SmartCentres Real Estate Investment Trust Releases Fourth Quarter and Full Year Results for 2025
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.
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Adjusted EBITDA FY 2025: $565.2 M (↑ $16.4 M YoY).
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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.
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Lease extension rent growth: 8.4% (ex‑anchors), 6.3% (incl. anchors).
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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.
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Toronto Premium Outlets expansion: +85k sq ft (17% increase), construction slated for summer 2026.
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Balance Sheet
- Unencumbered asset pool now exceeds $10 B.
- Weighted‑average term of debt extended to 3.4 years; average interest rate 4.00%.
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Debt‑to‑aggregate assets: 44.4% (up from 43.7% YoY).
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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.
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Voting Top‑Up Right expired Dec 31 2025; no further comment until material information is available.
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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.