TORONTO, Dec. 09, 2020 (GLOBE NEWSWIRE) — SmartCentres Real Estate Investment Trust (âSmartCentresâ or the âTrustâ) (TSX:SRU.UN) announced today the voting results from its Annual General and Special Meeting of the Holders of Units and Special Voting Units (the âMeetingâ) held today.
The total number of Units and Special Voting Units of SmartCentres (âUnitsâ and âSVUsâ, respectively) represented by holders of Units and SVUs (collectively, âUnitholdersâ) that voted in connection with the Meeting was 91,622,409 Units and 35,804,536 SVUs, representing in total 70.61% of SmartCentresâ issued and outstanding Units and SVUs. At the Meeting, Unitholders voted in favour of all items of business, including 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|
At the Meeting, Pricewaterhouse Coopers LLP was appointed as the auditor of SmartCentres. Also notably, 99.22% of Unitholders voted in favour of accepting SmartCentresâ approach to executive compensation (i.e. say-on-pay), as more particularly set forth in SmartCentresâ Management Information Circular dated November 6, 2020 (the âCircularâ).
Certain amendments to SmartCentresâ Declaration of Trust as more particularly set forth in the Circular were also overwhelmingly approved by the requisite majority, two-thirds and majority of minority votes, as applicable. Unitholders also approved the adoption of a new equity incentive plan.
Detailed voting results for the Meeting are available under SmartCentresâ profile on SEDAR at www.sedar.com.
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 SmartCentres’ 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 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 September 30, 2020, 766 units (representing approximately 70% of all 1,110 units in the first and second phases) had closed with the balance of units expected to close before year end. 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 “forward-looking statements” that reflect managementâs expectations regarding the Trustâs future growth, results of operations, performance and business prospects and opportunities. More specifically, certain statements contained in this Press Release, including statements related to the Trust’s estimated future development plans, 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 Unitholders and financial analysts in understanding the Trustâs 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, including those discussed under the heading “Risks and Uncertainties” in SmartCentresâ Managementâs Discussion & Analysis for the three and nine months ended September 30, 2020 and under the heading “Risk Factors” in its Annual Information Form for the year ended December 31, 2019. 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 Press Release 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 Press Release and the Trust assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.
For more information, please visit www.smartcentres.com or contact:
President & CEO
(905) 326-6400 ext. 7615
Chief Financial Officer
(905) 326-6400 ext. 7865