)
Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
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 Q4 and full-year 2025, with robust Same Property NOI growth, high occupancy rates (98.6%), and resilient leasing momentum across all property sectors.
Continued expansion and upgrades in retail, self-storage, and residential segments, with significant development pipeline progress and new projects nationwide.
Maintained a conservative balance sheet with over CAD 1 billion in liquidity, a $10 billion unencumbered asset pool, and stable cash distributions.
Outperformed industry benchmarks with high tenant retention, competitive rental lifts, and proactive management of tenant transitions.
Financial highlights
Same Property NOI grew 2.9% in Q4 2025 (5.1% excluding anchors); full-year growth was 3.7% (5.6% excluding anchors).
FFO per unit (diluted) was $0.54 in Q4 2025, up $0.01 year-over-year; AFFO per unit (diluted) reached $0.48.
Distributions maintained at CAD 1.85 per unit; payout ratio to AFFO improved to 89.2% for 2025, with some reports at 94.8%.
Net rental income for Q4 2025 was $143.6 million, with annual net rental income at $563.0 million.
Cash collections remained strong at nearly 99% in Q4.
Outlook and guidance
Expect continued momentum in 2026, with strong rent growth, stable cash flows, and robust development pipeline across mixed-use, residential, and self-storage 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.
Two new self-storage facilities opening in QC in Q2 2026, and two more in BC in 2027.
Impact of CEO contract negotiations on strategy?
Future NOI contribution from development pipeline?
Debt strategy given rising interest rates?
PUD disposition target for next 2 years?
Future portfolio mix: retail, storage, multi-res?
New retail construction square footage target 2026?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
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
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage