SmartCentres Fourth Quarter and Year-End 2021 Results and Conference Call

0

Content of the article

TORONTO, Feb. 14 2022 (GLOBE NEWSWIRE) — SmartCentres Real Estate Investment Trust (“SmartCentres” or the “Trust”) (TSX: SRU.UN) announced today that it will report its financial results for the three months and year ending December 31, 2021 to Tuesday, February 15, 2022.

SmartCentres will hold a conference call on Wednesday, February 16, 2022 at 11:00 a.m. (ET). Attending the call will be members of senior management from SmartCentres.

Investors are invited to access the call by dialing 1-855-353-9183 and entering participant code 20510#. A recording of this call will be available Wednesday, February 16, 2022 from 8:30 p.m. (ET) until 8:30 p.m. (ET) on Wednesday, February 23, 2022. To access the recording, please dial 1-855- 201-2300, enter the conference access code 20510#, then enter the playback access code 0111875#.

Advertising

Content of the article

Recordings of current and previous SmartCentres conference calls are available at www.smartcentres.com/investing/conference-calls/.

About SmartCentres

SmartCentres Real Estate Investment Trust is one of Canada’s largest fully integrated REITs, with a premier portfolio comprising 168 properties strategically located in communities across the country. SmartCentres has assets of approximately $10.2 billion and owns 33.9 million square feet of value-oriented retail space with an occupancy rate of 97.6%, across 3,500 acres of land across Canada.

SmartCentres continues to focus on improving the lives of Canadians by planning and developing complete, connected, mixed-use communities on its existing commercial properties. Project 512, a publicly announced $14.5 billion densification program ($8.6 billion from SmartCentres) represents the REIT’s current primary development focus, with construction expected to begin within the next five years. This densification program includes rental apartments, condos, retirement homes and hotels, which will be developed under the SmartLiving banner, as well as retail businesses, offices and warehouses, which will be developed under the SmartCentres banner.

Advertising

Content of the article

The SmartCentres intensification program is expected to produce an additional 58.3 million square feet (34.5 million square feet for SmartCentres’ share) of space, including 28.8 million square feet (17.1 million square feet for the part of SmartCentres) whose construction has started or will start in the next five years. From malls to downtowns, SmartCentres is uniquely positioned to reshape the Canadian urban and urban-suburban landscape.

This intensification program includes the Trust’s share of SmartVMC which, when completed, is expected to include approximately 11.0 million square feet of mixed-use space in Vaughan, Ontario. Construction of the first five sold-out phases of the Transit City Condominiums, representing 2,789 residential units, continues to progress. Permanent closings of the first two phases of Transit City Condominiums began ahead of budget and ahead of schedule in August 2020 and all 1,110 units in the first and second phases closed. Closings of the 631 pre-sold Phase 3 units began in May 2021 and are now fully complete. In addition, the 22 sold townhouses that complete this phase of the project are expected to close in 2022. The fourth and fifth sold phases representing 1,026 units are currently under construction and are expected to be completed in 2023.

Advertising

Content of the article

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. Specifically, certain statements, including, but not limited to, statements relating to anticipated or planned development plans and joint venture projects of SmartCentres, including type, scope, costs and other financial measures described and anticipated timing of condominium construction and closures and statements that contain words such as “could”, “should”, “may”, “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 Unitholders and financial analysts of the Trust in understanding the Trust’s operating environment and may not be appropriate for other purposes. These forward-looking statements reflect management’s current beliefs and are based on information currently available to management.

Advertising

Content of the article

However, these forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with potential acquisitions not completed or not completed under the terms contemplated, public health crises such as the pandemic of COVID-19, real estate ownership and development, debt and equity financing for development, interest and financing costs, construction and development risks, ability to obtain commercial and municipal approvals for development. These and other risks are discussed in greater detail under the heading “Risks and Uncertainties” and elsewhere in SmartCentres’ most recent MD&A, as well as under the heading “Risk Factors” in SmartCentres’ most recent Annual Information Form. Smart Centres. Although the forward-looking statements contained in this press release are based on what management believes to be reasonable assumptions, SmartCentres 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 of the date of this press release, and SmartCentres undertakes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.

Advertising

Content of the article

Important factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a stable retail environment; relatively low and stable interest costs; a continued trend towards land use intensification, including residential development in urban markets and continued growth along transportation nodes; access to equity and debt markets to fund, at acceptable costs, future capital requirements and to enable the refinancing of our debts as they mature; that the consents required for the development will be obtained in the normal course, with construction and permitting costs consistent with the past year and recent inflation trends.

For more information, visit www.smartcentres.com or please contact:

main logo

Advertising

comments

Postmedia is committed to maintaining a lively yet civil discussion forum and encourages all readers to share their views on our articles. Comments can take up to an hour to be moderated before appearing on the site. We ask that you keep your comments relevant and respectful. We have enabled email notifications. You will now receive an email if you receive a reply to your comment, if there is an update to a comment thread you follow, or if a user follows you comments. Visit our Community Rules for more information and details on how to adjust your E-mail settings.


Source link

Share.

Comments are closed.