From GlobeNewswire: 2025-02-12 17:57:00

SmartCentres Real Estate Investment Trust reported strong financial and operational results for the quarter and year ended December 31, 2024. The Trust achieved a 98.7% in-place and committed occupancy rate, with Same Property NOI growing by 3.8% in the fourth quarter. Key retailers like Walmart and Costco continue to drive leasing momentum. Walmart Canada announced plans to open a new Supercentre later in 2025 in South Oakville, Ontario.

The Trust’s development pipeline includes completion of a self-storage facility in Stoney Creek and townhomes in Vaughan NW. The Millway, a 458-unit purpose-built rental project, achieved approximately 95% occupancy by the end of 2024. SmartCentres has approximately $11.9 billion in assets and owns 195 properties across Canada, with a focus on value-oriented retail and first-class office spaces.

Financially, SmartCentres reported net rental income of $141.6 million for the quarter and $547.5 million for the year ended December 31, 2024. Funds from Operations (FFO) were $0.56 per unit for the quarter and $2.12 per unit for the year, reflecting an increase from the same periods in 2023. The Trust closed a $300 million debenture offering to refinance existing debt and enhance liquidity.

The Trust’s development initiatives under construction or in progress include self-storage facilities, townhomes, and mixed-use developments in various locations. These projects contribute to SmartCentres’ long-term portfolio expansion and growth strategy. The Trust’s focus on strategic developments and leasing momentum continues to drive strong financial performance.



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