Early Warning News Release for Mitchell Goldhar

EARLY WARNING NEWS RELEASE PURSUANT TO SECTION 102.1 OF THE SECURITIES ACT (ONTARIO) AND NATIONAL INSTRUMENT 62-103

TORONTO, April 25, 2016 /CNW/ - Further to disclosure requirements of applicable securities laws, Mitchell Goldhar announces that he has, since the last early warning report dated May 28, 2015, acquired, directly or indirectly through controlled affiliates, beneficial ownership of equity and voting securities of Smart Real Estate Investment Trust (the "REIT") consisting of (i) 32,785 units of the REIT and pursuant to the exercise of rights under previously disclosed property acquisition arrangements of the REIT; (ii) 211,682 exchangeable Class B limited partnership units ("Class B Units") (exchangeable into REIT units on a one-for-one basis) of subsidiary partnerships of the REIT (the "Partnerships"), together with an equal number of associated non-participating special voting units ("Special Voting Units") pursuant to the exercise of rights under previously disclosed property acquisition arrangements of the REIT; and (iii) 896,010 Special Voting Units pursuant to the terms of Section 6.1.5 of the amended and restated declaration of trust of the REIT (any Special Voting Units issued pursuant to Section 6.1.5 of the Declaration of Trust hereinafter referred to as "Additional Special Voting Units") whereby Mitchell Goldhar has minimum voting entitlements in specified circumstances (the foregoing acquisitions described in (i), (ii) and (iii) collectively referred to hereinafter as the "Unit Acquisitions").

After giving effect to the Unit Acquisitions, Mitchell Goldhar directly or indirectly, has beneficial ownership of 13,765,585 units of the REIT, representing approximately 10.7% of the 129,190,078 outstanding units of the REIT, which together with Mitchell Goldhar's beneficial ownership of 21,028,788 Class B Units of the Partnerships (and an equal number of associated Special Voting Units), and 5,181,409 Additional Special Voting Units, represents approximately 22.5% and 25% of all of the REIT's issued and outstanding equity securities and voting securities, respectively.  The Unit Acquisitions represent approximately 0.2% and 0.7% of all of the REIT's issued and outstanding equity securities and voting securities, respectively.  The Special Voting Units (including Additional Special Voting Units) acquired as part of the Unit Acquisitions represent approximately 3.6% of the REIT's issued and outstanding Special Voting Units (including Additional Special Voting Units).

The securities are being held by Mitchell Goldhar for investment purposes. In the future, Mitchell Goldhar may, whether individually or on a joint basis, directly or indirectly, increase or decrease his beneficial ownership in the securities of the REIT depending on factors including, but not limited to, the business and prospects of the REIT as well as market conditions, whether in the open market, by privately negotiated agreements, or otherwise.

This news release is being issued as required by National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

SOURCE Mitchell Goldhar

For further information: (including a copy of the early warning report to be filed on SEDAR) can be obtained at www.sedar.com under the REIT's company profile or by contacting Joseph Amato at 905-326-6400.

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