SmartCentres REIT to Release 2023 Second Quarter Results and Host Conference Call
22 Juni 2023 - 11:06PM
SmartCentres Real Estate Investment Trust (“SmartCentres” or the
“Trust”) (TSX: SRU.UN) announced today that it will issue its
financial results for the three months ended June 30, 2023 on
Wednesday, August 9, 2023.
SmartCentres will hold a conference call on
Thursday, August 10, 2023 at 3:00 p.m. (ET). Participating on the
call will be members of SmartCentres’ senior management.
Investors are invited to access the call by
dialing 1-855-353-9183 and then keying in the participant passcode
30006#. A recording of this call will be made available Thursday,
August 10, 2023, beginning at 8:30 p.m. (ET) through to 8:30 p.m.
(ET) on Thursday, August 17, 2023. To access the recording, please
call 1-855-201-2300, enter the conference access code 30006# and
then key in the playback access code 0113627#.
Recordings of SmartCentres’ current and previous
conference calls can be found at
www.smartcentres.com/investing.
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% 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 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’ expectations relating to cash
collections, 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, visit www.smartcentres.com
or please contact:
Mitchell Goldhar |
Peter Slan |
Executive Chairman and CEO |
Chief Financial Officer |
SmartCentres |
SmartCentres |
(905) 326-6400 ext. 7674 |
(905) 326-6400 ext. 7571 |
mgoldhar@smartcentres.com |
pslan@smartcentres.com |
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