Q3 2025 SmartCentres Real Estate Investment Trust Earnings Call Transcript

Nov 13, 2025 / 08:00 PM GMT

Release Date Price: C$26.1 (-2.39%)

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

=====================
Presentation
--------------------------------------------------------------------------------
Unidentified_1 [1]
--------------------------------------------------------------------------------
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.

--------------------------------------------------------------------------------
Unidentified_2 [2]
--------------------------------------------------------------------------------
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.

We will begin

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

7-Day Free Trial · Cancel Anytime

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.