Redemption of $300 million 3.73% Series M and 2.876% Series Q Senior Unsecured Debentures

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

TORONTO, Jan. 11, 2021 (GLOBE NEWSWIRE) -- SmartCentres Real Estate Investment Trust (“SmartCentres” or the “Trust”) (TSX:SRU.UN) announced today that it has redeemed a total of $300 million aggregate principal amount of senior unsecured debentures representing $150 million aggregate principal amount of 3.73% Series M senior unsecured debentures due July 22, 2022 (the “Series M Debentures”) and $150 million aggregate principal amount of 2.876% Series Q senior unsecured debentures due March 21, 2022 (the “Series Q Debentures”), constituting all of the Series M Debentures and all of the Series Q Debentures outstanding immediately prior to such redemption, in accordance with their terms as previously announced. The Series M Debentures were redeemed at a total redemption price of $1,046.86 plus accrued and unpaid interest of $17.679178, both per $1,000 principal amount. The Series Q Debentures were redeemed at a total redemption price of $1,027.03 plus accrued and unpaid interest of $8.824986, both per $1,000 principal amount.

About SmartCentres

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 97.4% 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 Trust’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.