SMARTCENTRES REIT 1 ST QUARTER. Supplemental Information Package FOR THE THREE MONTHS ENDED MARCH 31, 2018

Transcription

1 SMARTCENTRES REIT smart today smart tomorrow 1 ST QUARTER Supplemental Information Package FOR THE THREE MONTHS ENDED MARCH 31, 2018

2 TABLE OF CONTENTS Notice to Reader Conference Call Highlights Looking Beyond.. 10 Portfolio Highlights Distribution Reinvestment Plan Distribution History Performance of s Units Average Unit Trading Price Average Daily Volume of Units Traded Market Capitalization Summary Gross Revenue and by Province.. 15 Top 25 Tenants Lease Expiration Schedule.. 17 by Age Future Earnouts and Developments Major Mixed-Use Real Estate Initiatives Recourse Loans to Developers.. 22 Individual Property Summary.. 23 General Information

3 NOTICE TO READER Readers are cautioned that certain terms used in this Supplemental Information Package ( Supplement ) such as Funds From Operations ("FFO"), Adjusted Cashflow From Operations ("ACFO"), "Gross Book Value", "Payout Ratio", "Interest Coverage", "Total Debt to Adjusted EBITDA" and any related per Unit amounts used by management to measure, compare and explain the operating results and financial performance of the Trust do not have any standardized meaning prescribed under IFRS and, therefore, should not be construed as alternatives to net income or cash flow from operating activities calculated in accordance with IFRS. These terms are defined in this Supplement and reconciled to the consolidated financial information of the Trust in the Management s Discussion and Analysis ( MD&A ) for the three months ended March 31, Such terms do not have a standardized meaning prescribed by IFRS and may not be comparable to similarly titled measures presented by other publicly traded entities. Certain statements in this Supplement are "forward-looking statements" that reflect management's expectations regarding the Trust's future growth, results of operations, performance and business prospects and opportunities. More specifically, certain statements contained in this Supplement, including statements related to the Trust's maintenance of productive capacity, estimated future development plans and costs, view of term mortgage renewals including rates and upfinancing amounts, timing of future payments of obligations, intentions to secure additional financing and potential financing sources, and vacancy and leasing assumptions, and statements that contain words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may" and similar expressions and statements relating to matters that are not historical facts, constitute "forwardlooking statements". These forward-looking statements are presented for the purpose of assisting the Trust's Unitholders and financial analysts in understanding the Trust's operating environment, and may not be appropriate for other purposes. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. However, such forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this Supplement are based on what management believes to be reasonable assumptions, the Trust cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Supplement and the Trust assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation. 2

4 CONFERENCE CALL HIGHLIGHTS OPERATIONS FOR THE QUARTER FFO with one time adjustment and transactional FFO increased by $6.0 million or 7.2% to $89.8 million, and by $0.02 or 3.7% to $0.56 on a per Unit basis for the quarter compared to Q ACFO with one time adjustment increased by $3.9 million or 5.0% to $81.8 million compared to the same quarter in 2017 Payout ratio to ACFO with one time adjustment increased by 0.6% to 86.1% compared to the same quarter of 2017 Occupancy level at 98.0% at the end of the quarter (98.1% in Q1 2017) and 98.1% including executed leases (98.4% in Q1 2017) Renewed 1,363,421 square feet, representing 61.8% of lease maturities for 2018, with average face rents increase of 3.8% Average cap rate of investment properties at 5.84% (5.84% in Q1 2017) TENANT ACTIVITY No Sears exposure in any format Approximately 44,000 square feet of retail and office tenancies were completed and transferred this quarter via earnouts and development, providing an unleveraged yield of 6.5% s' occupancy at 98.0% (98.1% including executed deals), remains strong Dollar store growth principally through Dollarama continues to absorb surplus space. Total number of stores is now 79 (Dollarama 52, and Dollar Tree 27) Purchase of Toys "R" Us (Canada) by Fairfax Financial Holdings Limited stabilizes this tenant and may provide upside potential if business grows Continued good interest from tenants for various size properties based on quality of locations Overall, s continues to monitor closely those tenants in certain markets where some rationalizing is taking place 3

5 CONFERENCE CALL HIGHLIGHTS GROWTH Same properties' NOI decreased by $0.5 million or (0.4)% for the quarter compared to Excluding the impact of a $1.1 million reversal of previously recorded general bad debt provisions included in 2017, year-over-year same property growth for the three months ended March 31, 2018 would have been 0.5% Premium Outlets - Toronto - Montreal o o o tenant sales continuing to perform well and are now approximately $1,170 psf (excluding Saks) on a rolling 12 month basis Q sales ahead of Q by a strong 6.5% despite challenging weather in January and February virtually all temporary tenants replaced with long term leases and quality tenants, and site is 100% occupied o the new parking facility, to provide 1,800 parking spots as part of the 145,000 square foot expansion of the shopping centre, opened at the end of November 2017 o the 145,000 square foot expansion scheduled to open in November 2018 is on track and on budget. Expected to open virtually full o tenancy of long and short term tenants currently at 100% o o Salvatore Ferragamo and Gucci continue as key traffic drivers with respect to luxury brands, and driving strong sales 2017 income grew 14.0% over 2016 and sales are now at $678 psf on a rolling 12 month basis o Q sales up by a very strong 22% over Q o 75-acre site adjacent to the centre under consideration for various uses including residential and hotel - s actively working with Simon to develop two potential additional sites. One potential site in the GTA has been abandoned, but has been replaced by another potential location 4

6 CONFERENCE CALL HIGHLIGHTS GROWTH (CONT D) Vaughan Metropolitan Centre - subway opened on December 17, project progressing very well and the KPMG Tower is now complete - the KPMG Tower won the 16th Annual Real Estate Excellence (REX) Award for Office Development of the Year for the GTA - minimal office space left now in the KPMG Tower based on executed leases. FM Global, a global insurance company, now operating on the 2nd floor of the tower and all of the additional podium space - project coming in well below budget for construction costs - second mixed-use tower topping off ceremony in April 2018 with PwC as lead tenant as well as YMCA, a library and other community space - extremely successful launch for first residential developments in a joint venture with Mitchell Goldhar and CentreCourt Developments Inc. with three condominium towers, which will be 55 storeys each and have a total of 1,716 units. All three towers sold out at significantly increased pricing versus original proformas. Construction of the first two towers has started, with the third to follow later this year - north condominium tower will include new BUCA-branded restaurant and BAR BUCA at the lobby level - design work commenced on next phase, with two additional condominium towers, third office tower and first residential rental tower under consideration - York Regional bus terminal finalizing construction and expected to be ready in May significant internal road infrastructure now completed, improving internal access - surface parking for 900 cars now available for subway commuters in two lots on the site and these are generally fully occupied Monday to Friday - TD Canada Trust retail branch now open in the KPMG Tower 5

7 CONFERENCE CALL HIGHLIGHTS GROWTH (CONT D) Future Opportunities - residential single family home project at Vaughan NW moving forward in a JV with Fieldgate, a well known home developer, with up to 230 freehold townhomes now expected on an approximately 16-acre site, and initial occupancy planned for early Expected return of 20% to 25% on costs of approximately $152 million of which our share is 50% - sale of land to the JV booked in Q providing 2 cents of transactional FFO benefit - earnouts and developments committed pipeline of approximately 189,000 square feet in place at a yield of 6.4% - the initial phase of development of office and retail space for the StudioCentre at Lakeshore Boulevard East has now begun. The film studios are fully booked close to the end of 2018 and new sound stage is now open - Westside Mall mixed-use opportunity for 2 million to 2.5 million square feet resulting from Eglinton LRT line station and proposed GO interchange integrated with existing retail property moving forward with strong council support - Vaughan (400 & 7) 20-acre site along Hwy 7 is now slated for approximately 2.5 million square feet of redevelopment, including residential, office, retail and entertainment. The site under the Vaughan Official Plan is permitted one of the highest densities in Vaughan, second only to the Vaughan Metropolitan Centre - Laval Centre o proposed mixed-use development, including office, residential, seniors housing and further retail, now underway o JV with Jadco progressing well and construction starting in May for first rental tower - Pointe-Claire acquired in 2016 now identified for significant intensification, with zoning now approved for up to 1.5 million square feet of residential, in various forms, and retirement homes. First condominium tower planned for completion by South Oakville Centre now in active planning and discussion for redevelopment, including residential and senior home uses on part of the site 6

8 CONFERENCE CALL HIGHLIGHTS GROWTH (CONT D) Intensification / Redevelopment - JV with SmartStop Asset Management progressing for self-storage sites. Five sites in the GTA now moving forward with more sites to follow - agreements with Revera for a multi-site retirement homes development program moving forward. Additional sites with other organizations also under negotiation - discussions with a number of potential partners to consider residential (including condominium, rental and single family homes), and other potential uses on existing retail sites underway - first six Tesla charging stations now open, with a further 12 sites planned by year-end, as part of a comprehensive strategy to incorporate value-added services to many of the properties in the retail portfolio - in excess of 56 sites now under consideration for development / intensification (up from initial 30) Acquisitions - The acquisition of 12 properties as part of the OneREIT transaction in October 2017 continues to deliver the expected benefits 7

9 CONFERENCE CALL HIGHLIGHTS CAPITAL ACTIVITIES Leverage at 45.0% of FMV, consistent with the 45.0% in 2017 Total debt weighted average interest rate of 3.79% (3.71% in 2017) Interest coverage at 3.1X (3.1X in 2017) Unencumbered asset pool in excess of $3.5 billion, providing significant future flexibility. Pool contains high quality assets Rebalancing between unsecured and secured debt continues and expected to be at approximately 50:50 by year-end based on current financing strategy Annual distribution increased in October 2017 to $1.75 from $1.70, representing a 2.9% increase Completed construction financing for: - Transit City condos (first two residential towers) - joint venture with Mitchell Goldhar and CentreCourt - Transit City parkade (commercial portion) - joint venture with Mitchell Goldhar - PwC-YMCA tower (second office tower) - joint venture with Mitchell Goldhar - Orleans II (Phase I retail) - joint venture with Mitchell Goldhar Actively pursuing construction financing for: - Transit City condos (third residential tower) - joint venture with Mitchell Goldhar and CentreCourt - Laval Centre (two residential rental towers) - joint venture with Jadco Total financing needs based on current development program is $60 million in 2018, $90 million in 2019, and $90 million in 2020, all of which are expected to be very manageable based on current balance sheet 8

10 CONFERENCE CALL HIGHLIGHTS 2018 OUTLOOK 2018 Operating FFO expected to grow by approximately 7 cents, based on: - same property growth - full year of NOI from 2017 acquisitions and partial year from any potential 2018 acquisitions - full year of refinancing benefits from 2017 and further 2018 benefits - developments and earnouts including completion of the Toronto Premium Outlets expansion - ongoing settlement of long-standing tenant issues transactional activities expected to add a further 3 cents of FFO - expenditures on acquisitions in the $100 million - $125 million range LONG TERM OUTLOOK FFO growth rate expected to increase in 2019 to 4% - 5%, reflecting the benefit of a full year of the Toronto Premium Outlets expansion and other initiatives as well as further transactional FFO For 2020, FFO growth rate expected to accelerate to in excess of 10% as initial benefits of significant development in townhomes and condominiums are realized 9

11 LOOKING BEYOND Vaughan Metropolitan Centre VMC - Artist's Rendering of the PWC Tower Pointe-Claire Concept Plan 10

12 LOOKING BEYOND Toronto Premium Outlets - Expansion Plan New Parking Deck Potential Single Family Development in Vaughan NW Laval Centre Concept Plan 11

13 PORTFOLIO HIGHLIGHTS As at March 31, 2018 As at March 31, 2017 in $000s, except for Unit and other non-financial data) Number of retail and other properties Number of properties under development 7 8 Number of office properties 1 1 Number of mixed-use properties 2 1 Total number of properties owned Number of Walmarts / Supercentres 101 / / 90 Number of Walmarts / Supercentres (including shadows) 115 / / 103 Gross leasable area 34,158,051 32,024,887 Total GLA in Walmart anchored centres 28,540,589 27,071,086 Future estimated development area 3,960,992 4,068,000 Occupancy 98.0% 98.1% Occupancy including executed leases 98.1% 98.4% Average lease term to maturity 5.7 years 6.1 years Net rental rate (per occupied sq. ft.) $15.29 $15.24 Net rental rate excluding anchors (per occupied sq. ft.) (1) $21.67 $21.83 Investment properties (2) 8,984,949 8,427,532 Total assets 9,416,938 8,886,478 Debt (2) 4,269,593 4,031,172 Total debt Weighted average interest rate (3) 3.79% 3.71% Secured debt Weighted average contractual interest rate (4) 3.90% 3.78% Secured debt Weighted average maturity 4.5 years 4.6 years Debt to aggregate assets 45.0% 45.0% Debt to gross book value (5) 51.8% 52.5% Secured debt to aggregate assets 24.8% 28.5% Unencumbered assets to unsecured debt 1.8X 1.9X Interest coverage (6) 3.1X 3.1X Debt to adjusted EBITDA (7) 8.5X 8.4X Equity (book value) 4,871,886 4,669,726 Units outstanding (8) 160,173, ,072,260 Three months ended March 31, 2018 Three months ended March 31, 2017 FFO with one-time adjustment and before transactional FFO (2)(9)(10) $0.56 $0.54 FFO with one-time adjustment and transactional FFO (2)(9)(10) $0.56 $0.54 Payout ratio to ACFO (2)(9)(10) 86.1% 88.4% Payout ratio to ACFO with one-time adjustment (2)(9)(10)(11) 86.1% 85.5% Surplus of ACFO with one-time adjustment over distributions declared 11,400 11,290 (1) Anchors are defined as tenants within a property with leasable area greater than 30,000 square feet. (2) Includes the Trust s share of equity accounted investments. (3) Includes convertible debentures and acquisition date fair value adjustments. (4) Excludes acquisition date fair value adjustments. (5) Calculated as debt divided by Aggregate Assets plus accumulated amortization less cumulative unrealized fair value gain or loss with respect to investment property. The ratio is used by the Trust to manage an acceptable level of leverage and is not considered a measure in accordance with IFRS. (6) Defined as Adjusted EBITDA over interest expense, where interest expense excludes the distributions on deferred units and LP Class D Units classified as liabilities and adjustments relating to the early redemption of unsecured debentures. The ratio is used by the Trust to manage an acceptable level of interest expense relative to available earnings and is not considered a measure in accordance with IFRS. (7) Defined as debt divided by Adjusted EBITDA. The ratio of total debt to Adjusted EBITDA is included and calculated each period to provide information on the level of the Trust s debt versus the Trust s ability to service that debt. Adjusted EBITDA is used as part of this calculation because the fair value changes and gains and losses on investment property dispositions do not have an impact on cash flow, which is a critical part of this measure (see Financial Covenants section). (8) Total Units outstanding include Trust Units and LP Units, including Units classified as liabilities. LP Units classified as equity in the consolidated financial statements are presented as non-controlling interests. (9) Represents a non-gaap measure. The Trust s method of calculating non-gaap measures may differ from other reporting issuers methods and accordingly may not be comparable. For definitions and basis of presentation of the Trust s non-gaap measures, refer to the Presentation of Non-GAAP Measures section in the MD&A. (10) See Other Measures of Performance in the MD&A for the three months ended March 31, 2018 for a reconciliation of these measures to the nearest consolidated financial statement measure. (11) The calculation of the Trust s ACFO and related ACFO payout ratio, including comparative amounts, is a new financial metric pursuant to the February 2018 REALpac White Paper on ACFO. Comparison with other reporting issuers may not be appropriate. Payout ratio is calculated as declared distributions divided by ACFO. 12

14 DISTRIBUTION REINVESTMENT PLAN Unitholders who elect to participate will have their monthly cash distributions automatically reinvested in units of s at a price equal to 97% of the average TSX market price over the 10 business days preceding the monthly distribution date. s' DRIP will be administered by Computershare Trust Company of Canada. Interested unitholders can also obtain an information package and the necessary registration forms from, or direct any inquiries/concerns regarding the DRIP to, Computershare Trust Company of Canada via telephone at or via mail at: s Real Estate Investment Trust c/o Computershare Trust Company of Canada 100 University Avenue, 9 th Floor Toronto, ON, M5J 2Y1 Canada Attention: Dividend Reinvestment Department DISTRIBUTION HISTORY Per unit, paid monthly 2018 ($) 2017 ($) 2016 ($) 2015 ($) 2014 ($) January February March April May June July August September October November December Total

15 PERFORMANCE OF SMARTCENTRES UNITS AVERAGE UNIT TRADING PRICE Per unit 2018 ($) 2017 ($) 2016 ($) 2015 ($) 2014 ($) 1 st Quarter nd Quarter rd Quarter th Quarter YTD / Annual Closing trading price at end of period AVERAGE DAILY VOLUME OF UNITS TRADED 2018 ($) 2017 ($) 2016 ($) 2015 ($) 2014 ($) 1 st Quarter 237, , , , ,418 2 nd Quarter 274, , , ,756 3 rd Quarter 181, , , ,254 4 th Quarter 215, , , ,375 Annual 237, , , , ,379 MARKET CAPITALIZATION SUMMARY Date Total Units Outstanding (1) Share price per Unit ($) Market Capitalization ($) March 31, ,173, ,662,656,349 December 31, ,720, ,936,949,095 December 31, ,686, ,027,110,466 December 31, ,088, ,651,922,969 December 31, ,315, ,721,404,796 (1) Total Units outstanding include Trust Units and LP Units, including LP Units classified as liabilities. LP Units classified as equity in the consolidated financial statements are presented as non-controlling interests. 14

16 GROSS REVENUE AND AREA BY PROVINCE GROSS REVENUE BY PROVINCE 1 - Ontario % 2 - Quebec % 3 - British Columbia - 8.5% 4 - Saskatchewan - 3.9% 5 - Manitoba - 3.4% 6 - Alberta - 3.3% 7 - Newfoundland and Labrador - 2.8% 8 - Nova Scotia - 0.9% 9 - New Brunswick - 0.7% 10 - Prince Edward Island - 0.4% GROSS AREA BY PROVINCE 1 - Ontario % 2 - Quebec % 3 - British Columbia - 9.1% 4 - Alberta - 4.3% 5 - Saskatchewan - 4.3% 6 - Manitoba - 3.3% 7 - Newfoundland and Labrador - 3.0% 8 - Nova Scotia - 0.9% 9 - New Brunswick - 0.8% 10 - Prince Edward Island - 0.7% 15

17 TOP 25 TENANTS Rank Tenant Number of Stores Gross Rental Revenues Average Remaining Lease Term (years) 1 Walmart Canadian Tire, Mark's and FGL Sports Winners, HomeSense, Marshalls Loblaws and Shoppers Drug Mart Lowe's, RONA Sobeys Reitmans Best Buy Dollarama Michaels LCBO Staples Cara Restaurants Bonnie Togs Gap Inc The Brick Bulk Barn Toys R Us CIBC Pacific West Dollar Tree and Dollar Giant Metro Sail GoodLife Fitness Clubs Sleep Country Total

18 LEASE EXPIRATION SCHEDULE Year of Expiry Number of Stores Annualized Base Rent ($) Average Rent ($ psf) Month-to-month and holdovers , ,258, ,094, ,804, ,244, ,398, ,741, ,726, ,790, ,471, ,364, ,550, ,834, ,777, ,198, ,936, ,574, ,546, ,479, ,918, ,252, ,275, ,182, ,749, ,592, ,683, , ,271, , ,190, , ,401, , ,092, Beyond 6 554, ,566, Vacant , Total 3,485 34,158, ,620, Weighted Average Lease Expiry by area = 5.7 years 17

19 AREA BY AGE Age present 25,188, ,466, Before ,503, Total 34,158, Portfolio of high quality, newly developed assets with an average age of 14.2 years and minimal capital expenditure requirements. 18

20 FUTURE EARNOUTS AND DEVELOPMENTS Year Total Income ($000s) Gross Commitment ($000s) Invested To-date ($000s) Net Commitment ($000s) Yield / Cap Rate EARNOUTS Committed Earnouts , % 346 4, , % 2019 and beyond 9, % 283 3, , % Subtotal Committed Earnouts 30, % 629 8, , % Uncommitted Earnouts , % 449 7,784 1,304 6, % 2019 and beyond 463, % 9, ,278 5, , % Subtotal Uncommitted Earnouts 483, % 9, ,062 6, , % Total Earnouts 514, % 10, ,860 7,818 (1) 146, % DEVELOPMENTS Committed Developments , % 2,822 45,082 (2) 11,788 (2) 33, % (3) 2019 and beyond 33, % ,874 (2) 6,998 (2) 3, % (3) Subtotal Committed Developments 158, % 3,531 55,956 18,786 37, % Uncommitted Developments , % 6,227 63,648 (2) 47,485 (2) 16, % (3) 2019 and beyond 3,187, % 62,304 1,092,896 (2) 477,789 (2) 615, % (3) Subtotal Uncommitted Developments 3,288, % 68,531 1,156, , , % Total Developments (4) 3,446, % 72,062 1,212, ,060 (1) 668, % Total Earnouts and Developments 3,960, % 82,335 1,366, , , % Non-cash Development Cost (5) 2,109 Vaughan Metropolitan Centre ( VMC ) (6) 55,345 (1) Total before Mezzanine Financing 3,960, % 82,335 1,366, ,362 (1) 814, % Options through Mezzanine Financing (7) 614,711 Total Potential Pipeline 4,575,703 (1) Under Properties Under Development in the MD&A for the three months ended March 31, 2018, Earnouts of $48,922, Developments of $469,456 and Investments in associates relating to VMC of $95,984 comprise the total amount of $614,362. The amounts in the chart above have been adjusted for i) Earnouts that are expected to be completed after the expiry of the Earnout options being reclassified as Developments and ii) the first phases of VMC relating to the office complexes referred to in Note 4 have been included as Developments. (2) Includes fair value adjustment for land. (3) On a cost basis, the yield would be 6.0%, 6.8%, 9.3%, and 5.1%, respectively. (4) Includes the Trust s 50% ownership of the office complex in VMC with KPMG as lead tenant and a second office complex with PwC as lead tenant, scheduled to be completed by (5) Represents net liability currently recorded. (6) Future development lands relating to the Trust s 50% ownership of the VMC, but excluding the office complexes in Note 4. 19

21 MAJOR MIXED-USE REAL ESTATE INITIATIVES Estimated Costs ($M) Estimated Gain on Final Sale Site Project Type GLA ('000sf) / Units SRU % Share 100% SRU Share NOI at 100% ($M) NOI at SRU Share ($M) Completion Year Yield Profit % SRU Share Timing 1. VMC (Office Towers) (1) a. KPMG (T#1) b. PWC (T#2) c. Office (T#3) d. Office (T#4) Office Office Office Office 360sf 105sf 600sf 300sf 50% 50% 50% 50% $180.0 $65.0 $310.0 $175.0 $90.0 $32.5 $155.0 $87.5 $10.2 $3.0 $17.4 $9.6 $5.1 $1.5 $8.7 $ % 4.5%-5.5% 5.0%-6.0% 5.0%-6.0% 2. Toronto Premium Outlets (2) Phase II (JV) Retail 144sf 50% $133.0 $66.5 $10.9 $5.4 Nov %-8.5% 3. Montreal Premium Outlets (2) Phase II (JV) Retail 140sf 50% $56.0 $28.0 $5.6 $ %-10% 4. New Premium Outlets Premium (JV) Retail 360sf 50% $136.0 $68.0 $11.7 $ %-8.5% 5. Laval Centre (4) Jadco (2 Bldgs) Apartments 338 Units 50% $76.5 $38.3 $4.3 $ % 6. VMC (Condos) (4) CentreCourt CentreCourt CentreCourt Condo Condo #1 Condo #2 Condo #3 Condo #4 & Units 559 Units 606 Units 1,100 Units 25% 25% 25% 25% $181 $189 $190 $380 $45.25 $47.25 $47.5 $95.0 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 25%-30% 25%-30% 20%-25% 20%-25% 25% 25% 25% 25% Vaughan NW Fieldgate Townhomes 229 Units 50% $152.0 $76.0 N/A N/A N/A 20%-25% 50% Ottawa Laurentian (4) JV Partner (2 Bldgs) Apartments 300 Units 25% $86.0 $21.5 $4.9 $ %-6.5% 9. Multiple Locations (4) Self Storage (JV) Self Storage (4 to 5 new facilities each year) 500sf built per year in each of years % $52M per year in each of years 1-5 $26M per year in each of years 1-5 $4.8M net new NOI commences annually on stabilization (3) $2.4M net new NOI commences annually on stabilization (3) %-8.5% 10. StudioCentre (Toronto) SRU-Penguin JV Mixed-Use (Office, Studio, Hotel) 150sf 50% $53.0 $26.5 $3.4 $ %-7.0% 20

22 MAJOR MIXED-USE REAL ESTATE INITIATIVES Estimated Costs ($M) Estimated Gain on Final Sale Site Project Type GLA ('000sf) / Units SRU % Share 100% SRU Share NOI at 100% ($M) NOI at SRU Share ($M) Completion Year Yield Profit % SRU Share Timing 11. VMC (Apartments) (4) VMC Rental Apartments Apartments 221 Units 25% $113.6 $28.4 $5.6 $ % 12. Pointe-Claire (Apartments) (4) Rental Apartments (2 Bldgs) Apartments 486 Units 50% $154.8 $77.4 $7.2 $ % 13. Pointe-Claire (Condo) (4) Condo Condo 194 Units 50% $54.8 $27.4 N/A N/A 2020 N/A 10%-15% 50% Multiple Locations (4) Retirement Homes (JV) Retirement Homes (3 to 5 new facilities each year) 600sf built per year in each of years % $70M per year per site in each of years 1-5 $35M per year per site in each of years 1-5 $4.2M-$5.6M net new NOI commences annually on stabilization (3) $2.1M-$2.8M net new NOI commences annually on stabilization (3) %-8.0% Notes: (1) KPMG and PwC-YMCA towers are included in the future development pipeline as Developments. (2) The Phase II expansions for both the Toronto Premium Outlets and the Montreal Premium Outlets are included in the future development pipeline as Developments. (3) Stabilization is estimated to be 2 to 3 years after completion. (4) Estimated Transactional FFO Gains on Sale related to parcel sales of land into Joint Ventures estimated at 1%-2% of annual FFO at s' ownership share. In addition to the projects set out in the table above (with the exception of the projects listed in Notes 1 and 2), s' pipeline also includes approximately 4.0 million square feet of future developments as set out in the table shown on the Future Earnouts and Developments section. Also in addition to the above, s has a further mixed-use development pipeline estimated at 4 million square feet in projects that are underway or active. Further, s will initiate activities in the short-term to work towards development of a further estimated 12.5 million to 15 million square feet in mixed-use initiatives that will be completed in the longer-term. 21

23 RECOURSE LOANS TO DEVELOPERS Project Loan Outstanding ($000s) Committed ($000s) Maturity Date Interest Rate Total Leasable upon Option Completion (7) Potential Upon Exercising Purchase Option (7) Salmon Arm, BC (1)(2) 14,871 20,907 August % 215,431 Innisfil, ON (1)(3) 19,567 27,077 December % 139,744 Aurora (South), ON (4) 15,634 30,543 March % 50% 192,000 Mirabel (Shopping Centre), QC (5) 18,262 December % 256,000 96,500 Mirabel (Option Lands), QC (6) 5,721 December % 178,068 Pitt Meadows, BC (4) 26,817 68,664 November % 50% 75,000 Vaughan (7 & 427), ON 16,925 53,127 December % 50% 302,029 37,500 Caledon (Mayfield), ON (4) 9,098 14,033 April % 50% 203, ,865 Toronto (StudioCentre), ON (1)(4) 26,247 43,759 June % 25% 911, ,831 Total 129, , % (8) 2,473, ,711 (1) The Trust owns a 50% interest in these properties, with the other 50% interest owned by Penguin. These loans are secured against Penguin's interest in the property. (2) Monthly variable rate based on a fixed rate of 6.35% on loans outstanding up to $7.2 million and banker's acceptance rate plus 1.75% on any additional loans above $7.2 million. (3) The monthly variable rate is based on the banker's acceptance rate plus 2.00%. The interest rate on this mortgage will reset in 2018 to the four-year Government of Canada bond rate plus 4.0%, subject to a lower limit of 6.75% and an upper limit of 7.75%. (4) These loans were amended during the three months ended March 31, See the "Loan Amendments" section below for details. (5) The Trust owns a 33.3% interest in this property. The loan is secured against a 33.3% interest owned by Penguin, as well as a guarantee by Penguin. (6) The Trust owns a 25% interest in this property. The loan is secured against a 25% interest owned by Penguin, as well as a guarantee by Penguin. (7) The Trust has an option to purchase an additional purchase option percentage from the borrower in these properties upon a certain level of development and leasing being achieved. As at December 31, 2017, it is management's expectation that the Trust will exercise these purchase options. (8) Represents the weighted average effective interest rate. Note: Of the $152.9 million of remaining loan advances available, $76.1 million is set aside as interest accrual reserve. 22

24 INDIVIDUAL PROPERTY SUMMARY Property Location Occupancy Non-Owned Anchors and Major Tenants RETAIL PROPERTIES BRITISH COLUMBIA Chilliwack Mall Chilliwack, BC ,625 46,544 Safeway, Winners, Sport Chek Courtenay Courtenay, BC , ,899 Cranbrook Cranbrook, BC , , ,556 Cowichan Commons East Duncan, BC , , ,732 Kamloops Kamloops, BC , ,619 Langley Langley, BC , , ,161 Maple Ridge Maple Ridge, BC , ,521 New Westminster New Westminster, BC , ,449 Peachtree Square Penticton, BC , ,000 Penticton Power Centre Penticton, BC , ,795 Prince George Prince George, BC , , ,247 Walmart Supercentre, Winners, Staples, Best Buy, Sport Chek, Mark's, Reitmans Walmart Supercentre, Real Canadian Superstore*, Home Hardware*, Sport Chek, Dollar Tree Walmart Supercentre*, RONA*, Canadian Tire, Home Depot, Best Buy, Bulk Barn Walmart Supercentre, Michaels, Lordco Auto Parts, Pier 1 Imports, Sleep Country Walmart Supercentre, Home Depot*, Save-on-Foods*, London Drugs, Home Outfitters, Best Buy Walmart Supercentre, Thrifty Foods, Westminster Savings Credit Union, Dollar Tree, Rexall Walmart Supercentre, Home Outfitters, Tommy Hilfiger, The Gap, Carter's OshKosh Walmart Supercentre*, Sport Chek, Dollar Tree, Valley First Credit Union, Bulk Barn Real Canadian Superstore, Staples, Winners, PetSmart, Sleep Country, TD Canada Trust Walmart Supercentre, Home Depot*, Canadian Tire*, Michaels, Old Navy, Mark's, Petland Salmon Arm ** Salmon Arm, BC ,324 48,345 Walmart Supercentre, Winners, Dollarama, Bulk Barn Surrey West Surrey, BC , ,943 Vernon Vernon, BC , ,782 50,300 Walmart Supercentre, Dollar Tree, Ardene, Sleep Country, Reitmans, Carter's OshKosh Walmart Supercentre, RONA*, Best Buy, Value Village, Mark's, Petland, Sleep Country Subtotal British Columbia ,106,531 1,786,612 1,022,996 23

25 INDIVIDUAL PROPERTY SUMMARY Property Location Occupancy Non-Owned Anchors and Major Tenants ALBERTA Calgary Southeast Edmonton East ** Edmonton Northeast Calgary, AB , ,758 Edmonton, AB ,100 94,835 Edmonton, AB , ,925 Walmart Supercentre, London Drugs, Mark's, Reitmans, Carter's OshKosh, Bulk Barn Walmart Supercentre, Safeway, Winners, Fit4Less, Petland, Dollarama Walmart Supercentre, Your Dollar Store With More, Michaels, Bulk Barn, Moores, Penningtons Lethbridge II Lethbridge, AB ,392 40,373 Sobeys Lethbridge Lethbridge, AB , ,564 95,000 St. Albert St. Albert, AB , ,101 91,737 Sylvan Lake Sylvan Lake, AB , ,829 68,947 Walmart Supercentre, Home Depot*, Best Buy, Ashley Furniture, Mark's, Gap Outlet Walmart Supercentre, Save-on- Foods*, RONA*, Dollarama, Canadian Western Bank Walmart Supercentre, Canadian Tire*, Dollarama Subtotal Alberta ,470,334 1,004, ,684 SASKATCHEWAN Golden Mile Shopping Centre Regina East (I) Regina East (II) Regina, SK ,245 93,938 Regina, SK , ,523 Regina, SK , , ,000 Regina North Regina, SK , ,339 Saskatoon South Saskatoon, SK , , ,084 Loblaws, GoodLife Fitness, Rainbow Cinemas, Dollarama, Bison Liquor, RBC Walmart Supercentre, HomeSense, London Drugs, Best Buy, Michaels, Pier 1 Imports RONA, Real Canadian Superstore*, Wholesale Sports, PetSmart, Old Navy, Petland Walmart Supercentre, IGA, Mark's, Dollarama, TD Canada Trust, Reitmans, Bulk Barn Walmart Supercentre, Home Depot*, HomeSense, The Brick, Ashley Furniture, Golf Town Subtotal Saskatchewan ,478, , ,084 24

26 INDIVIDUAL PROPERTY SUMMARY Property Location Occupancy Non-Owned Anchors and Major Tenants MANITOBA Kenaston Common Winnipeg Southwest Winnipeg West Winnipeg, MB ,222 98, ,613 Winnipeg, MB , ,606 95,000 Winnipeg, MB , ,146 75,240 RONA, Costco*, Indigo Books, Golf Town, Petland, Nygard, CIBC, HSBC, RBC Walmart Supercentre, Home Depot*, Safeway, Home Outfitters, HomeSense, Urban Planet Walmart Supercentre, Canadian Tire*, Sobeys, Winners, Value Village, Sport Chek, Staples Subtotal Manitoba ,140, , ,853 ONTARIO Alliston Alliston, ON , ,709 Walmart Supercentre, Dollarama, Tim Hortons Ancaster Ancaster, ON , ,794 74,018 Aurora North Aurora, ON , ,637 Aurora Aurora, ON ,186 Walmart Supercentre, Canadian Tire*, Winners, GoodLife Fitness, Bouclair, Dollar Tree Walmart Supercentre, RONA, Best Buy, Golf Town, LCBO, Dollarama, RBC, TD Canada Trust Winners, Healthy Planet, Bank of Nova Scotia Barrie Essa Road Shopping Centre Barrie, ON ,906 35,152 Food Basics, Pharma Plus, Dollarama, Anytime Fitness, Pet Valu, Tim Hortons Barrie North Barrie, ON , ,727 81,373 Barrie South Barrie, ON , ,629 Walmart Supercentre, Loblaws*, Old Navy, Carter's OshKosh, Addition-Elle, Reitmans Walmart Supercentre, Sobeys, Winners, La-Z-Boy, PetSmart, Stitches, Dollar Tree Bolton Bolton, ON , ,864 Walmart Supercentre, LCBO, Mark's, The Beer Store, Reitmans Bracebridge Bracebridge, ON , ,779 90,000 Walmart Supercentre, Home Depot*, Dollar Tree, Boston Pizza, Bulk Barn 25

27 INDIVIDUAL PROPERTY SUMMARY Property Location Occupancy Non-Owned Anchors and Major Tenants Bradford Bradford, ON , ,571 Bramport Brampton, ON ,450 45,877 37,082 Walmart Supercentre, GoodLife Fitness, Dollarama, Bulk Barn, CIBC, RBC LA Fitness, Value Village, LCBO, Dollarama, Swiss Chalet, CIBC, Bank of Montreal Bramport (II) Brampton, ON ,857 37,857 No Frills Brampton East Brampton North Brampton Northeast Kingspoint Shopping Centre Brampton, ON , ,610 Brampton, ON ,794 62,496 Brampton, ON , ,455 Brampton, ON ,236 76,430 Walmart Supercentre, The Brick, Winners, Staples, Mark's, Dollar Tree, Carter's OshKosh Fortinos*, Shoppers Drug Mart, RBC Walmart Supercentre, GoodLife Fitness, LCBO, Dollarama, CIBC, Bank of Nova Scotia, RBC Giant Tiger, GoodLife Fitness, Shoppers Drug Mart, The Beer Store Brockville Brockville, ON , ,054 Walmart Supercentre*, Real Canadian Superstore*, Home Depot*, Winners, Michaels, LCBO Burlington (Appleby) Burlington North Burlington, ON , ,646 Burlington, ON , ,127 Toys R Us, LA Fitness, Shoppers Drug Mart, Golf Town, Bank of Montreal Walmart Supercentre, Dollar Tree, Reitmans, Moores, Bank of Nova Scotia Cambridge (I) Cambridge, ON , ,394 Walmart Supercentre, RONA, LA Fitness, Best Buy, Staples, Bed Bath & Beyond, Michaels Cambridge (II) Cambridge, ON , ,695 Canadian Tire*, Home Depot*, Henry's Photography, Allstate Insurance Carleton Place Carleton Place, ON , ,811 Walmart Supercentre, Dollarama, Mark's, Bulk Barn Chatham ** Chatham, ON , ,053 91,275 Cobourg Cobourg, ON , ,634 85,433 Walmart Supercentre, Real Canadian Superstore*, Winners, Mark's, PetSmart, Dollarama, LCBO Walmart Supercentre, Home Depot*, Winners, Dollar Tree, Swiss Chalet 26

28 INDIVIDUAL PROPERTY SUMMARY Property Location Occupancy Non-Owned Anchors and Major Tenants Cornwall Cornwall, ON , ,510 Walmart Supercentre, Dollar Tree, Bank of Montreal Leaside East York, ON , , ,000 Home Depot*, Winners, Sobeys, Sport Chek, Best Buy, LCBO, Golf Town, RBC Etobicoke (Index) Etobicoke, ON , ,838 Sail, Marshalls, PetSmart, Party Packagers, Structube, Bouclair, Penningtons Etobicoke Etobicoke, ON , , ,000 Walmart Supercentre, Home Depot*, Best Buy, Winners, Old Navy, Mark's, Urban Barn Rexdale Etobicoke, ON , ,083 Walmart Supercentre*, Dollarama, Bank of Nova Scotia Fergus Fergus, ON ,652 95,035 Walmart Supercentre, LCBO Fort Erie Fort Erie, ON , ,142 Walmart Supercentre*, No Frills*, LCBO, Bank of Nova Scotia Guelph Guelph, ON , , ,000 Toronto Premium Outlets** Halton Hills, ON ,332 Walmart Supercentre, Home Depot*, HomeSense, Michaels, Dollarama, CIBC, RBC Saks Fifth Avenue OFF 5TH, Polo Ralph Lauren, Restoration Hardware, Nike, Columbia, Coach Hamilton South Hamilton, ON , ,524 Walmart Supercentre, Shoppers Drug Mart, LCBO, Dollarama, The Beer Store, CIBC Huntsville Huntsville, ON ,436 84,861 68,837 Walmart Supercentre, Your Independent Grocer*, Dollar Tree, Mark's, Reitmans Kanata Kanata, ON , ,739 Walmart Supercentre, Dollarama, Bulk Barn, CIBC, RBC Laurentian Power Centre Kitchener, ON , ,978 RONA*, Zehrs*, Staples, CIBC London East Argyle Mall London, ON , ,281 Walmart Supercentre, Toys R Us, No Frills, Winners, Staples, Sport Chek, GoodLife Fitness 27

29 INDIVIDUAL PROPERTY SUMMARY Property Location Occupancy Non-Owned Anchors and Major Tenants London North ** London Northwest London, ON , , ,262 London, ON , ,316 Walmart Supercentre, Canadian Tire*, Marshalls, Winners, Sport Chek, HomeSense, Old Navy Lowe's*, Boston Pizza, Bank of Montreal, Montana's, Kelsey's, RBC Markham East ** Markham, ON ,008 61,207 Walmart Supercentre, Dollar Tree, CIBC Markham Woodside ** Markham, ON ,950 80,385 Home Depot, Longo's*, Winners, Staples, Chapters, Michaels, La- Z-Boy, LCBO Milton Walmart Centre** Milton, ON , ,896 Walmart Supercentre*, Canadian Tire*, Sport Chek, Indigo, Michaels, Mark's, Staples, RBC Burnhamthorpe Mississauga, ON ,970 Government, Swiss Chalet, Remax Creekside Crossing** Mississauga, ON ,017 91,385 Walmart Supercentre, Costco, LCBO, Dollarama, The Beer Store, CIBC, TD Canada Trust, RBC Mississauga (Erin Mills) Mississauga (Go Lands) Mississauga (Meadowvale) Mississauga, ON , ,973 Mississauga, ON ,005 50, ,000 Mississauga, ON , ,275 Walmart Supercentre, No Frills, GoodLife Fitness, Shoppers Drug Mart, Dollarama Real Canadian Superstore*, Toys R Us, Marshalls, Dollarama, TD Canada Trust Walmart Supercentre, RONA, Winners, Staples, Michaels, Mark's, PetSmart, LCBO Niagara Falls Niagara Falls, ON , ,698 Walmart Supercentre, PetSmart, Penningtons, Dollarama, LCBO, Sleep Country, Bulk Barn 401 & Weston Power Centre** North York, ON ,662 58, ,000 Real Canadian Superstore*, Canadian Tire, The Brick, Best Buy, LCBO, Mark's, Dollar Tree Oakville Oakville, ON , ,588 South Oakville Centre Oakville, ON ,577 41,289 Walmart Supercentre, Real Canadian Superstore, LCBO, The Beer Store, The Keg, CIBC, RBC Metro, Winners, Shoppers Drug Mart, LCBO, The Beer Store, CIBC, TD Canada Trust 28

30 INDIVIDUAL PROPERTY SUMMARY Property Location Occupancy Non-Owned Anchors and Major Tenants Orillia Orillia, ON , ,902 Walmart Supercentre, Winners, Staples, Michaels, Dollarama Orleans (I) Orleans, ON , , ,136 Walmart Supercentre, Canadian Tire*, Home Outfitters, Best Buy, Shoppers Drug Mart Orleans (II)** Orleans, ON ,000 Indigo Books, Marshalls Oshawa North Oshawa North (II) Oshawa South Oshawa, ON , , ,348 Oshawa, ON ,259 34,109 Oshawa, ON , ,536 Walmart Supercentre, Real Canadian Superstore, Home Depot*, Marshalls, Sport Chek, Best Buy, Michaels Home Outfitters, Winners, PetSmart, Party Packagers, Boston Pizza, TD Canada Trust Walmart Supercentre, Lowe's, Sail, CIBC, Dollarama, Moores, Reitmans, RBC Ottawa (Laurentian Place) ** Ottawa, ON , ,391 Walmart Supercentre, Stantec, CIBC Ottawa South ** Ottawa, ON , ,471 Walmart Supercentre, Loblaws, Cineplex Odeon, Marshalls, Winners, Chapters Owen Sound Owen Sound, ON , , ,000 Pickering Pickering, ON , ,289 82,000 Walmart Supercentre, Home Depot*, Penningtons, Dollarama, Carter's OshKosh, Reitmans Walmart Supercentre, Lowe's, Sobeys, Canadian Tire*, Toys R Us, Winners, PetSmart, LCBO Port Elgin Port Elgin, ON , ,524 Walmart Supercentre Port Perry Port Perry, ON ,789 92,473 Walmart Supercentre, LCBO, Dollarama, Mark's, Bulk Barn, Bank of Nova Scotia Richmond Hill ** Richmond Hill, ON ,306 94,458 Walmart Supercentre, Food Basics, Shoppers Drug Mart, HSBC, Bank of Montreal Rockland Rockland, ON , ,890 24,253 Walmart Supercentre, Rona*, Dollarama, LCBO, Boston Pizza 29

31 INDIVIDUAL PROPERTY SUMMARY Property Location Occupancy Non-Owned Anchors and Major Tenants Sarnia Sarnia, ON , ,513 Walmart Supercentre, Winners, Michaels, PetSmart, LCBO, Dollarama, Penningtons Scarborough (1900 Eglinton) Scarborough East Scarborough, ON , ,693 Scarborough, ON , ,385 Walmart Supercentre, Winners, Mark's, LCBO, David's Bridal, Bank of Montreal Walmart Supercentre, Cineplex Odeon, LCBO, Reitmans, Boston Pizza, Sleep Country Simcoe Simcoe, ON , ,294 Walmart Supercentre, LCBO, Dollar Tree Hartzel Plaza St. Catharines, ON ,972 34,522 Food Basics, Provincial Government Lincoln Value Centre St. Catharines, ON , ,891 Walmart Supercentre, Canadian Tire, No Frills, Dollarama St. Catharines West (I) St. Catharines, ON , , ,132 Walmart Supercentre, Real Canadian Superstore*, Canadian Tire*, Home Outfitters, Best Buy St. Catharines West (II) St. Catharines, ON ,438 35,108 The Brick, Michaels, Shoppers Drug Mart, Golf Town, Bouclair St. Thomas St. Thomas, ON , , ,212 Walmart Supercentre, Real Canadian Superstore*, Canadian Tire*, Staples, Dollar Tree Centennial Parkway Plaza Stoney Creek, ON ,042 39,271 Food Basics, JYSK, King's Buffet, Salvation Army Thrift Store Stoney Creek Stoney Creek, ON , ,795 Walmart Supercentre, Toys R Us, Dollar Tree Stouffville Stouffville, ON ,968 69, ,633 Walmart Supercentre*, Canadian Tire, Winners, Staples, Dollarama, Bouclair, Bulk Barn Sudbury South Sudbury, ON , ,708 Walmart Supercentre, LCBO, Mark's, Dollarama, Bouclair Toronto Stockyards Toronto, ON , ,194 Walmart Supercentre*, Bank of Montreal, CitiFinancial 30

32 INDIVIDUAL PROPERTY SUMMARY Property Location Occupancy Non-Owned Anchors and Major Tenants Westside Mall Toronto, ON , ,019 Canadian Tire, FreshCo, Dollar Tree, Rogers, CIBC Yorkgate Shopping Centre Toronto, ON ,701 74,907 No Frills, City of Toronto, Planet Fitness, Seneca College, Dollarama Rutherford Village Shopping Centre Vaughan, ON ,301 48,890 Sobeys, TD Canada Trust, Rogers Video, Tim Hortons Vaughan (400 & 7) Vaughan, ON , , ,000 Sail, The Brick, Home Depot*, Value Village, GoodLife Fitness, Fabricland Vaughan Northwest Vaughan, ON , ,791 Walmart Supercentre, CIBC Waterloo Waterloo, ON , ,005 Walmart Supercentre, Value Village, Mark's, Dollarama Welland Welland, ON , , ,667 Walmart Supercentre, Canadian Tire*, RONA, Mark's, Dollar Tree Whitby North Whitby, ON , , ,571 Walmart Supercentre, Real Canadian Superstore*, Mark's, LCBO, Bank of Nova Scotia Whitby Northeast Whitby, ON ,249 Boston Pizza, Swiss Chalet, RBC, Popeyes Whitby Shores Shopping Centre Windsor South Whitby, ON ,602 39,919 Windsor, ON , ,121 Metro, LCBO, Bank of Nova Scotia, Lovell Drugs, Pet Valu, Tim Hortons Walmart Supercentre, Part Source, Dollarama, PetSmart, Moores, The Beer Store, CIBC Woodbridge ** Woodbridge, ON ,983 32, ,073 Woodstock Woodstock, ON , ,764 91,254 Canadian Tire*, Fortinos*, Winners, Best Buy, Toys R Us, Chapters, Michaels, Sport Chek Walmart Supercentre, Canadian Tire*, Staples, Mark's, Carter's OshKosh, CIBC, Reitmans Subtotal Ontario ,662,254 11,717,177 4,472,413 31

33 INDIVIDUAL PROPERTY SUMMARY Property Location Occupancy Non-Owned Anchors and Major Tenants QUEBEC Blainville Blainville, QC , ,537 Hull ** Hull, QC ,239 80, ,717 Walmart Supercentre, Winners, Dollarama, Bulk Barn, Bank of Nova Scotia, RBC Walmart Supercentre, Loblaws*, RONA*, Famous Players*, Super C*, Winners, Staples Kirkland Kirkland, QC , ,271 Walmart Supercentre, The Brick Lachenaie ** Lachenaie, QC ,292 78,432 Laval East Laval, QC , ,736 Laval West Laval, QC , , ,000 Walmart Supercentre, HomeSense, Michaels, SAQ, Bouclair, Structube Walmart Supercentre, Canadian Tire, IGA, Winners, Michaels, Bouclair, Dollarama, SAQ Walmart Supercentre, RONA, Canadian Tire*, IGA*, Archambault, Marshalls, Michaels Mascouche North Mascouche, QC , ,000 RONA*, Jean Coutu, Structube, SAQ, McDonald's, Bulk Barn Mascouche Mascouche, QC , ,834 Walmart Supercentre, IGA, Home Outfitters, Winners, Staples, Best Buy, Bouclair, Mark's Montreal Premium Outlets** Mirabel, QC ,976 The Bay Outlet, Polo Ralph Lauren, Old Navy, Nike, Urban Planet, Tommy Hilfiger, Coach Montreal (Decarie) ** Montreal North Montreal, QC ,434 83,858 Montreal, QC , ,668 Place Bourassa Mall Montreal, QC , ,608 Pointe Claire Pointe Claire, QC , ,402 Rimouski Rimouski, QC , , ,973 Saint-Constant Saint-Constant, QC , ,613 95,000 Walmart, Toys R Us, Ardene, Baton Rouge, Suzy Shier, P.F. Chang's, Bulk Barn Walmart Supercentre, IGA, Winners, Dollarama, Sleep Country, Bulk Barn, TD Canada Trust Canadian Tire, Super C, Pharmaprix, L'Aubainerie, Yellow, Urban Depot, Ardene Walmart Supercentre, Home Depot, Marks, Dollarama, Baron Sports, Pier 1 Imports Walmart Supercentre, Tanguay*, Super C*, Winners, Best Buy, SAQ, Dollarama, Clement, Scores Walmart Supercentre, Home Depot*, Super C, L Aubainerie Concept Mode, Michaels 32