SEDAR Interim Financial Statements

[
  {
    "companyName": "SmartCentres Real Estate Investment Trust",
    "reportingPeriodEnd": "2025-09-30",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "assets": {
        "nonCurrentAssets": {
          "investmentProperties": 10776346,
          "equityAccountedInvestments": 717077,
          "mortgagesLoansAndNotesReceivable": 59103,
          "otherFinancialAssets": 8230,
          "otherAssets": 10230,
          "amountsReceivable": 16708,
          "intangibleAssets": 40146
        },
        "currentAssets": {
          "residentialDevelopmentInventory": 23542,
          "currentPortionOfMortgagesLoansAndNotesReceivable": 193898,
          "currentPortionOfOtherFinancialAssets": 89507,
          "amountsReceivableAndOther": 75827,
          "prepaidExpensesDepositsAndDeferredFinancingCosts": 49868,
          "cashAndCashEquivalents": 26146
        },
        "totalAssets": 12086628
      },
      "liabilities": {
        "nonCurrentLiabilities": {
          "debt": 3652877,
          "otherFinancialLiabilities": 16924,
          "otherPayables": 11082
        },
        "currentLiabilities": {
          "currentPortionOfDebt": 1530887,
          "currentPortionOfOtherFinancialLiabilities": 312899,
          "accountsPayableAndCurrentPortionOfOtherPayables": 267034
        },
        "totalLiabilities": 5791703
      },
      "equity": {
        "trustUnitEquity": 5188386,
        "nonControllingInterests": 1106539,
        "totalEquity": 6294925
      },
      "cashPerShare": null,
      "workingCapitalPerShare": null
    },
    "incomeStatement": {
      "revenues": {
        "rentalsFromInvestmentPropertiesAndOther": 226690,
        "propertyOperatingCostsAndOther": -85353,
        "netRentalIncomeAndOther": 141337
      },
      "otherIncomeAndExpenses": {
        "generalAndAdministrativeExpenseNet": -8800,
        "earningsLossFromEquityAccountedInvestments": 2218,
        "fairValueAdjustmentOnInvestmentProperties": 1813,
        "gainLossOnSaleOfInvestmentProperties": 1031,
        "interestExpense": -47838,
        "interestIncome": 3259,
        "fairValueAdjustmentOnFinancialInstruments": -11983
      },
      "netIncomeAndComprehensiveIncome": 81037,
      "attributableTo": {
        "trustUnits": 65667,
        "nonControllingInterests": 15370
      }
    },
    "cashFlowStatement": {
      "operatingActivities": {
        "netIncomeAndComprehensiveIncome": 81037,
        "itemsNotAffectingCashAndOtherItems": 53544,
        "cashInterestPaid": -32199,
        "interestReceived": 716,
        "distributionsFromEquityAccountedInvestments": 1738,
        "expendituresOnDirectLeasingCostsAndTenantIncentives": -3240,
        "expendituresOnTenantIncentivesForPropertiesUnderDevelopment": -40,
        "changesInOtherNonCashOperatingItems": -10651,
        "cashFlowsProvidedByOperatingActivities": 90905
      },
      "financingActivities": {
        "proceedsFromIssuanceOfUnsecuredDebenturesNetOfIssuanceCosts": 0,
        "proceedsFromSecuredDebt": 16975,
        "proceedsFromUnsecuredDebt": 3877,
        "proceedsFromRevolvingOperatingFacilities": 100000,
        "repaymentOfUnsecuredDebentures": 0,
        "repaymentsOfSecuredDebt": -21780,
        "repaymentsOfUnsecuredDebt": -3187,
        "repaymentsOfRevolvingOperatingFacility": -54929,
        "distributionsPaidOnTrustUnits": -66919,
        "distributionsPaidOnNonControllingInterestsAndUnitsClassifiedAsLiabilities": -15557,
        "paymentOfLeaseLiability": -580,
        "cashFlowsUsedInFinancingActivities": -42100
      },
      "investingActivities": {
        "acquisitionsAndEarnoutsOfInvestmentProperties": -396,
        "additionsToInvestmentProperties": -48288,
        "additionsToEquityAccountedInvestments": -7034,
        "additionsToEquipment": -165,
        "advancesOfMortgagesAndLoansReceivable": -4297,
        "repaymentsOfMortgagesAndLoansReceivable": 330,
        "developmentDistributionsFromEquityAccountedInvestments": 330,
        "netProceedsFromSaleOfInvestmentProperties": 3050,
        "cashFlowsUsedInInvestingActivities": -56470
      },
      "netChangeInCash": -7665,
      "cashAtBeginningOfPeriod": 33811,
      "cashAtEndOfPeriod": 26146
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Equity Accounted Investment",
        "description": "Penguin-Calloway Vaughan Partnership (PCVP) - retail investment property",
        "ownershipPercentage": 50,
        "value": 413168,
        "notes": "Investment in associate, partnered with Penguin."
      },
      {
        "type": "Equity Accounted Investment",
        "description": "Residences LP – Transit City (VMC Residences) - residential condo development",
        "ownershipPercentage": 25,
        "value": 28106,
        "notes": "Collectively includes VMC Residences LP, Residences III LP, East Block Residences LP, Residences (One) LP, and Residences (Two) LP."
      },
      {
        "type": "Equity Accounted Investment",
        "description": "Residences (One & Two) LP - residential development",
        "ownershipPercentage": 50,
        "value": null,
        "notes": "Ownership range 50.0%-66.7%."
      },
      {
        "type": "Joint Venture",
        "description": "Retail investment properties with Fieldgate",
        "ownershipPercentage": 30,
        "value": null,
        "notes": null
      },
      {
        "type": "Joint Venture",
        "description": "Self-storage facilities with SmartStop",
        "ownershipPercentage": 50,
        "value": null,
        "notes": "20 investments as at Sep 30, 2025."
      },
      {
        "type": "Joint Venture",
        "description": "Residential apartments with Jadco",
        "ownershipPercentage": 50,
        "value": null,
        "notes": null
      },
      {
        "type": "Joint Venture",
        "description": "Residential apartments with Cogir",
        "ownershipPercentage": 80,
        "value": null,
        "notes": null
      },
      {
        "type": "Joint Venture",
        "description": "Residential apartments with Other",
        "ownershipPercentage": 50,
        "value": null,
        "notes": null
      },
      {
        "type": "Mortgage/Loan Receivable",
        "description": "Loan to Penguin",
        "ownershipPercentage": null,
        "value": 77657,
        "notes": "Multiple loans with various terms and interest rates."
      },
      {
        "type": "Mortgage/Loan Receivable",
        "description": "Loan to PCVP (equity accounted investee)",
        "ownershipPercentage": null,
        "value": 56837,
        "notes": "Variable interest rate, secured, guaranteed by Penguin up to 50%."
      },
      {
        "type": "Mortgage/Loan Receivable",
        "description": "Loan to self-storage facility JV (SmartStop)",
        "ownershipPercentage": null,
        "value": 105581,
        "notes": "Master credit loan agreement for development."
      },
      {
        "type": "Mortgage/Loan Receivable",
        "description": "Loan to Greenwin",
        "ownershipPercentage": null,
        "value": 10000,
        "notes": "10.00% interest, secured by two investment properties."
      },
      {
        "type": "Other Financial Asset",
        "description": "Total Return Swap (TRS) receivable",
        "ownershipPercentage": null,
        "value": 89492,
        "notes": "Fair value asset."
      }
    ],
    "shareStructure": {
      "authorizedShares": "Unlimited Trust Units",
      "issuedShares": 170490115,
      "classesOfShares": [
        "Trust Units",
        "Smart Limited Partnership Class B Units",
        "Smart Limited Partnership Class F Units",
        "Smart Limited Partnership II Class B Units",
        "Smart Limited Partnership III Class B Units",
        "Smart Limited Partnership IV Class B Units",
        "Smart Oshawa South Limited Partnership Class B Units",
        "Smart Oshawa Taunton Limited Partnership Class B Units",
        "Smart Boxgrove Limited Partnership Class B Units",
        "ONR Limited Partnership I Class B Units",
        "Special Voting Units (non-participating)"
      ],
      "warrants": [],
      "options": [],
      "rightsConvertibleInstruments": "Earnout options granted to Penguin and others in connection with development management agreements. Details in Note 3(f) and 18(c)."
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "threeMonthsEndedSep302025": {
          "salariesAndOtherShortTermBenefits": 797000,
          "deferredUnitPlan": 878000,
          "equityIncentivePlan": 489000,
          "totalKeyManagement": 2164000,
          "trusteesFees": 422000
        },
        "nineMonthsEndedSep302025": {
          "salariesAndOtherShortTermBenefits": 2390000,
          "deferredUnitPlan": 2573000,
          "equityIncentivePlan": 1951000,
          "totalKeyManagement": 6914000,
          "trusteesFees": 1264000
        }
      },
      "namedIndividuals": [
        {
          "name": "Mitchell Goldhar",
          "title": "Executive Chairman",
          "period": "Feb 14, 2018 to Dec 31, 2025",
          "components": {
            "salary": "Disclosed in aggregate",
            "bonus": "Disclosed in aggregate",
            "total": "Included in key management compensation; also eligible for Deferred Unit Plan and Equity Incentive Plan (granted 900,000 performance units in 2021)."
          }
        }
      ],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Penguin Group of Companies (Mitchell Goldhar)",
          "description": "Various development management, service, loan, and lease agreements. Penguin holds ~21.3% of Units.",
          "amount": null,
          "period": "Ongoing; many agreements effective until Dec 31, 2025."
        },
        {
          "counterparty": "Equity Accounted Investments (e.g., PCVP, joint ventures)",
          "description": "Supplemental development fees, loans receivable/payable, rental transactions.",
          "amount": null,
          "period": "Ongoing."
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "2025-10-24",
        "description": "Trust, together with PCVP (associate), secured a $188,792 CMHC mortgage on a purpose-built rental development (Trust's share: $94,396). Fixed rate 3.45%, matures Dec 2030. Proceeds used to repay existing debt.",
        "impactValue": 188792000
      },
      {
        "eventDate": "2025-10-31",
        "description": "Trust's self-storage JV entered into a $160,000 five-year mortgage (Trust's share: $80,000). Fixed rate ~3.87%, secured by ten facilities. Proceeds used to repay a $116,000 maturing mortgage and other debt.",
        "impactValue": 160000000
      },
      {
        "eventDate": "2025-11-12",
        "description": "Trust issued $250,000 Series AC debentures (3.599%, maturing Jun 12, 2029) and $250,000 Series AD debentures (4.318%, maturing Jun 12, 2032). Net proceeds to repay $350,000 Series X debentures maturing Dec 2025, with balance for debt repayment and general corporate purposes.",
        "impactValue": 500000000
      }
    ]
  }
]