Mr. Mitchell Goldhar reports

SMARTCENTRES ANNOUNCES DISPOSITION OF NON-CORE ASSET IN MAPLE RIDGE B.C.

SmartCentres Real Estate Investment Trust has sold its non-core enclosed mall property, Haney Place Mall, in Maple Ridge, B.C. The property was sold at a sub-5-per-cent capitalization rate, representing a premium in excess of 30 per cent over IFRS (international financial reporting standards) value. The proceeds from this all-cash transaction will be used to reduce debt and strengthen the balance sheet, as well as free up human capital to further facilitate the REIT's transformation program.

"The significant gains realized from the sale of this property reflect value embedded in the SmartCentres portfolio as a whole," said Mitchell Goldhar, executive chairman and chief executive officer of SmartCentres. "We are committed to maintaining a strong balance sheet while transitioning our portfolio through transactions like this and redeploying capital to higher and better uses."

About SmartCentres Real Estate Investment Trust

SmartCentres is one of Canada's largest fully integrated REITs, with a best-in-class portfolio featuring 168 strategically located properties in communities across the country. SmartCentres has approximately $10.2-billion in assets and owns 33.9 million square feet of income producing value-oriented retail space with 97.6-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 $13.1-billion intensification program ($7.8-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 54.7 million square feet (32.2 million square feet at SmartCentres' share) of space, 27 million square feet (15.9 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.

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