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SmartCentres REIT - Q3-2017 Earnings & Price Target Update

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SmartCentres REIT (formerly SmartREIT and Calloway REIT) owns 143 shopping centres (as of Sept-30-2017), one office building, and eight development properties. This increased to 155 shopping centres following the acquisition of ONEReit on Oct-4-2017. Generally, the shopping centres are conveniently located close to major highways, which, along with the anchor stores, provide significant customer traffic. The portfolio is located across Canada with properties in each of the provinces, with 60% of revenues from Ontario, 15% from Quebec, 9% - BC and the balance split between 9 provinces including Alberta at 3%. The Ontario properties are mainly located in the Greater Toronto Area. Walmart is the major tenant occupying 94 stores contributing 27% of annual revenues. Nine other major Canadian retail brands contribution 22% of annual revenues. At Sept- 30-2017, the Penguin Group of Companies, owned by Mitchell Goldhar, owned and estimated 22% of Smart REITs common and limited partnership units and a 50% voting interest.

SmartCentres REIT owns and manages 34M sq. ft. of which Walmart contributes 25% or rental income. Total real estate assets of $9.3B include $502M of development in process. This includes SmartREITs share of joint ventures with Penguin Developments, Centre Court Developments, Simon Property Group (SPG-NYSE), Jadco Developments and Fieldgate Corp. The joint venture with Simon Property Group owns the Toronto and Montreal Premium Outlets. Joint ventures with Penguin include the Vaughn Metropolitan development. SmartREIT is expanding 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.

In Apr-2015 Calloway Real Estate Investment Trust purchased SmartCentres and changed its name to SmartREIT. For $1.2B, Calloway acquired 24 shopping centres, mainly in Ontario and Quebec, 16 of which are anchored by Wal-Mart Stores Inc. Also included in the purchase was 2M sq. ft. of development space. Calloway paid an additional $55M for SmartCentres' intellectual property, including its trademark Penguin logo, and contracts and retail development and leasing expertise. On Oct-20-2017, their name was changed to SmartCentres Real Estate Investment Trust from SmartREIT.

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