Mr. Peter Forde reports

SMARTCENTRES DECLARES DISTRIBUTION FOR JANUARY 2021

The trustees of SmartCentres Real Estate Investment Trust have declared a distribution for the month of January, 2021, of 15.417 cents per trust unit, representing $1.85 per unit on an annualized basis. Payment will be made on Feb. 16, 2021, to unitholders of record on Jan. 29, 2021.

About SmartCentres Real Estate Investment Trust

SmartCentres Real Estate Investment Trust is one of Canada's 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 over 97-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. A publicly announced $11.9-billion intensification program ($5.4-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, senior's 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 59.3 million square feet (27.9 million square feet at SmartCentres' share) of space, 27.1 million square feet (12.3 million square feet at SmartCentres' 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 trust's share of SmartVMC which, when completed, is expected to include approximately 11 million square feet of mixed-use space in Vaughan, Ont. 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 Dec. 31, 2020, substantially all 1,110 units in the first and second phases had closed. 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.

We seek Safe Harbor.