{"id":22215,"date":"2025-11-12T17:12:00","date_gmt":"2025-11-12T22:12:00","guid":{"rendered":"https:\/\/smartcentres.com\/?p=22215"},"modified":"2025-11-12T17:15:21","modified_gmt":"2025-11-12T22:15:21","slug":"smartcentres-real-estate-investment-trust-releases-third-quarter-results-for-2025","status":"publish","type":"post","link":"https:\/\/smartcentres.com\/fr\/2025\/11\/12\/smartcentres-real-estate-investment-trust-releases-third-quarter-results-for-2025\/","title":{"rendered":"SmartCentres Real Estate Investment Trust Releases Third Quarter Results for 2025"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">TORONTO, ONTARIO &#8211; (November&nbsp;12, 2025) SmartCentres Real Estate Investment Trust (\u201cSmartCentres\u201d, the \u201cTrust\u201d or the \u201cREIT\u201d) (TSX: SRU.UN) is pleased to report its financial and operating results for the quarter ended September&nbsp;30, 2025.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe are pleased to report another strong quarter of operating and financial results, highlighted by stable retail fundamentals with robust momentum in leasing demand and executed lease deals for both existing and new build space,\u201d said Mitchell Goldhar, CEO of SmartCentres. \u201cWe renewed and extended lease maturities in 2025 at rental growth rates of 8.4%, excluding anchors. In-place and committed occupancy remained steady at an industry-leading 98.6%. We expect to continue delivering healthy rental growth for the balance of the year. Another positive metric during the quarter was same property NOI growth, despite a credit provision primarily associated with one retail tenant. Our development pipeline continues to grow with two self-storage facilities in Quebec expected to open in 2026 and two additional self-storage facilities in British Columbia expected to open in 2027. Subsequent to the quarter end, we raised $500 million via a two-tranche term debenture which will be used to repay an upcoming $350 million debenture maturity with the remainder repaying outstanding floating rate debt on our operating lines, on an accretive basis while filling gaps in our debt ladder and extending the average term to maturity of our debt.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2025 Third Quarter Highlights<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Retail Operations<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Industry-leading in-place and committed occupancy rate of 98.6% as of September\u00a030, 2025 and unchanged from the prior quarter.<\/li>\n\n\n\n<li>Robust customer traffic and a solid tenant base continued to drive Same Properties NOI<sup>(1)<\/sup> growth for the three months ended September\u00a030, 2025, which increased by 4.6%, excluding Anchors, compared to the same period in 2024.<\/li>\n\n\n\n<li>Leasing momentum remained resilient, with approximately 68,000 square feet of vacant space leased during the quarter, resulting in a total of approximately 394,000 square feet leased year to date. In addition, growing demand for new-build retail continues with 24,944 square feet executed during the quarter, resulting in a total of approximately 92,000 square feet executed year to date.<\/li>\n\n\n\n<li>Lease renewals continued to perform well, with near 85% of all leases maturing in 2025 extended or finalized, with strong rent growth of 8.4% (excluding Anchors) and 6.2% (including Anchors).<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Development<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Trust has opened three new self-storage facilities in 2025 at Toronto (Gilbert Ave.), Toronto (Jane St.), and Dorval (St-Regis Blvd.) bringing the total number of operating self-storage properties in the portfolio to 14. Construction of self-storage facilities is underway at Montreal (Notre Dame St. W), and Laval E, Quebec, with opening expected in 2026. Site preparation and demolition works completed at Burnaby, British Columbia, with building construction expected to commence in Q4 2025. Site preparation work is also underway in Victoria, British Columbia. Both projects are expected to open in 2027. In addition, the Trust is in the process of obtaining municipal approval for a newly acquired self-storage site in Edmonton, Alberta.<\/li>\n\n\n\n<li>Construction of Phase I of the Vaughan NW townhomes is mostly completed, with 13 units closed in Q3 2025. As at September\u00a030, 2025, a total of 111 out of the 120 units in Phase I have closed.<\/li>\n\n\n\n<li>Construction of the ArtWalk condo Tower A in the Vaughan Metropolitan Centre continues to advance as planned, with approximately 93% of the 340 units pre-sold. The underground parking structure is progressing, the slab-on-grade has been completed, and preparations are underway for the first section of the ground floor slab.<\/li>\n\n\n\n<li>Construction of the Trust\u2019s flagship 200,000 square foot Canadian Tire store on Laird Drive in Toronto continues on schedule, with possession expected in Q2 2026.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Financial<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Net rental income and other for the three months ended September\u00a030, 2025 was $141.3 million, representing a decrease of $0.6 million or 0.5% compared to the same period in 2024. This net decrease was primarily driven by lower residential sales due to fewer townhomes closings offset by an increase in base rent from retail properties compared to the same period in 2024.<\/li>\n\n\n\n<li>FFO per Unit<sup>(1)<\/sup> for the three months ended September\u00a030, 2025, was $0.59 compared to $0.71 for the same period in 2024. The decrease was primarily due to changes in the fair value adjustment on the TRS resulting from fluctuations in the Trust\u2019s Unit price. FFO with adjustments per Unit<sup>(1)<\/sup> for the three months ended September\u00a030, 2025, was $0.56 compared to $0.53 for the same period in 2024. The increase was primarily attributable to an increase in NOI primarily due to lease-up activities for retail properties.<\/li>\n\n\n\n<li>Net income and comprehensive income<sup>(1)<\/sup> for the three months ended September\u00a030, 2025, increased by $38.6\u00a0million compared to the same period in 2024. The increase was mainly attributable to a $36.6\u00a0million increase in the fair value adjustment on financial instruments for the period, primarily due to mark-to-market adjustments for the interest rate swaps and the fair value change in units classified as liabilities due to an increase in the Trust\u2019s Unit Price.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">(1) Represents a non-GAAP measure. The Trust\u2019s method of calculating non-GAAP measures may differ from other reporting issuers\u2019 methods and, accordingly, may not be comparable. For additional information, please see \u201cNon-GAAP Measures\u201d in this Press Release.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"808\" height=\"1024\" src=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-1-808x1024.png\" alt=\"\" class=\"wp-image-22216\" srcset=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-1-808x1024.png 808w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-1-237x300.png 237w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-1-768x973.png 768w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-1-1212x1536.png 1212w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-1.png 1414w\" sizes=\"auto, (max-width: 808px) 100vw, 808px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"129\" src=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-2-1024x129.png\" alt=\"\" class=\"wp-image-22218\" srcset=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-2-1024x129.png 1024w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-2-300x38.png 300w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-2-768x97.png 768w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-2.png 1398w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"516\" src=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-3-1024x516.png\" alt=\"\" class=\"wp-image-22220\" srcset=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-3-1024x516.png 1024w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-3-300x151.png 300w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-3-768x387.png 768w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-3.png 1422w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"829\" src=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-4-1024x829.png\" alt=\"\" class=\"wp-image-22222\" srcset=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-4-1024x829.png 1024w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-4-300x243.png 300w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-4-768x622.png 768w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-4.png 1428w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"423\" src=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-5-1024x423.png\" alt=\"\" class=\"wp-image-22224\" srcset=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-5-1024x423.png 1024w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-5-300x124.png 300w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-5-768x317.png 768w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-5.png 1408w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"734\" src=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-6-1024x734.png\" alt=\"\" class=\"wp-image-22226\" srcset=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-6-1024x734.png 1024w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-6-300x215.png 300w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-6-768x551.png 768w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-6.png 1434w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"1024\" src=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-7-903x1024.png\" alt=\"\" class=\"wp-image-22228\" srcset=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-7-903x1024.png 903w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-7-264x300.png 264w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-7-768x871.png 768w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-7-1354x1536.png 1354w, https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-Q3-7.png 1414w\" sizes=\"auto, (max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Conference Call<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Management will hold a conference call on Thursday, November&nbsp;13, 2025 at 3:00 p.m. (ET).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Interested parties are invited to access the call by dialing 1-855-353-9183 and then keying in the participant access code 50957#.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A recording of this call will be made available Thursday, November&nbsp;13, 2025 through to Thursday, November&nbsp;20, 2025. To access the recording, please call 1-855-201-2300, enter the conference access code 50957# and then key in the playback access code 50957#.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>About SmartCentres<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SmartCentres is one of Canada\u2019s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country. SmartCentres has approximately $12.1&nbsp;billion in assets and owns 35.6 million square feet of income producing value-oriented retail and first-class office properties with 98.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Non-GAAP Measures<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The non-GAAP measures used in this Press Release, including but not limited to, AFFO, AFFO with adjustments, AFFO per Unit, AFFO with adjustments per Unit, Payout Ratio to AFFO, Payout Ratio to AFFO with adjustments, Unencumbered Assets, NOI, Debt to Aggregate Assets, Interest Coverage Ratio, Adjusted Debt to Adjusted EBITDA, Unsecured\/Secured Debt Ratio, FFO, FFO with adjustments, FFO per Unit, FFO with adjustments per Unit, Net Asset Value (\u201cNAV\u201d), Same Properties NOI, Same Properties NOI excluding Anchors, Debt to Gross Book Value, Weighted Average Interest Rate, Transactional FFO, and Total Proportionate Share, do not have any standardized meaning prescribed by International Financial Reporting Standards (\u201cIFRS\u201d) and are therefore unlikely to be comparable to similar measures presented by other issuers. Additional information regarding these non-GAAP measures is available in the Management\u2019s Discussion and Analysis of the Trust for the three and nine months ended September&nbsp;30, 2025, dated November&nbsp;12, 2025 (the \u201cMD&amp;A\u201d), and is incorporated by reference. The information is found in the \u201cPresentation of Certain Terms Including Non-GAAP Measures\u201d and \u201cNon-GAAP Measures\u201d sections of the MD&amp;A, which is available on SEDAR+ at www.sedarplus.ca. Reconciliations of non-GAAP financial measures to the most directly comparable IFRS measures are found in \u201cReconciliations of Non-GAAP Measures\u201d of this Press Release.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Full reports of the financial results of the Trust for the three and nine months ended September&nbsp;30, 2025 are outlined in the unaudited interim condensed consolidated financial statements and the related MD&amp;A of the Trust for the three and nine months ended September&nbsp;30, 2025, which are available on SEDAR+ at <a href=\"http:\/\/www.sedarplus.ca\">www.sedarplus.ca<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Cautionary Statements Regarding Forward-looking Statements<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Certain statements in this Press Release are \u00ab\u00a0forward-looking statements\u00a0\u00bb that reflect management&rsquo;s expectations regarding the Trust&rsquo;s future growth, results of operations, performance and business prospects and opportunities. More specifically, certain statements including, but not limited to, statements related to SmartCentres\u2019 expectations relating to cash collections, SmartCentres\u2019 expected or planned development plans and joint venture projects, including the described type, scope, costs and other financial metrics and the expected timing of construction and condo closings and statements that contain words such as \u00ab\u00a0could\u00a0\u00bb, \u00ab\u00a0should\u00a0\u00bb, \u00ab\u00a0can\u00a0\u00bb, \u00ab\u00a0anticipate\u00a0\u00bb, \u00ab\u00a0expect\u00a0\u00bb, \u00ab\u00a0believe\u00a0\u00bb, \u00ab\u00a0will\u00a0\u00bb, \u00ab\u00a0may\u00a0\u00bb and similar expressions and statements relating to matters that are not historical facts, constitute \u00ab\u00a0forward-looking statements\u00a0\u00bb. These forward-looking statements are presented for the purpose of assisting the Trust&rsquo;s Unitholders and financial analysts in understanding the Trust&rsquo;s operating environment and may not be appropriate for other purposes. Such forward-looking statements reflect management&rsquo;s current beliefs and are based on information currently available to management.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, such forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with potential acquisitions not being completed or not being completed on the contemplated terms, public health crises, real property ownership and development, debt and equity financing for development, interest and financing costs, construction and development risks, and the ability to obtain commercial and municipal consents for development. These risks and others are more fully discussed under the heading \u201cRisks and Uncertainties\u201d and elsewhere in SmartCentres\u2019 most recent Management\u2019s Discussion and Analysis, as well as under the heading \u201cRisk Factors\u201d in SmartCentres\u2019 most recent annual information form. Although the forward-looking statements contained in this Press Release are based on what management believes to be reasonable assumptions, SmartCentres cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Press Release and SmartCentres assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a stable retail environment; a continuing trend toward land use intensification, including residential development in urban markets and continued growth along transportation nodes; access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and to enable our refinancing of debts as they mature; that requisite consents for development will be obtained in the ordinary course, construction and permitting costs consistent with the past year and recent inflation trends.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Contact<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For information, visit <a href=\"http:\/\/www.smartcentres.com\">www.smartcentres.com<\/a> or please contact:<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Mitchell Goldhar<br>Executive Chairman &amp; CEO<br>(905) 326-6400 ext. 7674<br><a href=\"mailto:mgoldhar@smartcentres.com\">mgoldhar@smartcentres.com<\/a><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Peter Slan<br>Chief Financial Officer<br>(905) 326-6400 ext. 7571<br><a href=\"mailto:pslan@smartcentres.com\">pslan@smartcentres.com<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/11\/2025-11-12-2025-Q3-Press-Release.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">DOWNLOAD A PDF OF THIS PRESS RELEASE<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/05\/Q3-2025-MDA.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">DOWNLOAD MD&amp;A<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/smartcentres.com\/wp-content\/uploads\/2025\/05\/Q3-2025-Financial-Statements.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">DOWNLOAD FINANCIAL STATEMENTS<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>TORONTO, ONTARIO &#8211; (November&nbsp;12, 2025) SmartCentres Real Estate Investment Trust (\u201cSmartCentres\u201d, the \u201cTrust\u201d or the [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"city":[],"news-category":[],"class_list":["post-22215","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - 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