Q4 2025 SmartCentres Real Estate Investment Trust Earnings Call Transcript

Feb 12, 2026 / 08:00 PM GMT

Release Date Price: C$26.85 (-1.18%)

Transcript

Key Points

Positve

SmartCentres Real Estate Investment Trust (CWYUF) reported strong same property NOI growth of 3.7% for the year, with 5.6% growth excluding anchors.
The company maintained a high occupancy rate of 98.6% at year-end, demonstrating strong tenant demand.
SmartCentres has over $1 billion in liquidity and 90% of its debt is fixed rate, providing financial stability.
The company is expanding its retail sites with new developments and has an unencumbered asset pool of $10 billion.
SmartCentres is advancing ESG initiatives, including decarbonization planning and cybersecurity improvements.

Negative

The company faces challenges with Toys R Us filing for credit protection, impacting some of its retail spaces.
Adjusted debt to adjusted EBITDA increased to 9.7 times in Q4, indicating higher leverage.
The weighted average term to maturity of debt is relatively short at 3.4 years, which may pose refinancing risks.
There is uncertainty in the market for capital recycling and dispositions, affecting potential asset sales.
The payout ratio to AFFO is high at 89.2%, which may limit financial flexibility for future investments.

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
Q4 2025 SmartCentres Real Estate Investment Trust Earnings Call
Feb 12, 2026 / 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 Q4 2025 conference call. I would like to introduce Mr. Peter Slan. Please go ahead.

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Unidentified_2 [2]
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Good afternoon and welcome to Smart Center's 4th quarter and full year 2025 results call. I'm Peter Slam, Chief Financial Officer, and I'm joined on today's call by Mitch Goldhar, executive Chair and CEO, and by Rudy Gobin, our executive Vice President, Portfolio Management and Investments.

We will begin today's call with comments from

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