Mr. Mitchell Goldhar reports

SMARTCENTRES REAL ESTATE INVESTMENT TRUST FURTHER EXTENDS ARRANGEMENTS WITH PENGUIN GROUP

The board of trustees of SmartCentres Real Estate Investment Trust has provided an update regarding certain existing arrangements between the trust and Mitchell Goldhar, executive chairman and chief executive officer of SmartCentres and owner of Penguin Group of Companies, that were previously extended to Feb. 28, 2026.

To provide sufficient time to finalize the arrangements, the parties have agreed to extend the existing agreements with Penguin and Mr. Goldhar to March 16, 2026. The parties are negotiating in good faith and currently anticipate that they will align on mutually acceptable arrangements.

The independent committee of the board, composed entirely of independent trustees, is overseeing the discussions on behalf of the REIT with Penguin and Mr. Goldhar.

About SmartCentres Real Estate Investment Trust

SmartCentres is one of Canada's largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 198 strategically located properties in communities across the country. SmartCentres has approximately $12.1-billion in assets consisting of income-producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.6 million square feet of leasable space with 98.6-per-cent in-place and committed occupancy, on 3,500 acres of owned land across Canada.

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