SmartCentres Real Estate Investment Trust (TSE:SRU.UN)
TSX:SRU.UN
Earnings Data
Report Date
May 06, 2026TBA (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
-0.05Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational performance across occupancy, same-property NOI (notably higher when excluding anchors and one credit provision), high cash collections, clear development momentum (including an 8-plus percent expected return on the Toronto Premium Outlets expansion), improved liquidity and balance-sheet flexibility (over $1 billion liquidity, 90% fixed-rate debt, $10 billion unencumbered assets). Key near-term negatives were the Toys"R"Us insolvency impact (six leases terminated, short-term vacancy/provisioning and timing to reletting), and a relatively high adjusted debt/EBITDA (9.7x) and elevated payout ratio (89.2%), which left investors focused on deleveraging and disposition execution. Overall, the positives (operating strength, development pipeline, liquidity and asset quality) materially outweighed the manageable near-term challenges.Company Guidance
Very High Portfolio Occupancy
Ending occupancy of 98.6% at year-end, unchanged from prior quarter, supported by strong tenant demand and high tenant retention.
Same-Property NOI Growth
Full-year same-property NOI growth of 3.7% (5.6% excluding anchors). Q4 same-property NOI grew 2.9% (5.1% excluding anchors). Excluding an expected credit loss provision, Q4 same-property NOI grew 4.5%.
Strong Lease Renewal Performance
Extended 88% of 5.3 million sq. ft. of space maturing during the year with rental spreads of 8.4% excluding anchors and 6.3% all-in.
Very Strong Cash Collections
Cash collections remained near 99% in the quarter, demonstrating strong rent collection and cash flow stability.
Liquidity and Balance Sheet Improvements
Over $1.0 billion in liquidity, 90% of debt fixed-rate, and an unencumbered asset pool of $10.0 billion for the first time; weighted average debt term to maturity improved to 3.4 years from 2.9 years in Q3.
Distribution and Payout Discipline
Maintained distributions at an annualized $1.85 per unit; payout ratio to AFFO improved to 89.2% for the full year.
Development & Capital Recycling Momentum
Eight projects under construction at year-end (unchanged from prior quarter). Anticipated retail construction starts of ~200k–300k sq. ft. in 2026, scaling materially higher thereafter; focus on selling PUD/land with a near-term target of ~$200–$300 million of dispositions over the next couple of years.
Notable Development Wins & Margins
Closed 7 townhomes in Vaughan Northwest (118 of 120 homes closed) with a cumulative margin of approximately 23% for the project to date.
Toronto Premium Outlets Expansion
Expansion of ~85k–90k sq. ft. planned at Toronto Premium Outlets with a new parking deck; management anticipates returns in excess of 8% and construction to start in summer (rents commencing ~late 2027–2028).
ESG and Risk Initiatives
Advancing materiality assessments, decarbonization planning, climate preparedness, cybersecurity improvements and enhanced disclosures as part of a multi-year ESG plan.
SmartCentres Real Estate Investment Trust (TSE:SRU.UN) Earnings, Revenues Date & History
TSE:SRU.UN Earnings History
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 |
|---|---|---|---|
Feb 11, 2026 | C$26.86 | C$26.55 | -1.18% |
Nov 12, 2025 | C$25.98 | C$25.36 | -2.39% |
Aug 07, 2025 | C$24.58 | C$24.71 | +0.50% |
May 07, 2025 | C$23.98 | C$23.79 | -0.82% |
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 May 06, 2026, 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 May 06, 2026, TBA (Confirmed).
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What is TSE:SRU.UN EPS forecast?
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