Q3 2025 SmartCentres Real Estate Investment Trust Earnings Call Transcript

Nov 13, 2025 / 08:00 PM GMT

Release Date Price: €16.37 (-0.82%)

Transcript

Key Points

Positve

SmartCentres Real Estate Investment Trust (CWYUF) reported strong performance across various sectors including retail, industrial, residential, storage, and office, leading to higher occupancy and healthy same property NOI increases.
The company maintained a high occupancy rate of 98.6% at the end of the quarter, reflecting strong tenant demand.
SmartCentres Real Estate Investment Trust (CWYUF) improved its financial flexibility with approximately $1.1 billion in liquidity and 88% of its debt at a fixed rate.
The company successfully closed on 13 townhomes in its Vaughan Northwest project, achieving a cumulative margin of about 22% for the project to date.
The company maintained its distributions during the quarter at an annualized rate of $1.85 per unit, with an improving payout ratio to AFFO at 89.6% for the rolling 12-month period.

Negative

The company booked a provision in the quarter for one tenant, impacting its financial results.
Same property NOI growth was partially offset by the impact of a credit provision primarily associated with one retail tenant.
The adjusted debt to adjusted EBITDA ratio remained high at 9.6 times, unchanged from the previous quarter.
The weighted average term to maturity of the company's debt is relatively short at 2.9 years, or 3.4 years on a pro forma basis.
The company faces potential challenges in backfilling locations previously occupied by Toys R Us, although there is interest from stronger retailers.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SRU_u.TO - SmartCentres Real Estate Investment Trust
Q3 2025 SmartCentres Real Estate Investment Trust Earnings Call
Nov 13, 2025 / 08:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day ladies and gentlemen. Welcome to the Smart Centers reach Q3 2025 conference call. I would like to introduce Mr. Peterland. Please go ahead.

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Unidentified_2 [2]
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Thank you, operator, and good afternoon, everyone. Welcome to our 3rd quarter 2025 results call.

I'm Peter Slam, Chief Financial Officer, and I'm joined on today's call by Mitch Goldhar, Smart Center's executive Chair and CEO and by Rudy Gobin, our executive Vice President, Portfolio Management and Investments.

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