S
martCentres Real Estate Investment Trust Reports Strong First Quarter Results
TORONTO, May 07, 2025 (GLOBE NEWSWIRE) -- SmartCentres Real Estate Investment Trust ("SmartCentres" or the "REIT") (TSX: SRU.UN) is pleased to announce its financial and operating results for the quarter ended March 31, 2025. CEO Mitchell Goldhar stated, "We're off to a strong start in 2025, outperforming the market with a $7.4 million increase in net operating income and a 4.1% rise in Same Properties NOI compared to last year's first quarter."
Key highlights from the quarter include:
* Walmart took possession of its 110,000 square foot supercentre at South Oakville Centre, with plans for an opening later this year.
* Exceptional retention of maturing tenancies led to lease extensions with an average rent growth of 8.4% (excluding anchors).
* The REIT continues to focus on value-oriented retail, reinforcing strong relationships and delivering a more attractive shopping experience for consumers.
Development progress was also notable, with significant advancements on projects under construction and the delivery of four additional units in Phase I of the Vaughan NW Townhomes project, bringing the total closed to approximately 90% of pre-sold units. The cumulative margin from this project is around 21%.
2025 First Quarter Highlights
Retail Operations:
* Same Properties NOI increased by 4.1% (6.7% excluding anchors) compared to the same period in 2024.
* 178,408 square feet of existing space leased during the quarter, resulting in an in-place and committed occupancy rate of 98.4% as at March 31, 2025.
* Approximately 28,620 square feet executed during the quarter for new-build retail.
Development:
* The REIT has a significant stock of municipal approvals, providing long-term portfolio expansion and profitable growth from approximately 59.1 million square feet (at the Trust's share) of zoned mixed-use development permissions.
* Construction of self-storage facilities in Toronto, Montreal, Laval E, Quebec, and Burnaby, British Columbia is progressing, with all three facilities scheduled to open during the second quarter of 2025.
* Phase I of the Vaughan NW townhomes is nearing completion, with four units closed in Q1 2025 and a cumulative margin of approximately 21%.
* Construction of the ArtWalk condo Tower A in the Vaughan Metropolitan Centre continues, with siteworks and below-grade work nearing completion. Approximately 93% of the 340 units have been pre-sold.
* The Trust's flagship 224,000 square foot Canadian Tire store on Laird Drive in Toronto is progressing on schedule, with possession expected in Q2 2026.
