[PPT] - INFINITE POSSIBILITIES INVESTOR PRESENTATION Q2 2019 NOTICE TO PowerPoint Presentation

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INFINITE POSSIBILITIES…

INVESTOR PRESENTATION Q2 2019

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NOTICE TO READER

Readers are cautioned that certain terms used in this Investor Presentation (“Presentation”) such as Funds from Operations ("FFO"), Adjusted Cashflow from Operations ("ACFO"), "Gross Book Value", "Payout Ratio", "Interest Coverage", "Total Debt to Adjusted EBITDA" and any related per Unit amounts used by management to measure, compare and explain the operating results and financial performance of the Trust do not have any standardized meaning prescribed under IFRS and, therefore, should not be construed as alternatives to net income or cash flow from operating activities calculated in accordance with IFRS. These terms are defined in this Presentation and reconciled to the consolidated financial information of the Trust in the Management’s Discussion and Analysis (“MD&A”) for the three months ended June 30, 2019. Such terms do not have a standardized meaning prescribed by IFRS and may not be comparable to similarly titled measures presented by other publicly traded entities. Certain statements in this Presentation 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 Presentation, including statements related to the Trust's maintenance of productive capacity, estimated future development plans and costs, view of term mortgage renewals including rates and upfinancing amounts, timing of future payments of obligations, intentions to secure additional financing and potential financing sources, and vacancy and leasing assumptions, 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 the Trust's 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. 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 Presentation 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 Presentation and the Trust assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation. SMARTCENTRES REIT | Q2 2019 INVESTOR PRESENTATION

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CONTENTS ▪ Overview Page 4 ▪ Intensification & Development Page 6 ▪ Featured Initiatives Page 21 ▪ Retail Portfolio Page 65 ▪ Financial Highlights Page 73

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OUR EV EVOL OLUTION UTION CONTINU CONTINUES ES…

1989 1989-1994 1994

MITCHELL GOLDHAR HELPS BRING WALMARTTO CANADA

(WMT SALES $21B USD)

Canada

2003 2003

FIRST TRANSACTION WITH CALLOWAY REIT

(CWT ASSETS $100M CAD)

WALMART JOINT VENTURE WITH SMARTCENTRES

1999 1999 2014 2014

PENGUIN PICKUP CONCEPT IS INTRODUCED

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4 2018 2018

SMARTCENTRES FORMS JV PARTNERSHIPS

2016 2016

SMARTCENTRES STRATEGIC FOCUS EXTENDS TO MIXED USE

REAL ESTATE INVESTMENT TRUST

2015 2015

CALLOWAY REIT ACQUIRES SMARTCENTRES

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ON OUR JOURNEY OF INFINITE INFINITE POSSIBI POSSIBILITIES LITIES

94 properties on which intensification opportunities have been identified 256 individual development projects (e.g. an apartment, office, seniors’ residence,

self-storage facility, hotel, condominium or townhouses project)

34.4M SF income producing retail portfolio $9.7B dynamic real estate portfolio value

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CONTENTS ▪ Overview Page 4 ▪ Intensification & Development Page 6 ▪ Featured Initiatives Page 21 ▪ Retail Portfolio Page 65 ▪ Financial Highlights Page 73

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MAJOR INTERSECTIONS TRANSIT CONNECTIVITY EASY ACCESS FLEXIBLE STRUCTURES ONLY 25% COVERAGE 2,775 UNBUILT ACRES

BEST POSITIONED FOR INTENSIFI INTENSIFICA CATION TION

BEST BEST POR PORTF TFOLIO OLIO IN IN T THE HE CO COUN UNTR TRY

STRONG TENANT RELATIONSHIPS

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155 155

IN-HOUSE RESOURCES FOCUSED ON INTENSIFICATION

DEVELOPMENT TEAM OF

BEST POSITIONED FOR INTENSIFI INTENSIFICA CATION TION

PLANNERS / DEVELOPERS • ENGINEERS • GOVERNMENT RELATIONS • LEASING • ENVIRONMENTAL / GEOTECH SPECIALISTS • CONSTRUCTION • ARCHITECTS • LAWYERS • FINANCE / FINANCIAL ANALYSTS • MARKETING

86% 86%

OF OUR CURRENT RETAIL AREA

THIS TEAM DEVELOPED

60M 60M

DEVELOPED SINCE 1989

DEVELOPMENT IN OUR DNA

SF SF

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$9.7B

IN REAL ESTATE ASSETS

+

$12.1 12.1B

IN PLANNED INTENSIFICATION (REIT SHARE $5.5B)

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94 PROPERTIES IDENTIFIED FOR INTEN INTENSIFICA SIFICATION TION…

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BRITISH COLUMBIA ALBERTA SASKATCHEWAN MANITOBA ONTARIO QUEBEC ATLANTIC

8 3 4 2 3 2 1 61 34 20 3 10

MARKED FOR INTENSIFICATION UNDER REVIEW FOR INTENSIFICATION TOTAL

94 63

14 7 5 3 95 23 10 157

TOTAL PROPERTIES

…AND MORE TO COME

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WITH PROPERTIES

SELF-STORAGE (48) SENIORS (45) OFFICE BUILDINGS (10) CONDOS (46) TOWNHOUSES (14) HOTELS (5)

DEVELOPMENT STATUS

RENTAL APARTMENTS (88)

94

INDIVIDUAL DEVELOPMENT PROJECTS

256

EACH INDIVUDUAL PROJECT REPRESENTS ONE OF THE FOLLOW:

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256 DEVELOPMENT PROJECTS

34 34 71 71 151 151

UNDERWAY ACTIVE FUTURE 1 2 3 4 5

256 256

TOTAL

PLANNING ENTITLEMENTS(#)

33 33 32 32 74 74 139 139

PROJECT SF

REIT SHARE

13,300,000

6,000,000

14,000,000

6,400,000

32,000,000

15,500,000

59,300,000

27,900,000

POTENTIAL VALUE CREATION ($)

REIT SHARE

$995,100,000

$473,200,000

$667,800,000

$199,400,000

$1,783,900,000

$705,100,000

$3,446,800,000

$1,377,700,000

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CONSTRUCTION INITIATION (YEARS)

1 2 3 4 5 6+

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$3.0B $3.6B

POTENTIAL VALUE CREATION

FROM THE 256 INTENSIFICATION PROJECTS

VALUE CREATION

REIT SHARE: $1.3B-$1.5B

TO

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VALUE CREATION EXAMPLE

28 ACRES ∙ 380,000 SF

19 1900 00 EGLINT EGLINTON ON AVE VE E

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VALUE CREATION EXAMPLE

PLANNING ENTITLEMENTS FOR 5.3 MILLION SF (INCL. 14 TOWERS > 20 STORIES)

19 1900 00 EGLINT EGLINTON ON AVE VE E

FULL 20-YEAR BUILD-OUT WOULD YIELD $250M IN POTENTIAL VALUE ABOVE THE CURRENT IFRS VALUE.

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VALUE CREATION EXAMPLE

PHASE 1: 2 APARTMENTS POTENTIAL VALUE CREATION: $7 MILLION

19 1900 00 EGLINT EGLINTON ON AVE VE E

ONLY PHASE 1 OF THIS REDEVELOPMENT IS INCLUDED IN TOTAL PROJECT COUNT (256) & POTENTIAL VALUE CREATION ($3.0B - $3.6B) CALCULATIONS.

SLIDE 17 SMARTCENTRES REIT | Q2 2019 INVESTOR PRESENTATION SELF-STORAGE (48) SENIORS (45) OFFICE BUILDINGS (10) CONDOS (46) TOWNHOUSES (14) HOTELS (5)

INDIVIDUAL DEVELOPMENT PROJECTS

APARTMENTS LIVING (88)

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196 + 60 = 256

( 7 7 % ) ( 2 3 % ) ( 1 % ) RECURRING NON-RETAIL (SOSHAL) RECURRING NON- RECURRING TOTAL PROJECT COUNT

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MAJOR MIXED-USE REAL ESTATE INITIATIVES

Estimated Costs ($M) Estimated Gain on Final Sale Site Project Type GLA ('000sf) / Units Completion Year SRU % Share 100% Share SRU Share Yield Profit % SRU Share Timing

1. VMC (Office Towers)
a. KPMG (T#1)
b. PwC-YMCA (T#2)
c. Office (T#3)
d. Office (T#4)

Office Office Office Office 360sf 105sf 600sf 300sf 2016 2019 2024 2026 50% 50% 50% 50% $180 $65 $375 $210 $90.0 $32.5 $187.5 $105.0 5.7% 4.5%-5.5% 4.8%-5.5% 4.8%-5.5% — — — — — — — — — — — —

2. Montreal Premium Outlets

(1) Phase II (JV) (Simon Property Group) Retail 140sf 2022-2023 50% $56 $28.0 9%-10% — — —

3. New Premium Outlets

Premium (JV) (Simon Property Group) Retail 360sf 2022 50% $136 $68.0 8.0%-8.5% — — —

4. Laval Centre

(2) Jadco (2 Bldgs) Apartments 338 Units 2020-2022 50% $82 $41.0 5.3%-5.8% — — —

5. VMC (Condos)

CentreCourt CentreCourt CentreCourt CentreCourt CentreCourt Transit City 1 Transit City 2 Transit City 3 Transit City 4 Transit City 5 551 Units 559 Units 631 Units 498 Units 528 Units 2020-2021 2020-2021 2021 2023 2023 25% 25% 25% 25% 25% $181 $189 $190 $210 $225 $45.3 $47.3 $47.5 $52.5 $56.3 N/A N/A N/A N/A N/A 25%-30% 25%-30% 20%-25% 20%-25% 20%-25% 25% 25% 25% 25% 25% 2020-2021 2020-2021 2021 2023 2023

6. VMC (Apartments)

(2) VMC Rental Apartments Apartments 451 Units 2023-2024 50% $220 $110.0 4.2%-4.8% — — —

7. Vaughan NW

Fieldgate Low/Mid Rise Residential 175 Units 2022-2023 50% $100-$120 $50.0-$60.0 N/A 10%-15% 50% 2022-2023

8. Ottawa Laurentian

(2) Selection Group (2 Bldgs) Apartments/ Retirement Residence 410 Units 2022 50% $150 $75.0 6.0%-7.0% — — —

9. Multiple Locations

(2) (6 Approved Projects – Toronto (Leaside), Oshawa, Brampton (2 projects), Vaughan, Toronto (Scarborough)) Self-Storage (JV) (SmartStop) Self-Storage (4 to 5 new facilities each year) 500sf built per year in each of years 1-5 2019-2025 50% $60M per year in each

f years 1-5

$30M per year in each

f years 1-5

7.0%-8.5% — — — SMARTCENTRES REIT | Q2 2019 INVESTOR PRESENTATION

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SLIDE 19 Estimated Costs ($M) Estimated Gain on Final Sale Site Project Type GLA ('000sf) / Units Completion Year SRU % Share 100% Share SRU Share Yield Profit % SRU Share Timing

10. StudioCentre (Toronto)

SRU-Penguin JV Mixed-Use (Office, Studio, Hotel) 150sf 2022-2023 50% $53 $26.5 6.0%-7.0% — — —

11. Pointe-Claire (Apartments)

(2) Rental Apartments (2 Bldgs) Apartments 300 Units 2022-2023 50% $115 $57.5 4.5%-5.0% — — —

12. Pointe-Claire (Condo)

Condo Condo 200 Units 2024 50% $55 $27.4 N/A 10%-15% 50% 2024

13. Multiple Locations

(2) (3 Approved Projects – Vaughan (2 projects), Oakville) Retirement Living Residences (JV) (Revera) Retirement Residences & Seniors Apartments (3 to 5 new facilities each year) 600sf built per year in each of years 1-5 2022-2025 50% $100M per year per site in each of years 1-5 $50M per year per site in each of years 1-5 6.0%-7.5% — — — Notes: (1) The Phase II expansion for the Montreal Premium Outlets is included in the future development pipeline as Developments. (2) Stabilization is estimated to be 1 to 3 years after completion. (3) Estimated Transactional FFO Gains on Sale related to parcel sales of land into Joint Ventures estimated at 1%-2% of annual FFO at SmartCentres' ownership share. In addition to the projects set out in the table above (with the exception of the projects listed in Note 1), SmartCentres' pipeline also includes approximately 3.3 million square feet of future developments. Also in addition to the above, SmartCentres has a further mixed-use development pipeline estimated at 4.5 million square feet in projects that are underway or active. Further, SmartCentres will initiate activities in the short-term to work towards development of a further estimated 12.5 million to 15 million square feet in mixed-use initiatives that will be completed in the longer-term.

MAJOR MIXED-USE REAL ESTATE INITIATIVES

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2

IN THE GTA

NEW JOINT VENTURE SENIORS’ PROJECTS

RECENT EVENTS

ANNOUNCEMENTS EXPECTED BY Q4 REPORTING

+4

APARTMENT & CONDO PROJECTS

SOON TO BE ANNOUNCED ANNOUNCED SEPTEMBER 12, 2019

+5

JOINT VENTURE PROJECTS

+2

JOINT VENTURE PROJECTS

BARRIE LAKEFRONT APARTMENT COMMUNITY

7.8A

CRE NEW APARTMENT JV

PARTNER ON NEW PROPERTY

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CONTENTS ▪ Overview Page 4 ▪ Intensification & Development Page 6 ▪ Featured Initiatives Page 21 ▪ Retail Portfolio Page 65 ▪ Financial Highlights Page 73

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FEATURED INITIATIVES

1. VMC (VAUGHAN METROPOLITAN CENTRE), TORONTO | 100 ACRES – Page 24 2. VAUGHAN NORTH WEST, TORONTO | 42 ACRES – Page 37 3. OAKVILLE NORTH, TORONTO | 52 ACRES – Page 40 4. OAKVILLE SOUTH, TORONTO | 21 ACRES – Page 43 5. WESTSIDE MALL, TORONTO | 12 ACRES – Page 46 6. BRADFORD, TORONTO | 57 ACRES – Page 50 7. PICKERING, TORONTO | 48 ACRES - Page 53 8. CHILLIWACK, VANCOUVER | 15.5 ACRES – Page 56 9. LAVAL CENTRE, MONTREAL | 35 ACRES – Page 59

10. POINTE CLAIRE, MONTREAL | 22 ACRES – Page 63

404.5 404.5 / 3,569 3,569

ACRES TOTAL ACREAGE

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1. VMC
1. VMC

VAUGHAN METROPOLITAN CENTRE, TORONTO

▪ Long term build (10 – 15 years) ▪ A 50:50 JV between SmartCentres and Penguin

Properties. Mitchell Goldhar intimately involved in

all aspects of the project ▪ Potential density of 19M sf. of residential, office and retail development for the whole 100-acre site ▪ At its 50% ownership, SmartCentres lands (approximately 25 acres) represent 4.5M – 5.5M

sf. of potential development

▪ Transit infrastructure, including TTC subway and VIVA bus opened in December 2017, and York regional bus station to open Fall 2019

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YONGE & BLOOR PRE VS POST SUBWAY 1950s 1940s 1960s

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100 ACRES 501,254 SF 19 MILLION SF OF POTENTIAL

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SETTING THE STAGE…

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…FOR A NEW CITY CENTRE

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VMC VISION VISION…

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…BECOMING REALITY REALITY

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KPMG TOWER

REALITY RENDERING 100% LEASED

365,000 SF

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PWC/YMCA TOWER

* *

*Pending certification

RENDERING

PWC / YMCA

220,000 SF

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100% LEASED REALITY

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FUTURE FUTURE

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REALITY RENDERING SOLD OUT

>35%

RETURN ON COST +$30 MILLION IN PROFIT OVER ORIGINAL APPROVAL

1, 2 & 3

TOWER 1, 2 & 3 PROFITS EXCEED EXPECTATIONS

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RENTAL RESIDENTIAL TRANSIT CITY 4 & 5

SOLD OUT

& THE EAS

EAST T BL BLOCK OCK

CONSTRUCTION BEGINS FALL 2019

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A NEW CITY CENTRE NEW CITY CENTRE…& BEYOND

170+ ACRES ∙ 26+ MILLION SF OF POTENTIAL

(REIT SHARE 10.5 MILLION SF)

HWY 407

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2. V
2. VAUGHAN

AN NO NORTHWES THWEST, ,

TORONTO

▪ Existing Walmart anchored shopping centre at Major Mackenzie Drive and Weston Road in Vaughan ▪ JV with Fieldgate on 16-acre site for 230-300 freehold townhomes. Construction to commence in 2020; possession in 2021 and 2022 ▪ JV with SmartStop for a self-storage facility ▪ JV with Revera for two towers – seniors apartments and retirement residences ▪ In the process of obtaining approvals on the remaining 6 acres to add mixed-use density including 800,000 sf. of seniors housing, condominium and rental accommodation

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VAUGH UGHAN N NW NW

42 ACRES ∙ 177,906 SF

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VAUGH UGHAN N NW NW

1.7 MILLION SF OF POTENTIAL

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3. O
3. OAK

AKVILLE VILLE N NOR ORTH TH

(DUNDAS & TRAFALGAR), TORONTO

▪ An existing 461,000 sf. shopping centre on 52 acres at Highway 5 and Trafalgar Road in Oakville. Anchored by a 195,000 sf. Walmart Supercentre and a 120,000

sf. Real Canadian Superstore

▪ Located within the Uptown Core area in the Town of Oakville, intended to provide a mix of uses, with uncapped densities and permissions allowing for residential, office, retail and commercial uses ▪ The Town recently initiated an Official Plan review for the Uptown Core. SmartCentres is seeking increased height permissions through this process; Targeting up to 30 stories ▪ The master plan demonstrates an average density of 4.4 FSI and over 7 million sf. of residential, retail and mixed use

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OAKV AKVILL ILLE E NOR NORTH TH

52 ACRES ∙ 461,226 SF

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OAKV AKVILL ILLE E NOR NORTH TH

PLANNING ENTITLEMENTS FOR 5.5 MILLION SF

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4. O
4. OAK

AKVILLE VILLE SOU SOUTH, TH,

TORONTO

We have initiated discussions with municipalities, tenants and potential partners to evolve this site into: ▪ A 180,000 sf. shopping centre, anchored by strong retailers such as Metro food store, Shoppers Drug Mart, LCBO, Winners and Goodlife Fitness ▪ A JV for a Revera seniors’ residence, and ▪ A townhouse development

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OAKV AKVILL ILLE E SOUT SOUTH

21 ACRES ∙ 330,000 SF

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OAKV AKVILL ILLE E SOUT SOUTH

430,000 SF OF POTENTIAL

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5. WE
5. WEST

STSIDE SIDE MALL, MALL,

TORONTO

▪ 12-acre urban redevelopment site ▪ Currently a 140,000 sf shopping centre ▪ New Eglinton Crosstown Light Rapid Transit (LRT) station to open on site ▪ New links to existing GO network will connect new East:West to existing North:South transit framework ▪ Long-term project to add principally new residential development, with select retail

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WE WEST STSIDE SIDE MALL MALL

12 ACRES ∙ 144,405 SF

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WE WEST STSIDE SIDE MALL MALL

PLANNING ENTITLEMENTS FOR 3 MILLION SF

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6. BR
6. BRAD

ADFOR FORD, ,

TORONTO

▪ 57 acre Walmart-anchored site in the growing community of Bradford ▪ Currently a 280,000 sf shopping centre. ▪ Preliminary intensification plans include a hotel, a seniors residence, town homes, and mid-rise residential apartments and/or condominiums ▪ Early consultations are underway for municipal approval

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BRA BRADFOR DFORD

57 ACRES ∙ 278,860 SF

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BRA BRADFOR DFORD

565,000 SF OF POTENTIAL

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7. P
7. PICK

ICKERIN ERING,

TORONTO

▪ 48 acre Walmart-anchored site in the rapidly growing City of Pickering ▪ Adjacent to Hwy 401; 5 minutes from the Pickering Go Station and Durham Live ▪ Currently a 546,000 sf shopping centre; Potential for 7.8 million sf. ▪ Preliminary intensification plans include high-rise condominiums, townhouses, a seniors’ residence, residential apartments and a hotel ▪ Early consultations are underway for municipal approval

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PICKERING PICKERING

48 ACRES ∙ 546,000 SF

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PICKERING PICKERING

8 MILLION SF OF POTENTIAL

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8. CH
8. CHILL

ILLIWA IWACK CK,

VANCOUVER

▪ Official Community Plan and Rezoning Approval by Council Sept. 2019 ▪ Proposal included demolition of the current enclosed mall to accommodate:

162,798 sf of Commercial
2.63 acres of Residential
3 6-storey residential towers with 200+

units

Structured at grade parking

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CHILLIWA CHILLIWACK CK

15.5 ACRES ∙ 124,865 SF

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CHILLIWA CHILLIWACK CK

325,000 SF OF POTENTIAL

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9. LA
9. LAVAL

AL CENTRE, CENTRE,

MONTREAL

▪ Lands designated by City as “Centre-Ville”, due to highway and transit access ▪ Anchored by a 160,000 square foot Walmart Supercentre ▪ Parcels of land sold to others for a seniors’ residence, hotel and an office development ▪ JV with Jadco for Equinoxe Daniel- Johnson; 338 unit rental residential towers ▪ Remaining land to be developed for mixed-use

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LA LAVAL AL CENT CENTRE RE

35 ACRES ∙ 159,779 SF

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LA LAVAL AL CENT CENTRE RE

4.5 MILLION SF OF POTENTIAL

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RENDERING REALITY

DANIEL-JOHNSON

LA LAVAL AL CENT CENTRE RE

RENTAL RESIDENTIAL APARTMENTS

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10 10. . POI POINTE NTE-CLAIR CLAIRE, E,

MONTREAL

▪ Walmart and Home Depot anchored site in West Montreal purchased in 2016 ▪ Very well-located site – transit (new light rail transit line to downtown) and road access ▪ Master planning activities moving forward with strong support from council ▪ Secured zoning for a multitude of uses including residential, seniors housing and

ffice on the perimeter of the property

▪ First rental apartment building expected to be completed in 2022 ▪ Significant NAV accretion potential from entitlements achieved to date

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POINTE POINTE-CLAIRE CLAIRE

22 ACRES ∙ 384,915 SF

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POINTE-CLAIRE

2 MILLION SF OF POTENTIAL

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CONTENTS ▪ Overview Page 4 ▪ Intensification & Development Page 6 ▪ Featured Initiatives Page 21 ▪ Retail Portfolio Page 65 ▪ Financial Highlights Page 73

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OUR RETAIL IS…

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…STILL ROCKIN’

Toronto Premium Outlets SMARTCENTRES REIT | Q2 2019 INVESTOR PRESENTATION

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34.4 MILLION SF PORTFOLIO

AVERAGE PROPERTY AGE: 15 YEARS

32

CENTRES #

27 16 11 98.4 98.9

PRIMARY SECONDARY

157 100% 98%

TOTAL

G-VECTOM

NOI % OCCUPANCY %

98 73 97.5

    

77.4 86.6

74%

71.2

TENANT %

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100 100 100

GROCERY/ PHARMA %

100%

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HIG HIGH-QU QUALI ALITY TY TENANTS…

TOP 6 TENANTS ANNUAL RENT

$200,400,000 $33,000,000 $21,800,000 $18,600,000 $18,200,000 $37,200,000 RENTAL INCOME FROM TOP 6 TENANTS

$329,200,000

42% 75%

TOP 25 TOP 6

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SLIDE 70 1.1 1.4 1.9 1.4 2.0 0.7 0.3 1.2 0.6 0.8 0.8 0.9 0.7 0.6 0.2 0.5 0.4 0.2 0.5 1.8 1.6 1.6 2.3 1.8 0.8 0.7 0.6 0.6 0.3 0.7 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Month-to- month Vacant Walmart Other Anchor Non-anchor LEASE MATURITY BY AREA (in millions of square feet) Average roll of 2.3M sf. annually (6.9% of total GLA per year) ▪ Average lease term of 5.2 years ▪ Average remaining lease term of 6.1 years for Walmart, with multiple renewal options of up to 80 years ▪ Average remaining lease term excluding Walmart is 4.5 years ▪ 2,861,648 sf. or 80.0% of 2019 lease maturities have been renewed or near completion ▪ Average “same property” NOI growth is 1.0% to 1.5% p.a.

ST STAB ABLE LE RETAIL INCOME BASE….

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SLIDE 71

…& CONTINUED EXP EXPANSION ANSION

49%

NEW REPLACEMENT

51%

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SLIDE 72

ONGOING SERVICES INN INNOVATION TION…

… NEW REVENUE REVENUE SOUR SOURCES CES

5G C 5G CEL ELL T L TOWERS WERS EV CHA EV CHARGING GING ST STATIONS TIONS DIGI DIGITAL SIGN AL SIGNAGE GE PE PENGU NGUIN IN PICKUP PICKUP

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SLIDE 73

CONTENTS ▪ Overview Page 4 ▪ Intensification & Development Page 6 ▪ Featured Initiatives Page 21 ▪ Retail Portfolio Page 65 ▪ Financial Highlights Page 73

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SLIDE 74 $0 $200 $400 $600 $800 $1,000 $1,200

SmartCentres TSX Capped REIT TSX Composite

TOTAL RETURNS TO UNIT HOLDERS CONTINUE TO GROW

15.0% AVERAGE ANNUAL RETURN SINCE IPO (as of September 3, 2019) $1,057.49 $580.63 $407.15 SMARTCENTRES REIT | Q2 2019 INVESTOR PRESENTATION

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SLIDE 75

CONTINUED GROWTH IN RENTAL REVENUE & FFO PER UNIT (AS OF DECEMBER 31, 2018)

* Excludes $0.06 per unit of non-recurring income RENTAL REVENUE (in millions of $) FFO ($ per unit)

6.8% CAGR

since 2014

4.0% CAGR

since 2014 608 670 728 747 790 2014 2015 2016 2017 2018 1.95 2.10 2.17 2.20 2.28 2014 2015 2016* 2017 2018 SMARTCENTRES REIT | Q2 2019 INVESTOR PRESENTATION

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SLIDE 76

STABLE CASHFLOW

84.7% 81.1% 83.1% 81.8% 83.0% 2014 2015 2016 2017 2018 in thousands of dollars, except per Unit information) FFO per Unit(1) 1.95 2.10 2.17(3) 2.20 2.28 AFFO/ACFO per Unit(2) 1.84 1.99 2.00(3) 2.10 2.13 Distributions per Unit 1.56 1.61 1.66 1.71 1.76 DRIP participation rate 15.4% 19.1% 20.9% 22.0% 23.4% Distributions reinvested through DRIP 28,814 39,137 46,212 50,719 56,656 Surplus of AFFO/ACFO over distributions paid(2) 68,390 95,117 109,333 111,803 115,384

PAYOUT RATIO*

* 2014-2015 (AFFO) and 2016-2018 (ACFO) (1) FFO with one-time adjustment and before Transactional FFO (2) AFFO/ACFO with one-time adjustment and Transactional FFO (3) Excludes $0.06 per unit of non-recurring income ▪ Distributions fully funded from operating cashflow ▪ Annual distribution increases announced in each of 2014, 2015, 2016, 2017, 2018, and 2019 of $0.05 per unit. Current annual distribution per unit is $1.80 and will increase to $1.85 effective October 2019 SMARTCENTRES REIT | Q2 2019 INVESTOR PRESENTATION

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SLIDE 77

0.1 0.2 1.0 2.6 3.6 3.9 4.2 4.2 4.4 6.0 6.5 7.1 7.1 8.5 8.7 9.4 9.5 9.7 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q2 2019

TOTAL ASSETS VALUED AT $9.7B

31.3% CAGR

since 2002 TOTAL ASSETS (in billions of $) SMARTCENTRES REIT | Q2 2019 INVESTOR PRESENTATION

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SLIDE 78

DEBT / MATURITY LEVERAGE

74 140 203 275 180 119 371 87 3 45 320 250 350 300 200 100 160 250 250 100 200 300 400 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 BEYOND Secured Debt Unsecured Bank Loans Unsecured Debentures DEBT MATURITY (in millions of $) ▪ Interest costs on refinancing available with 10 year unsecured rates around 4% and secured rates below that ▪ Interest Coverage: 3.3X (Target: 2.5X – 3.0X) ▪ Debt to adjusted EBITDA: 7.8X (Target: 8.0X – 8.5X) ▪ Unencumbered pool: $4.5B (2.05X unsecured coverage) (Target: 1.3X unsecured coverage) ▪ Debt to GBV: 48.5% (Target: 50% - 60% long-term trend to continue to de-lever) ▪ Debt to Aggregate Assets: 41.8% ▪ Weighted Avg Interest Rate (Secured Debt): 4.05% ▪ Weighted Avg Term to Maturity (Secured Debt): 4.4 years ▪ DBRS rating of BBB with a Stable trend SMARTCENTRES REIT | Q2 2019 INVESTOR PRESENTATION

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SLIDE 79

LEVERAGE PROFILE

Jun. 30

2019

Dec. 31

2018

Dec. 31

2017

Dec. 31

2016 Debt to Aggregate Assets 41.8% 43.9% 45.4%(1) 44.3% Ratio of Secured Debt to Unsecured Debt 0.9X 1.1X 1.4X 2.0X Unencumbered Assets $4.5B $4.3B $3.4B $2.7B Debt to Adjusted EBITDA 7.8X 8.2X 8.4X 8.4X Interest Coverage 3.3X 3.3X 3.1X 3.1X Liquidity: Cash Resources $582M $399M $646M $355M Weighted Average Interest Rate (Total Debt) 3.69% 3.73% 3.69% 3.72% Weighted Average Term to Maturity (Total Debt) 4.7 yrs 4.9 yrs 5.1 yrs 5.2 yrs (1) Leverage increased during 2017 in support of the OneREIT acquisition SMARTCENTRES REIT | Q2 2019 INVESTOR PRESENTATION

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SLIDE 80

CONSERVATIVE CAPITAL STRUCTURE

18.7% Secured Mortgage Financing

Amount - $1.9B Weighted Avg Interest Rate – 4.05% Weighted Avg Term to Maturity – 4.4 years

19.7% Unsecured Debentures

Amount - $1.9B Weighted Avg Interest Rate – 3.28% Weighted Avg Term to Maturity – 4.3 years

1.5% Debt on Equity Accounted Investments

Amount - $141M Weighted Avg Interest Rate – 3.92% Weighted Avg Term to Maturity – 16.6 years

4.2% Operating Lines / Bank Loans / Outstanding LC’s

Operating Line – $23M Bank Loans – $320M Letters of Credit – $62M

55.9% Equity (as at September 3, 2019)

Units Outstanding – 170M Share Price – $31.79 Market Capitalization – $5.4B

Focused on: ▪ Lowering interest rates on renewals ▪ Maintaining maximum flexibility ▪ Reducing leverage over time ▪ Rebalancing unsecured and secured debt ratios

$9.6B

Total Enterprise Value

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