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SmartCentres Real Estate Investment Trust (SRU.UN) investor relations material
SmartCentres Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved strong Q3 2025 performance with 98.6% occupancy, robust leasing momentum, and NOI growth across retail, industrial, residential, storage, and office sectors.
Maintained a resilient, Walmart-anchored retail base, expanded self-storage and residential segments, and diversified into mixed-use and development projects.
Lease renewals for 2025 saw rent growth of 8.4% excluding anchors and 6.2% all-in, with 84.3%–85% of leases extended or finalized.
Opened new anchor tenants (Costco and Walmart) post-quarter, expected to enhance property performance and rental income.
Continued expansion in self-storage, with three new facilities opened in 2025 and multiple projects under construction.
Financial highlights
Same property NOI grew 2.6%–4.6% year-over-year, with 5.9% year-to-date growth ex-anchors.
FFO per unit (diluted) was $0.59, with FFO with adjustments per unit at $0.56; AFFO per unit ranged from $0.48 to $0.57.
Net income and comprehensive income increased by $38.6 million year-over-year, mainly from fair value adjustments.
Closed 13 townhomes in Vaughan Northwest in Q3, with 111–119 of 120 homes in phase one now sold.
Maintained annualized distributions at CAD 1.85 per unit; payout ratio to AFFO improved to 89.6%–95.1%.
Outlook and guidance
Management expects continued momentum in cash flow, operational performance, and healthy rental growth through year-end.
Retail development pipeline increased to 3 million sq ft over five years, with ongoing mixed-use initiatives totaling 86 million sq ft.
Expansion plans include new self-storage facilities in Quebec (2026) and British Columbia (2027).
Focus on intensification and value creation on underutilized land, with less than 25% land utilization.
Conservative approach to development and balance sheet management, prioritizing shorter cycles and key financial metrics.
Quantify Toys"R"Us backfill rent uplift
What drives the 3M sq ft retail pipeline increase?
How will development growth impact debt metrics?
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Next SmartCentres Real Estate Investment Trust earnings date
Q4 202512 Feb, 2026
Next SmartCentres Real Estate Investment Trust earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
SmartCentres Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established under the laws of Ontario. The REIT has been formed to own and manage income-producing commercial properties and to make long-term investments in real estate assets. The REITs’ portfolio of commercial properties consists of over 174 strategically located retail and mixed-use centres that are mainly anchored by large format retail tenants. SmartCentres’ core retail segment is anchored by Walmart and one or more national supermarket chains. The REIT is managed by its external manager, Smart Real Estate Investment Trust Management Limited which follows strict policies, guidelines, controls and procedures which have been established in each case in conformity with industry practice
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