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News Article | May 17, 2017
Site: www.marketwired.com

TORONTO, ONTARIO--(Marketwired - May 17, 2017) - Smart Real Estate Investment Trust (TSX:SRU.UN) announced that the trustees of SmartREIT have declared a distribution for the month of May 2017 of CDN $0.14167 per trust unit, representing CDN $1.70 per unit on an annualized basis. Payment will be made on June 15, 2017 to unitholders of record on May 31, 2017. SmartREIT offers Canadian unitholders the option to participate in a Distribution Reinvestment Plan ("DRIP"), a convenient and economical opportunity to automatically reinvest monthly distributions in additional units without the payment of any commissions, service charges or brokerage fees, at a price equal to 97% of the average TSX market price over the 10 business days preceding the monthly distribution date. Additional information regarding the DRIP is available at http://www.smartreit.com/investing/distributions/. SmartREIT is one of Canada's largest real estate investment trusts with total assets of approximately $8.9 billion. It owns and manages 32 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartREIT is a joint-venture partner in the Toronto and Montreal Premium Outlets with Simon Property Group. SmartREIT is now expanding the breadth of its portfolio to include residential (condominium and rental), office, and self-storage, either on its large urban properties such as the Vaughan Metropolitan Centre or as an adjunct to its existing shopping centres. SmartREIT's core vision is to provide a value-oriented shopping experience in all forms to Canadian consumers and to create high quality mixed use developments in urban settings. With SmartREIT's 2015 acquisition of SmartCentres, SmartREIT has transformed into a fully integrated real estate provider. SmartREIT and SmartCentres have had a long and successful alliance, helping to provide Canadians with value-focused retail shopping centres across the country. Now, the alliance has grown even stronger, the result is a fully integrated real estate provider with expertise in planning, development, leasing, operations and construction - all under one roof. For more information on SmartREIT, visit www.smartreit.com.


News Article | May 10, 2017
Site: www.marketwired.com

TORONTO, ONTARIO--(Marketwired - May 10, 2017) - Smart Real Estate Investment Trust ("SmartREIT" or "the Trust") (TSX:SRU.UN) is pleased to report positive results for the first quarter ended March 31, 2017. Highlights for the three months ended March 31, 2017 include the following: 1The calculation of the Trust's AFFO and related AFFO payout ratio, including comparative amounts, has changed pursuant to the February 2017 REALpac White Paper on FFO and AFFO. As a result, comparability against previously reported AFFO and AFFO payout ratios may be inappropriate. Subsequent to the three months ended March 31, 2017: "Our two key operating focuses of maintaining solid occupancy in our shopping centres and growing an extensive portfolio of growth initiatives continues to progress well," said Huw Thomas, SmartREIT's CEO. "In particular, I am excited to see our first residential development at the VMC come to market in the next few weeks as it will be the initial step in our long term strategy to maximize the value of this exceptional development property," added Thomas. 1Includes the Trust's share of investment in associate During the three months ended March 31, 2017, $30.7 million of Earnouts and Developments (including Developments relating to investment in associate) were completed and transferred to income properties, which represents an increase of $13.7 million compared to the same quarter in 2016. The following table summarizes SmartREIT's key financial highlights for the three months ended March 31 (including the Trust's share of investment in associate): Rentals from investment properties for the three months ended March 31, 2017, totalled $184.6 million, a $4.9 million or 2.7% increase over the same period last year. Net base rent increased by $1.8 million or 1.5%, which was primarily due to an increase in minimum rent (included in net base rent) attributable to the growth of the portfolio of $0.9 million and an increase in net base rent associated with acquisitions of $1.2 million, offset by an increase in tenant incentive amortization of $0.3 million. Property operating cost recoveries increased by $3.0 million or 4.9%, which was primarily due to an increase in tax recoveries of $2.0 million and common maintenance expense recoveries of $1.0 million. Also, 2016 results reflect the impact of an additional shopping day emanating from a February Leap Year that did not occur in 2017, as well as having two additional shopping days occurring during statutory holidays (Good Friday and Easter Sunday) in March 2016, which will be included in April 2017, all of which affected the timing of prior year percentage rents particularly in the Toronto and Montreal Premium Outlets. The Trust recovered 96.1% of total recoverable expenses during the three months ended March 31, 2017, compared to 96.5% in the same quarter last year, which was primarily due to costs associated with higher vacancy and percentage rent tenants experienced in 2017. In comparison to the same quarter in 2016, NOI increased by $2.7 million or 2.4% in 2017, for the reasons noted above. REALpac, in consultation amongst preparers and users of reporting issuers' financial statement, determined there was diversity in how AFFO should be utilized-some viewing it as an earnings metric, some viewing it as a cash flow measure, and others considering it a hybrid between the two. In order to develop greater consistency within the industry, it was determined that AFFO should be defined as a recurring economic earnings measure. Accordingly, the calculation of the Trust's AFFO and related AFFO payout ratio, including comparative amounts, has changed pursuant to the February 2017 REALpac White Paper on FFO and AFFO. As a result, comparability against previously reported AFFO and AFFO payout ratios may be inappropriate, and because of different interpretation and adoption of the new guidance, comparison with other reporting issuers may also not be appropriate. For the three months ended March 31, 2017, FFO excluding adjustments increased by $0.8 million or 1.0% to $83.7 million, whereas per Unit amounts remained the same for both periods. The increase in FFO of $0.8 million was primarily due to the following: an increase in NOI of $2.7 million, a decrease in interest expense net of yield maintenance on redemption of unsecured debentures and related write-off of unamortized financing costs of $0.5 million, and an increase in salaries and related costs attributed to leasing activities of $0.4 million (which are added back for the purposes of calculating FFO), partially offset by a decrease in interest income of $0.8 million (note the decrease of $0.8 million in interest income resulted from both a repayment in 2016 by OneREIT of $10.0 million against a mortgage, and lower interest rates associated with amended interest rate terms on certain Mezzanine Loans). There was also an increase in general and administrative expense of $2.1 million year over year, principally due to an increase in salaries and benefits of $1.4 million and a decrease in time billings, leasing, development fees and shared service costs charged to Penguin of $0.5 million. For the three months ended March 31, 2017, AFFO decreased by $1.2 million or 1.5% to $78.6 million and by 3.8% or $0.02 on a per Unit basis compared to the same quarter of 2016. The decrease in AFFO of $1.2 million was principally driven by an increase in adjusted salaries and related costs attributed to leasing of $0.4 million and an increase in actual sustaining capital expenditures, actual sustaining leasing commissions and actual sustaining tenant improvements of $1.6 million, offset by the $0.8 million increase in FFO described above. The AFFO payout ratio for the three months ended March 31, 2017 increased by 5.6% to 85.0% compared to the same quarter last year. The primary reason for the increase in the AFFO payout ratio is the decrease in AFFO for the three months ended March 31, 2017, which was attributed to the increase in adjusted salaries and related costs attributed to leasing of $0.4 million and an increase in actual sustaining capital expenditures, actual sustaining leasing commissions and actual sustaining tenant improvements of $1.6 million (see the AFFO section above for details). The non-IFRS measures used in this Press Release, including AFFO, FFO, NOI and payout ratio do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-IFRS measures are more fully defined and discussed in the 'Management Discussion and Analysis' ("MD&A") of the Trust for the three months ended March 31, 2017, available on SEDAR at www.sedar.com. Full reports of the financial results of the Trust for the three months ended March 31, 2017 are outlined in the audited unaudited interim condensed consolidated financial statements and the related MD&A of the Trust, which are available on SEDAR at www.sedar.com. In addition, supplemental information is available on the Trust's website at www.smartreit.com. SmartREIT will hold a conference call on Wednesday, May 10, 2017 at 5:30 p.m. (ET). Participating on the call will be members of SmartREIT's senior management. Investors are invited to access the call by dialing 1-800-263-0877. You will be required to identify yourself and the organization on whose behalf you are participating. A recording of this call will be made available Wednesday, May 10, 2017 beginning at 8:30 p.m. (ET) through to 8:30 p.m. (ET) on Wednesday, May 17, 2017. To access the recording, please call 1-888-203-1112 and enter the Replay Passcode 8435702#. SmartREIT is one of Canada's largest real estate investment trusts with total assets of approximately $8.9 billion. It owns and manages 32 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartREIT is a joint-venture partner in the Toronto and Montreal Premium Outlets with Simon Property Group. SmartREIT is now expanding the breadth of its portfolio to include residential (condominium and rental), office, and self-storage, either on its large urban properties such as the Vaughan Metropolitan Centre or as an adjunct to its existing shopping centres. SmartREIT's core vision is to provide a value-oriented shopping experience in all forms to Canadian consumers and to create high quality mixed use developments in urban settings. With SmartREIT's 2015 acquisition of SmartCentres, SmartREIT has transformed into a fully integrated real estate provider. SmartREIT and SmartCentres have had a long and successful alliance, helping to provide Canadians with value-focused retail shopping centres across the country. Now, the alliance has grown even stronger, the result is a fully integrated real estate provider with expertise in planning, development, leasing, operations and construction - all under one roof. For more information on SmartREIT, visit www.smartreit.com. Certain statements in this Press Release are "forward-looking statements" that reflect management's expectations regarding the Trust's future growth, results of operations, performance and business prospects and opportunities as outlined under the headings "Business Overview and Strategic Direction" and "Outlook". More specifically, certain statements contained in this Press Release, including statements related to the Trust's maintenance of productive capacity, estimated future development plans and costs, view of term mortgage renewals including rates and upfinancing amounts, timing of future payments of obligations, intentions to secure additional financing and potential financing sources, and vacancy and leasing assumptions, and statements that contain words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may" and similar expressions and statements relating to matters that are not historical facts, constitute "forward-looking statements". These forward-looking statements are presented for the purpose of assisting the Trust's Unitholders and financial analysts in understanding the Trust's operating environment, and may not be appropriate for other purposes. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. However, such forward-looking statements involve significant risks and uncertainties, including those discussed under the heading "Risks and Uncertainties" and elsewhere in the Trust's Management's Discussion & Analysis for the three months ended March 31, 2017 and under the heading "Risk Factors" in its Annual Information Form for the year ended December 31, 2016. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this Press Release are based on what management believes to be reasonable assumptions, the Trust cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Press Release and the Trust assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation. The Toronto Stock Exchange neither approves nor disapproves of the contents of this Press Release.


TORONTO, ONTARIO--(Marketwired - May 11, 2017) - Smart Real Estate Investment Trust ("SmartREIT" or the "REIT") (TSX:SRU.UN) announced today the voting results from its Annual General and Special Meeting of the Holders of Units and Special Voting Units (the "Meeting") held today in Toronto, Ontario. The total number of Units and Special Voting Units of SmartREIT ("Units" and "SVUs", respectively) represented by holders of Units and SVUs (collectively, "Unitholders") that voted in connection with the Meeting was 69,553,623 Units and 31,096,883 SVUs, representing in total 62.28% of SmartREIT's issued and outstanding Units and SVUs. At the Meeting, Unitholders voted in favour of all items of business, including the election of each of the five trustee nominees proposed by management. The voting results for the election of trustees based on the Units and SVUs represented at the Meeting by proxies held by management were as follows: Certain amendments to the Declaration of Trust of SmartREIT proposed in order to further align the Declaration of Trust with evolving governance best practices, implement an advance notice policy for the nomination of trustees of SmartREIT, clarify certain rights of SmartREIT's significant Unitholder and update SmartREIT's operating policies in respect of environmental audits were also overwhelmingly approved by nearly 99% of the votes cast by Unitholders represented at the Meeting. Also notably, 98% of Unitholders represented at the Meeting by proxy voted in favour of accepting SmartREIT's approach to executive compensation (i.e. say-on-pay), as more particularly set forth in SmartREIT's Management Information Circular dated April 13, 2017. Detailed voting results for the Meeting are available under SmartREIT's profile on SEDAR at www.sedar.com. SmartREIT is one of Canada's largest real estate investment trusts with total assets of approximately $8.9 billion. It owns and manages 32 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartREIT is a joint-venture partner in the Toronto and Montreal Premium Outlets with Simon Property Group. SmartREIT is now expanding the breadth of its portfolio to include residential (condominium and rental), office, and self-storage, either on its large urban properties such as the Vaughan Metropolitan Centre or as an adjunct to its existing shopping centres. SmartREIT's core vision is to provide a value-oriented shopping experience in all forms to Canadian consumers and to create high quality mixed use developments in urban settings. With SmartREIT's 2015 acquisition of SmartCentres, SmartREIT has transformed into a fully integrated real estate provider. SmartREIT and SmartCentres have had a long and successful alliance, helping to provide Canadians with value-focused retail shopping centres across the country. Now, the alliance has grown even stronger, the result is a fully integrated real estate provider with expertise in planning, development, leasing, operations and construction - all under one roof. For more information on SmartREIT, visit www.smartreit.com.


News Article | November 17, 2016
Site: www.marketwired.com

TORONTO, ONTARIO--(Marketwired - Nov. 17, 2016) - Smart Real Estate Investment Trust (TSX:SRU.UN) announced that the trustees of SmartREIT have declared a distribution for the month of November 2016 of CDN $0.14167 per trust unit, representing CDN $1.70 per unit on an annualized basis. Payment will be made on December 15, 2016 to unitholders of record on November 30, 2016. SmartREIT offers Canadian unitholders the option to participate in a Distribution Reinvestment Plan ("DRIP"), a convenient and economical opportunity to automatically reinvest monthly distributions in additional units without the payment of any commissions, service charges or brokerage fees, at a price equal to 97% of the average TSX market price over the 10 business days preceding the monthly distribution date. Additional information regarding the DRIP is available at http://www.smartreit.com/investing/distributions/. SmartREIT is one of Canada's largest real estate investment trusts with total assets in excess of $8.6 billion. It owns and manages in excess of 31 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartREIT is a joint-venture partner in the Toronto and Montreal Premium Outlets with Simon Property Group. SmartREIT's core vision is to provide a value-oriented shopping experience in all forms to Canadian consumers and over time create high quality mixed use developments in urban settings. With SmartREIT's 2015 acquisition of SmartCentres, SmartREIT has transformed into a fully integrated real estate provider. SmartREIT and SmartCentres have had a long and successful alliance, helping to provide Canadians with value-focused retail shopping centres across the country. Now, the alliance has grown even stronger, the result is a fully integrated real estate provider with expertise in planning, development, leasing, operations and construction - all under one roof. For more information on SmartREIT, visit www.smartreit.com.


News Article | December 20, 2016
Site: www.marketwired.com

TORONTO, ONTARIO--(Marketwired - Dec. 20, 2016) - Smart Real Estate Investment Trust (TSX:SRU.UN) announced that the trustees of SmartREIT have declared a distribution for the month of December 2016 of CDN $0.14167 per trust unit, representing CDN $1.70 per unit on an annualized basis. Payment will be made on January 16, 2017 to unitholders of record on December 30, 2016. SmartREIT offers Canadian unitholders the option to participate in a Distribution Reinvestment Plan ("DRIP"), a convenient and economical opportunity to automatically reinvest monthly distributions in additional units without the payment of any commissions, service charges or brokerage fees, at a price equal to 97% of the average TSX market price over the 10 business days preceding the monthly distribution date. Additional information regarding the DRIP is available at http://www.smartreit.com/investing/distributions/. SmartREIT is one of Canada's largest real estate investment trusts with total assets in excess of $8.6 billion. It owns and manages in excess of 31 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartREIT is a joint-venture partner in the Toronto and Montreal Premium Outlets with Simon Property Group. SmartREIT's core vision is to provide a value-oriented shopping experience in all forms to Canadian consumers and to create high quality mixed use developments in urban settings. With SmartREIT's 2015 acquisition of SmartCentres, SmartREIT has transformed into a fully integrated real estate provider. SmartREIT and SmartCentres have had a long and successful alliance, helping to provide Canadians with value-focused retail shopping centres across the country. Now, the alliance has grown even stronger, the result is a fully integrated real estate provider with expertise in planning, development, leasing, operations and construction - all under one roof. For more information on SmartREIT, visit www.smartreit.com.


News Article | February 15, 2017
Site: www.marketwired.com

TORONTO, ONTARIO--(Marketwired - Feb. 15, 2017) - Smart Real Estate Investment Trust ("SmartREIT") (TSX:SRU.UN) announced today that it has entered into a Letter of Intent to form a 50/50 joint venture partnership with SmartStop Asset Management, LLC ("SmartStop"), a leading North American developer and operator of self-storage facilities, to build and co-own rental self-storage facilities in Canada. Typical facilities range in size from 75,000 to 125,000 square feet and include a mix of rental units in various sizes. This strategic partnership will provide SmartREIT with the opportunity to further intensify its portfolio and generate additional funds from operations. There will also be opportunities to include leasable retail in certain locations. Two locations in the Greater Toronto Area have been confirmed and plans for multiple other locations are expected to be announced in the coming months. "We view today's 3rd generation, multi-storey self-storage facilities as being a complementary use within and around our centres, requiring minimal land and parking, resulting in efficient rental income value creation," said Huw Thomas, Chief Executive Officer of SmartREIT. "This strategic alliance is a logical step as we continue to intensify our shopping centres and unlock value in under-utilized parcels of land within our portfolio. We are very pleased to partner with SmartStop, a leader in the self-storage industry with a proven expertise and track record to expand the business in partnership across Canada." "We are excited to partner with one of the largest Canadian REITs and utilize SmartREIT's prime retail properties for additional SmartStop® Self Storage locations," said H. Michael Schwartz, Founder and Chief Executive Officer of SmartStop. "This joint venture gives SmartStop the opportunity to expand its existing 12-property portfolio in the Greater Toronto Area to other major metropolitan areas across Canada. By leveraging SmartStop's existing online marketing expertise, institutional management, and revenue optimization systems, the partnership will provide growth for both SmartREIT and SmartStop." SmartREIT is one of Canada's largest real estate investment trusts with total assets in excess of $8.7 billion. It owns and manages 32 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartREIT is a joint-venture partner in the Toronto and Montreal Premium Outlets with Simon Property Group. SmartREIT is now expanding the breadth of its portfolio to include residential (condominium and rental), office, and self-storage, either on its large urban properties such as the Vaughan Metropolitan Centre or as an adjunct to its existing shopping centres. SmartREIT's core vision is to provide a value-oriented shopping experience in all forms to Canadian consumers and to create high quality mixed use developments in urban settings. With SmartREIT's 2015 acquisition of SmartCentres, SmartREIT has transformed into a fully integrated real estate provider. SmartREIT and SmartCentres have had a long and successful alliance, helping to provide Canadians with value-focused retail shopping centres across the country. Now, the alliance has grown even stronger, the result is a fully integrated real estate provider with expertise in planning, development, leasing, operations and construction - all under one roof. For more information on SmartREIT, visit www.smartreit.com. SmartStop is a diversified real estate company focused on self storage assets, along with student and senior housing. The company has a managed portfolio that currently includes more than 65,000 self storage units and approximately 7.5 million rentable square feet and approximately $1 billion of real estate assets under management. The company is the asset manager for 103 self storage facilities located throughout the United States and Toronto, Canada and one student housing facility. SmartStop is the sponsor of both Strategic Storage Trust II, Inc. and SSGT, both public non-traded REITs focusing on self storage assets. The facilities offer affordable and accessible storage units for residential and commercial customers. In addition, they offer secure interior and exterior storage units as well as outside storage areas for vehicles, RVs and boats. Additional information is available at www.smartstopassetmanagement.com and more information about SmartStop® Self Storage in Canada at smartstop.ca. Certain statements in this Press Release are "forward-looking statements" that reflect SmartREIT's expectations regarding future growth and business prospects. More specifically, certain statements that contain words such as "expect", "will", and similar expressions and statements relating to matters that are not historical facts and constitute "forward-looking statements". Such forward-looking statements reflect SmartREIT's current beliefs and are based on information currently available to SmartREIT. However, such forward-looking statements involve risks and uncertainties and a number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this Press Release are based on what SmartREIT believes to be reasonable assumptions, SmartREIT cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Press Release and SmartREIT assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.


News Article | February 17, 2017
Site: www.marketwired.com

TORONTO, ONTARIO--(Marketwired - Feb. 17, 2017) - Smart Real Estate Investment Trust (TSX:SRU.UN) announced that the trustees of SmartREIT have declared a distribution for the month of February 2017 of CDN $0.14167 per trust unit, representing CDN $1.70 per unit on an annualized basis. Payment will be made on March 15, 2017 to unitholders of record on February 28, 2017. SmartREIT offers Canadian unitholders the option to participate in a Distribution Reinvestment Plan ("DRIP"), a convenient and economical opportunity to automatically reinvest monthly distributions in additional units without the payment of any commissions, service charges or brokerage fees, at a price equal to 97% of the average TSX market price over the 10 business days preceding the monthly distribution date. Additional information regarding the DRIP is available at http://www.smartreit.com/investing/distributions/. SmartREIT is one of Canada's largest real estate investment trusts with total assets in excess of $8.7 billion. It owns and manages 32 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartREIT is a joint-venture partner in the Toronto and Montreal Premium Outlets with Simon Property Group. SmartREIT is now expanding the breadth of its portfolio to include residential (condominium and rental), office, and self-storage, either on its large urban properties such as the Vaughan Metropolitan Centre or as an adjunct to its existing shopping centres. SmartREIT's core vision is to provide a value-oriented shopping experience in all forms to Canadian consumers and to create high quality mixed use developments in urban settings. With SmartREIT's 2015 acquisition of SmartCentres, SmartREIT has transformed into a fully integrated real estate provider. SmartREIT and SmartCentres have had a long and successful alliance, helping to provide Canadians with value-focused retail shopping centres across the country. Now, the alliance has grown even stronger, the result is a fully integrated real estate provider with expertise in planning, development, leasing, operations and construction - all under one roof. For more information on SmartREIT, visit www.smartreit.com.


TORONTO, ONTARIO--(Marketwired - Dec. 13, 2016) - Smart Real Estate Investment Trust (TSX:SRU.UN) announced today that it has entered into a letter of intent for a 50/50 joint-venture with Jadco Corporation, a Montreal area based residential developer, to build two 15-storey towers on a portion of SmartREIT's shopping centre lands at the corner of boul. St-Martin and boul. Daniel-Johnson in Laval. The two towers will contain a total of 330 units connected to a common podium structure that will contain streetfront retail units as well as service and leisure amenities for the residents. Total investment will exceed $75 million and, subject to normal approvals, construction will begin in spring 2017 with occupancy of the first tower in summer 2018. Under Jadco's "Équinoxe Collection" banner, these upscale rental residences will offer superior tenant amenities, with underground parking, spacious floor layouts, designer interiors and quality materials in a vibrant, urban setting where entertainment, commercial and residential addresses come together. This follows SmartREIT's announcement last week concerning its first high-rise residential development in the Vaughan Metropolitan Centre and is part of SmartREIT's overall strategic plan to maximize the value of its major-market urban centres by introducing mixed-use development that builds on superior access to public transit and the regional highway network. "Jadco is proud to partner with SmartREIT in the development of this Équinoxe project which is ideally located in a vibrant, well established community with excellent access to public transit, retail and civic amenities," said André Doudak, President of Jadco Corporation. "We are very pleased to continue our urban development program with this high quality project in a strong rental market," noted Huw Thomas, Chief Executive Officer of SmartREIT. "With mixed-use developments such as SmartCentres Place at the Vaughan Metropolitan Centre, StudioCentre, Westside Mall and Highway 7 and Highway 400, all in the Greater Toronto area and now this project in the Montreal area, we are building an extensive pipeline of mixed-use projects to provide long term value for our unitholders," added Thomas. SmartREIT is one of Canada's largest real estate investment trusts with total assets in excess of $8.6 billion. It owns and manages in excess of 31 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartREIT is a joint-venture partner in the Toronto and Montreal Premium Outlets with Simon Property Group. SmartREIT's core vision is to provide a value-oriented shopping experience in all forms to Canadian consumers and to create high quality mixed use developments in urban settings. With SmartREIT's 2015 acquisition of SmartCentres, SmartREIT has transformed into a fully integrated real estate provider. SmartREIT and SmartCentres have had a long and successful alliance, helping to provide Canadians with value-focused retail shopping centres across the country. Now, the alliance has grown even stronger, the result is a fully integrated real estate provider with expertise in planning, development, leasing, operations and construction - all under one roof. For more information on SmartREIT, visit www.smartreit.com. Jadco Corporation is a well reputed family-owned business which has gained a strong foothold in the real estate sector in the Greater Montreal Area. Jadco's strengths lie in its commitment to excellence in building exceptional living and mixed-used environments. Its diversified portfolio is comprised of luxury residential, upscale rental and mixed-used projects such as Paton1, Quintessence and Équinoxe. For more information on Jadco, visit www.jadcoresidences.com. Certain statements in this Press Release are "forward-looking statements" that reflect SmartREIT's and Jadco's expectations regarding future growth and business prospects. More specifically, certain statements in this Press Release including statements related to the development of this project and statements that contain words such as "expect", "will", and similar expressions and statements relating to matters that are not historical facts and constitute "forward-looking statements". Such forward-looking statements reflect SmartREIT's and Jadco's current beliefs and are based on information currently available to SmartREIT and Jadco. However, such forward-looking statements involve risks and uncertainties and a number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this Press Release are based on what SmartREIT and Jadco believe to be reasonable assumptions, SmartREIT cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Press Release and SmartREIT assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.


News Article | February 16, 2017
Site: www.marketwired.com

TORONTO, ONTARIO--(Marketwired - Feb. 15, 2017) - Smart Real Estate Investment Trust ("SmartREIT" or "the Trust") (TSX:SRU.UN) is pleased to report positive results for the fourth quarter and year ended December 31, 2016. Highlights for the year include the following: Huw Thomas, CEO of SmartREIT said, "During 2016 we made significant steps in SmartREIT's transformation. Our core retail portfolio of over 31 million square feet will always be at the heart of our business, but leveraging the development platform we acquired in 2015 will represent our biggest opportunity for creating long term unitholder value and FFO growth. Between opportunities at significant urban properties such as the Vaughan Metropolitan Centre and intensifying our retail properties in multiple areas such as residential, self-storage and seniors housing, our future is very bright." (1) Includes the Trust's share of investments in associates During the three months ended December 31, 2016, $43.8 million of Earnouts and Developments including VMC were completed and transferred to income properties, which represents a decrease of $46.3 million or 51.4% compared to the same quarter in 2015. During the year ended December 31, 2016, $154.5 million of Developments and Earnouts including VMC were completed and transferred to income properties, which represents an increase of $21.0 million or 15.7% compared to 2015. On August 16, 2016, the Trust completed the acquisition of a property in Lethbridge, Alberta, from a third party, totalling 53,392 square feet of leasable area. The total purchase price of this acquisition was $15.3 million, which included $6.2 million paid in cash and the assumption of a mortgage of $9.2 million, adjusted for costs of acquisition and other working capital amounts. On October 25, 2016, the Trust completed the acquisition of a property in Pointe Claire, Quebec, from a third party, totalling 381,966 square feet of leasable area. The total purchase price of this acquisition was $63.4 million, which included $28.7 million paid in cash and the assumption of a mortgage of $34.5 million, adjusted for costs of acquisition and other working capital amounts. The following table summarizes SmartREIT's key financial highlights for the three months ended December 31 (including the Trust's share of investment in associate): Rentals from investment properties for the three months ended December 31, 2016, totalled $186.7 million, an $8.6 million or 4.8% increase over the same period last year. Net base rent increased by $0.5 million or 0.5%, due to rent increases from new and renewing tenants partially offset by higher vacancies, and income from acquisitions that closed during 2015 and 2016, as well as Earnouts and completed Developments that occurred during 2015 and 2016. Property operating cost recoveries increased by $6.2 million or 10.6% which included $2.4 million of prior year adjustments to common area maintenance ("CAM") and property tax provisions, and $3.8 million due to increases in recoverable costs attributable to the growth in the portfolio. In addition, miscellaneous revenue increased by $1.9 million primarily due to an increase in lease terminations over the prior year of $0.9 million. The Trust recovered 100.3% of total recoverable expenses during the three months ended December 31, 2016, compared to 96.9% in the same quarter last year. The increase was largely due to the prior year adjustments noted above, partially offset by higher vacancies. In comparison to the same quarter in 2015, NOI increased by $5.9 million or 5.2% in 2016, for the reasons noted above. For the three months ended December 31, 2016, FFO excluding adjustments increased by $6.5 million or 8.1% to $87.0 million and by 7.7% to $0.56 on a per Unit basis compared to the same quarter of 2015. The $6.5 million increase in FFO excluding adjustments was primarily due to an increase in NOI of $5.9 million and a decrease in general and administrative expense of $0.6 million, and partially offset by a decrease in salaries and related costs attributed to leasing activities - which are added back to FFO - in the amount of $0.7 million. For the three months ended December 31, 2016, AFFO increased by $3.5 million or 4.6% to $80.3 million and by 2.0% to $0.51 on a per Unit basis compared to the same quarter of 2015. The increase in AFFO of $3.5 million was primarily due to the changes described in FFO above for the three months ended December 31, 2016, further increased by a decrease in sustaining leasing costs of $1.7 million, partially offset by an increase in sustaining capital expenditures of $4.9 million, which was primarily due to major roof repairs, parking lot maintenance and tenant improvements for replacement tenants. The AFFO payout ratio for the three months ended December 31, 2016 increased by 0.5% to 83.1% compared to the same quarter last year. The primary reason for the increase in the AFFO payout ratio is attributed to the increase in sustaining capital expenditures of $4.9 million. The following table summarizes SmartREIT's key financial highlights for the year ended December 31 (including the Trust's share of investment in associate): Rentals from investment properties for the year ended December 31, 2016, totalled $727.8 million, a $57.4 million or 8.6% increase over the year ended December 31, 2015. Net base rent increased by $27.0 million or 6.1%, primarily due to rent increases from new and renewing tenants partially offset by higher vacancies, and income from acquisitions that closed during 2015 and 2016, as well as Earnouts and completed Developments that occurred during 2015 and 2016. Property operating cost recoveries increased by $17.7 million or 8.1% primarily due to the related increases in recoverable costs with the growth of the Trust's portfolio. In addition, the increase to miscellaneous revenue for the year ended December 31, 2016 was primarily due to $9.9 million settlement proceeds associated with the Target lease terminations net of other amounts. The Trust recovered 97.6% of total recoverable expenses during the year ended December 31, 2016, compared to 98.3% last year. Non-recovery of most of the remaining costs resulted from higher vacancies, fixed recovery rates for some tenants and restrictions contained in certain anchor tenant leases. In comparison to the year ended December 31, 2015, NOI increased by $38.4 million or 8.8% in 2016, primarily as a result of the expansion to the Trust's portfolio mainly due to the Transaction that closed on May 28, 2015 (2015 results reflect seven months versus a full 12 month period in 2016) resulting in an increase in NOI of $24.9 million and an increase in miscellaneous revenue of $12.8 million, which was primarily attributable to the $9.9 million settlement proceeds associated with the Target lease terminations, net of other amounts. For the year ended December 31, 2016, FFO excluding adjustments increased by $37.4 million or 12.1% to $347.0 million and by 6.2% to $2.23 on a per Unit basis compared to 2015. The increase in FFO excluding adjustments of $37.4 million was primarily due to an increase in NOI of $38.4 million and an increase in salaries and related costs attributed to leasing activities - which are added back to FFO - in the amount of $2.3 million, partially offset by an increase in general and administrative expense of $5.1 million. For the year ended December 31, 2016, AFFO increased by $33.1 million or 11.3% to $326.0 million and by 5.5% to $2.10 on a per Unit basis compared to the same period of 2015. The increase in AFFO of $33.1 million was primarily due to the changes described in FFO above for the year ended December 31, 2016, offset by an increase in leasing costs of $2.9 million and an increase in capital expenditures of $2.1 million. For the year ended December 31, 2016, the AFFO payout ratio decreased by 1.3% to 79.8% compared to last year. The primary reason for the decrease in the AFFO payout ratio is attributed to all of the movements noted above, but in particular, the increase in AFFO resulting from the $9.9 million settlement proceeds associated with the Target lease terminations net of other amounts recorded during the year ended December 31, 2016. The non-IFRS measures used in this Press Release, including AFFO, FFO, NOI and payout ratio do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-IFRS measures are more fully defined and discussed in the 'Management Discussion and Analysis' (MD&A) of the Trust for the year ended December 31, 2016, available on SEDAR at www.sedar.com. Full reports of the financial results of the Trust for the year ended December 31, 2016 are outlined in the audited consolidated financial statements and the related MD&A of the Trust, which are available on SEDAR at www.sedar.com. In addition, supplemental information is available on the Trust's website at www.smartreit.com. SmartREIT will hold a conference call on Thursday, February 16, 2017 at 9:00 a.m. (ET). Participating on the call will be members of SmartREIT's senior management. Investors are invited to access the call by dialing 1-800-274-0251. You will be required to identify yourself and the organization on whose behalf you are participating. A recording of this call will be made available Thursday, February 16, 2017 beginning at 12:00 p.m. (ET) through to 12:00 p.m. (ET) on Thursday, February 23, 2017. To access the recording, please call 1-888-203-1112 and enter the Replay Passcode 9639106#. SmartREIT is one of Canada's largest real estate investment trusts with total assets in excess of $8.7 billion. It owns and manages 32 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartREIT is a joint-venture partner in the Toronto and Montreal Premium Outlets with Simon Property Group. SmartREIT is now expanding the breadth of its portfolio to include residential (condominium and rental), office, and self-storage, either on its large urban properties such as the Vaughan Metropolitan Centre or as an adjunct to its existing shopping centres. SmartREIT's core vision is to provide a value-oriented shopping experience in all forms to Canadian consumers and to create high quality mixed use developments in urban settings. With SmartREIT's 2015 acquisition of SmartCentres, SmartREIT has transformed into a fully integrated real estate provider. SmartREIT and SmartCentres have had a long and successful alliance, helping to provide Canadians with value-focused retail shopping centres across the country. Now, the alliance has grown even stronger, the result is a fully integrated real estate provider with expertise in planning, development, leasing, operations and construction - all under one roof. For more information on SmartREIT, visit www.smartreit.com. Certain statements in this Press Release are "forward-looking statements" that reflect management's expectations regarding the Trust's future growth, results of operations, performance and business prospects and opportunities as outlined under the headings "Business Overview and Strategic Direction" and "Outlook". More specifically, certain statements contained in this Press Release, including statements related to the Trust's maintenance of productive capacity, estimated future development plans and costs, view of term mortgage renewals including rates and upfinancing amounts, timing of future payments of obligations, intentions to secure additional financing and potential financing sources, and vacancy and leasing assumptions, and statements that contain words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may" and similar expressions and statements relating to matters that are not historical facts, constitute "forward-looking statements". These forward-looking statements are presented for the purpose of assisting the Trust's Unitholders and financial analysts in understanding the Trust's operating environment, and may not be appropriate for other purposes. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. However, such forward-looking statements involve significant risks and uncertainties, including those discussed under the heading "Risks and Uncertainties" and elsewhere in the Trust's Management's Discussion & Analysis for the year ended December 31, 2016 and under the heading "Risk Factors" in its Annual Information Form for the year ended December 31, 2016. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this Press Release are based on what management believes to be reasonable assumptions, the Trust cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Press Release and the Trust assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation. The Toronto Stock Exchange neither approves nor disapproves of the contents of this Press Release.


News Article | November 1, 2016
Site: www.prweb.com

DuPont™ MECS® DynaWave® technology, licensed by MECS, Inc., a wholly owned subsidiary of DuPont, has been selected by a major international oil and gas services provider for the installation of three custom-engineered scrubbing systems for sulphur dioxide removal at PRPC Refinery & Cracker Sdn. Bhd, a subsidiary of PETRONAS, the Malaysian National Oil Company. The DynaWave® units are set to be delivered to the company’s RAPID Project refinery in Pengerang, Southern Johor, Malaysia, before the end of the year for subsequent fitting. “Each of the specially engineered DynaWave® scrubbers will treat the off-gas of one Sulphur Recovery Unit (SRU) and its dedicated Tail Gas Treatment Unit (TGTU),” said Angus Yip, MECS sales manager for South East Asia & Australia - New Zealand. “PRPC requires SO2 emission levels to be lower than 150mg/DNm3 which DynaWave® technology can guarantee under any given set of upstream conditions. Malaysia is now the second country in Asia Pacific and the first in South East Asia to benefit from the added reliability that DynaWave® technology can offer for SRU emissions control and air quality improvements.” All three DynaWave® scrubbers consist of two reverse jet stages located in an inlet barrel which is connected to a disengagement vessel. They are capable of handling high inlet acid levels, which make it possible to bypass upstream TGTUs while still meeting and even exceeding regulatory emissions requirements. DynaWave® scrubbers can be designed to cope with inlet temperatures of up to 1200°C, but for PRPC the choice fell on optimizing heat recuperation from the incinerator so that these DynaWave® scrubbing units will take incoming gas at around 300-350°C. The RAPID (Refinery and Petrochemicals Integrated Development) project represents a significant investment of US$16 billion for PRPC. Scheduled for completion in 2019, it is expected to be capable of processing 300,000 barrels per day (bpd) and will operate three 470 metric tons per day (mtpd) sulphur recovery units. Over the last 40 years, DynaWave® technology developed by DuPont and licensed by MECS has been successfully installed and used at more than 400 sites around the world in different industries. In the Oil & Gas industry alone, DuPont Clean Technologies, which licenses both the DynaWave® scrubber technology and the Belco® EDV® Scrubber technology, has more than 150 successful wet scrubbing references around the globe. The large nozzles and open vessel design of the DynaWave® scrubbers result in units that are virtually plug proof and able to handle any possible sulphur particulate entrainment. This results in higher on-stream time and lower maintenance and operational expenditures for the refinery. MECS, Inc. (MECS) is the world leader in sulphuric acid plant and environmental technologies, providing engineering design, services and high-performance products for the phosphate fertilizer, oil and gas, chemical and non-ferrous metals industries. Specific to the oil and gas industry, MECS offers unique state-of-the-art solutions for treating sour off-gas from amine treaters and sour water strippers to achieve ultra-low emissions specifications. In place of or in addition to traditional Claus SRU / TGTU facilities, these solutions can incorporate wet-gas scrubbing (DynaWave®), direct wet-gas conversion to sulphuric acid (SULFOX™), and/or regenerative recovery of SO2 (SolvR™). MECS is a wholly owned subsidiary of DuPont. The DuPont Clean Technologies division applies real-world experience, history of innovation, problem-solving success, and strong brands to help organizations operate safely and with the highest level of performance, reliability, energy efficiency and environmental integrity. The Clean Technologies portfolio includes STRATCO® alkylation technology for production of clean, high-octane gasoline; IsoTherming® hydroprocessing technology for desulfurization of motor fuels; MECS® sulfuric acid production and regeneration technologies; BELCO® air quality control systems for FCC flue gas scrubbing, other refinery scrubbing applications and marine exhaust gas scrubbing; MECS® DynaWave® technology for sulfur recovery and tail gas-treating solutions; and a comprehensive suite of aftermarket service and solutions offerings. Learn more about DuPont Clean Technologies at http://www.cleantechnologies.dupont.com. DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials and services since 1802. The company believes that by collaborating with customers, governments, NGOs and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit http://www.dupont.com. Forward-Looking Statements: This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond the company’s control. Some of the important factors that could cause the company’s actual results to differ materially from those projected in any such forward-looking statements are: fluctuations in energy and raw material prices; failure to develop and market new products and optimally manage product life cycles; ability to respond to market acceptance, rules, regulations and policies affecting products based on biotechnology and, in general, for products for the agriculture industry; outcome of significant litigation and environmental matters, including realization of associated indemnification assets, if any; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; global economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, natural disasters and weather events and patterns which could affect demand as well as availability of products for the agriculture industry; ability to protect and enforce the company’s intellectual property rights; successful integration of acquired businesses and separation of underperforming or non-strategic assets or businesses; and risks related to the agreement entered on December 11, 2015, with The Dow Chemical Company pursuant to which the companies have agreed to effect an all-stock merger of equals, including the completion of the proposed transaction on anticipated terms and timing, the ability to fully and timely realize the expected benefits of the proposed transaction and risks related to the intended business separations contemplated to occur after the completion of the proposed transaction. The company undertakes no duty to publicly revise or update any forward-looking statements as a result of future developments, or new information or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. The DuPont Oval Logo, DuPont™ and all products denoted with ® or TM are registered trademarks or trademarks of E.I. du Pont de Nemours and Company or its affiliates.

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