S
martCentres Real Estate Investment Trust (SRU.UN) on the Rise
Toronto, ON - February 12, 2025 - SmartCentres REIT is reporting a strong financial and operational performance for Q4 2024. CEO Mitchell Goldhar attributes this success to steady leasing momentum across all areas, resulting in an impressive 98.7% occupancy rate.
Key highlights from the quarter include:
* A 6.0% increase in Same Properties NOI excluding Anchors (3.8% including Anchors) compared to Q4 2023
* Leasing of 192,353 square feet of vacant space, bringing the in-place and committed occupancy rate to 98.7%
* Execution of 253,000 square feet in new build retail projects throughout the year
* Renewal and extension of over 91% of leases maturing in 2024, representing 5.0 million square feet at an average rental growth of 8.8%
The REIT's mixed-use development pipeline continues to drive growth, with the completion of a self-storage facility in Stoney Creek and the closing of 11 additional townhomes at the Vaughan NW project.
In addition to these achievements, SmartCentres has raised $300 million via a 6.5-year term debenture, which was used to repay outstanding debt on an accretive basis while extending the average term to maturity of its debt.
Walmart Canada's recent announcement to open a new Supercentre in South Oakville, Ontario, as part of its $6.5 billion expansion in Canada, is expected to further boost the REIT's growth prospects.
SmartCentres' focus on delivering strong financial and operational performance has positioned it for long-term success, with a growing demand for retail space and a solid pipeline of mixed-use development projects.
