SmartCentres Real Estate Investment Trust Announces Voting Results From Annual Meeting Of Holders of Units and Special Voting Units
18 Mai 2023 - 12:28AM
SmartCentres Real Estate Investment Trust (“SmartCentres” or the
“Trust”) (TSX:SRU.UN) announced today the voting results from its
Annual General Meeting of the holders of Units and Special Voting
Units (the “Meeting”) held today.
The total number of Units and Special Voting
Units of SmartCentres (“Units” and “SVUs”, respectively)
represented by holders of Units and SVUs (collectively,
“Unitholders”) that voted in connection with the Meeting was
71,560,766 Units and 42,741,080 SVUs, representing in total 60.83%
of SmartCentres’ issued and outstanding Units and SVUs. At the
Meeting, Unitholders voted in favour of all items of business,
including fixing the number of trustees to be elected or appointed
at the Meeting and the election of each of the six trustee nominees
proposed by management. The voting results for the election of
trustees based on the Units and SVUs represented at the Meeting
were as follows:
|
# Votes For |
% Votes For |
# Votes Withheld |
% Votes Withheld |
Janet Bannister |
111,712,547 |
98.21% |
2,035,677 |
1.79% |
Garry Foster |
111,669,487 |
98.17% |
2,078,736 |
1.83% |
Sylvie Lachance |
112,063,080 |
98.52% |
1,685,144 |
1.48% |
Jamie McVicar |
110,394,038 |
97.05% |
3,354,185 |
2.95% |
Sharm Powell |
105,726,041 |
92.95% |
8,022,183 |
7.05% |
Michael Young |
108,148,585 |
95.08% |
5,599,368 |
4.92% |
At the Meeting, PricewaterhouseCoopers LLP was
appointed as the auditor of SmartCentres. Also, 91.63% of
Unitholders voted in favour of accepting SmartCentres’ approach to
executive compensation (i.e. say-on-pay), as more particularly set
forth in SmartCentres’ Management Information Circular dated April
3, 2023 (the “Circular”).
Detailed voting results for the Meeting are
available under SmartCentres’ profile on SEDAR at
www.sedar.com.
About SmartCentres
SmartCentres Real Estate Investment Trust is one
of Canada’s largest fully integrated REITs, with a best-in-class
portfolio featuring 188 strategically located properties in
communities across the country. SmartCentres has approximately
$11.7 billion in assets and owns 34.8 million square feet of income
producing value-oriented retail and first-class office space with
98.0% in-place and committed 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. The
publicly announced $16.0 billion intensification program ($10.8
billion at SmartCentres’ share) represents the REIT’s current major
development focus on which construction is expected to commence
within the next five years. This intensification program consists
of rental apartments, condos, seniors’ residences and hotels, to be
developed under the SmartLiving banner, and retail, office, and
storage facilities, to be developed under the SmartCentres
banner.
SmartCentres’ intensification program is
expected to produce an additional 55.5 million square feet (40.3
million square feet at SmartCentres’ share) of space, 26.6 million
square feet (17.9 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 20.0 million square feet of mixed-use space
in Vaughan, Ontario. Final closings of the first three phases of
Transit City Condominiums began ahead of budget and ahead of
schedule in August 2020 and all 1,741 units, in addition to the 22
townhomes that complete these phases, have now closed. The fourth
and fifth sold-out phases representing 1,026 units commenced
closing and occupancy in March 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, and the
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
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; 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, please visit
www.smartcentres.com or contact:
Mitchell GoldharExecutive Chairman and Chief Executive
OfficerSmartCentres(905) 326-6400 ext.
7674mgoldhar@smartcentres.com |
Peter SlanChief Financial OfficerSmartCentres(905) 326-6400 ext.
7571pslan@smartcentres.com |
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