Mr. Mitchell Goldhar reports

SMARTCENTRES CLOSES $150 MILLION RE-OPENING OF SERIES AC SENIOR UNSECURED DEBENTURES AND $300 MILLION NEW ISSUE OF SERIES AE SENIOR UNSECURED DEBENTURES

SmartCentres Real Estate Investment Trust has closed its previously announced private placement of an additional $150-million aggregate principal amount of 3.599 per cent Series AC senior unsecured debentures and $300-million aggregate principal amount of 4.795 per cent Series AE senior unsecured debentures. The Series AC debentures will mature on June 12, 2029, and the Series AE debentures will mature on Jan. 15, 2032. Together with the previously issued $250-million 3.599 per cent Series AC senior unsecured debentures, there is $400-million aggregate principal amount of Series AC senior unsecured debentures outstanding.

The debentures were offered on an agency basis by a syndicate of agents led by Scotiabank, CIBC Capital Markets, Desjardins Securities, RBC Capital Markets and TD Securities as joint bookrunners, and National Bank Financial, Mizuho Securities, Beacon Securities, and Casgrain & Company Ltd. as co-managers. Morningstar DBRS has provided SmartCentres with a credit rating of BBB with a stable trend relating to the debentures.

The net proceeds to SmartCentres from the sale of the additional Series AC debentures and the Series AE debentures will be used to refinance existing debt, to repay the trust's revolving credit line, to repay the trust's mortgages and for general corporate purposes.

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 201 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 35.5 million square feet of leasable space with 98.1-per-cent in-place and committed occupancy, on 3,500 acres of owned land across Canada.

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