SmartCentres 2020 Third Quarter Results and Conference Call
TORONTO, Nov. 03, 2020 (GLOBE NEWSWIRE) -- SmartCentres Real Estate Investment Trust (“SmartCentres” or the “Trust”) (TSX: SRU.UN) announced today that it will issue its financial results for the three and nine months ending September 30, 2020 on Wednesday, November 11, 2020.
SmartCentres will hold a conference call on Thursday, November 12, 2020 at 2:00 p.m. (ET). Participating on the call will be members of SmartCentres’ senior management.
Investors are invited to access the call by dialing 1-855-353-9183 and then keying in the participant access code 93397#. 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, November 12, 2020 beginning at 8:30 p.m. (ET) through to 8:30 p.m. (ET) on Thursday, November 19, 2020. To access the recording, please call 1-855-201-2300, enter the Conference Reference Number 1252433# and then key in the participant access code 93397#.
Recordings of SmartCentres’ current and previous conference calls can be found 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 best-in-class portfolio featuring 166 strategically located properties in communities across the country. SmartCentres has $10.4 billion in assets and owns over 34.2 million square feet of income producing value-oriented retail space with occupancy exceeding 97%, 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 $12.1 billion intensification program ($5.5 billion at SmartCentres' share) represents the REIT’s current major development focus on which construction is expected to commence in 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 59.3 million square feet (27.9 million square feet at SmartCentres’ share) of space, 27.3 million square feet (12.4 million square feet at SmartCentres’ share) of which construction has or will commence within the next five years. From shopping centres to city centres, SmartCentres is uniquely positioned to reshape the Canadian urban and urban-suburban landscape.
Included in this intensification program is the Trust’s share of SmartVMC which, when completed, is expected to include approximately 11 million square feet of mixed use space in Vaughan, Ontario. Construction of the first five sold out phases of Transit City Condominiums that represent 2,789 residential units continues to progress. Final closings of the first two phases of Transit City Condominiums began ahead of budget and ahead of schedule in August 2020 and as at September 30, 2020, 766 units (representing approximately 70% of all 1,110 units in the first and second phases) had closed with the balance of units expected to close before year end. In addition, the 631 presold units in the third phase along with 22 townhomes, all of which are sold out and currently under construction, are expected to close in 2021. The fourth and fifth sold out phases representing 1,026 units are currently under construction and are expected to close in 2023.
Certain statements in this Press Release are "forward-looking statements" that reflect management's expectations regarding the Trust’s future growth, performance and business opportunities. More specifically, certain statements contained in this Press Release, including statements related to the expected timing of construction and condominium closings 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 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 six months ended June 30, 2020 and under the heading "Risk Factors" in its Annual Information Form for the year ended December 31, 2019. 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.
For more information, visit www.smartcentres.com or please contact:
Peter Forde | Peter Sweeney | |
