SmartCentres Declares Distribution for January 2022
24 Januar 2022 - 10:01PM
SmartCentres Real Estate Investment Trust (“SmartCentres” or
the “Trust”) (TSX:SRU.UN) announced today that the trustees of
SmartCentres have declared a distribution for the month of January
2022 of CDN $0.15417 per trust unit, representing CDN $1.85 per
unit on an annualized basis. Payment will be made on February 15,
2022 to unitholders of record on January 31, 2022.
About SmartCentres
SmartCentres Real Estate Investment Trust is one
of Canada’s largest fully integrated REITs, with a best-in-class
portfolio featuring 168 strategically located properties in
communities across the country. SmartCentres has approximately
$10.2 billion in assets and owns 33.9 million square feet of income
producing value-oriented retail space with 97.6% occupancy, on
3,500 acres of owned land across Canada.
SmartCentres continues to focus on enhancing the
lives of Canadians by planning and developing complete, connected,
mixed-use communities on its existing retail properties. Project
512, a publicly announced $14.5 billion intensification program
($8.6 billion at SmartCentres' share) represents the REIT’s current
major development focus on which construction is expected to
commence within the next five years. This intensification program
consists of rental apartments, condos, seniors’ residences and
hotels, to be developed under the SmartLiving banner, and retail,
office, and storage facilities, to be developed under the
SmartCentres banner.
SmartCentres' intensification program is
expected to produce an additional 58.3 million square feet (34.5
million square feet at SmartCentres’ share) of space, 28.8 million
square feet (17.1 million square feet at SmartCentres’ share) of
which has or will commence construction within the next five years.
From shopping centres to city centres, SmartCentres is uniquely
positioned to reshape the Canadian urban and urban-suburban
landscape.
Included in this intensification program is the
Trust’s share of SmartVMC which, when completed, is expected to
include approximately 11.0 million square feet of mixed-use space
in Vaughan, Ontario. Construction of the first five sold-out phases
of Transit City Condominiums that represent 2,789 residential units
continues to progress. Final closings of the first two phases of
Transit City Condominiums began ahead of budget and ahead of
schedule in August 2020 and all 1,110 units in the first and second
phases have closed. Closings of all 631 presold units in the third
phase began in May 2021 and are now fully completed. In addition,
the 22 sold-out townhomes that complete this phase of the project,
are expected to close in 2022. The fourth and fifth sold-out phases
representing 1,026 units are currently under construction and are
expected to close in 2023.
Certain statements in this Press Release are
"forward-looking statements" that reflect management's expectations
regarding the Trust's future growth, results of operations,
performance and business prospects and opportunities. More
specifically, certain statements including, but not limited to,
statements related to SmartCentres’ expected or planned development
plans and joint venture projects, including the described type,
scope, costs and other financial metrics and the expected timing of
construction and condominium closings 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, including risks
associated with potential acquisitions not being completed or not
being completed on the contemplated terms, public health crises
such as the COVID-19 pandemic, real property ownership and
development, debt and equity financing for development, interest
and financing costs, construction and development risks, ability to
obtain commercial and municipal consents for development. These
risks and others are more fully discussed under the heading “Risks
and Uncertainties” and elsewhere in the SmartCentres’ most recent
Management’s Discussion and Analysis, as well as under the heading
“Risk Factors” in SmartCentres’ most recent annual information
form. Although the forward-looking statements contained in this
press release are based on what management believes to be
reasonable assumptions, SmartCentres cannot assure investors that
actual results will be consistent with these forward-looking
statements. The forward-looking statements contained herein are
expressly qualified in their entirety by this cautionary statement.
These forward-looking statements are made as at the date of this
Press Release and SmartCentres assumes no obligation to update or
revise them to reflect new events or circumstances unless otherwise
required by applicable securities legislation.
Material factors or assumptions that were
applied in drawing a conclusion or making an estimate set out in
the forward-looking information may include, but are not limited
to: a stable retail environment; relatively low and stable interest
costs; a continuing trend toward land use intensification,
including residential development in urban markets and continued
growth along transportation nodes; access to equity and debt
capital markets to fund, at acceptable costs, future capital
requirements and to enable our refinancing of debts as they mature;
that requisite consents for development will be obtained in the
ordinary course, construction and permitting costs consistent with
the past year and recent inflation trends.
For more information, visit www.smartcentres.com
or please contact:
Mitchell Goldhar
Executive Chairman and CEO
SmartCentres
(905) 326-6400 ext. 7674
mgoldhar@smartcentres.com
Peter SweeneyChief Financial OfficerSmartCentres(905) 326-6400
ext. 7865psweeney@smartcentres.com
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