Smart Real Estate Investment Trust Announces Redemption of 5.00% Series F Senior Unsecured Debentures and 4.70% Series G Senior Unsecured Debentures

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Smart Real Estate Investment Trust Announces Redemption of 5.00% Series F Senior Unsecured Debentures and 4.70% Series G Senior Unsecured Debentures

TORONTO, ONTARIO--(Marketwired - Aug. 15, 2016) -

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

Smart Real Estate Investment Trust ("SmartREIT") (TSX:SRU.UN) today announced that it is issuing a notice of redemption to holders of its 5.00% Series F senior unsecured debentures due February 1, 2019 ("Series F Debentures") and its 4.70% Series G senior unsecured debentures due August 22, 2018 ("Series G Debentures", and collectively with the Series F Debentures, the "Debentures"), representing a redemption in full of all of the currently outstanding Series F Debentures and Series G Debentures. The Debentures will be redeemed on September 14, 2016 (the "Redemption Date"), in accordance with their terms. The Series F Debentures will be redeemed at a total redemption price of $1,091.347019 plus accrued and unpaid interest of $6.027397 up to but excluding the Redemption Date, both per $1,000 principal amount. The Series G Debentures will be redeemed at a total redemption price of $1,066.705151 plus accrued and unpaid interest of $2.961644 up to but excluding the Redemption Date, both per $1,000 principal amount. SmartREIT intends to use a portion of the net proceeds from the offering by SmartREIT of its 2.987% Series O Senior Unsecured Debentures and its 3.444% Series P Senior Unsecured Debentures for aggregate gross proceeds of $350,000,000, which offering is expected to close on or about August 30, 2016, to pay the redemption price and accrued and unpaid interest of the Debentures outstanding on the Redemption Date. As at the close of trading on August 12, 2016, the aggregate principal amount of the Series F Debentures outstanding was $100,000,000 and the aggregate principal amount of the Series G Debentures outstanding was $90,000,000.

About SmartREIT

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, our 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. Our name is a reflection of our combined capabilities: SmartREIT. For more information on SmartREIT, visit www.smartreit.com.

Smart Real Estate Investment Trust
Peter Sweeney
Chief Financial Officer
(905) 326-6400 ext. 7865
[email protected]

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