Smart Real Estate Investment Trust Closes $150 Million Series Q Senior Unsecured Debentures Issue

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Smart Real Estate Investment Trust Closes $150 Million Series Q Senior Unsecured Debentures Issue

TORONTO, ONTARIO--(Marketwired - March 21, 2017) -

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

Smart Real Estate Investment Trust ("SmartREIT") (TSX:SRU.UN) announced today that it has closed its previously announced $150 million aggregate principal amount issue of Series Q senior unsecured debentures that carry an annual coupon rate of 2.876% and will mature on March 21, 2022. The issue was offered by a syndicate of dealers co-led and book-run by Scotia Capital Inc., BMO Capital Markets, CIBC, RBC Capital Markets and TD Securities Inc.

SmartREIT intends to use the net proceeds from the offering to redeem its $150 million 3.385% Series J senior unsecured debentures due December 1, 2017.

DBRS Limited has provided SmartREIT with a credit rating of BBB, with a stable trend, relating to the debentures.

The debentures offered have not been registered under the United States Securities Act of 1933, as amended or state securities laws. Absent registration or an applicable exemption from the registration requirements, this press release does not constitute an offer to sell or solicitation of an offer to buy any of the debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This offering is being made by way of a prospectus supplement to SmartREIT's existing $2 billion short form base shelf prospectus filed with Canadian securities regulatory authorities. The terms of the offering are described in the prospectus supplement, which has been filed with Canadian securities regulatory authorities in all jurisdictions of Canada where the Series Q senior unsecured debentures were offered.

About SmartREIT

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.

Smart Real Estate Investment Trust
Peter Sweeney
Chief Financial Officer
(905) 326-6400 ext. 7865
psweeney@smartreit.com

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