navy, Gap Outlet
Subtotal Prince Edward
98.0 202,290 104,392 170,000
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, Future Shop,
Michaels, Sport Chek
Subtotal Newfoundland 99.5 1,018,900 444,434 724,341
Total Retail Properties 98.6 30,451,460 18,412,852 9,500,871
Smart Real Estate Investment Trust
June 2015 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 - - - - -
Target, RONA*, Zehrs*, Home
Laurentian Power Centre Kitchener, ON - - - 220,978
Outfitters, Staples, CIBC
Target, Metro, Shoppers Drug
South Oakville Centre Oakville, ON - - - - Mart, LCBO, The Beer Store,
CIBC, TD Canada Trust
Navigator Limited, Irish Embassy
British Colonial Building Toronto, ON - - - -
Pubs Inc.
Toronto (Eastern) Centre** Toronto, ON - - - - -
Mirabel SmartCentre (I)** Mirabel, QC - - - - -
Mirabel SmartCentre (II)** Mirabel, QC - - - - -
The Bay Outlet, Polo Ralph
Montreal Premium Outlets
Mirabel, QC - - - - Lauren, Old Navy, Nike, Urban
(Mirabel)**
Planet, Tommy Hilfiger, Coach
Total Development Properties - - - 432,637
Total Portfolio 98.6 30,451,460 18,412,852 9,933,508
* Non-owned anchor.
** SmartREIT has a partial ownership interest (SmartREIT owns a 25% interest in Mirabel SmartCentre (II), a 33.3% interest in Mirabel SmartCentre (I), a 44.4%
interest in 401 & Weston Power Centre, a 49.9% interest in Hull SmartCentre, 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
June 2015 Supplemental Information Package 28You can also read
