TORONTO, Dec. 09, 2020 (GLOBE NEWSWIRE) -- SmartCentres Real Estate Investment Trust (“SmartCentres” or the “Trust”) (TSX:SRU.UN) announced today the voting results from its Annual General and Special Meeting of the Holders of Units and Special Voting Units (the “Meeting”) held today.
The total number of Units and Special Voting Units of SmartCentres (“Units” and “SVUs”, respectively) represented by holders of Units and SVUs (collectively, “Unitholders”) that voted in connection with the Meeting was 91,622,409 Units and 35,804,536 SVUs, representing in total 70.61% of SmartCentres’ issued and outstanding Units and SVUs. At the Meeting, Unitholders voted in favour of all items of business, including the election of each of the six trustee nominees proposed by management. The voting results for the election of trustees based on the Units and SVUs represented at the Meeting were as follows:
# Votes For
% Votes For
# Votes Withheld
% Votes Withheld
Peter Forde
123,041,299
97.74%
2,851,019
2.26%
Garry Foster
119,784,490
95.15%
6,107,828
4.85%
Jamie McVicar
94,942,252
75.42%
30,950,066
24.58%
Sharm Powell
124,618,384
98.99%
1,273,934
1.01%
Kevin Pshebniski
115,669,180
91.88%
10,223,138
8.12%
Michael Young
101,413,025
80.56%
24,479,293
19.44%
At the Meeting, Pricewaterhouse Coopers LLP was appointed as the auditor of SmartCentres. Also notably, 99.22% of Unitholders voted in favour of accepting SmartCentres’ approach to executive compensation (i.e. say-on-pay), as more particularly set forth in SmartCentres’ Management Information Circular dated November 6, 2020 (the “Circular”).
Certain amendments to SmartCentres’ Declaration of Trust as more particularly set forth in the Circular were also overwhelmingly approved by the requisite majority, two-thirds and majority of minority votes, as applicable. Unitholders also approved the adoption of a new equity incentive plan.
Detailed voting results for the Meeting are available under SmartCentres’ profile on SEDAR at www.sedar.com.
About SmartCentres
SmartCentres Real Estate Investment Trust is one of Canada’s largest fully integrated REITs, with a best-in-class portfolio featuring 166 strategically located properties in communities across the country. SmartCentres has approximately $10.4 billion in assets and owns 33.8 million square feet of income producing value-oriented retail space with 97.4% occupancy, on 3,500 acres of owned land across Canada.
SmartCentres continues to focus on enhancing the lives of Canadians by planning and developing complete, connected, mixed-use communities on its existing retail properties. A publicly announced $11.9 billion intensification program ($5.4 billion at SmartCentres' share) represents the Trust’s current major development focus on which construction is expected to commence within the next five years. This intensification program consists of rental apartments, condos, seniors’ residences and hotels, to be developed under the SmartLiving banner, and retail, office, and storage facilities, to be developed under the SmartCentres banner.
SmartCentres’ intensification program is expected to produce an additional 59.3 million square feet (27.9 million square feet at SmartCentres’ share) of space, 27.1 million square feet (12.3 million square feet at SmartCentres’ share) of which has or will commence construction within next five years. From shopping centres to city centres, SmartCentres is uniquely positioned to reshape the Canadian urban and urban-suburban landscape.
Included in this intensification program is the Trust’s share of SmartVMC which, when completed, is expected to include approximately 11.0 million square feet of mixed-use space in Vaughan, Ontario. Construction of the first five sold-out phases of Transit City Condominiums that represent 2,789 residential units continues to progress. Final closings of the first two phases of Transit City Condominiums began ahead of budget and ahead of schedule in August 2020 and as at September 30, 2020, 766 units (representing approximately 70% of all 1,110 units in the first and second phases) had closed with the balance of units expected to close before year end. In addition, the presold 631 units in the third phase along with 22 townhomes, all of which are sold out and currently under construction, are expected to close in 2021. The fourth and fifth sold-out phases representing 1,026 units are currently under construction and are expected to close in 2023.
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 contained in this Press Release, including statements related to the Trust's estimated future development plans, the expected timing of construction and condominium closings 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 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, including those discussed under the heading "Risks and Uncertainties" in SmartCentres’ Management’s Discussion & Analysis for the three and nine months ended September 30, 2020 and under the heading "Risk Factors" in its Annual Information Form for the year ended December 31, 2019. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this Press Release are based on what management believes to be reasonable assumptions, the Trust 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 the Trust assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.
For more information, please visit www.smartcentres.com or contact:
