Overview

* SmartCentres Q3 net rental income decreases 0.5% yr/yr to C$141.3 mln, affected by lower residential sales

* FFO per Unit for Q3 2025 declines to C$0.59 from C$0.71 in 2024

Outlook

* SmartCentres expects continued rental growth for the remainder of 2025

* Two self-storage facilities in Quebec expected to open in 2026

Result Drivers

* LEASE RENEWALS - Co reports strong lease renewal performance with rental growth of 8.4% excluding anchors

* HIGH OCCUPANCY - In-place and committed occupancy rate remains steady at 98.6%

* DEVELOPMENT PIPELINE - Co expands development pipeline with new self-storage facilities and residential projects

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 C$0.56

Adjusted

FFO Per

Share

Q3 FFO C$0.59

Per

Share

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the commercial reits peer group is "buy."

* Wall Street's median 12-month price target for SmartCentres Real Estate Investment Trust is C$27.50, about 2.6% above its November 11 closing price of C$26.78

* The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 15 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)