Mr. Mitchell Goldhar reports

SMARTCENTRES REAL ESTATE INVESTMENT TRUST ANNOUNCES VOTING RESULTS FROM ANNUAL MEETING OF HOLDERS OF UNITS AND SPECIAL VOTING UNITS

SmartCentres Real Estate Investment Trust has released the voting results from its annual general meeting of the holders of units and special voting units 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.

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.

We seek Safe Harbor.