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Canada's SmartCentres REIT Q3 NOI rises on leasing momentum

By Reuters News


Overview

  • Canada retail REIT's Q3 NOI rose 0.4% yr/yr

  • Q3 FFO per unit fell yr/yr, mainly on higher interest expense

  • Company issued C$450 mln in unsecured debentures to refinance debt and boost flexibility


Outlook

  • Company expects construction to begin on Kingston Walmart-anchored centre in Q4 2026

  • Delivery of Toronto Leaside Canadian Tire flagship store expected in Q4 2026

  • Three self-storage facilities in BC and Alberta expected to open in 2027


Result Drivers

  • LEASING MOMENTUM - Lease-up activities and higher rents contributed to growth in Same Properties NOI

  • OCCUPANCY - Occupancy rate improved to 98.2% from the prior quarter, supporting stable operating performance

  • HIGHER INTEREST EXPENSE - FFO per unit declined mainly due to increased interest expense


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 FFO Per Unit

C$0.54


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 4 "hold" and no "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$29.88, about 9.5% above its November 3 closing price of C$27.28

  • The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 14 three months ago


Reuters Recommended Reads

  • Nov 2 - Canada's RioCan Q3 core FFO per unit up 5.1% on retail occupancy strength

  • Nov 2 - Canada's First Capital REIT Q3 operating FFO per unit rises on higher net operating income

  • Nov 3 - Canada's Dream Industrial REIT Q3 net rental income jumps on strong leasing activity


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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