Press Release: SmartCentres Real Estate Investment Trust Announces New Issue of $300 Million Series AE and Re-opening of $150 Million Series AC Senior Unsecured Debentures
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES TORONTO--()--October 06, 2026-- SmartCentres Real Estate Investment Trust ("SmartCentres" or the "Trust") (TSX:SRU.UN) announced today that it has priced an offering of $300 million aggregate principal amount of 4.795% Series AE senior unsecured debentures and an additional $150 million aggregate principal amount of its existing Series AC senior unsecured debentures (the "Additional Series AC Debentures") on an agency basis. The Series AE debentures will mature on January 15, 2032 and the Additional Series AC Debentures will mature on June 12, 2029. The Additional Series AC Debentures will have the same terms and conditions, and constitute part of the same series, as the $250 million aggregate principal amount of 3.599% Series AC senior unsecured debentures issued by SmartCentres on November 12, 2025 (the "Existing Series AC Debentures"), except for their date of issue and price. The Additional Series AC Debentures will be issued at a price of $985.47 per $1,000 of principal, plus accrued and unpaid interest from and including June 12, 2026. The Additional Series AC Debentures will initially have a dif
795% Series AE senior unsecured debentures and an additional $150 million aggregate principal amount of its existing Series AC senior unsecured debentures (the "Additional Series AC Debentures") on an agency basis. The Series AE debentures will mature on January 15, 2032 and the Additional Series AC Debentures will mature on June 12, 2029. 599% Series AC senior unsecured debentures issued by SmartCentres on November 12, 2025 (the "Existing Series AC Debentures"), except for their date of issue and price. 47 per $1,000 of principal, plus accrued and unpaid interest from and including June 12, 2026.
The Additional Series AC Debentures will initially have a different CUSIP number from the Existing Series AC Debentures but on or about February 15, 2027, the Additional Series AC Debentures will form part of a single series with, and have the same CUSIP number as, the Existing Series AC Debentures. The debentures are being offered by a syndicate of agents with 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 Limited as co-managers.
The offering is expected to close on or about October 14, 2026, subject to customary closing conditions. Morningstar DBRS has provided SmartCentres with a provisional credit rating of BBB with a stable trend relating to the debentures. SmartCentres intends to use the net proceeds of the offering for the refinancing of existing debt, the repayment of the Trust's revolving credit line, the repayment of the Trust's mortgages and for general corporate purposes. This offering is being made by way of a private placement to certain accredited investors in each of the provinces and territories of Canada.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. S. Securities Act of 1933 and state securities laws. S.
persons except pursuant to applicable exemptions from registration requirements. About SmartCentres 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. 1 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. 1% in place and committed occupancy, on 3,500 acres of owned land across Canada.
For more information, please visit or contact Mitchell Goldhar Executive Chairman and CEO (905) 326-6400 ext. com Peter Slan Chief Financial Officer (905) 326-6400 ext. 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.
More specifically, certain statements including, but not limited to, statements related to the anticipated use of proceeds of the offering and the date the offering is expected to close, 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.
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 being completed or not being completed on the contemplated terms, public health crises, real property ownership and development, debt and equity financing for development, interest and financing costs, construction and development risks, and the ability to obtain commercial and municipal consents for development.
These risks and others are more fully discussed under the heading "Risks and Uncertainties" and elsewhere in SmartCentres' most recent Management's Discussion and Analysis, as well as under the heading "Risk Factors" in SmartCentres' most recent annual information form. 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 at the date of this Press Release and SmartCentres assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.
Material 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; a continuing trend toward land use intensification, including residential development in urban markets and continued growth along transportation nodes; access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and to enable our refinancing of debts as they mature; that requisite consents for development will be obtained in the ordinary course, construction and permitting costs consistent with the past year and recent inflation trends.
com CONTACT: Mitchell Goldhar Executive Chairman and CEO (905) 326-6400 ext. com Peter Slan Chief Financial Officer (905) 326-6400 ext. com (END) Dow Jones Newswires October 06, 2026 21:27 ET (01:27 GMT) The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.