SmartCentres Real Estate Investment Trust SRU_u

Real EstateResidential & Commercial REITsCanada

Last close 27.34 CAD on Nov 2, 2026, +12.2% year to date

Quant rating

Quant rating C Rank 21 of 38 in Real Estate

Growth C 18 of 38
Valuation B 13 of 38
Quality C 22 of 38
Revisions C 26 of 38
Momentum C 17 of 38

Wall Street consensus Buy (2.38)Average target 29.91 CAD +9.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.0B
Enterprise value: 10.2B
52-week range: 25.01 – 30.90
3-year range: 21.54 – 30.90
Dividend yield: 6.85%
Beta (5 years): 0.81
Shares outstanding: 145M
Next earnings: Nov 4, 2026

About the company

SmartCentres Real Estate Investment Trust (the Trust) is a Canada-based real estate investment trust. The Trust develops, leases, constructs, owns, and manages shopping centres, office buildings, rental residences, and industrial facilities in Canada. It also develops condos, townhomes and self-storage facilities throughout the country. The Trust portfolio features approximately 198 strategically located properties in communities across the country. Its leasing properties include 411 Church, Aurora South, Alliston, Barrie Lakeshore, Carleton Place, Charlottetown, Cobourg, and others. The Trust's subsidiaries include Smart Limited Partnership, Smart Limited Partnership II, Smart Limited Partnership III, Smart Limited Partnership IV, Smart Oshawa South Limited Partnership, Smart Oshawa Taunton Limited Partnership, Smart Boxgrove Limited Partnership, ONR Limited Partnership, ONR Limited Partnership I, and SmartVMC West Limited Partnership.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	914	918	835	805	781	–
Revenue growth	−0.5%	10.0%	3.7%	3.1%	−0.1%	3.2%
EPS (basic, normalized)	1.38	1.31	2.30	2.87	4.77	–
EPS growth	5.3%	−43.0%	−19.9%	−39.8%	–	–
Gross margin	61.6%	59.6%	61.5%	62.5%	62.2%	61.5%
Net margin	27.6%	25.8%	49.6%	64.1%	106.0%	54.6%
ROE	4.8%	4.5%	8.0%	10.3%	18.0%	9.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	44.9
Current ratio	0.14x
Long-term debt (mil)	3,776
Net debt (mil)	6,281
Total equity (mil)	5,080
Net debt / equity	1.24x
Net debt / EBITDA	11.99x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	914	−0.5%	11.2x	524	−2.7%	19.6x	1.38	+5.3%	19.8x
2026	959	+4.9%	10.7x	560	+6.9%	18.3x	0.85	−38.4%	32.2x
2027	982	+2.4%	10.4x	586	+4.7%	17.5x	1.98	+132.9%	13.8x
2028	1,023	+4.2%	10.0x	592	+1.1%	17.3x	2.06	+4.0%	13.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	959	0.0%	−1.5%	−1.4%	0.85	0.0%	−57.1%	−57.1%
2027	982	0.0%	−1.9%	−1.6%	1.98	0.0%	–	–
2028	1,023	0.0%	–	–	2.06	0.0%	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	217	211	243	230	229	224	227	234	232	226
Sales mean (mil)	–	216	229	240	241	229	231	238	249	239
Surprise	–	−2.1%	+6.0%	−4.3%	−4.8%	−2.3%	−1.8%	−1.7%	−7.1%	−5.6%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SRU_u SmartCentres Real Estate Investment Trust	4.0B	11.99x	27.6%	0.92x	32.2x	13.8x	18.3x	17.5x
SPG Simon Property Group Inc	100.3B	6.33x	72.7%	16.18x	33.7x	31.4x	19.4x	18.5x
O Realty Income Corporation	76.2B	6.26x	18.4%	1.38x	36.9x	32.4x	15.6x	14.3x
KIM Kimco Realty Corp	23.3B	5.79x	25.8%	1.64x	29.5x	28.2x	16.3x	15.6x
REG Regency Centers Corp	19.4B	5.28x	33.1%	2.01x	30.5x	29.9x	17.3x	16.5x
FRT Federal Realty Investment Trust	13.4B	5.32x	31.6%	2.96x	26.3x	34.6x	17.0x	15.9x
Mean		6.83x	34.8%	4.18x	31.5x	28.4x	17.3x	16.4x
Median		6.02x	29.6%	1.82x	31.3x	30.6x	17.2x	16.2x

Technical analysis

1M+3.8%
3M−5.9%
1Y+9.9%
3Y+47.7%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, SmartCentres Real Estate Investment Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	914	918	835	805	781	781
Cost of revenue	351	371	321	302	295	321
Gross profit	563	548	514	503	486	461
Selling, general & administrative expenses	39.3	36.3	35.0	99.7	66.3	54.5
Research & development	–	–	–	–	–	–
Depreciation/amortization	1.3	1.3	1.3	1.3	1.3	1.3
Interest expense (income), operating	190	199	−50.9	−182	−543	322
Unusual expense (income)	–	–	0	−1.7	2.8	2.3
Other operating expenses	21.2	19.2	18.0	−50.3	−29.4	−9.4
Operating income	311	292	510	636	988	89.9
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	311	292	510	636	988	89.9
Provision for taxes	–	–	–	–	–	–
Minority interest	−58.9	−55.3	−96.4	−120	−160	−14.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	252	237	414	516	828	75.3
Extraordinary items	–	–	–	–	–	–
Net income	252	237	414	516	828	75.3
EBIT, normalized	501	491	459	452	448	414
EBITDA, normalized	503	492	463	456	451	418
Basic EPS, normalized	1.38	1.31	2.30	2.87	4.77	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, SmartCentres Real Estate Investment Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	51.6	37.7	34.7	35.3	62.2	795
Receivables	255	80.5	203	144	121	184
Total inventory	21.2	31.7	51.7	40.4	27.4	25.8
Prepaid expenses	14.3	12.7	15.0	14.5	11.0	7.3
Other current assets	0	0	0	42.3	1.3	1.2
Total current assets	342	163	305	276	223	1,013
Property, plant & equipment	–	–	4.2	4.4	4.9	6.6
Goodwill	14.0	14.0	–	14.0	14.0	14.0
Intangibles	25.8	27.2	42.5	29.8	31.2	32.5
Long-term investments	11,577	11,409	11,321	10,889	10,502	9,314
Note receivable	76.7	221	80.5	282	389	308
Other long-term assets	106	105	152	207	130	36.7
Total assets	12,141	11,940	11,905	11,702	11,293	10,724
Liabilities
Accounts payable	99.1	99.6	95.4	83.1	75.1	70.9
Payable/accrued	–	–	–	3.5	3.4	6.4
Accrued expenses	59.0	49.2	17.4	17.0	16.6	34.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	755	987	605	459	678	854
Other current liabilities	398	386	399	157	158	131
Total current liabilities	1,312	1,522	1,117	720	931	1,097
Long-term debt	4,454	4,059	4,394	4,534	4,188	4,369
Minority interest	1,119	1,095	1,087	1,037	963	850
Other liabilities	29.7	20.8	35.0	284	332	91.5
Total liabilities	6,914	6,697	6,633	6,576	6,415	6,407
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,092	3,091	3,090	3,090	3,090	3,090
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	2,135	2,151	2,182	2,036	1,788	1,227
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	5,228	5,243	5,272	5,126	4,878	4,317
Total liabilities & shareholders' equity	12,141	11,940	11,905	11,702	11,293	10,724

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, SmartCentres Real Estate Investment Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	311	292	510	636	988	89.9
Depreciation, depletion & amortization	1.3	1.3	1.3	1.3	1.3	1.3
Deferred taxes	–	–	–	–	–	–
Non-cash items	208	208	−31.1	−163	−524	354
Changes in working capital	−143	−127	−149	−104	−93.7	−150
Cash from operations	377	374	331	371	372	296
Investing activities
Capital expenditures	−2.0	−0.5	−1.9	−1.6	−0.3	0
Other investing cash flows	−184	−155	3.4	−120	−413	−157
Cash from investing	−186	−156	1.5	−121	−413	−157
Financing activities
Financing cash flow items	−62.6	−62.4	−62.4	−52.0	−55.0	−38.0
Cash dividends paid	−268	−268	−268	−268	−268	−260
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	153	114	−2.9	43.2	−368	898
Cash from financing	−177	−216	−333	−276	−691	601
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	13.9	3.0	−0.5	−27.0	−732	739
Free cash flow	375	374	329	369	371	296

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.