SmartCentres Real Estate Investment Trust Reports Strong 2024 Results

SmartCentres Real Estate Investment Trust (SRU.UN) has reported its financial and operating results for the quarter and year ended December 31, 2024, highlighting its strong performance and growth. The Trust's in-place and committed occupancy rate increased to 98.7% by the end of 2024, up from 98.5% in the prior quarter, indicating robust demand for its retail centers. Same property NOI, excluding anchors, grew by 6.0% compared to the same period in 2023, demonstrating steady and consistent growth throughout the year. The Trust's mixed-use development pipeline continues to drive bottom-line growth, with the completion of its self-storage facility in Stoney Creek and the closing of 11 additional townhomes at its Vaughan NW project. Additionally, the Trust raised $300 million via a 6.5-year term debenture, which it used to repay its recent $160 million debenture maturity and outstanding floating rate debt on its operating lines on an accretive basis, filling gaps in its debt ladder and extending the average term to maturity of its debt.



The Trust's strong financial performance can be attributed to its ability to maintain high occupancy rates and achieve consistent NOI growth, as well as its successful execution of mixed-use development projects. The completion of The Millway, a 458-unit purpose-built rental project in the VMC, and the opening of its self-storage facility in Stoney Creek have contributed to the Trust's revenue growth and diversification. The Trust's debt management strategy has also played a crucial role in its financial stability and long-term growth prospects, as evidenced by its successful issuance of a 6.5-year term debenture.



In conclusion, SmartCentres Real Estate Investment Trust's strong 2024 results reflect its ability to maintain high occupancy rates, achieve consistent NOI growth, and successfully execute mixed-use development projects. The Trust's debt management strategy has also contributed to its financial stability and long-term growth prospects. Investors should consider SmartCentres Real Estate Investment Trust as a strong performer in the retail and mixed-use development sectors.