Strong Overall Performance
SmartCentres REIT delivered across the board in rental lifts, NOI growth, FFO, and a strengthening balance sheet. High occupancy rates and tenant demand were maintained across all property sectors.
High Occupancy Rates
The REIT maintained a leading 98.6% occupancy at the quarter end, reflecting strong tenant demand across provinces.
Same-Property NOI Growth
Same-property NOI growth was strong at 4.6% for the quarter ex anchors and 5.9% year-to-date, translating to an overall growth of 3.7% for the year.
Successful Townhome Closures
13 townhomes were closed in the Vaughan Northwest project, leading to a cumulative margin of about 22% for the project.
Debt Management and Liquidity
A $500 million issuance of unsecured debentures improved liquidity. 88% of debt is at a fixed rate, and the unencumbered asset pool is at $9.8 billion.