2023 THIRD QUARTER REPORT
UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended
September 30, 2023 and 2022
COMMITTED TO CANADIAN
COMMUNITIES
TABLE OF CONTENTS
- UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
- UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
- UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
- UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
- NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SMARTCENTRES REAL ESTATE INVESTMENT TRUST
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands of Canadian dollars)
As at | Note | September 30, 2023 | December 31, 2022 |
Assets | |||
Non-current assets | |||
Investment properties | 4 | $10,433,183 | $10,208,071 |
Equity accounted investments | 5 | 779,999 | 680,999 |
Mortgages, loans and notes receivable | 6 | 89,226 | 238,099 |
Other financial assets | 7 | 173,743 | 171,807 |
Other assets | 8 | 89,428 | 83,230 |
Intangible assets | 42,809 | 43,807 | |
$11,608,388 | $11,426,013 | ||
Current assets | |||
Assets held for sale | 4 | - | 42,321 |
Residential development inventory | 46,834 | 40,373 | |
Current portion of mortgages, loans and notes receivable | 6 | 195,805 | 86,593 |
Amounts receivable and other | 9 | 62,917 | 57,124 |
Prepaid expenses, deposits and deferred financing costs | 9 | 50,204 | 14,474 |
Cash and cash equivalents | 48,955 | 35,255 | |
$404,715 | $276,140 | ||
Total assets | $12,013,103 | $11,702,153 | |
Liabilities | |||
Non-current liabilities | |||
Debt | 10 | $4,514,470 | $4,523,987 |
Other financial liabilities | 11 | 245,527 | 277,400 |
Other payables | 12 | 17,604 | 17,265 |
$4,777,601 | $4,818,652 | ||
Current liabilities | |||
Current portion of debt | 10 | 538,252 | 459,278 |
Accounts payable and current portion of other payables | 12 | 273,012 | 261,122 |
$811,264 | $720,400 | ||
Total liabilities | $5,588,865 | $5,539,052 | |
Equity | |||
Trust Unit equity | $5,327,820 | $5,126,197 | |
Non-controlling interests | 1,096,418 | 1,036,904 | |
$6,424,238 | $6,163,101 | ||
Total liabilities and equity | $12,013,103 | $11,702,153 |
The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.
Approved by the Board of Trustees.
Michael Young | Garry Foster |
Trustee | Trustee |
SMARTCENTRES REAL ESTATE INVESTMENT TRUST | THIRD QUARTER REPORT 2023 1
SMARTCENTRES REAL ESTATE INVESTMENT TRUST
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(in thousands of Canadian dollars)
Three Months Ended | Nine Months Ended | ||||
September 30 | September 30 | ||||
Note | 2023 | 2022 | 2023 | 2022 | |
Net rental income and other | |||||
Rentals from investment properties and other | 16 | $206,016 | $196,962 | $623,560 | $598,375 |
Property operating costs and other | 17 | (75,614) | (69,481) | (238,450) | (224,922) |
Net rental income and other | 130,402 | 127,481 | 385,110 | 373,453 | |
Other income and expenses | |||||
General and administrative expense, net | 18 | (7,761) | (10,696) | (25,828) | (25,479) |
Earnings from equity accounted investments | 5 | 62,396 | 1,101 | 85,277 | 4,312 |
Fair value adjustment on investment properties | 4 | 42,734 | (92,557) | 106,335 | 188,457 |
Loss on sale of investment properties | - | (112) | (23) | (216) | |
Interest expense | 10(d) | (42,193) | (39,175) | (121,855) | (108,360) |
Interest income | 5,268 | 5,714 | 15,268 | 12,540 | |
Fair value adjustment on financial instruments | 24,329 | 11,767 | 51,654 | 91,246 | |
Acquisition-related costs | - | 25 | - | (298) | |
Net income and comprehensive income | $215,175 | $3,548 | $495,938 | $535,655 | |
Net income and comprehensive income attributable to: | |||||
Trust Units | $174,565 | $2,795 | $402,295 | $434,691 | |
Non-controlling interests | 40,610 | 753 | 93,643 | 100,964 | |
$215,175 | $3,548 | $495,938 | $535,655 |
The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.
- SMARTCENTRES REAL ESTATE INVESTMENT TRUST | THIRD QUARTER REPORT 2023
SMARTCENTRES REAL ESTATE INVESTMENT TRUST
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of Canadian dollars)
Three Months Ended | Nine Months Ended | ||||
September 30 | September 30 | ||||
Note | 2023 | 2022 | 2023 | 2022 | |
Cash provided by (used in) | |||||
Operating activities | |||||
Net income and comprehensive income | $215,175 | $3,548 | $495,938 | $535,655 | |
Items not affecting cash and other items | 19 | (90,497) | 117,251 | (126,890) | (179,439) |
Cash interest paid | 10(d) | (24,426) | (20,929) | (98,024) | (82,104) |
Interest received | 2,807 | 2,959 | 8,645 | 9,052 | |
Distributions from equity accounted investments | 5 | 780 | 15,231 | 3,995 | 17,190 |
Expenditures on direct leasing costs and tenant incentives | (1,982) | (2,391) | (8,935) | (6,752) | |
Expenditures on tenant incentives for properties under development | (2,479) | (267) | (4,716) | (2,543) | |
Changes in other non-cash operating items | 19 | (5,523) | (18,391) | (32,905) | (47,259) |
Cash flows provided by operating activities | $93,855 | $97,011 | $237,108 | $243,800 | |
Financing activities | |||||
Proceeds from issuance of unsecured debentures, net of issuance | 10(b) | - | - | 298,950 | - |
costs | |||||
Proceeds from secured debt | 466 | - | 2,733 | - | |
Proceeds from unsecured debt | 23,226 | 40,000 | 32,485 | 400,000 | |
Proceeds from revolving operating facilities | 125,027 | 75,000 | 218,027 | 325,000 | |
Repayment of unsecured debentures | 10(b) | - | - | (200,000) | - |
Repayments of secured debt | (34,589) | (16,554) | (113,180) | (199,344) | |
Repayments of unsecured debt | (780) | (30,463) | (21,127) | (53,913) | |
Repayments of revolving operating facility | (83,000) | (65,000) | (163,832) | (230,000) | |
Distributions paid on Trust Units | (66,891) | (66,891) | (200,672) | (200,672) | |
Distributions paid on non-controlling interests and Units classified | (15,514) | (15,494) | (46,554) | (46,789) | |
as liabilities | |||||
Payment of lease liability | (471) | (500) | (1,420) | (1,441) | |
Cash flows used in financing activities | $(52,526) | $(79,902) | $(194,590) | $(7,159) | |
Investing activities | |||||
Acquisitions and Earnouts of investment properties | 3 | (357) | (1,779) | (2,777) | (127,539) |
Additions to investment properties | (32,467) | (31,348) | (95,976) | (81,443) | |
Additions to equity accounted investments | (17,940) | (9,155) | (25,637) | (26,288) | |
Additions to equipment | 8 | (719) | (99) | (1,320) | (382) |
Decrease in cash held as collateral | - | (32,761) | - | (83,093) | |
Advances of mortgages and loans receivable | (2,251) | (12,996) | (5,585) | (49,914) | |
Repayments of mortgages and loans receivable | 16,372 | 39,289 | 53,352 | 47,964 | |
Net proceeds from sale of investment properties | 196 | 16,529 | 49,125 | 41,294 | |
Cash flows used in investing activities | $(37,166) | $(32,320) | $(28,818) | $(279,401) | |
Increase (decrease) in cash and cash equivalents during the | 4,163 | (15,211) | 13,700 | (42,760) | |
period | |||||
Cash and cash equivalents - beginning of period | 44,792 | 34,686 | 35,255 | 62,235 | |
Cash and cash equivalents - end of period | $48,955 | $19,475 | $48,955 | $19,475 |
The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.
SMARTCENTRES REAL ESTATE INVESTMENT TRUST | THIRD QUARTER REPORT 2023 3
SMARTCENTRES REAL ESTATE INVESTMENT TRUST
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (in thousands of Canadian dollars)
Attributable to LP Units | |||||||||
Attributable to Unitholders | Classified as Non-Controlling | ||||||||
Interests | |||||||||
Trust | Other Non- | ||||||||
Controlling | |||||||||
Note | Units | Retained | Unit | LP Units | Retained | LP Unit | Interest | Total | |
(Note 14) | Earnings | Equity | (Note 14) | Earnings | Equity | (Note 20) | Equity | ||
Equity - January 1, 2023 | $3,090,118 | $2,036,079 | $5,126,197 | $643,223 | $390,121 | $1,033,344 | $3,560 | $6,163,101 | |
Issuance of Units | 14 | - | - | - | 1,471 | - | 1,471 | - | 1,471 |
Net income and comprehensive | - | 402,295 | 402,295 | - | 93,322 | 93,322 | 321 | 495,938 | |
income | |||||||||
Distributions | 15 | - | (200,672) | (200,672) | - | (35,600) | (35,600) | - | (236,272) |
Equity - September 30, 2023 | $3,090,118 | $2,237,702 | $5,327,820 | $644,694 | $447,843 | $1,092,537 | $3,881 | $6,424,238 | |
Equity - January 1, 2022 | $3,090,368 | $1,787,593 | $4,877,961 | $641,944 | $317,965 | $ 959,909 | $3,445 | $5,841,315 | |
Issuance of Units | 14 | - | - | - | 1,071 | - | 1,071 | - | 1,071 |
Unit issuance costs | 14 | (250) | - | (250) | - | - | - | - | (250) |
Net income and comprehensive | - | 434,691 | 434,691 | - | 100,669 | 100,669 | 295 | 535,655 | |
income | |||||||||
Distributions | 15 | - | (200,672) | (200,672) | - | (35,519) | (35,519) | (283) | (236,474) |
Equity - September 30, 2022 | $3,090,118 | $2,021,612 | $5,111,730 | $643,015 | $383,115 | $1,026,130 | $3,457 | $6,141,317 |
The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.
- SMARTCENTRES REAL ESTATE INVESTMENT TRUST | THIRD QUARTER REPORT 2023
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SMARTCENTRES REAL ESTATE INVESTMENT TRUST
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended September 30, 2023 and September 30, 2022 (in thousands of Canadian dollars, except Unit, square foot and per Unit amounts)
1. Organization
SmartCentres Real Estate Investment Trust and its subsidiaries (collectively, "the Trust"), is an unincorporated open-ended mutual fund trust governed by the laws of the Province of Alberta created under a declaration of trust, dated December 4, 2001, subsequently amended and last restated on December 9, 2020 ("the Declaration of Trust"). The Trust develops, leases, constructs, owns and manages shopping centres, office buildings, high-rise and low-rise condominiums and rental residences, seniors' housing, townhome units, self-storage rental facilities, and industrial facilities in Canada, both directly and through its subsidiaries, Smart Limited Partnership, Smart Limited Partnership II, Smart Limited Partnership III, Smart Limited Partnership IV, Smart Oshawa South Limited Partnership, Smart Oshawa Taunton Limited Partnership, Smart Boxgrove Limited Partnership, ONR Limited Partnership, ONR Limited Partnership I, and SmartVMC West Limited Partnership. The exchangeable securities of these subsidiaries, which are presented as non-controlling interests or as a liability, as appropriate, are economically equivalent to voting trust units ("Trust Units") as a result of voting, exchange and distribution rights as more fully described in Note 14(a). The address of the Trust's registered office is 3200 Highway 7, Vaughan, Ontario, L4K 5Z5. The Units of the Trust are listed on the Toronto Stock Exchange ("TSX") under the ticker symbol "SRU.UN".
These unaudited interim condensed consolidated financial statements have been approved for issue by the Board of Trustees on November 8, 2023. The Board of Trustees has the power to amend the unaudited interim condensed consolidated financial statements after issue.
As at September 30, 2023, the Penguin Group of Companies ("Penguin"), owned by Mitchell Goldhar, owned approximately 20.9% (December 31, 2022 - 20.8%) of the issued and outstanding Units of the Trust and Limited Partnerships (see also Note 20, "Related party transactions").
2. Summary of significant accounting policies
-
Basis of presentation
These unaudited interim condensed consolidated financial statements of the Trust have been prepared in accordance with International Financial Reporting Standards ("IFRS") applicable to the preparation of interim condensed consolidated financial statements, International Accounting Standard ("IAS") 34, "Interim Financial Reporting", as issued by the International Accounting Standards Board ("IASB"). The unaudited interim condensed consolidated financial statements contain disclosures that are supplemental to the Trust's annual consolidated financial statements. They do not include all the information and disclosures required by IFRS applicable for annual consolidated financial statements and, therefore, they should be read in conjunction with the annual audited consolidated financial statements as at and for the year ended December 31, 2022. - Accounting policies
The accounting policies followed in these unaudited interim condensed consolidated financial statements are consistent with the policies and method of their application used in the preparation of the audited consolidated financial statements as at and for the year ended December 31, 2022, except as noted below:
Amendments to IAS 8, Definition of Accounting Estimates
On January 1, 2023, the Trust adopted the amendments to IAS 8, Definition of Accounting Estimates. The amendments clarify the effects on an accounting estimate of a change in an input or a change in a measurement technique are changes in accounting estimates unless they result from the correction of prior period errors. There was no material impact to the Trust's unaudited interim condensed consolidated financial statements on the adoption.
SMARTCENTRES REAL ESTATE INVESTMENT TRUST | THIRD QUARTER REPORT 2023 5
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
3. Acquisitions and Earnouts
Earnouts completed during the nine months ended September 30, 2023
During the nine months ended September 30, 2023, pursuant to development management agreements referred to in Note 4, "Investment properties" (see also Note 20, "Related party transactions"), the Trust completed the purchase of Earnout transactions on 12,610 square feet of retail space and one parcel of land.
The following table summarizes the consideration for Earnouts completed for the nine months ended September 30, 2023:
Note | Total | |
Cash | $2,777 | |
LP Units issued | 4(d)(ii) | 1,471 |
Adjustments for other working capital amounts | 3,948 | |
$8,196 |
In July 2023, pursuant to a redemption agreement between the Trust and the joint venture partner, the partner transferred all its rights and ownership stake in Markham Main Street RR PropCo LP for a total redemption price of $9,875 representing the partner's share. The transaction was deemed as an asset acquisition in accordance with IFRS 3 Business Combinations. (See also Note 5, "Equity accounted investments", for additional details on acquisitions reflected in equity accounted investments).
4. Investment properties
The following table summarizes the activities in investment properties:
Nine Months Ended September 30, 2023 | Year Ended December 31, 2022 | ||||||
Income | Properties | Income | Properties | ||||
Note | Under | Total | Under | Total | |||
Properties | Development | Properties | Development | ||||
Balance - beginning of period | $8,496,893 | $1,753,499 | $10,250,392 | $8,395,077 | $1,452,001 | $9,847,078 | |
Additions (deductions): | |||||||
Acquisitions, Earnouts and related | - | 2,435 | 2,435 | 101,993 | 28,679 | 130,672 | |
adjustments of investment properties | |||||||
Earnout Fees on properties subject to | 4(d)(ii) | 1,666 | - | 1,666 | 1,401 | - | 1,401 |
development management agreements | |||||||
Transfer to income properties from | 64,220 | (64,220) | - | 39,707 | (39,707) | - | |
properties under development | |||||||
Transfer from income properties to | (7,308) | 7,308 | - | (7,887) | 7,887 | - | |
properties under development | |||||||
Transfer from properties under development | - | - | - | - | (25,000) | (25,000) | |
to equity accounted investments | |||||||
Transfer to properties under development | - | 18,931 | 18,931 | - | - | - | |
from equity accounted investments | |||||||
Additions | 20,686 | 49,009 | 69,695 | 21,501 | 79,373 | 100,874 | |
Capitalized interest | 10(d) | - | 32,877 | 32,877 | - | 35,036 | 35,036 |
Dispositions | 4(b) | - | (49,148) | (49,148) | (777) | (40,726) | (41,503) |
Fair value adjustment on investment | 82,241 | 24,094 | 106,335 | (54,122) | 255,956 | 201,834 | |
properties | |||||||
Balance - end of period | $8,658,398 | $1,774,785 | $10,433,183 | $8,496,893 | $1,753,499 | $10,250,392 | |
Investment properties | 8,658,398 | 1,774,785 | 10,433,183 | 8,496,893 | 1,711,178 | 10,208,071 | |
Investment properties classified as held for | - | - | - | - | 42,321 | 42,321 | |
sale | |||||||
$8,658,398 | $1,774,785 | $10,433,183 | $8,496,893 | $1,753,499 | $10,250,392 |
Secured debt with a carrying value of $869,867 (December 31, 2022 - $969,054) is secured by investment properties with a fair value of $2,449,269 (December 31, 2022 - $2,807,896).
Presented separately from investment properties is $85,246 (December 31, 2022 - $78,820) of net straight-line rents receivable and tenant incentives (these amounts are included in Note 8, "Other assets") arising from the recognition of rental revenues on a straight-line basis and amortization of tenant incentives over the respective lease terms. The fair value of investment properties has been reduced by these amounts.
- SMARTCENTRES REAL ESTATE INVESTMENT TRUST | THIRD QUARTER REPORT 2023
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
- Valuation methods underlying management's estimation of fair value
-
Income properties
The Trust applies the discounted cash flow valuation method to estimate the value of income properties, which include: freehold properties, properties with leasehold interests with purchase options, and properties with leasehold interests without purchase options. The Trust applies this valuation method as it believes that the discounted cash flow valuation method represents the Trust's estimate of fair values of income properties based on expectations of changes in rental rates, occupancy rates, lease renewal rates, leasing costs, expected credit losses and downtime on lease expiries, among others. - Properties under development
Properties under development are valued using two primary methods: i) discounted cash flow method, factoring in future cash inflows and outflows such as construction costs to complete development, leasing costs and other fees, and Earnout Fees, if any; or ii) land, development and construction costs are recorded at market value, factoring in development risks such as planning, zoning, timing and market conditions.
-
Income properties
The following table summarizes significant assumptions in Level 3 valuations:
As at | September 30, 2023 | December 31, 2022 |
Weighted Average: | ||
Terminal Capitalization Rate | 5.96 % | 5.95 % |
Discount Rate | 6.48 % | 6.47 % |
Range: | ||
Terminal Capitalization Rate | 4.20% - 7.70% | 4.18% - 7.53% |
Discount Rate | 4.60% - 8.20% | 4.58% - 8.03% |
The following table summarizes the fair value sensitivity for the portion of the Trust's investment properties that are sensitive to changes in discount rates as at September 30, 2023:
Discount rate sensitivity | Weighted average overall | Estimated fair value of | Fair value variance | % Change |
(decrease)/increase | discount rate | investment properties | ||
(1.00)% | 5.48 % | $10,678,200 | $1,832,600 | 20.7 % |
(0.50)% | 5.98 % | $9,674,400 | $828,800 | 9.4 % |
(0.25)% | 6.23 % | $9,241,300 | $395,700 | 4.5 % |
-% | 6.48 % | $8,845,600 | $- | - % |
0.25% | 6.73 % | $8,482,000 | $(363,600) | (4.1)% |
0.50% | 6.98 % | $8,147,200 | $(698,400) | (7.9)% |
1.00% | 7.48 % | $7,553,200 | $(1,292,400) | (14.6)% |
SMARTCENTRES REAL ESTATE INVESTMENT TRUST | THIRD QUARTER REPORT 2023 7
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
-
Dispositions
Disposition of investment properties during the nine months ended September 30, 2023
In January 2023, the Trust contributed its interest in a parcel of land totalling 1.41 acres located in Whitby, Ontario, to a joint venture, Whitby Self Storage LP, with the intention to develop and operate a self-storage facility.
In February 2023, the Trust, together with its co-ownership partner, Penguin, sold a land parcel totalling 4.3 acres located in Vaughan, Ontario, for gross proceeds of $63,450, which was satisfied by cash. The Trust's share of such proceeds was $42,300 relating to the Trust's two-thirds share in this land parcel, which was previously presented as assets held for sale in the Trust's consolidated financial statements for the year ended December 31, 2022.
In February 2023, the Trust sold a parcel of land totalling 2.64 acres located in Chilliwack, British Columbia, for gross proceeds of $4,800, which was satisfied by cash. - Leasehold property interests
At September 30, 2023, 16 (December 31, 2022 - 16) investment properties with a fair value of $987,118 (December 31, 2022 - $964,916) are leasehold property interests accounted for as leases. - Leasehold property interests without bargain purchase options
The Trust previously prepaid its entire lease obligations for the 14 leasehold interests with Penguin (see also Note 20, "Related party transactions") in the amount of $889,931 (December 31, 2022 - $889,931), including prepaid land rent of $229,846 (December 31, 2022 - $229,846). - Leasehold property interests with bargain purchase options
One leasehold interest commenced in 2003 under the terms of a 35-year lease with Penguin (see also Note 20, "Related party transactions"). The lease requires a $10,000 payment at the end of the lease term in 2038 to exercise a purchase option, which is considered to be a bargain purchase option. The Trust prepaid its entire lease obligation for this property of $57,997 (December 31, 2022 - $57,997). As the Trust expects to exercise the purchase option in 2038, the purchase option price has been included in accounts payable in the amount of $2,517 (December 31, 2022 - $2,350), net of imputed interest at 9.18% of $7,483 (December 31, 2022 - $7,650) (see also Note 12, "Accounts and other payables").
A second leasehold interest was acquired on February 11, 2015 and includes a land lease that expires on September 1, 2054. The land lease requires monthly payments ranging from $450 to $600 annually until September 1, 2054, and a $6,000 payment between September 1, 2023 and September 1, 2025 to exercise a purchase option that is considered to be a bargain purchase option. As the Trust expects to exercise the purchase option, the purchase option price has been included in accounts payable in the amount of $6,000 (December 31, 2022 - $6,061), net of imputed interest at 6.25% of $478 (December 31, 2022 - $314) (see also Note 12, "Accounts and other payables").
- Leasehold property interests without bargain purchase options
- Properties under development
The following table presents properties under development:
As at | September 30, 2023 | December 31, 2022 |
Properties under development not subject to development management agreements i) | $1,713,840 | $1,698,652 |
Properties under development subject to development management agreements ii) | 60,945 | 54,847 |
$1,774,785 | $1,753,499 | |
Less: Properties under development classified as held for sale | - | 42,321 |
$1,774,785 | $1,711,178 |
- Properties under development not subject to development management agreements
During the nine months ended September 30, 2023, the Trust completed the development and leasing of certain properties under development not subject to development management agreements, for which the value of land and development costs incurred have been reclassified from properties under development to income properties.
For the three months ended September 30, 2023, the Trust incurred land and development costs of $16,564 (three months ended September 30, 2022 - $12,170). For the nine months ended September 30, 2023, the Trust incurred land and development costs of $59,697 (nine months ended September 30, 2022 - $36,463). - Properties under development subject to development management agreements (Earnout agreements) These properties under development (including certain leasehold property interests) are subject to various development management agreements with Penguin and Walmart.
- SMARTCENTRES REAL ESTATE INVESTMENT TRUST | THIRD QUARTER REPORT 2023
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Smartcentres Real Estate Investment Trust published this content on 08 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2023 10:00:07 UTC.