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SmartCentres Real Estate Investment Trust (SRU.UN) investor relations material
SmartCentres Real Estate Investment Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 delivered strong financial and operational performance, with 98.6% occupancy, robust leasing, and high pre-leasing in residential and mixed-use projects, driven by value and convenience-focused tenants and major anchors like Walmart and Costco.
Active development pipeline includes residential, retail, and self-storage projects, with significant pre-leasing, ongoing construction, and major projects like SmartVMC and Canadian Tire Leaside advancing.
Self-storage portfolio expanded with three new facilities opened in Q2 and more under construction, supporting future growth.
Maintained a resilient, recession-resistant retail base anchored by national tenants, with 82.1% of 2025 lease maturities renewed or extended.
Capital recycling efforts progressing, with one-third of $100M planned dispositions under contract and focus on non-core assets.
Financial highlights
Net operating income rose by $10.2M or 7.3% year-over-year; Same property NOI grew 4.8% overall and 7.7% excluding anchors.
FFO per unit was $0.58, up from $0.50 year-over-year; AFFO per unit was $0.55, up 7.8%; payout ratio to AFFO was 84.3%.
In-place and committed occupancy rate reached 98.6%; rent collections exceeded 99%.
NAV per unit (diluted) was $35.65 as of June 30, 2025; unit price at $25.69, a 27.9% discount to NAV.
Distributions maintained at $1.85 per unit annualized; dividend yield at 7.2% as of August 6, 2025.
Outlook and guidance
Same property NOI growth guidance of 3–5% for 2025 reiterated, with expectations to finish near the middle of the range.
Development pipeline includes 58.9M sq. ft. of zoned permissions, with 0.8M sq. ft. under construction and phased completions through 2027.
Management expects continued demand for large retail units, further expansion in self-storage, and profitable growth from development activities.
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