The following is a summary of the SmartCentres Real Estate Investment Trust (CWYUF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• SmartCentres REIT kicked off Q1 2024 with rental increases of 8.9% over 4.4 million square feet extended.

• Same-property NOI experienced growth of $4 million, an advancement of 3% from the same quarter the previous year.

• SmartCentres reported Funds from Operations (FFO) per fully diluted unit of $0.48, declining from $0.54 in Q1 2023 because of a decrease in total return swap's fair value and a lack of condominium closings.

• Adjusted debt to EBITDA ratio showed light improvements, registering at 9.8x in Q1 2024, compared to 10x in 2023.

• The REIT marked a slight decrease in portfolio occupancy due to two tenant vacancies.

• They experienced an $118.9 million fair-value reduction in investment properties portfolio.

Business Progress:

• Portfolio development and limited capital recycling is on the strategic agenda to focus on debt reduction and development cost funding.

• Expansion in the pipeline as SmartCentres plans to lease to names like TJX banners, Dollarama, Shoppers Drug Mart, LCBO, Banks, Canadian Tire, and national grocers.

• The trust has secured significant permissions for mixed-use, adding value to its NAV.

• Active projects include the 40-story artwork project and the advancement of Vaughan Northwest townhomes.

• They have experienced strong interest from national tenants, predicting swift space renewals.

• They continue to grow the mixed-use portfolio with around 86 million square feet in the pipeline.

• The REIT announced further potential for Walmart expansions in Canada and steady growth in its self-storage portfolio.

More details: SMARTCENTRES REAL ESTATE INVESTMENT IR

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