Northwire Canada EditionTuesday, August 25, 2026
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Earnings

SmartCentres Real Estate Investment Trust Releases Fourth Quarter and Full Year Results for 2025

By The Northwire Desk — AI Analysis Feb 11, 2026 · 18:24 SRU · 27.17 None
SRU · Price

Executive Summary

  • SmartCentres reported Q4 2025 net rental income of $143.6 M (+1.4% YoY) and full‑year 2025 net rental income of $563.0 M, with Same‑Properties NOI up 2.9% (3.7% excl. anchors).
  • Occupancy remained industry‑leading at 98.6%; lease extensions delivered 8.4% rent growth (ex‑anchors) and 6.3% overall.
  • Development pipeline progressed: three new self‑storage facilities opened in 2025 (total 14 operating), additional sites under construction with openings slated for Q2 2026–2027, and mixed‑use projects advancing toward 2027‑2028 completions.

Key Details

  • Financial Performance
  • Q4 2025 net rental income & other: $143.6 M (↑ $2.0 M YoY).
  • FY 2025 net rental income & other: $563.0 M (↑ $15.5 M YoY).
  • FFO per Unit Q4 2025: $0.55 vs $0.54 in Q4 2024.
  • Net income FY 2025: $310.8 M, down $11.7 M YoY due to fair‑value adjustments on financial instruments and unit price decline.

  • Adjusted EBITDA FY 2025: $565.2 M (↑ $16.4 M YoY).

  • Occupancy & Leasing

  • In‑place & committed occupancy: 98.6% as of Dec 31 2025.
  • Vacant space leased Q4 2025: ≈35,500 sq ft; total 2025 leased vacant space: ≈430,000 sq ft.
  • New‑build retail executed Q4 2025: ≈33,000 sq ft; total 2025 new‑build retail: ≈125,000 sq ft.

  • Lease extension rent growth: 8.4% (ex‑anchors), 6.3% (incl. anchors).

  • Development Activity

  • Opened three self‑storage facilities in 2025 (Toronto – Gilbert Ave., Toronto – Jane St., Dorval – St‑Regis Blvd.).
  • Under construction: self‑storage in Montreal (Notre Dame St W) & Laval E (opening Q2 2026); Burnaby & Victoria (opening 2027).
  • Mixed‑use: Vaughan NW townhomes near completion (118/120 units closed); ArtWalk condo tower ~93% pre‑sold, slab work progressing, unit closings expected 2027.
  • Canadian Tire flagship (200k sq ft) on Laird Dr., Toronto – possession Q3 2026.

  • Toronto Premium Outlets expansion: +85k sq ft (17% increase), construction slated for summer 2026.

  • Balance Sheet

  • Unencumbered asset pool now exceeds $10 B.
  • Weighted‑average term of debt extended to 3.4 years; average interest rate 4.00%.

  • Debt‑to‑aggregate assets: 44.4% (up from 43.7% YoY).

  • Subsequent Event (Jan 2 2026)

  • Extensions of key agreements with Penguin (Executive Employment, Development Services, Penguin Services, Non‑Competition) through Feb 28 2026; negotiations for new five‑year terms ongoing.

  • Voting Top‑Up Right expired Dec 31 2025; no further comment until material information is available.

  • Conference Call

  • Management call scheduled: Thu Feb 12 2026, 3:00 p.m. ET (access details provided).

Notable Quotes

“Reflecting on our 2025 results, I am pleased with our strong financial and operational performance,” – Mitchell Goldhar, CEO.
“We also strengthened our balance sheet by increasing the unencumbered asset pool to over $10 billion and extending the weighted average term of our debt.” – Mitchell Goldhar, CEO.

Read the original news release →

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