Investor Presentaiton

MAJOR MIXED-USE DEVELOPMENT INITIATIVES Estimated Costs ($M) Estimated Gain on Final Sale GLA Completion SRU 100% Site Project Type ('000sf) / Year % Share Share SRU Share Yield Profit % SRU Share Timing Units 1. VMC (Office Towers) a. KPMG (T#1) Office 360sf 2016 50% $180 $90.0 5.7% b. PwC-YMCA (T#2)(2) Office 113sf 2019 50% $59 $29.5 c. Office (T#3) Office 600sf 2025 50% $432 $216.0 5.0%-5.5% 4.8%-5.5% d. Office (T#4) Office 500sf 2028 50% $351 $175.5 4.8%-5.5% 2. New Premium Outlets Premium (JV) Retail 360sf 2022 50% $136 $68.0 8.0%-8.5% | | | | | | │ | | | | | (Simon Property Group) (1) 3. Laval Centre Jadco Apartments 338 Units 2020-2022 50% $82 $41.0 5.3%-5.8% | (2 Buildings) 4. VMC (Condos) CentreCourt CentreCourt CentreCourt Transit City 1 Transit City 2 Transit City 3 551 Units) 2020-2021 25% $187 $46.8 N/A 40%-45% 25% 2020-2021 570 Units 2020-2021 25% $194 $48.5 N/A 40%-45% 25% 2020-2021 631 Units 2021 25% $218 $54.5 N/A 30%-35% 25% 2021 CentreCourt Transit City 4 498 Units 2023 25% $200 $50.0 N/A 20%-25% 25% 2023 CentreCourt Transit City 5 528 Units 2023 25% $219 $54.8 N/A 20%-25% 25% 2023 5. VMC (Apartments) (1) 6. Vaughan NW VMC Rental Apartments Apartments 451 Units 2023-2024 50% Fieldgate Low/Mid Rise 179 Units 2022-2023 50% $225 $100-$120 $112.5 $50.0-$60.0 4.2%-4.6% N/A 10%-15% 50% 2022-2023 Residential 7. Ottawa Laurentian (1) Selection Group (2 Buildings) Apartments/ 410 Units 2022 50% $150 $75.0 6.0%-7.0% Retirement Residence (1) projects Toronto (2 8. Multiple Locations (9 approved development projects), Oshawa, Brampton (2 projects), Vaughan, Markham, Whitby, Aurora) SMARTCENTRES REIT | Q4 2019 INVESTOR PRESENTATION Self-Storage (JV) (SmartStop) Self-Storage (4 to 5 new facilities each year) 500sf built per year 2020-2025 50% $80M - $100M per year $40M $50M 6.0%-8.0% per year 16

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