The earnings call highlighted strong operational performance with high occupancy rates, growth in same-property NOI, and robust financial metrics. However, there were challenges in the disposition market, and an increase in the debt to aggregate assets ratio. Overall, the company showed strong resilience and strategic growth initiatives.

Company Guidance

During the SmartCentres REIT Q2 2025 conference call, the company highlighted several key performance metrics, reflecting a solid quarter across various sectors, including retail, industrial, residential, storage, and office. The REIT achieved a same-property NOI growth of 4.8% overall, or 7.7% excluding anchors, with positive leasing spreads of 6.1% all in, or 8.5% excluding anchors. Occupancy reached 98.6% for in-place and executed deals, and the payout ratio was reduced to 89.4%. Rent collections exceeded 99%, and 82% of 2025 lease maturities have already been extended. The call also noted the strategic positioning for growth, with ongoing developments like the 340-unit ArtWalk condo project and a new 224,000 square-foot Canadian Tire flagship store in Leaside, slated for completion in Q2 2026. Additionally, SmartCentres' liquidity was emphasized, with approximately $1.2 billion available, 89% of debt being fixed-rate, and an unencumbered asset growth of $9.6 billion. The company remains focused on capital recycling, targeting $100 million in dispositions, and continues to prioritize debt management, maintaining a debt-to-aggregate-assets ratio of 44.2%.

Strong Occupancy and Leasing Activity

Occupancy reached 98.6% with 148,000 square feet of lease-up completed in the quarter. Positive leasing spreads of 6.1% all in, or 8.5% excluding anchors, were reported.

Growth in Same-Property NOI

Same-property NOI grew by 4.8% overall and 7.7% excluding anchors, indicating strong performance of core properties.

Financial Performance Metrics

Net operating income increased by $10.2 million or 7.3% compared to the same quarter last year. FFO per fully diluted unit was $0.58, up from $0.50, showing robust financial health.

Successful Tenant and Development Initiatives

Costco took possession of a major premises at Winston Churchill and 401 Centre. Walmart's fixturing is underway at South Oakville Centre. New developments and expansions, like the ArtWalk condo project and Millway apartment, show promising progress.

Positive Capital Management

Debt management has improved with 89% of debt being fixed rate and liquidity at approximately $1.2 billion.

SmartCentres Real Estate Investment Trust (TSE:SRU.UN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

TSE:SRU.UN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 07, 2025	2025 (Q3)	- / -	0.23	―	―	―
Aug 07, 2025	2025 (Q2)	- / 0.61	0.72	-15.28% (-0.11)	―	―
May 07, 2025	2025 (Q1)	- / -0.05	-0.12	58.33% (+0.07)	―	―
Feb 12, 2025	2024 (Q4)	- / 0.78	0.08	875.00% (+0.70)	―	―
Nov 13, 2024	2024 (Q3)	- / 0.23	1.19	-80.67% (-0.96)	―	―
Aug 08, 2024	2024 (Q2)	- / 0.72	0.94	-23.40% (-0.22)	―	―
May 08, 2024	2024 (Q1)	- / -0.12	0.63	-119.05% (-0.75)	―	―
Feb 14, 2024	2023 (Q4)	- / 0.08	0.49	-83.67% (-0.41)	―	―
Nov 08, 2023	2023 (Q3)	- / 1.19	0.47	153.19% (+0.72)	―	―
Aug 09, 2023	2023 (Q2)	- / 0.94	0.5	88.00% (+0.44)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TSE:SRU.UN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	C$25.60	C$25.73	+0.51%
May 07, 2025	C$24.98	C$24.77	-0.84%
Feb 12, 2025	C$23.58	C$24.25	+2.84%
Nov 13, 2024	C$23.51	C$23.50	-0.04%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does SmartCentres Real Estate Investment Trust (TSE:SRU.UN) report earnings?

SmartCentres Real Estate Investment Trust (TSE:SRU.UN) is schdueled to report earning on Nov 07, 2025, TBA (Confirmed).

What is SmartCentres Real Estate Investment Trust (TSE:SRU.UN) earnings time?

SmartCentres Real Estate Investment Trust (TSE:SRU.UN) earnings time is at Nov 07, 2025, TBA (Confirmed).

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What is TSE:SRU.UN EPS forecast?

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