Mr. Mitchell Goldhar reports

SMARTCENTRES DECLARES DISTRIBUTION FOR JULY 2023

SmartCentres Real Estate Investment Trust's trustees have declared a distribution for the month of July, 2023, of 15.417 cents per trust unit, representing $1.85 per unit on an annualized basis. Payment will be made on Aug. 15, 2023, to unitholders of record on July 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 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 commenced 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 townhouses that complete these phases, have closed. The fourth and fifth sold-out phases representing 1,026 units commenced closing in March, 2023.

We seek Safe Harbor.