SmartREIT Announces $350 Million Series O and Series P Senior Unsecured Debentures Issue

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SmartREIT Announces $350 Million Series O and Series P Senior Unsecured Debentures Issue

TORONTO, ONTARIO--(Marketwired - Aug. 12, 2016) -

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

Smart Real Estate Investment Trust ("SmartREIT") (TSX:SRU.UN) announced today that it has agreed to issue $350 million aggregate principal amount of senior unsecured debentures on an underwritten basis. The offering includes (i) $100 million principal amount of Series O senior unsecured debentures that will carry a coupon rate of 2.987% and will mature on August 28, 2024 and (ii) $250 million principal amount of Series P senior unsecured debentures that will carry a coupon rate of 3.444% and will mature on August 28, 2026. The offering is being underwritten by a syndicate co-led and book-run by CIBC Capital Markets and BMO Capital Markets. The offering is expected to close on or about August 30, 2016. It is expected that the debentures will be rated BBB by DBRS Limited.

The net proceeds to SmartREIT from the sale of the Series O and Series P debentures will be used to repay existing indebtedness, including the redemption of its $100 million 5.00% Series F senior unsecured debentures due February 1, 2019, $90 million 4.70% Series G senior unsecured debentures due August 22, 2018 and amounts outstanding under SmartREIT's revolving credit facility, and for general trust purposes.

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 will be described in a prospectus supplement to be filed with Canadian securities regulators.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The debentures being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.

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
psweeney@smartreit.com
www.smartreit.com

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