SmartCentres REIT reports strong financial results and leasing momentum for Q3 2024

From GlobeNewswire: 2024-11-13 18:39:00

SmartCentres Real Estate Investment Trust reported strong financial and operating results for the quarter ended September 30, 2024. Retail fundamentals are performing well, with strong leasing demand and executed lease deals. Same Properties NOI increased by 8.2% compared to the same period in 2023, and leasing momentum remains strong.

The Trust’s development pipeline includes approximately 58 million square feet of zoned mixed-use development permissions. The Millway in VMC has 93% occupancy, expected to exceed 95% by year-end. Construction on various projects, including townhomes and self-storage facilities, is progressing well.

Net rental income increased by $11.6 million for the three months ended September 30, 2024, compared to the same period in 2023. FFO per Unit was $0.71, up from $0.55 in the previous year. The Trust secured a construction facility of $135.0 million for a new retail project in Toronto.

SmartCentres will hold a conference call on November 14, 2024, at 3:00 p.m. (ET). Interested parties can access the call by dialing 1-855-353-9183. A recording of the call will be available until November 21, 2024. SmartCentres is one of Canada’s largest fully integrated REITs, with assets of approximately $11.9 billion and 98.5% in place and committed occupancy.

The non-GAAP measures used in the press release, such as AFFO, FFO, and Adjusted EBITDA, do not have standardized meanings prescribed by IFRS. SmartCentres’ forward-looking statements involve significant risks and uncertainties, including public health crises and construction risks. Material factors applied in drawing conclusions include stable retail environments and access to capital markets. For more information, visit www.smartcentres.com or contact the Trust directly.



Read more at GlobeNewswire:: SmartCentres Real Estate Investment Trust Releases Third