SmartCentres Real Estate Investment Trust ($SRUUN)

Good afternoon. I think it's good morning. I want to thank you all for joining us today. This is the Annual General Meeting of the holders of units and special voting units of smart centers, real estate investment trust. The meeting will now come to order. Before we begin, kindly turn off your mobile devices. My name is Mitchell Goldhar, and I am the Executive Chairman and Chief Executive Officer of SmartCentres and a trustee. Before we start, the formal portion of the meeting would like to introduce other trustees and officers of smart centers. In addition to myself, our current trustees are Janet Banister; Neil Cunningham, Gary Foster, Greg Howard, Sylvie Lachance, Sharm Powell; and Michael Young to my left. In addition to myself, our officers are Peter clan, Chief Financial Officer; Rudy Gobin, Chief Portfolio and Asset Management Officer; Allan Scully, Executive Vice President, Development; Paula Bustard, Executive Vice President, Development; Dan Marco, Executive Vice President and Chief People and Culture Officer. After the formal meeting, there will be a brief management presentation and an opportunity to ask questions about smart centers. Michael Young is the lead independent trustee of smart centers and will be the Chairman for this meeting. Michael?

Thanks, Mitch. As this meeting is being held in person and online via a live webcast. I will first set out a few matters to facilitate the orderly contact of the meeting. Registered unitholders and policyholders who wish to vote at the meeting and cast a vote in person may do so. Ballots were provided when you signed in at the registration outside this room. Those registered unitholders and proxy holders who wish to vote at the meeting and cast a ballot online should have logged into the webcast by entering the control number listed on their policy form on their proxy form. Proxy holders, including beneficial owners who appointed themselves as proxy holders should have logged into the webcast by entering the control number they received after they appointed themselves as proxy holder and registered with Computershare. If you have logged in properly, the electronic ballot will be displayed. You're encouraged to complete your voting as soon as practical since voting will be -- will close promptly after the conclusion of the formal business of the meeting, be sure to stay connected to the Internet at all times in order to vote when the balloting begins. If you have voted your units prior to the start of the meeting, your vote has been received and the scrutineer by the scrutineers, and there is no need to vote during the meeting. unless you wish to revoke or change once the formal items of business are moved. We will take questions received from the floor throughout the online -- through the online messaging platform. The legal name of the submitting a unitholder or a proxy holder will be read aloud before the question is addressed. Questions that are redundant or that have inappropriate language or otherwise unduly disruptive to the orderly conduct of the meeting will not be addressed. General unitholder questions that do not directly relate to the meeting's items of business will not be addressed during the meeting but will be addressed after the meeting. Given timing delays for our online participants, unitholders who are participating online are encouraged to submit their questions at the beginning of the meeting through the online messaging platform. These questions will be addressed during the meeting if they relate to a particular matter or will be addressed during the Q&A session immediately following the management presentation. If during the meeting, we encounter any technical difficulties with the webcast, please remain logged on, and we will resume as soon as possible. Forward-looking statements may be made during the formal presentation of the meeting and during the management presentation and Q&A session afterwards. Certain material factors and assumptions were applied in providing these statements, many of which are beyond our control. These statements are subject to a number of risks and uncertainties that would cause actual results to differ materially from those expressed or implied in the forward-looking statements. A summary of these underlying assumptions, risks and uncertainties is contained in our various securities filings, including our most recent AIF and MD&A, all of which are available on SEDAR and on the SmartCentres website. Forward-looking statements are made as of today's date and except required by applicable securities law, we undertake no obligation to publicly update or revise any such statements. We will now proceed with the formal portion of today's meeting. I will call this meeting to order. With the consent of the meeting, I appoint James Brown, to my left, legal counsel for Smart Centers as Secretary of this meeting and Computershare Trust company of Canada represented today by Melissa Phillips and Kate Stevens as scrutineers for the meeting. A notice informing unitholders of the meeting, along with the management information circular and a form of proxy where requested were mailed to unitholders of record of units and special voting units as of March 31, 2026. I will use the term unitholders to refer to both holders of units and holders of special voting units. The audited financial statements and related management discussion and analysis of Smart Centers for the year ended December 31, 2025, have also been mailed to anyone who requested to receive those documents. Computershares provided an affidavit of mailing of the notice calling this meeting, the management information circular in the form of proxy for the meeting. I request the copies of the notice of the meeting, the affidavit of the mailing and the mailing and the meeting materials be kept by the Secretary with the records for this meeting. Unless someone objects, I propose to dispense with the reading of the notice calling this meeting. The declaration of trust of smart centers provide that the quorum for this meeting is at least 2 persons present and holding or representing by proxy, not less than 25% of the units and special voting units. The scrutineers' report shows that there are 69 holders of units present at the meeting holding or representing by approximately 43.78% of the issued units of SmartCentres, there are also 23 holders of special voting units representing at the meeting represent present at the meeting holding or representing by proxy 99.87% of the issued special voting units of SmartCentres, the total representation at this meeting present in person or represented by proxy is 63,351,263 units, and 3,565 and 81 special voting units being 54.35% of the units and special voting units of SmartCentres in aggregate. I declare that this meeting has been regularly called and is properly constituted for the transaction of business. The scrutineers' report will be provided to the Secretary of the meeting and will be incorporated into the meeting's minutes. In order to expedite the formal part of the meeting, certain unitholders have been asked to propose and second various motions. While this procedure will assist in the handling formal matters, it should not discourage any registered unitholder or proxy holder from speaking or submitted questions or remarks through the instant messaging service of the virtual interface in reference to any motion after it has been proposed and seconded. If you wish to speak or when submitting a question or remark online, please indicate your name, which entity you represent, if any, and indicate whether you are a unitholder or a proxy holder. In the interest of fairness to all unitholders, I would ask that you be brief with your questions or remarks. Limiting them to matters directly related to the meeting, unitholders are asked to complete their ballots whether in person or online and return them. Once the online poll is closed after all items of business have been considered, the scrutineers will tabulate the votes cast and will report on the results towards the end of the meeting. The first item of business is the presentation of the audited financial statements of SmartCentres Real Estate Investment Trust for the year ended December 31, 2025, and the auditor's report therein. The financial statements will be taken as presented to the meeting. The next item of business is to fix the aggregate number of trustees to be elected or appointed at this meeting May I please have a motion?

I move to fix the active number of trustees to be elected for the meeting at Novartis.

I second the motion.

Thank you. You've heard the motion. Are there any questions on this matter?

Mr. Chairman, we've not received any online questions or comments related to this item.

ThThank you. The next item of business is the election of trustees. As stated in the management information circular, the trustees of smart centers have adopted a policy that entitles unitholders to vote for each nominee on an individual basis. In addition, the trustees have adopted a policy stipulating that if the votes in favor of a nominee for the election of a trustee of smart centers represent less than a majority of the units voted and withheld, the nominee will submit his or her resignation after the meeting for the consideration of the Corporate Governance and Compensation Committee. It is proposed that the 6 nominees set out in the management information circular be elected as trustees to hold office until the next annual meeting or until their successors are elected or appointed. The Penguin Group has confirmed that Greg Howard and Mitch Goldhar will be the Penguin group appointees for the remaining 2 trustee positions of the Board. I'll entertain motions for the nominations of persons to be elected to the 6 trustee positions to be determined by the unitholders of smart centers. The nominees for election to the 6 trustee positions to be determined by the unitholders of SmartCentres to hold office until the next annual meeting of unitholders or until their successors are elected or appointed are Janet Banister, Neil Cunningham; Garry Foster; Sylvie Lachance, Sean Powell and myself, Michael Young.

I do make the trustee -- the nominees for trustees named in the management information see prepared for this meeting for election as trustees of the trust to hold office until the next annual meeting of unitholders or until our successors are elected or appointed.

Thank you. As no notice of additional trustee nominations was received in accordance with the smart centers advanced notice policy, I declare nominations closed. Are there any questions or comments submitted in connection with the election of trustees.

Mr. Chairman, we have not received any questions or comments related to this item.

Okay. Thank you. The next item of business is the appointment of the auditor of SmartCentres for the next year?

I move that Pricewaterhouse is LOBsonal accountants he appointed auditor of SmartCentres the ensuing year and that trustees to smart centers can authorize to fix the remuneration of such an total.

I second the motion.

Thank you. You have heard the motion. Are there any questions or comments submitted in connection with the appointment of the auditor?

Mr. Chairman, we have not received any questions or comments related to this item.

Okay. Thank you. As stated in the management information circular prepared for this meeting, unitholders are asked to consider an annual nonbinding advisory resolution respecting our approach to executive compensation. As this is an advisory vote, the results will not be binding upon the Board of Trustees of SmartServers. However, the Board of Trustees will take the results of the vote into account as appropriate when considering future compensation policies, programs and decisions. May I please have a motion?

I move that on an advisory basis, not to mention the role of responsibilities, order trustees or smart cells -- the approach to site molestation as disposed to management imatinib as car summers date e1 2026.

I second the motion.

Thank you. Were there any questions or comments submitted in connection with this matter?

Mr. Chairman, we have not received any questions or comments related to this item.

Great. Thank you. As stated in the management information circular prepared for this meeting, unitholders are asked to consider and, if not advisable, to pass a resolution approving the adoption of a new long-term incentive plan that provides for a maximum of 1,200 units reserved for issuance thereunder as more particularly set out in the management information circular. May I please have a motion?

I move that resin including new later Essential Plan as set out in the Management Information circular for Smart Centers second.

I second the motion.

Thank you. Were there any questions or comments submitted in connection with this matter?

Mr. Chairman, we have not received any questions or comments related to this item.

Thank you. As this is the last item of business, we will provide registered unitholders and duly appointed proxy holders a few more moments to complete ballots in person or to complete electronic ballots online before closing the polls. We're okay. I declare the polls closed on each of the items of business. Thank you. The scrutineers will now tabulate the results, and will disclose the official voting results shortly after this meeting. However, we have been advised that based on proxies received prior to the meeting, the preliminary results are as follows: -- with respect to the motion to fix the aggregate number of trustees to be elected or appointed at the meeting at no more than 8. Majority of the votes cast by proxy were in favor of the motion. Therefore, the motion has been carried. With respect to the motion to elect the trustees, each of the 6 nominees listed in the management information circular have received a majority of votes cast by proxy in favor of his or her election. Therefore, I confirm they are elected as trustees. With respect to the motion to appoint price Waterhouse Coopers LLP as the auditor of smart centers for the ensuming year. A majority of the votes cast by proxy were in favor of the motion. Therefore, the motion has been carried. With respect to the motion that on an advisory basis, the approach to executive compensation is closed in the management information circular be accepted, the majority of the votes cast by proxy. We're in favor of the motion. Therefore, the motion has been carried. With respect to the motion to approve and adopt the new long-term incentive plan as further described in the management information circular, a majority of the votes cast by the proxy were in favor of the motion. Therefore, the motion has been carried. I direct that the results of the poll be included in the minutes of this meeting. The results of this meeting will be announced in a press release in accordance with the policies of the TSX and filed on SEDAR. Now that we have completed the formal items of the business -- of business for this meeting, I propose that we terminate the meeting. Thank you. As there is no further business for the meeting, I declare that the meeting is terminated. Thanks, everybody, for attending today's meeting. I would like to take this opportunity to thank all the smart centers unitholders for their support. And Mitch Goldhar will now walk us through a short management presentation followed by Q&A. Mitch?

Thank you Michael. Yes so welcome -- once again, to our after -- already after pre-AGM presentation. I hope that when -- by time live you'll have a very clear sense of the company and what we are and where we're going. And of course, it's a casual format. So if you have any questions, just go ahead and ask them at any time. And of course, at the end, we'll leave time for to that as well. So for centers generally speaking, is a very simple approach, radically simple approach, and that is just to make decisions based on the long term. I think that's a good philosophy for any business. It doesn't need to be over -- things don't need to be overly -- more complicated than that. And that has resulted in a lot of the statistics that you see on the screen here now. And then -- and there's other statistics on the screen that are unexplainable given the -- given the long-term approach, that's resulted in some of these numbers. We have 200 basically shop because we really do have -- we did not round that up or down. We will be rounding a few things up and down. I'll try and tell you when we do. But we actually have 2200 million. They're in thoughtful, thoughtful locations. The vast majority of these properties, we develop them either in an earlier iteration or in the current public company. And that's significant because we didn't build this company running around buying anything that we could that would be accretive because there was a huge period of time where money was cheap and public companies like Canadian REITs could raise money cheaper than the acquisition price based on based on a yield basis. That's not the case here. Every 1 of these locations was sweated. -- just as if you were doing on property development and you thought of everything that could go wrong, it is an accumulation of 20 strategically located properties that has turned into, at the moment, 36 million square feet of income-producing properties. And just you keep in mind that 25% of that plus or minus income is Walmart -- Walmart income. And vast majority of the rest of it is Canadian Tire, Loblaws, TJX, et cetera, et cetera. And further emphasizing the strength of that income is the fact that 88% of it is in Netcom markets. This is 2025. So the 98.6% occupancy, is industry is an industry high. And we actually have a an approval pipeline, a pipeline of mixed-use development that's in a range that's almost a concept. I mean it's almost impossible to comprehend 88 million square feet and what that represents and what that would involve developing, but we do. and of that 88 million, 60 million of it is sold permissions. So -- and the permissions vary. Of course, a lot of it is residential. -- to get to that number. And the -- this is on sites that the company already owns. So if you're a shareholder, you own your share of this -- it's a staggering amount, which we'll talk about in a bit. and then the assets are $12.3 billion. So with that in mind, the unit price at printing of this was 28 41. The net asset value of everything for mentioned is would be the equivalent of $36.19 a share, representing a 21.5% discount. But in the meantime, not only do we offer or does the market offer a 21% discount on real estate that generates income and has lots of density, we will actually pay you 6.5% on 1/12 every month in the meantime until we see some closing of the gap there. Yes, that's a high-level summary of the financial situation overview of the company. In saying that we think about the long-term guides our decision-making. It's not just words. This is the result of long-term thinking because, of course, this means which tenants we choose, how long their leases are. We give rent to have more reliability in our income and occupancy. But I would take occupancy over spikes in rent any day. And part of that works for smart centers more so than other companies because we are also developers. So we don't need our growth doesn't rely entirely on internal bumps. And that's not our main story. We can produce income, we can create profit out of, let's say, nothing or the potential of opportunities out there as developers. So we're better off having the very solid, long-term, reliable income-producing properties and then tap our development acumen to grow the company, and we'll get to that in a second. Next. This is just to remind everybody that we've never cut distributions. This shows the numbers. I'm not going to say that it emphasizes the cutters because we can't show that we've never cut distributions really without showing those who have got distributions. So it just happens to make its way on to the slide. And by the way, this this choice. I don't remember. I'm sure somebody in the room would remember whether beat ever cut distributions. I don't know if they did. -- prior to the Choice deal because this is post Choice deal. So if not, I'm getting the signal they did not. They would be the other maybe other REIT that didn't get distributions. Next slide?. So had you bought smart centers for all intents purposes, if you had bought $100 worth you have you'd have $1,572. And that would be otherwise a 12.4% compounded return, including the distributions, which have never been cut. And then you can see that against the REIT index and the market. Yes. So let's go to -- let's get to the growth of the company. the theme of the company going forward about what we are, where we were, what we are. Since we developed for tin purposes since we developed a smart center last from scratch. This is an important stat along with some other steps behind this. The country has grown by about 6.3 million people since we last built a smart center. If we were to use sort of a rule of thumb of on SmartCenter per 100,000 people, as a catch basin. That would represent the opportunity of another 63 smart centers and the average probably around 125,000 square feet, let's say with all the anchors. So it's just a simple that illustrate what the potential may be for us why did the -- why did we not build a smart center? Why do we not build a smart center since 2014. By the way, I think we only built 1 in 2014. I think the 1 before that might have even been -- so it's more than 12 years. It's more like 13, 14 years since we've had a very concerted program. The reason is that in 2010, '11, '12, the retailers that make up the majority of SmartCenters were quite preoccupied with e-commerce. And at that time, if we were sitting here in 200, say, 10 or 11, everybody would be questioning the future of retail. And everyone would believe that there could be a world without physical retail. And of course, industrial just took off and there was a flight of capital to industrial and a lot of other things. And retail became slowly but surely went into the doghouse. But that's sort of a bit of an aside. The point being though that the Canadian immigration policy changed around that time. And we were growing by twice the rate immigration wise, population-wise in the United States. But nobody the Walmarts, the Loblaws is the Home Depots, Canadian Tire of the world, we're very much inward looking at their e-commerce platforms. I mean I can say that in the case of Walmart, they were absolutely determined to catch up because they really were flat-footed in the 2002, 3, 4, 5 when Amazon were all in whether they were really all in or they were just found themselves riding a wave and do an amazing job riding that wave. Walmart did not go like lockstep neither did target neither did Costco, and they were all way behind. They really at the time, I don't think, really believed e-commerce would take the kind of percentage share of retail -- that it ended up taking. But by 2010, I mean, between 1997 and 2011, SmartCenters in its form opened. A Walmart store, somewhere in Canada every 3 weeks for 14 years in a row. So if you want to think about the company's capacity to develop, that's an example of us for 14 years, developing out the appetite of the likes of Walmart, and it stopped. It became e-commerce. And that went for that went for -- that went until COVID. And then COVID hit. And of course, nobody wanted any physical retail population kept growing. And during that -- during that time, we see 6.3 million more people in the country now for all intents purposes, no new retail. If anything, a lot of retail was redeveloped into residential. -- and set the stage for where we are now. Next slide, I think. So what you have now is the companies that are intricately weaved with everything, good general merchandise apparel of the general public. That is physical retail, e-commerce, they can pack, pick and collect Click-and-Collect. In every other form, among others, these are the retailers that determine how you get your stuff and at what price, whether you think so or not and Amazon is not on there, but they're part of it, obviously. But they played their catch up. They hugely invested in e-commerce. -- they're major players in e-commerce, but they also can control how much you order online and how much you come in store for, and they can do that by pricing. And it's a cat and mouse game, but the day, everybody loses money on home delivery. So everybody is watching everybody and all want to lose less money on home delivery. So it's there's been a movement for quite some time to lose less money on home delivery. So everybody is that it's going to be the split between e-commerce and home delivery is pretty visible now. It's not like it was 12 years ago, people weren't sure. And so that has translated into the Loblaws, for example, winning 70 new stores in 2026, 70 new stores. I mean, that's a company, if you're a real estate company. And they do it. I mean they've done it. We are doing a lot of -- we're doing a lot for us with that. And same with Sobeys, and they're doing a fantastic job. They are absolutely not rolling over. Loblaws was the first movers in this physical retail Renaissance or whatever you want to call it. But Sobeys was rapid, and they're doing as much with them as we are with Loblaw, and we're doing a lot with both Tolaram, I think everybody knows about. They pretty much own dollar store. And Walmart has announced a $6.5 billion investment in things new mostly stores and distribution and other things. And I would say stay tuned on that front. And then even let's say more conservative metro, sale have have reacted, and they're doing quite a few new stores for them. And then there's all the complementary stuff that goes along with it. This is very dynamic. If you're Loblaws, you know Walmart is doing something if you Martin, you know Loblaw is think something you can't lose market share, and they really are all pretty much aligns that physical retail is because physical retail is not exactly physical retail because in the case of Walmart, for sure, they are using their stores in the U.S., they finally have reconcile that they're going to use their stores as distribution centers. So a store is not just a physical store anymore. It's where they're going to fulfill home delivery after all. So -- so a really big boost to the security, if you will, of physical retail because physical retail is not just physical retail anymore. Next slide. Yes. So if we took these numbers, and we played with them, just had some fun with numbers we are this Basically, right now, we are 36 million square feet. We collect $914 million a year. And you add the permissions and density. We have 88 million square feet, $60 million is zoned. And then we say 62 shopping centers in thousand square feet each, starting with at least 1 anchor and you were to total all that, and we were to build it out it would be built out, it would be 138 million square feet -- now we can go to the next slide. If we assume we're not going to do that it is not in the time frame that relevant to most of us in the room. And we just said we were going to build like 0.5% of our density a year. And we were going to say that only $2 million of it is IP. And I'm talking about average over the next 10 years. So I'm just painting a picture of what this company could look like. And hopefully, we'll look like at least you would have 500,000 square feet a year million over 10 years. Let's say we divide it this way, this would be, say, condos. And this would be multi-res and other forms of nonretail. And then you were to take the 62 shopping centers at 225,000 square feet. It's interesting we only do half of that in the next 10 years. So 31, the company would grow. I mean if you take the $5 million and you take the -- the $7 million, you'd be -- we will hub developed over, I guess, 12 million square feet we will have added $2 million of IPP and we'd be a company that would be 9 million square feet larger with IPP and hopefully some profits from the $3 million we some nail that 1 of those examples, we call the [ MannyTown's ] shopping centers would be about $0.01 accretive. I'm sorry, 1 it would contribute $0.01 to FFO for every 1 of those centers conservatively, pretty much day 1 on stabilization without bumps. So that's a look, if we're a company right now of 36 million square feet, you can sort of think about the company being somewhere between like to think between 45 million and 50 million square feet if we're able to accomplish this conservative conservative road map here. I do fully anticipate we will build 30 new shopping centers for the next 10 years. To highlight that, they put some specifics behind this. We'll show you a couple of these centers that we bring to -- these are the retailers driving what I'm describing here are markets that it's manifested in the 3 markets that we are willing to share with you and that we announced on our analyst call. So Kingston, Ontario. Now when I show the names of retailers here, I'm just illustrating what's there now and understand that there's been a lot of population growth. and how we could look at this market. I'm not announcing anything. I'm just saying that this is an example of a population of almost 200,000 people with 1 for example, Walmart score. -- somebody might think didn't you say 1 sport center or 100,000 people. And SmartCenters has often had a Walmart store in it, if it was to theoretically happen in that sort of math, you would say that there's room for another smart centers. And it would likely be here because we just bought the land and it zoned. and the site plan, I think we can show you. So we've not really shown this to anybody. This is -- this hasn't been shown to the retail community at -- this is what we anticipate will happen here, but we hope will happen here, and we don't have per se any contracts with anybody. But this is what we're sort of doing. This is what we do. This is our thing. Next slide. Lindsey, I went to Lindsey when it was, I guess, 30 years, 25, 30 years younger with with Walmart, and we loved it. It's really a Walmart prototype market. And I tried to buy land there. And just to give you an idea of how slowly land development can be. I literally tried to buy property here. And and the owner would not sell to me, and he was determined to do his own thing. And he never got around to doing it. And because we bumped into the 2011 sort of moratorium, if you will, on new stores, this market just continued to grow and when the GTA became too expensive and all the real estate developers of Toronto homebuilders decided to go to bedroom communities, Lindsay was one of them. And so all this land here is owned 200 acres is owned by Tribute, Toronto developer. And they're building homes there. They're not the only ones. Anyway, it's a prototype town. Next slide. So we've made a deal there. It's been recently approved. We're hoping we have no contracts, but we're hoping to develop something that looks like this, which looks pretty much like a smart center. And this would be an anchor. This lease would have 20 years, lots of options. -- this would have bumps every 5 years. And this would be the complementary retail. That pad in the corner, these things are all negotiated. We wanted to build 1 there. And there, this retailer didn't want 1 in each corner. So there's -- they didn't want either 1 actually. So we split the difference, and we ended up with 1 pad there. That will be a very desirable unit for somebody. And this will just be a very -- If this happens, this will be just blue chip for the next many, many decades. That's how we 35 goes up to the courts. The town is 27,000. It is the regional seat as a hospital and very solid employment. But it trades for 25, 30 kilometers rounded. Perfect size just a killer efficient 16 acres with an anchor, great access, signalized access here, signalized access here. And that's all new homes. It is a prototype for the retailer that we're hoping to have there. Next, yes. So Winnipeg is 1 million people basically. And see by a rule of thumb that we would use, let's say, there would be room for more than one Walmart store. Again, we have no commitments, but we're anticipating this as a possibility. Winnipeg is a great market for Walmart. When Walmart came to Canada, they entered buying Wilco. Some of you would remember Wilco. Wilco, had great coverage in all the least sort of sexy, if you will, markets. They were very dominant and so they're very dominant to Winnipeg. So Walmart Wilco they had instant dominant market share and have always had a great relationship with the customer in Winnipeg. The other market they dominated was Newfoundland. So when I was working with Walmart in the early days, they didn't really know Canada that, well, it was like, hey, what do you know about Winnipeg, what do you know about Newfoundland because we're buying Wilco and they really own those markets. I said, okay, well, we have a lot of work to do in Ontario. One of the things that that we ended up with in Winnipeg was what's called unicity Mall, and it was known for being a terrible mall, and it had I think it had a pay in it or something. But anyway, I remember it was a mall, as enclosed. It was minimal. So it was just 2 -- wasn't large enough to be a draw for fashion. And it was -- and it was not small enough to just be deal. It was just right in the middle. I can't remember who made the deal with. But Mercer, I think, I can't remember, I think it was Mark Pro. Anyway, so I made a deal with Walmart to come to unicity we used to eventually we used to call it Unibomber because it was so bad and that space we wanted to just blow it up. So just imagine, had a bay on one end that they so badly wanted to get out of, but they had an old operating clause obligation to operate, but their rent was like $2. So of course, we wanted to get rid of them. But on the other hand, they wanted to get out. But then when we bought it, they figured like we want them to get out, so they don't want to get out, now they want to stay. And so they would try and get us to pay them to leave. So it was a bit of a cat in most. And -- so I'm so focused on getting them out and make a deal, okay, fine. So we vacate the bay and most of the other leases in the mall, we're short-term releases except for what -- so we got -- first, we went to counsel -- and we ask for an approval to deal and build the Walmart store mall the unicity. Well, all the seniors from the area loved going there and walking around. So they came out to counsel to try and convince counsel not to approve these -- the demoing, but we really thought we had the vote. I mean they all wanted Winnipeg. They were looking for this reinvigoration of retail. So they vote in favor and sentimentally, they acknowledge that there's a history with unicity but they approved it. So we all are happy when we get the news, I wasn't at the council meeting, get the news. The council approve the unicity conversion to unenclosed. And then the next day, we hear that somebody appealed the approval on the grounds that one of the council members got up during the meeting, during the presentation to go take a [indiscernible]. Okay. So just keep in mind, like being a Walmart developer, all those years, you've heard it all and everybody who's trying to stop Homer everywhere. Nobody with the red carpet back then. And so this was back then. So if somebody says that one of the counters during the presentation went until pit. So technically, legally, -- the counselor did not hear the entire argument against the Walmart approval and the redevelopment of the mall. And it went to court. -- and we lost, and we had to apply all over again -- and we went and we evolved it sorry, and we vacated it, except who is 1 tenant who is 1,200 square feet who had term, was a hard slot -- so we have I think 550,000 square foot enclosed mall completely vacated that we legally had to open every day -- to all the hair low was in the middle of the mall, open them all. So every day and close them all every day for this hair salon who is trying to basically what we offer everything to try and get them to leave for a long time and then eventually, we made a deal with them. It took a long time. I tell you the story because I was signing some things here, and I was -- Michael was reading all those things that I was actually thinking I was going to go to the bathroom -- and and I knew I was going to be telling you about Winnipeg, and I was thinking myself, Am I allowed to leave to go to the bad tool, these things are being red. Will they not actually be technically passed if there's not whatever or whatnot. So that maybe think of it. And so we're back. I mean we're back to Winnipeg. This one is pretty much greenfield straightforward. So a wonderful, wonderful property zoned, if you can go to the next one. pretty -- it's a pretty simple one, be a large tenant there and not a lot of retail, but just a beautiful bread and butter flat as a pancake Winnipeg, flat is a bank cake. And the costs Costco going next door over here. I mean it's just going to completely change this area. So it just gives you an example of 3 of -- like you can see this is 3 of potential blank number of new smart centers potential across a country that grew $6 million by 6 million people over the last dozen years with retailers who are very dominant in this country and didn't grow and they come to us because we're -- this is our natural habitat. This is our bread and butter. And so we're busy. Next slide. This one is just an update. We have an outlet center if you haven't been there, you really got to go there. It's probably our most valuable asset, single asset in the company. 401 in Trevor in Holton Hills. This is just to tell everybody that in addition to everything we just talked about, there's lots of other things happening. And we're just highlighting a few of them. These are all going on at the same time at this company that trades at a 21% discount to its NAV, okay? So Simon, who are our partners here who are expert. They are exceptional at what they do, have been doing the leasing, and we've got 50% of the expansion leased. It's a bit of a piece of surgery. We've got to add a parking deck before we add on the retail. So we've had to do some -- it's a real wider act. -- but we will be adding what is it, 80,000 C500 SP-5 85,000 square feet a lot considering the average tenant size, there's probably 4,000 to 5,000 feet. And the retailers that we're going to be adding, I mean, I'm not a huge shopper actually. But if you are outlet center shopper, you will be excited by some of the names that will be coming here. This thing is one of the top outlet centers in the world. Medium outlets is the #1 outlet center chain in the world. And this is in their top 3, and they're all across the world. It's 110 million square foot expansion. We're about -- we've got approvals. We've got the working drawings on we've gone to tender, and we will commence construction here soon. It's all right there. You can see the expansion. We wish we had more land there, but making the most of what we've got. Next most people don't get as excited as us or the feature of a parking deck, but that does excite us at SmartCentres Okay. Next that's the oxygen, this is an update on a 200,000 square foot Canadian Tire, which will be a flagship because it's right around the corner from their office. It's a multilevel Canadian Tire. It's a relocation from Eglinton and leyard. This is a smart center right here in Leaside in Toronto. And that Canadian Tire is is a 20-year lease. It's lot of sale. This is our neighbor who is loving us right now. Yes. So this is meant to be turned over this summer. We will be turning this over to Canadian Tire and the rent will commence sometime in the fall, I believe, or maybe just in the new year. hard to read this plan, but it's a lot of parking under the building. You'll go here in your park underground. There's underground and surface parking under the building. Yes. Next slide. And the other sort of steady blue-chip growth lever is our self-storage program with SmartStop, and I'll remind you that SmartStop is why we chose them. We don't -- we don't base who we partner with based on their their skills or expertise. We go based on their name. And so obviously, we chose part but they don't know what the hell they're doing. But it just fits so well with us, so we just keep going with it, and it's working out so far. No, actually, they are amazing. I love the fact that they were small in the U.S. They didn't think they could compete with the giants when storage was really raging in U.S. So they looked at Canada. And Michael Schwartz turned out to be along with this company. They've got public stood out to be a great partner and they're great operators, they make us look good kind of like Simon, they make us look good kind of like all our retailers, they make us look good, they make us look good, they operate these. And I think they actually looked at too. And we're not afraid or shame to put these on our shopping centers wherever we've got locker, they don't need a lot of parking, a lot of the density is in the air that are not offensive. We don't have trouble getting them approved, and we work very well together in finding finding new locations. So we've surpassed, I think, 1 million square feet our share of storage in this program, and it will just continue to chug along kind of along the lines and paces of what we've been doing. Next. So these are under construction. And each one of these is, I think, kind of about 20,000, 30,000, 40,000 square feet. And then we're anticipating to start in new West, you can read it. And next year, there will be another 3 or 4 or 5. We'll do 3 or 4 or 5 of these a year for the next number of years. So foreseeable future. And we keep an eye on the storage industry. I mean we're not oblivious to the fact that there's other people building them next -- and just a quick update. We do have a condo under construction. So -- this really enables me to show you and remind you that smart centers owned like approximately 100 acres of land on the subway line in Bond. Now this is not the north anymore. I mean, this city has grown so economically. And it is strategically located because, of course, you've got the subway, which was right in the middle, a bus terminal that takes everybody from York region to the subway right here coming both of those things coming right to the property. But not just that, we've got vivo crossing all the York Region municipalities and over to Brampton, bringing everyone to the subway. And that thing there gets you down under the street, you don't have to cross that grade into the subway. That really is the supercharge the fertilizer of this. development, not just ours but others around us. We're zone for 20 million square feet. We've only built 3.4 million square feet of it. It's starting to shape and look like and feel like a city center that it's planned to be in zone to be. The one building we do -- we've built what you see here. This is not built. This is Well, this is under this center construction, now Yes. This we're probably going to start building next year. this little 5-story rental. And we have something cooking for an office building here a new office building, which will be to be announced later date. And this, I think next slide shows you the condo that is under construction. So we built in anticipation of future density. We built 3 levels of underground garage here. So here's a pay-forward situation, long-term approach, long-term-minded approach. This will be combination of commuter parking and parking for the first hour, the future tower, the rental building that I just mentioned, a little jewel box building there, which is very, very small and not parking intensive and if we build an office tower, it's going to be here, and we're going to utilize this parking and out build parking underneath that. yes. developers. This is the old Walmart store that we relocated. And now we'll leave it there until -- well, actually, we're looking to demolish that actually at this moment. And so this tower is -- used to be bigger. But when the music stopped on condos, we had sold -- I'd say we have sold 3/4 of the building. And we didn't like the idea of having 25% yet to sell. That was because we held it back. We didn't want to sell certain floors. We hadn't decided what we were going to do in the lower floors or the top floors from a mechanical, electrical and other point of view, plus we thought maybe there'll be a little bit more sort of juice in the lemon. Eventually, we reconciled on our mechanical electrics and so on. And the market was gone. So basically, we just shrunk the building. So the building is for all intents and purposes sold out with a few units available, and we've got significant deposits on a significant price. So -- it will be interesting to see what happens when closing time comes. I think if it was today, we'd have some defaults, even though they've got 20% of an average of 1,100 and $50 or $75 a square foot, it's hard to say what people would do. But we don't have to worry about it today. It's a year or so away. -- or more. Next, I think that's it. Sure you guys all want to get out of here. Any questions, comments, complaints, ruise?

It's around why is Smartcenters trade at sea distribution or put another way, I don't know how [indiscernible] relative to its peers.

We're not 100% sure. I mean that's just the fact. -- we do everything we can to give all the information that we think would result in the units going up higher. I mean they've gone up a bit in the last 6 months. but it's a long way from NAV. We're not 100% sure. We're not sure whether people don't feel they have to buy it now because a lot of the, I guess, the growth is development. So it takes a bit. This kind of development doesn't take that long anymore. The high-rise did. But that's no longer an explanation because the fact is that you can I mean, if you bought the stock and you got Walmart rents and you got a 5.5% return you'd be doing well. you can buy this stock and get 6%, and it's a very secure in company. It's really hard to explain. I don't want to get into some of the other fringe theories. Retail was in the dog house at some point for a while. It's never really fully come out of the doghouse. There's no good explanation just buy it. Yes. It's true, though. It's funny. It seems funny, but the fact is that sometimes things are just too easy. Just go to money managers and you'll listen to all their theories about how you should invest and we do, and then you'll just keep an eye on it. You'll see 2, 3 years from now, you'll find out you got 5% -- you'll end up at between 5% and 7%. Okay. I'll buy coffee, if you do better. From all year just speculating all your nondefense, all the big brains will invest your money for you. They'll take fees. -- you'd spend a lot of time. And you'll end up somewhere in between. You will talk about the home runs, but you won't tell everybody about what you're averaging -- and it will be between 5% and 7%. Great you just buy this and go spare yourselves to likable? Any other questions, comments? We really always appreciate because, of course, everybody here are family and/or very friendly faces and people we've worked with for so long. And everybody is busy, very, very busy. Everybody in this room has more to do than they have time to do it. And we know what it takes to be here. And once you're here, it's nice, but I know what it's like and seeing you all yours very, very much appreciate it. If you wonder or you don't know under, you know that when you come and just show your face that it's very, very much appreciated. It's great to see everybody in person. And most everybody here supports us. And so we thank you very, very much for that and for coming. So have a good day.