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SmartCentres Real Estate Investment Trust
SmartCentres Real Estate Investment Trust (SRU.UN) investor relations material
SmartCentres Real Estate Investment Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved strong financial and operational performance in 2025, with robust Same Property NOI growth, high occupancy, and competitive rental lifts, supported by high tenant retention and leasing momentum across all property sectors.
Industry-leading 98.6% in-place and committed occupancy rate at year-end, supported by leasing of 430,000 sq. ft. of vacant space and 125,000 sq. ft. of new-build retail.
Maintained a conservative balance sheet with over CAD 1 billion in liquidity and 90% fixed-rate debt; reached an unencumbered asset pool of over CAD 10 billion for the first time.
Continued expansion and upgrades of retail sites, with new developments and acquisitions underway nationwide, including the opening of a new Walmart at South Oakville.
Mixed-use development pipeline advanced, with three new self-storage facilities completed, bringing the total to 14, and several more under construction or in approval stages.
Financial highlights
Same Property NOI grew 2.9% in Q4 (5.1% excluding anchors); full-year growth was 3.7% (5.6% excluding anchors).
Net rental income for Q4 2025 was $143.6 million, up 1.4% year-over-year; annual net rental income reached $563.0 million.
FFO per Unit for Q4 2025 was $0.54, up from $0.53 in Q4 2024; FFO with adjustments per Unit was $0.54, down from $0.56.
Distributions maintained at CAD 1.85 per unit; payout ratio to AFFO improved to 89.2% for 2025, while reported payout ratio to AFFO was 94.8%.
Adjusted debt to adjusted EBITDA was 9.7x in Q4.
Outlook and guidance
Expect continued momentum in 2026, with strong rent growth and stable cash flows, supported by an active development pipeline in self-storage, residential, and retail projects.
Same Property NOI for 2026 projected to be in a similar range as 2025, with a temporary dip due to Toys "R" Us vacancies, but recovery anticipated as new tenants take possession.
Retail development pipeline robust, with 200,000–300,000 sq ft expected to commence construction in 2026, and more in subsequent years.
Anticipates continued strong leasing demand and occupancy, with new retail and mixed-use developments expected to contribute to future growth.
Impact of CEO contract negotiations on strategy?
Future NOI contribution from development pipeline?
Debt strategy given rising interest rates?
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Next SmartCentres Real Estate Investment Trust earnings date
Q1 20267 May, 2026
SmartCentres Real Estate Investment Trust
Next SmartCentres Real Estate Investment Trust earnings date
Q1 20267 May, 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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