Mr. Mitchell Goldhar reports

SMARTCENTRES DECLARES DISTRIBUTION FOR MAY 2023

SmartCentres Real Estate Investment Trust's trustees have declared a distribution for the month of May, 2023, of 15.417 cents per trust unit, representing $1.85 per unit on an annualized basis. Payment will be made on June 15, 2023, to unitholders of record on May 31, 2023.

About SmartCentres Real Estate Investment Trust

SmartCentres 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-per-cent 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 $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 have 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, Ont. 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 soldout phases, representing 1,026 units, are currently under construction and are expected to close in 2023.

We seek Safe Harbor.