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GlobeNewswire

SmartCentres Real Estate Investment Trust Releases Fourth Quarter and Year End Results for 2020

Second consecutive quarter that mixed-use development has contributed to FFO $16 million in the 4th quarter and a total of $45.2 million in the 2nd half of 2020Shopping centre portfolio continues to provide recurring income with a committed occupancy rate of 97.3%Development plans now include 284 identified mixed-use projectsSmartCentres has been in direct dialogue with Federal and Provincial governments – offering to donate space to act asinoculation centres to help accelerate the roll out of the vaccination process for Canadians TORONTO, Feb. 10, 2021 (GLOBE NEWSWIRE) — SmartCentres Real Estate Investment Trust (“SmartCentres” or the “Trust”) (TSX: SRU.UN) is pleased to report its financial and operating results for the fourth quarter and year ended December 31, 2020. “We ended 2020 with a strong quarter despite challenging conditions,” said Mitchell Goldhar, Executive Chairman of SmartCentres. “Our unique national retail portfolio continues to provide recurring income and for the second consecutive quarter, our mixed-use development program has generated FFO, contributing over $45 million of FFO in the second half. We are well positioned to grow both FFO and NAV for years to come. We have also maintained a solid balance sheet with our debt to total assets at 44.6% and an interest coverage multiple of 3.2X and we ended 2020 with an 87.2% payout ratio While we are always exploring possible acquisitions, we will only pursue same where accretive to our cost of capital. With respect to the pandemic, helping Canadians will always be a priority, in this regard we have been in direct dialogue with federal and
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