TORONTO, Jan. 15, 2021 (GLOBE NEWSWIRE) — SmartCentres Real Estate Investment Trust (âSmartCentresâ or the âTrustâ) (TSX: SRU.UN) announced today that it will issue its financial results for the three months and year ending December 31, 2020 on Wednesday, February 10, 2021.
SmartCentres will hold a conference call on Thursday, February 11, 2021 at 2:00 p.m. (ET). Participating on the call will be members of SmartCentresâ senior management.
Investors are invited to access the call by dialing 1-855-353-9183 and then keying in the participant access code 93397#. You will be required to identify yourself and the organization on whose behalf you are participating.
A recording of this call will be made available Thursday, February 11, 2021 beginning at 8:30 p.m. (ET) through to 8:30 p.m. (ET) on Thursday, February 18, 2021. To access the recording, please call 1-855-201-2300, enter the Conference Reference Number 1252834# and then key in the participant access code 93397#.
Recordings of SmartCentresâ current and previous conference calls can be found at www.smartcentres.com/investing/conference-calls/.
SmartCentres Real Estate Investment Trust is one of Canadaâs largest fully integrated REITs, with a best-in-class portfolio featuring 166 strategically located properties in communities across the country. SmartCentres has approximately $10.4 billion in assets and owns 33.8 million square feet of income producing value-oriented retail space with 97.4% 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. A publicly announced $11.9 billion intensification program ($5.4 billion at SmartCentresâ share) represents the Trustâs current major development focus on which construction is expected to commence within the next five years. This intensification program consists of rental apartments, condos, seniorsâ residences and hotels, to be developed under the SmartLiving banner, and retail, office, and storage facilities, to be developed under the SmartCentres banner.
SmartCentresâ intensification program is expected to produce an additional 59.3 million square feet (27.9 million square feet at SmartCentresâ share) of space, 27.1 million square feet (12.3 million square feet at SmartCentresâ 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 Trustâs 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 as at December 31, 2020, substantially all 1,110 units in the first and second phases had closed. In addition, the presold 631 units in the third phase along with 22 townhomes, all of which are sold out and currently under construction, are expected to close in 2021. 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 âforward-looking statementsâ that reflect managementâs expectations regarding SmartCentres future growth, results of operations, performance and business prospects and opportunities. More specifically, certain statements including, but not limited to, statements related to SmartCentresâ 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 âcouldâ, âshouldâ, âcanâ, âanticipateâ, âexpectâ, âbelieveâ, âwillâ, âmayâ and similar expressions and statements relating to matters that are not historical facts, constitute âforward-looking statementsâ. These forward-looking statements are presented for the purpose of assisting Unitholders and financial analysts to understand SmartCentres development potential and may not be appropriate for other purposes. Such forward-looking statements reflect managementâs 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 âRisks and Uncertaintiesâ and elsewhere in the SmartCentresâ most recent MD&A, as well as under the heading âRisk Factorsâ in SmartCentresâ 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, including those discussed under the heading âOutlookâ and elsewhere in SmartCentresâ MD&A, 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:
|Peter Forde||Peter Sweeney|
|President & CEO||Chief Financial Officer|
|(905) 326-6400 ext. 7615||(905) 326-6400 ext. 7865|