{"id":1958,"date":"2026-05-07T03:23:00","date_gmt":"2026-05-07T01:23:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=ab51757f6417dff021e0937cdf4dd3b4"},"modified":"2026-05-07T03:23:00","modified_gmt":"2026-05-07T01:23:00","slug":"smartcentres-real-estate-investment-trust-releases-first-quarter-results-for-2026","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=1958","title":{"rendered":"SmartCentres Real Estate Investment Trust Releases First Quarter Results for 2026"},"content":{"rendered":"<p>TORONTO--(BUSINESS WIRE)--<a href=\"https:\/\/twitter.com\/search?q=%24SRU.UN&src=ctag\" >$SRU.UN<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/CapitalMarkets?src=hash\" >#CapitalMarkets<\/a>--SmartCentres Real Estate Investment Trust (\u201cSmartCentres\u201d, the \u201cTrust\u201d or the \u201cREIT\u201d) (TSX: SRU.UN) is pleased to report its financial and operating results for the quarter ended March\u00a031, 2026.<\/p><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260506758739\/en\/2495673\/5\/SmartCentresREIT_Primary.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260506758739\/en\/2495673\/22\/SmartCentresREIT_Primary.jpg\" \/><\/a><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260506758739\/en\/2495673\/5\/SmartCentresREIT_Primary.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260506758739\/en\/2495673\/21\/SmartCentresREIT_Primary.jpg\" \/><\/a><p>\nWe are pleased to report a solid start to 2026. Retail demand remains strong resulting in exceptional retention of maturing tenancies which has led to lease extensions with a compelling average rent growth of 11.5% (excluding Anchors). Our focus on value-oriented retail, alongside the ongoing enhancement of tenant quality is further strengthening the positioning of our centres in each market we operate; including increased consumer traffic; enhancing the long-term value of our portfolio. On the development front, a program of new retail development is gaining momentum at SmartCentres. We are excited to bring, in the near future, new SmartCentres to Kingston, Ontario, Lindsay, Ontario and Winnipeg, Manitoba, to name a few as part of an ambitious growth program fueled by consumer demand for our core large format retailers in the categories of grocery, general merchandise, fair price apparel and others. We expect construction to begin later this year in Kingston and Winnipeg.<\/p><p>\n<b>2026 First Quarter Highlights<\/b><\/p><p>\n<b>Retail Operations<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\nIn-place and committed occupancy rate of 97.6% as of March\u00a031, 2026 or 98.0% as of today.<\/li>\n<li>\nStrong tenant base and customer traffic continued to drive Same Properties NOI<sup>(1)<\/sup> growth for the three months ended March 31, 2026, which increased by 1.4% (3.4% excluding Anchors) compared to the same period in 2025. This represents 3.0% growth over the trailing 12 months (4.8% excluding Anchors), reflecting leasing and renewal activity across the retail portfolio and improved occupancy in self-storage, partially offset by tenant turnover and higher expected credit loss (\u201cECL\u201d) provisions this quarter.<\/li>\n<li>\nExtended approximately 80% of leases maturing in 2026, with strong rent growth of 11.5% (excluding Anchors) and 5.8% (including Anchors).<\/li>\n<li>\nLeasing momentum remained resilient, with approximately 56,000 square feet of vacant space leased during the quarter. In addition, growing demand for new retail space continues, with approximately 52,000 square feet executed during the quarter.<\/li>\n<\/ul><p>\n<b>Development<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\nConstruction of the 200,000 square foot retail building pre-leased to Canadian Tire on Laird Drive in Toronto continues on schedule, with possession expected in Q3 2026.<\/li>\n<li>\nAcquired an 18.8-acre land parcel in Kingston, Ontario, for approximately $7.1 million, as part of the retail development growth program.<\/li>\n<li>\nConstruction of self-storage facilities is progressing well at Montreal (Notre Dame St. W) and Laval E, Quebec, and at Burnaby and Victoria, British Columbia. The Montreal and Laval E facilities are expected to open in Q2 2026. Both projects in British Columbia are expected to open in 2027. The Trust is also in the process of obtaining municipal approval for four additional sites across Ontario, British Columbia and Alberta.<\/li>\n<li>\nConstruction of the ArtWalk condo Tower A in the Vaughan Metropolitan Centre continues to advance as planned, with approximately 93% of the 340 units pre-sold. The underground parking structure is completed, and the formwork reached the second floor of Tower A during the quarter.<\/li>\n<\/ul><p>\n<b>Financial<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\nNet operating income for the three months ended March 31, 2026 was $137.7 million, representing an increase of $0.9 million, or 0.7%, as compared to the same period in 2025. The increase was primarily attributable to higher base rent driven by lease-up and renewal activities across the retail portfolio, partially offset by an increase in ECL provision.<\/li>\n<li>\nFFO per Unit<sup>(1)<\/sup> and FFO with adjustments per Unit<sup>(1)<\/sup> for the three months ended March 31, 2026, were $0.54 and $0.52, respectively, compared to $0.56 and $0.54 for the same period in 2025. The decreases were primarily attributable to higher interest and general and administrative expenses, partially offset by higher NOI.<\/li>\n<li>\nNet income and comprehensive income for the three months ended March 31, 2026 increased by $139.5 million as compared to the same period in 2025. The increase was primarily attributable to a $50.3 million fair value gain on investment properties, representing a $130.4 million increase from the prior year period, reflecting improved valuation parameters and leasing activity, as well as a $10.5 million improvement in the fair value loss on financial instruments to $4.0 million in the current period, primarily due to mark-to-market adjustments on interest rate swaps.<\/li>\n<\/ul><p>\n<b>Subsequent Event<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\nOn April 1, 2026, the Trust entered into agreements with Penguin, effective January 1, 2026, establishing a simplified framework, continued leadership of its Executive Chairman and CEO through December 31, 2030 and allowing management to focus on execution of the Trust\u2019s long-term growth strategy. The new and renegotiated agreements materially reduce related-party complexity and cash flow variability by settling all legacy earn-out arrangements, terminating all mezzanine loans, simplifying and consolidating certain fees paid to Penguin, and renew the non-competition arrangements. The previously outstanding voting top-up right also expired as of December 31, 2025 and will not be reinstated. The framework provides improved cash flow visibility, enhanced governance oversight, and clearer alignment between management, the Trust, and its unitholders.<\/li>\n<li>\nOn April 10, 2026, the Trust settled $42.4 million of TRS debt and the corresponding TRS receivable. On a pro forma basis, giving effect to the TRS settlement, the Adjusted Debt to Adjusted EBITDA<sup>(1)<\/sup> ratio remains at 9.7x, unchanged from the previous quarter.<\/li>\n<\/ul><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRepresents a non-GAAP measure. The Trust\u2019s method of calculating non-GAAP measures may differ from other reporting issuers\u2019 methods and, accordingly, may not be comparable. For additional information, please see \u201cNon-GAAP Measures\u201d in this Press Release.<\/p><\/td><\/tr>\n<\/table><p>\n<b>Selected Operational, Development and Financial Information<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n(in thousands of dollars, except per Unit and other non-financial data)<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAs at<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>March 31, 2026<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nDecember 31, 2025<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nMarch 31, 2025<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Portfolio Information (Number of properties)<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRetail properties<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>155<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n155<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n155<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOffice properties<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>4<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nSelf-storage properties<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>14<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n14<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n11<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nResidential properties<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>3<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIndustrial properties<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>1<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nProperties under development<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>23<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n21<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n22<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal number of properties with an ownership interest<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>200<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n198<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n196<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Leasing and Operational Information<sup>(1)<\/sup><\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGross leasable retail, office and industrial area (in thousands of sq. ft.)<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>35,543<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n35,585<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n35,425<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIn-place and committed occupancy rate<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>97.6 %<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n98.6 %<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n98.4 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAverage lease term to maturity (in years)<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>4.3<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4.3<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4.3<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIn-place net retail rental rate excluding Anchors (per occupied sq. ft.)<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$24.54<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$24.23<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$23.89<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Financial Information<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nInvestment properties<sup>(2)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>10,964,730<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n10,852,939<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n10,617,787<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal unencumbered assets<sup>(3)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>10,175,221<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n10,030,521<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n9,592,521<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNAV per Unit - diluted<sup>(3)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$36.19<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$35.93<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$35.51<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDebt to Aggregate Assets<sup>(3)(4)(5)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>44.4 %<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n44.4 %<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n44.1 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjusted Debt to Adjusted EBITDA<sup>(3)(4)(5)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>9.8X<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n9.7X<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n9.6X<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nWeighted average interest rate<sup>(3)(4)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>4.01 %<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4.00 %<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3.93 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nWeighted average term of debt (in years)<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>3.1<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3.4<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3.3<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nInterest coverage ratio<sup>(3)(4)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2.6X<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2.6X<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2.5X<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"3\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Three Months Ended March 31<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2026<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2025<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Financial Information<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRentals from investment properties and other<sup>(2)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>231,835<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n229,338<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet income and comprehensive income<sup>(2)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>129,897<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(9,581)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFFO<sup>(3)(4)(6)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>98,595<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n101,919<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAFFO<sup>(3)(4)(6)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>95,503<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n98,426<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCash flows provided by operating activities<sup>(2)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>76,445<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n81,737<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet rental income and other<sup>(2)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>137,687<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n136,786<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNOI<sup>(3)(4)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>144,823<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n143,524<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nChange in SPNOI<sup>(3)(4)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>1.4 %<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4.1 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nChange in SPNOI excluding Anchors<sup>(3)(4)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>3.4 %<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n6.7 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nWeighted average number of units outstanding \u2013 diluted<sup>(7)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>182,366,409<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n181,412,769<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet income and comprehensive income per Unit<sup>(2)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$0.73\/$0.71<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$(0.05)\/$(0.05)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFFO per Unit<sup>(3)(4)(6)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$0.55\/$0.54<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$0.57\/$0.56<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFFO with adjustments per Unit<sup>(3)(4)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$0.53\/$0.52<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$0.54\/$0.54<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAFFO per Unit<sup>(3)(4)(6)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$0.54\/$0.52<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$0.55\/$0.54<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAFFO with adjustments per Unit<sup>(3)(4)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$0.51\/$0.50<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$0.53\/$0.52<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nPayout Ratio to AFFO<sup>(3)(4)(6)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>86.4 %<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n83.8 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nPayout Ratio to AFFO with adjustments<sup>(3)(4)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>90.6 %<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n88.1 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth57\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nPayout Ratio to cash flows provided by operating activities<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>107.9 %<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n100.9 %<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nExcluding residential and self-storage areas.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(2)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRepresents a Generally Accepted Accounting Principles (\u201cGAAP\u201d) measure.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(3)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRepresents a non-GAAP measure. The Trust\u2019s method of calculating non-GAAP measures may differ from other reporting issuers\u2019 methods and, accordingly, may not be comparable. For additional information, please see \u201cNon-GAAP Measures\u201d in this Press Release.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(4)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIncludes the Trust\u2019s proportionate share of equity accounted investments.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(5)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAs at March 31, 2026, cash-on-hand of $31.2 million was excluded for the purposes of calculating the applicable ratios (December 31, 2025 \u2013 $44.6 million, March 31, 2024 \u2013 $25.6 million).<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(6)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nThe calculation of the Trust\u2019s FFO and AFFO and related payout ratios, including comparative amounts, are financial metrics that were determined based on the REALPAC White Paper on FFO and AFFO issued in January 2022 (\u201cREALPAC White Paper\u201d). Comparison with other reporting issuers may not be appropriate. The payout ratio to AFFO is calculated as declared distributions divided by AFFO.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(7)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nThe diluted weighted average units outstanding includes the vested portion of the deferred units issued pursuant to the DUP, and vested EIP units granted pursuant to the EIP.<\/p><\/td><\/tr>\n<\/table><p>\n<b>Development and Intensification Summary<\/b><\/p><p>\nThe following table provides additional details on the Trust\u2019s eight development initiatives that are currently under construction or where initial siteworks have begun (in order of estimated initial occupancy\/closing date):<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Projects under construction (Location\/Project Name)<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Type<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth7\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Trust\u2019s share<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth24\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Actual \/ estimated initial occupancy \/ closing date<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>% of capital spend<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>GFA<sup>(1)<\/sup><\/b><\/p><p class=\"bwalignc bwcellpmargin\">\n<b>(sq. ft.)<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>No. of<\/b><\/p><p class=\"bwalignc bwcellpmargin\">\n<b>residential units<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth7\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth24\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Mixed-use Developments<\/b><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwwidth7\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwwidth24\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl4 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nVaughan NW (Phase I &amp; II)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwvertalignm bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTownhomes<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth7\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n50%<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth24\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nQ1 2024<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n68%<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n366,000<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n174<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl4 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nMontreal (Notre-Dame)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwvertalignm bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nSelf-storage<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth7\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n50%<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth24\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nQ2 2026<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n78%<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n184,000<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl4 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nLaval East<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwvertalignm bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nSelf-storage<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth7\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n50%<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth24\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nQ2 2026<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n61%<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n176,000<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl4 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nBurnaby<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwvertalignm bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nSelf-storage<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth7\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n50%<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth24\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nQ2 2027<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n31%<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n137,000<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl4 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nVictoria<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwvertalignm bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nSelf-storage<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth7\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n50%<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth24\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nQ3 2027<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n36%<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n164,000<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl4 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nVaughan \/ ArtWalk<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwvertalignm bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCondo<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth7\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n50%<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth24\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nQ4 2027<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n41%<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n300,000<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n340<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwvertalignm bwpadl4 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOttawa SW<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwvertalignm bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nResidential Apartments<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc bwvertalignm bwwidth7\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n50%<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwalignc bwvertalignm bwwidth24\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nQ2 2028<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc bwvertalignm bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n30%<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n361,000<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc bwvertalignm bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n425<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwvertalignm bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Total Mixed-use Developments<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwvertalignm bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwalignc bwvertalignm bwwidth7\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwalignc bwvertalignm bwwidth24\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwalignc bwvertalignm bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>1,688,000<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc bwvertalignm bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>939<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwvertalignm bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Retail Development<\/b><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwvertalignm bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth7\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth24\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwvertalignm bwpadl4 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nToronto (Laird)<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwvertalignm bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRetail<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc bwvertalignm bwwidth7\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n50%<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwalignc bwvertalignm bwwidth24\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nQ3 2026<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc bwvertalignm bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n72%<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n225,000<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc bwvertalignm bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1)<\/p><\/td><td colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGFA represents Gross Floor Area.<\/p><\/td><\/tr>\n<\/table><p>\n<b>Reconciliations of Non-GAAP Measures<\/b><\/p><p>\nThe following tables reconcile the non-GAAP measures to the most comparable GAAP measures for the three months ended March 31, 2026, and the comparable period in 2025. Such measures do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures disclosed by other issuers.<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n(in thousands of dollars)<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0\" colspan=\"5\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Three Months Ended March 31, 2026<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"5\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nThree Months Ended March 31, 2025<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>GAAP Basis<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Proportionate Share Reconciliation<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Total Proportionate Share<sup>(1)<\/sup><\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nGAAP Basis<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nProportionate Share Reconciliation<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nTotal Proportionate Share<sup>(1)<\/sup><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Net operating income<\/b><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRentals from investment properties and other<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignm bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$231,414<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignm bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$13,740<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignm bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$245,154<\/b><\/p><\/td><td class=\"bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignm bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$227,324<\/p><\/td><td class=\"bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignm bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$12,977<\/p><\/td><td class=\"bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignm bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$240,301<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nProperty operating costs and other<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(93,680)<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(6,610)<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(100,290)<\/b><\/p><\/td><td class=\"bwsinglebottom bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(91,089)<\/p><\/td><td class=\"bwsinglebottom bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(6,246)<\/p><\/td><td class=\"bwsinglebottom bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(97,335)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$137,734<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$7,130<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$144,864<\/b><\/p><\/td><td class=\"bwsinglebottom bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$136,235<\/p><\/td><td class=\"bwsinglebottom bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$6,731<\/p><\/td><td class=\"bwsinglebottom bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$142,966<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nResidential sales revenue and other<sup>(2)<\/sup><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignm bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>421<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignm bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>7<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignm bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>428<\/b><\/p><\/td><td class=\"bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignm bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,014<\/p><\/td><td class=\"bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignm bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n9<\/p><\/td><td class=\"bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignm bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,023<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nResidential cost of sales and other<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(468)<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(1)<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(469)<\/b><\/p><\/td><td class=\"bwsinglebottom bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1,463)<\/p><\/td><td class=\"bwsinglebottom bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(2)<\/p><\/td><td class=\"bwsinglebottom bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1,465)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$(47)<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$6<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$(41)<\/b><\/p><\/td><td class=\"bwsinglebottom bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$551<\/p><\/td><td class=\"bwsinglebottom bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$7<\/p><\/td><td class=\"bwsinglebottom bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$558<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth22\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>NOI<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$137,687<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$7,136<\/b><\/p><\/td><td class=\"bwsinglebottom bwrowaltcolor0 bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$144,823<\/b><\/p><\/td><td class=\"bwsinglebottom bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth5\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$136,786<\/p><\/td><td class=\"bwsinglebottom bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$6,738<\/p><\/td><td class=\"bwsinglebottom bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$143,524<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nThis column contains non-GAAP measures because it includes figures that are recorded in equity accounted investments. The Trust\u2019s method of calculating non-GAAP measures may differ from other reporting issuers\u2019 methods and, accordingly, may not be comparable. For additional information, please see \u201cNon-GAAP Measures\u201d in this Press Release.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(2)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIncludes additional partnership profit and other revenues.<\/p><\/td><\/tr>\n<\/table><p>\n<b>Same Properties NOI<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Three Months Ended March 31<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n(in thousands of dollars)<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2026<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2025<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNOI<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$137,687<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$136,786<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNOI from equity accounted investments<sup>(1)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>7,136<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n6,738<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal portfolio NOI before adjustments<sup>(1)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$144,823<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$143,524<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjustments:<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nLease termination<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(576)<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(327)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet profit (loss) on residential closings<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>41<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(558)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl4 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOther adjustments<sup>(2)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2,347<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,908<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal portfolio NOI after adjustments<sup>(1)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$146,635<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$144,547<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNOI sourced from acquisitions, dispositions, Earnouts and developments<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(1,742)<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1,688)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Same Properties NOI<sup>(1)<\/sup><\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$144,893<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$142,859<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRepresents a non-GAAP measure. The Trust\u2019s method of calculating non-GAAP measures may differ from other reporting issuers\u2019 methods and, accordingly, may not be comparable. For additional information, please see \u201cNon-GAAP Measures\u201d in this Press Release.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(2)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIncludes items such as adjustments relating to royalties, straight-line rent and amortization of tenant incentives.<\/p><\/td><\/tr>\n<\/table><p>\n<b>Reconciliation of FFO<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"3\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Three Months Ended March 31<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n(in thousands of dollars)<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2026<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2025<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet income (loss) and comprehensive income (loss)<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$129,897<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$(9,581)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd (Deduct):<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFair value adjustment on investment properties and financial instruments<sup>(1)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(46,293)<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n94,659<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGain on derivative \u2013 TRS<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>4,524<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4,323<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGain on sale of investment properties<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(6)<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(7)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAmortization of intangible assets and tenant improvement allowance<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2,398<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,490<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDistributions on Units classified as liabilities and vested deferred units and EIP units<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>5,472<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n5,071<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nSalaries and related costs attributed to leasing activities<sup>(2)<\/sup><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2,363<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,383<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl4 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjustments relating to equity accounted investments<sup>(3)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>240<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,581<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>FFO<sup>(4)<\/sup><\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$98,595<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$101,919<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd (Deduct) non-recurring adjustments:<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGain on derivative \u2013 TRS<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(4,524)<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(4,323)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFFO sourced from condo and townhome closings<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>41<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(551)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl4 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTransactional FFO \u2013 sale of land<sup>(4)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>14<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n42<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth80\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>FFO with adjustments<sup>(4)<\/sup><\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$94,126<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth8\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$97,087<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIncludes fair value adjustments on investment properties and financial instruments. Fair value adjustment on investment properties is described in \u201cInvestment Properties\u201d in the Trust\u2019s MD&amp;A. Fair value adjustment on financial instruments comprises the following financial instruments: units classified as liabilities, DUP, EIP, TRS, and interest rate swap agreements. The significant assumptions made in determining the fair value are more thoroughly described in the Trust\u2019s unaudited interim condensed consolidated financial statements for the three months ended March 31, 2026. For details, please see discussion in \u201cResults of Operations\u201d section in the MD&amp;A.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(2)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nSalaries and related costs attributed to leasing activities of $2.4 million were incurred in the three months ended March 31, 2026 (three months ended March 31, 2025 \u2013 $2.4 million) and were eligible to be added back to FFO based on the definition of FFO, in the REALPAC White Paper, which provided for an adjustment to incremental leasing expenses for the cost of salaried staff. This adjustment to FFO results in more comparability between Canadian publicly traded real estate entities that expensed their internal leasing departments and those that capitalized external leasing expenses.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(3)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIncludes tenant improvement amortization, indirect interest with respect to the development portion, fair value adjustment on investment properties, loss (gain) on sale of investment properties, and adjustment for supplemental costs.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(4)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRepresents a non-GAAP measure. The Trust\u2019s method of calculating non-GAAP measures may differ from other reporting issuers\u2019 methods and, accordingly, may not be comparable. For definitions and basis of presentation of the Trust\u2019s non-GAAP measures, refer to \u201cPresentation of Certain Terms Including Non-GAAP Measures\u201d and \u201cNon-GAAP Measures\u201d in the MD&amp;A.<\/p><\/td><\/tr>\n<\/table><p>\n<b>Reconciliation of AFFO<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth77\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"3\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Three Months Ended March 31<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth77\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n(in thousands of dollars)<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2026<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2025<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth77\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>FFO<sup>(1)<\/sup><\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$98,595<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$101,919<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth77\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd (Deduct):<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth77\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nStraight-line rents<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(244)<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(431)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth77\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjusted salaries and related costs attributed to leasing<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(2,363)<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(2,383)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl4 bwwidth77\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCapital expenditures, leasing commissions, and tenant improvements<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(485)<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(679)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth77\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>AFFO<sup>(1)<\/sup><\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$95,503<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$98,426<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth77\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd (Deduct) non-recurring adjustments:<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth77\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGain on derivative \u2013 TRS<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(4,524)<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(4,323)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth77\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFFO sourced from condo and townhome closings<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>41<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(551)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl4 bwwidth77\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTransactional FFO \u2013 sale of land<sup>(1)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>14<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n42<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth77\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>AFFO with adjustments<sup>(1)<\/sup><\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth9\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$91,034<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$93,594<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRepresents a non-GAAP measure. The Trust\u2019s method of calculating non-GAAP measures may differ from other reporting issuers\u2019 methods and, accordingly, may not be comparable. For additional information, please see \u201cNon-GAAP Measures\u201d in this Press Release.<\/p><\/td><\/tr>\n<\/table><p>\n<b>Adjusted EBITDA\n<br\/><\/b>The following table presents a reconciliation of net income and comprehensive income to Adjusted EBITDA:<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Rolling 12 Months Ended<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n(in thousands of dollars)<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>March 31, 2026<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nMarch 31, 2025<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet income and comprehensive income<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$450,232<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$303,663<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd (Deduct) the following items:<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet interest expense<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>200,062<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n194,196<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAmortization of equipment, intangible assets and tenant improvements<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>12,359<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n12,367<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFair value adjustments on investment properties and financial instruments<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(98,568)<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n39,993<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjustment for supplemental costs<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2,413<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4,107<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGain on sale of investment properties<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(1,094)<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(25)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth68\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Adjusted EBITDA<sup>(1)<\/sup><\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$565,404<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$554,301<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRepresents a non-GAAP measure. The Trust\u2019s method of calculating non-GAAP measures may differ from other reporting issuers\u2019 methods and, accordingly, may not be comparable. For additional information, please see \u201cNon-GAAP Measures\u201d in this Press Release.<\/p><\/td><\/tr>\n<\/table><p>\n<b>Net Asset Value<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth60\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n(in thousands of dollars, except per Unit information)<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth16 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nMarch 31, 2026<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth20 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nDecember 31, 2025<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth60\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal equity<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth16\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$6,397,338<\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$6,346,305<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth60\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nLP Units classified as liabilities<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth16\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n208,184<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n201,229<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth60\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>NAV<sup>(1)<\/sup><\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth16\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$6,605,522<\/b><\/p><\/td><td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$6,547,534<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth60\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nUnits outstanding - diluted<sup>(2)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth16\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n182,520,891<\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n182,242,010<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth60\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>NAV per Unit - diluted<sup>(1)<\/sup><\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth16\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$36.19<\/b><\/p><\/td><td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$35.93<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRepresents a non-GAAP measure. The Trust\u2019s method of calculating non-GAAP measures may differ from other reporting issuers\u2019 methods and, accordingly, may not be comparable. For additional information, please see \u201cNon-GAAP Measures\u201d in this Press Release.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(2)<\/p><\/td><td class=\"bwtablemarginb bwblockalignl\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal diluted Units outstanding include Trust Units and LP Units, including Units classified as liabilities, vested portion of the deferred units issued pursuant to the deferred unit plan and vested EIPs granted pursuant to the equity incentive plan.<\/p><\/td><\/tr>\n<\/table><p>\n<b>Conference Call<\/b><\/p><p>\nManagement will hold a conference call on Thursday, May 7, 2026 at 3:00 p.m. (ET).<\/p><p>\nInterested parties are invited to access the call by dialing 1-855-353-9183 and then keying in the participant access code 72512#.<\/p><p>\nA recording of this call will be made available Thursday, May 7, 2026 through to Thursday, May 14, 2026. To access the recording, please call 1-855-201-2300, enter the conference access code 72512# and then key in the playback access code 72512#.<\/p><p>\n<b>About SmartCentres<\/b><\/p><p>\nSmartCentres is one of Canada\u2019s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 200 strategically located properties in communities across the country. SmartCentres has approximately $12.3 billion in assets and owns 35.5 million square feet of income producing value-oriented retail and first-class office properties with 97.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.<\/p><p>\n<b>Non-GAAP Measures<\/b><\/p><p>\nThe non-GAAP measures used in this Press Release, including but not limited to, AFFO, AFFO with adjustments, AFFO per Unit, AFFO with adjustments per Unit, Payout Ratio to AFFO, Payout Ratio to AFFO with adjustments, Unencumbered Assets, NOI, Debt to Aggregate Assets, Interest Coverage Ratio, Adjusted Debt to Adjusted EBITDA, Unsecured\/Secured Debt Ratio, FFO, FFO with adjustments, FFO per Unit, FFO with adjustments per Unit, Net Asset Value (\u201cNAV\u201d), Same Properties NOI, Same Properties NOI excluding Anchors, Debt to Gross Book Value, Weighted Average Interest Rate, Transactional FFO, and Total Proportionate Share, do not have any standardized meaning prescribed by International Financial Reporting Standards (\u201cIFRS\u201d) and are therefore unlikely to be comparable to similar measures presented by other issuers. Additional information regarding these non-GAAP measures is available in the Management\u2019s Discussion and Analysis of the Trust for the three months ended March 31, 2026, dated May 6, 2026 (the \u201cMD&amp;A\u201d), and is incorporated by reference. The information is found in the \u201cPresentation of Certain Terms Including Non-GAAP Measures\u201d and \u201cNon-GAAP Measures\u201d sections of the MD&amp;A, which is available on SEDAR+ at <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sedarplus.ca&amp;esheet=54530844&amp;newsitemid=20260506758739&amp;lan=en-US&amp;anchor=www.sedarplus.ca&amp;index=1&amp;md5=5866d8fc203cabd70ec2b7009cf3b289\" rel=\"nofollow\" shape=\"rect\">www.sedarplus.ca<\/a>. Reconciliations of non-GAAP financial measures to the most directly comparable IFRS measures are found in \u201cReconciliations of Non-GAAP Measures\u201d of this Press Release.<\/p><p>\nFull reports of the financial results of the Trust for the three months ended March 31, 2026 are outlined in the unaudited interim condensed consolidated financial statements and the related MD&amp;A of the Trust for the three months ended March 31, 2026, which are available on SEDAR+ at <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sedarplus.ca&amp;esheet=54530844&amp;newsitemid=20260506758739&amp;lan=en-US&amp;anchor=www.sedarplus.ca&amp;index=2&amp;md5=b7cdbf6334d91f68f735258df98508bc\" rel=\"nofollow\" shape=\"rect\">www.sedarplus.ca<\/a>.<\/p><p>\n<b>Cautionary Statements Regarding Forward-looking Statements<\/b><\/p><p>\nCertain 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 including, but not limited to, statements related to SmartCentres\u2019 expectations relating to cash collections, SmartCentres\u2019 expected or planned development plans and joint venture projects, including the described type, scope, costs and other financial metrics and the expected timing of construction and condo 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 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.<\/p><p>\nHowever, 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, including risks associated with potential acquisitions not being completed or not being completed on the contemplated terms, public health crises, real property ownership and development, debt and equity financing for development, interest and financing costs, construction and development risks, and the ability to obtain commercial and municipal consents for development. These risks and others are more fully discussed under the heading \u201cRisks and Uncertainties\u201d and elsewhere in SmartCentres\u2019 most recent Management\u2019s Discussion and Analysis, as well as under the heading \u201cRisk Factors\u201d in SmartCentres\u2019 most recent annual information form.<\/p><br\/> <b>Contacts<\/b> <br\/><p>\nMitchell Goldhar\n<br\/>Executive Chairman and CEO\n<br\/>(905) 326-6400 ext. 7674\n<br\/><a  href=\"mailto:mgoldhar@smartcentres.com\" rel=\"nofollow\" shape=\"rect\">mgoldhar@smartcentres.com<\/a><\/p><p>\nPeter Slan\n<br\/>Chief Financial Officer\n<br\/>(905) 326-6400 ext. 7571\n<br\/><a  href=\"mailto:pslan@smartcentres.com\" rel=\"nofollow\" shape=\"rect\">pslan@smartcentres.com<\/a><\/p><br\/> <a href=\"http:\/\/www.businesswire.com\/news\/home\/20260506758739\/en\/SmartCentres-Real-Estate-Investment-Trust-Releases-First-Quarter-Results-for-2026\/?feedref=Zd8jjkgYuzBwDixoAdXmJgT1albrG1Eq4mAeVP39212bri8lIe-zl5tWvCOnRHW3evRMp3sIgu8q3wq1OF24lT93qbEzrwa15HGbLqMObxY5fjCLYi_If30KxIsYuhwbuLAuCkn8FS6sh-I3dfDZEg==\"> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"<p>TORONTO&#8211;(BUSINESS WIRE)&#8211;$SRU.UN #CapitalMarkets&#8211;SmartCentres Real Estate Investment Trust (\u201cSmartCentres\u201d, the \u201cTrust\u201d or the \u201cREIT\u201d) (TSX: SRU.UN) is pleased to report its financial and operating results for the quarter ended March\u00a031, 2026.<br \/>\nWe are&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1958","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/1958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1958"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/1958\/revisions"}],"predecessor-version":[{"id":1959,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/1958\/revisions\/1959"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}