TORONTO--(BUSINESS WIRE)--February 11, 2026--
SmartCentres Real Estate Investment Trust ("SmartCentres", the "Trust" or the "REIT") (TSX: SRU.UN) is pleased to report its financial and operating results for the three months and year ended December 31, 2025.
"Reflecting on our 2025 results, I am pleased with our strong financial and operational performance," said Mitchell Goldhar, CEO of SmartCentres. "Our net operating income has shown steady and consistent growth through the year fueled by strong leasing momentum in all retail categories, resulting in an industry-leading 98.6% in-place and committed occupancy rate at year-end. Same property NOI continued to deliver strong results, growing 3.7% over the year and 5.6% excluding anchor tenants. The strong interest from tenants resulted in leasing 430,000 square feet of vacant space with strong rent growth of 6.3% on lease extensions and an additional 125,000 square feet of new-build retail. Our mixed-use development pipeline continues to add to the bottom-line with the completion of three self-storage facilities in 2025 bringing the total to 14 operating properties with an additional four sites under construction and four in process of obtaining municipal approvals. During Q4, we opened the long awaited new Walmart store at our South Oakville shopping centre. We also strengthened our balance sheet by increasing the unencumbered asset pool to over $10 billion and extending the weighted average term of our debt."
2025 Fourth Quarter Highlights
Retail Operations
-- Industry-leading in-place and committed occupancy rate of 98.6% as of
December 31, 2025.
-- Robust customer traffic and a solid tenant base continued to drive Same
Properties NOI(1) growth for the three months and year ended December 31,
2025, which increased by 2.9% and 3.7% (5.1% and 5.6% excluding anchors),
respectively, compared to the same periods in 2024, primarily due to
lease-up and renewal activities mainly from retail properties, as well as
stabilization of occupancy levels in self-storage facilities and rentals
apartments, partially offset by a higher provision for expected credit
loss.
-- Leasing momentum remained resilient, with approximately 35,500 square
feet of vacant space leased during the quarter, resulting in a total of
approximately 430,000 square feet leased in 2025. In addition, growing
demand for new-build retail continues with approximately 33,000 square
feet executed during the quarter, resulting in a total of approximately
125,000 square feet executed during the year.
-- Lease extensions continued to perform well, with strong rent growth of
8.4% (excluding anchors) and 6.3% (including anchors).
Development
-- Opened three new self-storage facilities in 2025 at Toronto (Gilbert
Ave.), Toronto (Jane St.), and Dorval (St-Regis Blvd.), bringing the
total number of operating self-storage properties in the portfolio to 14.
Construction of self-storage facilities is underway at Montreal (Notre
Dame St. W) and Laval E, Quebec, and at Burnaby and Victoria, British
Columbia. The Montreal and Laval E facilities are expected to open in Q2
2026. Both British Columbia projects are expected to open in 2027. The
Trust is also in the process of obtaining municipal approvals for four
sites in Ontario, British Columbia, and Alberta.
-- Construction of Phase I of the Vaughan NW townhomes is now virtually
complete, with seven units closed in Q4 2025. As at December 31, 2025, a
total of 118 out of the 120 units in Phase I have closed.
-- Construction of the ArtWalk condo Tower A in the Vaughan Metropolitan
Centre continues to advance as planned, with approximately 93% of the 340
units pre-sold. The underground parking structure is progressing, the
slab-on-grade has been completed, and the first section of the ground
floor slab was completed during the quarter. Initial closings on
completed units are expected to commence in 2027.
-- Construction of the 200,000 square foot Canadian Tire flagship store on
Laird Drive in Toronto continues on schedule, with possession expected in
Q3 2026.
-- Submitted for Site Plan approval in 2025, for a net new 85,000 square
feet (17%) increase in the square footage of Toronto Premium Outlets, for
which construction is planned to commence this summer and includes a new
four-storey parking garage.
Financial
-- Net rental income and other for the three months ended December 31,
2025 was $143.6 million, representing an increase of $2.0 million or 1.4%
as compared to the same period in 2024. The increase was primarily from
lease-up activities and higher net recoveries, partially offset by lower
residential sales caused by fewer townhomes closings.
-- FFO per Unit(1) for the three months ended December 31, 2025, was $0.54
compared to $0.53 for the same period in 2024. The increase was primarily
due to higher NOI from lease-up activities and higher net recoveries as
well as changes in fair value adjustment on TRS resulting from
fluctuations in the Trust's Unit price, partially offset by higher
interest expense, and higher general and administrative expense. FFO with
adjustments per Unit(1) for the three months ended December 31, 2025, was
$0.54 compared to $0.56 for the same period in 2024. The decrease was
mainly attributable to higher net interest expense and general and
administrative expense, partially offset by higher NOI.
-- Net income and comprehensive income for the three months ended December
31, 2025, decreased by $11.7 million as compared to the same period in
2024. The decrease was mainly attributable to a $6.3 million decrease in
fair value adjustment on financial instruments for the period, primarily
due to mark-to-market adjustments for interest rate swaps and a fair
value change in units classified as liabilities due to a decrease in the
Trust's Unit price and a $4.1 million decrease in the fair value gain on
investment properties.
Subsequent Event
-- On January 2, 2026, the Trust announced that several key arrangements
with Penguin that were originally scheduled to expire on December 31,
2025, have been extended under their existing terms until February 28,
2026, while negotiations for new five-year terms are ongoing. The
extensions apply to the Executive Employment Agreement for Mitchell
Goldhar, Executive Chairman and Chief Executive Officer of SmartCentres,
the Development Services Agreement supplements, the Penguin Services
Agreement, and the Non-Competition Agreement. The Trust also announced
that, in accordance with the Declaration of Trust, the Voting Top-Up
Right expired on December 31, 2025. As negotiations remain ongoing, the
Trust is not in a position to provide further commentary on these matters
at this time and will update unitholders when there is material
information to disclose.
(1) Represents a non-GAAP measure. The Trust's method of calculating
non-GAAP measures may differ from other reporting issuers' methods and,
accordingly, may not be comparable. For additional information, please
see "Non-GAAP Measures" in this Press Release.
Selected Operational, Development and Financial Information
(in thousands of
dollars, except per
Unit and other
non-financial data)
December December 31, December 31,
As at 31, 2025 2024 2023
----------------------- ------------ ----------- ------------ ------------
Portfolio Information
(Number of properties)
Retail properties 155 155 155
Office properties 4 4 4
Self-storage properties 14 11 8
Residential properties 3 3 3
Industrial properties 1 1 1
Properties under
development 21 21 20
----------------------- ------------ ----------- ------------ ------------
Total number of
properties with an
ownership interest 198 195 191
----------------------- ------------ ----------- ------------ ------------
Leasing and Operational
Information(1)
Gross leasable retail,
office and industrial
area (in thousands of
sq. ft.) 35,585 35,300 35,045
In-place and committed
occupancy rate 98.6% 98.7% 98.5%
Average lease term to
maturity (in years) 4.3 4.2 4.3
In-place net retail
rental rate excluding
Anchors (per occupied
sq. ft.) $24.23 $23.48 $22.59
----------------------- ------------ ----------- ------------ ------------
Financial Information
Investment
properties(2) 10,852,939 10,659,783 10,564,269
Total unencumbered
assets(3) 10,030,521 9,464,521 9,170,121
NAV per Unit -
diluted(3) $35.93 $36.03 $36.40
Debt to Aggregate
Assets(3)(4)(5) 44.4% 43.7% 43.1%
Adjusted Debt to
Adjusted
EBITDA(3)(4)(5) 9.7X 9.6X 9.6X
Weighted average
interest rate(3)(4) 4.00% 3.92% 4.15%
Weighted average term
of debt (in years) 3.4 3.1 3.6
Interest coverage
ratio(3)(4) 2.6X 2.5X 2.7X
Three Months Ended
December 31 Year Ended December 31
2025 2024 2025 2024
----------------------- ------------ ----------- ------------ ------------
Financial Information
Rentals from investment
properties and
other(2) 234,170 229,743 913,913 918,359
Net income and
comprehensive
income(2) 130,113 141,850 310,755 292,070
FFO(3)(4)(6) 98,435 96,645 413,838 402,556
AFFO(3)(4)(6) 86,999 85,004 369,989 359,396
Cash flows provided by
operating
activities(2) 127,344 122,118 377,441 374,208
Net rental income and
other(2) 143,574 141,580 563,042 547,508
NOI(3)(4) 150,697 148,614 592,551 572,536
Change in SPNOI(3)(4) 2.9% 3.8% 3.7% 2.8%
Change in SPNOI
excluding
anchors(3)(4) 5.1% 6.0% 5.6% 4.6%
Weighted average units
outstanding --
diluted(7) 182,234,484 181,186,382 181,970,462 180,749,027
Net income and
comprehensive income
per Unit(2) $0.73/$0.71 $0.80/$0.78 $1.74/$1.71 $1.64/$1.62
FFO per Unit(3)(4)(6) $0.55/$0.54 $0.54/$0.53 $2.32/$2.27 $2.26/$2.23
FFO with adjustments
per Unit(3)(4) $0.56/$0.54 $0.57/$0.56 $2.23/$2.19 $2.15/$2.12
AFFO per Unit(3)(4)(6) $0.49/$0.48 $0.48/$0.47 $2.08/$2.03 $2.02/$1.99
AFFO with adjustments
per Unit(3)(4) $0.49/$0.48 $0.50/$0.50 $2.00/$1.95 $1.91/$1.88
Payout Ratio to
AFFO(3)(4)(6) 94.8% 97.0% 89.2% 91.7%
Payout Ratio to AFFO
with
adjustments(3)(4) 94.2% 91.9% 93.2% 97.0%
Payout Ratio to cash
flows provided by
operating activities 64.8% 67.5% 87.4% 88.1%
----------------------- ------------ ----------- ------------ ------------
(1) Excluding residential and self-storage areas.
(2) Represents a Generally Accepted Accounting Principles ("GAAP") measure.
(3) Represents a non-GAAP measure. The Trust's method of calculating
non-GAAP measures may differ from other reporting issuers' methods and,
accordingly, may not be comparable. For additional information, please
see "Non-GAAP Measures" in this Press Release.
(4) Includes the Trust's proportionate share of equity accounted
investments.
(5) As at December 31, 2025, cash-on-hand of $44.6 million was excluded for
the purposes of calculating the applicable ratios (December 31, 2024 --
$34.9 million, December 31, 2023 -- $31.4 million).
(6) The calculation of the Trust's FFO and AFFO and related payout ratios,
including comparative amounts, are financial metrics that were
determined based on the REALPAC White Paper on FFO and AFFO issued in
January 2022 ("REALPAC White Paper"). Comparison with other reporting
issuers may not be appropriate. The payout ratio to AFFO is calculated
as declared distributions divided by AFFO.
(7) The diluted weighted average includes the vested portion of the
deferred units issued pursuant to the deferred unit plan, and vested
EIPs granted pursuant to the equity incentive plan.
Development and Intensification Summary
The following table provides additional details on the Trust's eight development initiatives that are currently under construction or where initial siteworks have begun (in order of estimated initial occupancy/closing date):
Actual /
estimated
Projects under initial
construction occupancy % of GFA(1) No. of
(Location/Project Trust's / closing capital (sq. residential
Name) Type share date spend ft.) units
------------------- ------------- ------- --------- ------- --------- ------------
Mixed-use
Developments
Vaughan NW
(Phase I &
II) Townhomes 50% Q1 2024 68% 366,000 174
Montreal
(Notre-Dame) Self-storage 50% Q2 2026 64% 184,000 N/A
Laval East Self-storage 50% Q2 2026 50% 176,000 N/A
Burnaby Self-storage 50% Q2 2027 27% 137,000 N/A
Victoria Self-storage 50% Q3 2027 31% 164,000 N/A
Vaughan /
ArtWalk Condo 50% Q4 2027 40% 300,000 340
Residential
Ottawa SW Apartments 50% Q1 2028 30% 361,000 425
------------------- ------------- ------- --------- ------- --------- ------------
Total Mixed-use Developments 1,688,000 939
---------------------------------- ------- --------- ------- --------- ------------
Retail Development
Toronto (Laird) Retail 50% Q3 2026 68% 225,000 N/A
------------------- ------------- ------- --------- ------- --------- ------------
(1) GFA represents Gross Floor Area.
Reconciliations of Non-GAAP Measures
The following tables reconcile the non-GAAP measures to the most comparable GAAP measures for the year ended December 31, 2025, and the comparable period in 2024. Such measures do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures disclosed by other issuers.
Net Operating Income (including the Trust's Interests in Equity Accounted Investments)
(in thousands
of dollars) Three Months Ended December 31, 2025 Three Months Ended December 31, 2024
-------------- ---------------------------------------- -----------------------------------------
Proportionate Total Proportionate Total
GAAP Share Proportionate GAAP Share Proportionate
Basis Reconciliation Share(1) Basis Reconciliation Share(1)
-------------- --------- -------------- ------------- --------- -------------- --------------
Net operating
income
Rentals from
investment
properties
and other $230,680 $13,140 $243,820 $221,841 $12,528 $234,369
Property
operating
costs and
other (88,417) (6,031) (94,448) (82,885) (5,503) (88,388)
-------------- --------- -------------- ------------- --------- -------------- --------------
$142,263 $7,109 $149,372 $138,956 $7,025 $145,981
-------------- --------- -------------- ------------- --------- -------------- --------------
Residential
sales revenue
and other(2) 3,490 8 3,498 7,902 10 7,912
Residential
cost of sales
and other (2,179) 6 (2,173) (5,278) (1) (5,279)
-------------- --------- -------------- ------------- --------- -------------- --------------
$1,311 $14 $1,325 $2,624 $9 $2,633
-------------- --------- -------------- ------------- --------- -------------- --------------
NOI $143,574 $7,123 $150,697 $141,580 $7,034 $148,614
-------------- --------- -------------- ------------- --------- -------------- --------------
(in thousands
of dollars) Year Ended December 31, 2025 Year Ended December 31, 2024
-------------- ---------------------------------------- -----------------------------------------
Proportionate Total Proportionate Total
GAAP Share Proportionate GAAP Share Proportionate
Basis Reconciliation Share(1) Basis Reconciliation Share(1)
-------------- --------- -------------- ------------- --------- -------------- --------------
Net operating
income
Rentals from
investment
properties
and other $896,556 $52,422 $948,978 $860,091 $46,723 $906,814
Property
operating
costs and
other (338,539) (23,752) (362,291) (324,269) (21,576) (345,845)
-------------- --------- -------------- ------------- --------- -------------- --------------
$558,017 $28,670 $586,687 $535,822 $25,147 $560,969
-------------- --------- -------------- ------------- --------- -------------- --------------
Residential
sales revenue
and other(2) 17,357 159 17,516 58,268 92 58,360
Residential
cost of sales
and other (12,332) 680 (11,652) (46,582) (211) (46,793)
-------------- --------- -------------- ------------- --------- -------------- --------------
$5,025 $839 $5,864 $11,686 $(119) $11,567
-------------- --------- -------------- ------------- --------- -------------- --------------
NOI $563,042 $29,509 $592,551 $547,508 $25,028 $572,536
-------------- --------- -------------- ------------- --------- -------------- --------------
(1) This column contains non-GAAP measures because it includes figures that
are recorded in equity accounted investments. The Trust's method of
calculating non-GAAP measures may differ from other reporting issuers'
methods and, accordingly, may not be comparable. For additional
information, please see "Non-GAAP Measures" in this Press Release.
(2) Includes additional partnership profit and other revenues.
Same Properties NOI
Three Months Ended December 31 Year Ended December 31
(in thousands of
dollars) 2025 2024 2025 2024
------------------- -------------- --------------- ----------- -----------
Net rental income
and other $143,574 $141,580 $563,042 $547,508
NOI from equity
accounted
investments(1) 7,123 7,034 29,509 25,028
------------------- -------------- --------------- ----------- -----------
Total portfolio NOI
before
adjustments(1) $150,697 $148,614 $592,551 $572,536
Adjustments:
Lease
termination (57) (172) (1,466) (1,240)
Net profit on
condo and
townhome
closings (1,325) (2,633) (5,864) (11,567)
Other
adjustments(2) 323 (21) 2,190 4,113
------------------- -------------- --------------- ----------- -----------
Total portfolio NOI
after
adjustments(1) $149,638 $145,788 $587,411 $563,842
NOI sourced from
acquisitions,
dispositions,
Earnouts and
developments (1,472) (1,758) (10,781) (7,522)
------------------- -------------- --------------- ----------- -----------
Same Properties
NOI(1) $148,166 $144,030 $576,630 $556,320
------------------- -------------- --------------- ----------- -----------
(1) Represents a non-GAAP measure. The Trust's method of calculating
non-GAAP measures may differ from other reporting issuers' methods and,
accordingly, may not be comparable. For additional information, please
see "Non-GAAP Measures" in this Press Release.
(2) Includes items such as adjustments relating to royalties, straight-line
rent and amortization of tenant incentives.
Reconciliation of
FFO
Three Months Ended December 31 Year Ended December 31
(in thousands of
dollars) 2025 2024 2025 2024
------------------- -------------- --------------- ----------- -----------
Net income and
comprehensive
income $130,113 $141,850 $310,755 $292,070
Add (Deduct):
Fair value
adjustment on
investment
properties and
financial
instruments(1) (33,381) (43,820) 44,704 69,234
Loss (Gain) on
derivative --
TRS (1,798) (5,645) 10,505 10,027
Gain (Loss) on
sale of
investment
properties (15) 3 (1,053) 123
Amortization of
intangible
assets and
tenant
improvement
allowance 2,482 2,387 9,643 9,208
Distributions
on Units
classified as
liabilities
and vested
deferred units
and EIP 5,423 5,000 21,241 19,218
Salaries and
related costs
attributed to
leasing
activities(2) 2,020 2,279 8,579 9,549
Adjustments
relating to
equity
accounted
investments(3) (6,409) (5,409) 9,464 (6,873)
------------------- -------------- --------------- ----------- -----------
FFO(4) $98,435 $96,645 $413,838 $402,556
Add (Deduct)
non-recurring
adjustments:
Loss (Gain) on
derivative --
TRS 1,798 5,645 (10,505) (10,027)
FFO sourced
from condo and
townhome
closings (1,325) (2,147) (5,864) (10,704)
Transactional
FFO -- sale of
land(4) 99 1,218 453 1,218
------------------- -------------- --------------- ----------- -----------
FFO with
adjustments(4) $99,007 $101,361 $397,922 $383,043
------------------- -------------- --------------- ----------- -----------
(1) Includes fair value adjustments on investment properties and financial
instruments. Fair value adjustment on investment properties is
described in "Investment Properties" in the Trust's MD&A. Fair value
adjustment on financial instruments comprises the following financial
instruments: units classified as liabilities, Deferred Unit Plan
("DUP"), Equity Incentive Plan ("EIP"), TRS, and interest rate swap
agreements. The significant assumptions made in determining the fair
value are more thoroughly described in the Trust's consolidated
financial statements for the year ended December 31, 2025. For details,
please see discussion in "Results of Operations" section in the MD&A.
(2) Salaries and related costs attributed to leasing activities of $8.6
million were incurred in the year ended December 31, 2025 (year ended
December 31, 2024 -- $9.5 million) and were eligible to be added back
to FFO based on the definition of FFO, in the REALPAC White Paper,
which provided for an adjustment to incremental leasing expenses for
the cost of salaried staff. This adjustment to FFO results in more
comparability between Canadian publicly traded real estate entities
that expensed their internal leasing departments and those that
capitalized external leasing expenses.
(3) Includes tenant improvement amortization, indirect interest with
respect to the development portion, fair value adjustment on investment
properties, loss (gain) on sale of investment properties, and
adjustment for supplemental costs.
(4) Represents a non-GAAP measure. The Trust's method of calculating
non-GAAP measures may differ from other reporting issuers' methods and,
accordingly, may not be comparable. For definitions and basis of
presentation of the Trust's non-GAAP measures, refer to "Presentation
of Certain Terms Including Non-GAAP Measures" and "Non-GAAP Measures"
in the MD&A.
Reconciliation of
AFFO
Three Months Ended December 31 Year Ended December 31
(in thousands of
dollars) 2025 2024 2025 2024
------------------ --------------- --------------- ----------- -----------
FFO(1) $98,435 $96,645 $413,838 $402,556
Add (Deduct):
Straight-line
rents (425) (1,273) (4,186) (4,127)
Adjusted
salaries and
related costs
attributed to
leasing (2,020) (2,279) (8,579) (9,549)
Capital
expenditures,
leasing
commissions, and
tenant
improvements (8,991) (8,089) (31,084) (29,484)
------------------ --------------- --------------- ----------- -----------
AFFO(1) $86,999 $85,004 $369,989 $359,396
Add (Deduct)
non-recurring
adjustments:
Loss (Gain) on
derivative --
TRS 1,798 5,645 (10,505) (10,027)
FFO sourced
from condo
and townhome
closings (1,325) (2,147) (5,864) (10,704)
Transactional
FFO -- sale
of land(1) 99 1,218 453 1,218
------------------ --------------- --------------- ----------- -----------
AFFO with
adjustments(1) $87,571 $89,720 $354,073 $339,883
------------------ --------------- --------------- ----------- -----------
(1) Represents a non-GAAP measure. The Trust's method of calculating
non-GAAP measures may differ from other reporting issuers' methods and,
accordingly, may not be comparable. For additional information, please
see "Non-GAAP Measures" in this Press Release.
Adjusted EBITDA
The following table presents a reconciliation of net income and comprehensive income to Adjusted EBITDA:
Rolling 12 Months Ended
(in thousands of dollars) December 31, 2025 December 31, 2024
---------------------------------------- ----------------- -----------------
Net income and comprehensive income $310,755 $292,070
Add (Deduct) the following items:
Net interest expense 196,549 192,938
Amortization of equipment, intangible
assets and tenant improvements 12,444 12,072
Fair value adjustments on investment
properties and financial instruments 43,966 47,077
Adjustment for supplemental costs 2,630 4,526
Loss (Gain) on sale of investment
properties (1,105) 123
---------------------------------------- ----------------- -----------------
Adjusted EBITDA(1) $565,239 $548,806
---------------------------------------- ----------------- -----------------
(1) Represents a non-GAAP measure. The Trust's method of calculating
non-GAAP measures may differ from other reporting issuers' methods and,
accordingly, may not be comparable. For additional information, please
see "Non-GAAP Measures" in this Press Release.
Net Asset Value
(in thousands of dollars, except per
Unit information) December 31, 2025 December 31, 2024
---------------------------------------- ----------------- -----------------
Total equity $6,346,305 $6,337,581
LP Units classified as liabilities 201,229 191,665
---------------------------------------- ----------------- -----------------
NAV(1) $6,547,534 $6,529,246
Units outstanding - diluted(2) 182,242,010 181,205,536
---------------------------------------- ----------------- -----------------
NAV per Unit - diluted(1) $35.93 $36.03
---------------------------------------- ----------------- -----------------
(1) Represents a non-GAAP measure. The Trust's method of calculating
non-GAAP measures may differ from other reporting issuers' methods and,
accordingly, may not be comparable. For additional information, please
see "Non-GAAP Measures" in this Press Release.
(2) Total diluted Units outstanding include Trust Units and LP Units,
including Units classified as liabilities, vested portion of the
deferred units issued pursuant to the deferred unit plan and vested
EIPs granted pursuant to the equity incentive plan.
Conference Call
Management will hold a conference call on Thursday, February 12, 2026 at 3:00 p.m. $(ET)$.
Interested parties are invited to access the call by dialing 1-855-353-9183 and then keying in the participant access code 69072#.
A recording of this call will be made available Thursday, February 12, 2026 through to Thursday, February 19, 2026. To access the recording, please call 1-855-201-2300, enter the conference access code 69072# and then key in the playback access code 69072#.
About SmartCentres
SmartCentres is one of Canada's largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 198 strategically located properties in communities across the country. SmartCentres has approximately $12.1 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.6 million square feet of leasable space with 98.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.
Non-GAAP Measures
The non-GAAP measures used in this Press Release, including but not limited to, AFFO, AFFO with adjustments, AFFO per Unit, AFFO with adjustments per Unit, Payout Ratio to AFFO, Payout Ratio to AFFO with adjustments, Unencumbered Assets, NOI, Debt to Aggregate Assets, Interest Coverage Ratio, Adjusted Debt to Adjusted EBITDA, Unsecured/Secured Debt Ratio, FFO, FFO with adjustments, FFO per Unit, FFO with adjustments per Unit, Net Asset Value ("NAV"), Same Properties NOI, Same Properties NOI excluding Anchors, Debt to Gross Book Value, Weighted Average Interest Rate, Transactional FFO, and Total Proportionate Share, do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and are therefore unlikely to be comparable to similar measures presented by other issuers. Additional information regarding these non-GAAP measures is available in the Management's Discussion and Analysis of the Trust for the year ended December 31, 2025, dated February 11, 2026 (the "MD&A"), and is incorporated by reference. The information is found in the "Presentation of Certain Terms Including Non-GAAP Measures" and "Non-GAAP Measures" sections of the MD&A, which is available on SEDAR+ at www.sedarplus.ca. Reconciliations of non-GAAP financial measures to the most directly comparable IFRS measures are found in "Reconciliations of Non-GAAP Measures" of this Press Release.
Full reports of the financial results of the Trust for the year ended December 31, 2025 are outlined in the consolidated financial statements and the related MD&A of the Trust for the year ended December 31, 2025, which are available on SEDAR+ at www.sedarplus.ca.
Cautionary Statements Regarding Forward-looking Statements
Certain statements in this Press Release are "forward-looking statements" that reflect management's expectations regarding the Trust's future growth, results of operations, performance and business prospects and opportunities. More specifically, certain statements including, but not limited to, statements related to SmartCentres' expectations relating to cash collections, SmartCentres' expected or planned development plans and joint venture projects, including the described type, scope, costs and other financial metrics and the expected timing of construction and condo closings and statements that contain words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may" and similar expressions and statements relating to matters that are not historical facts, constitute "forward-looking statements". These forward-looking statements are presented for the purpose of assisting the Trust's Unitholders and financial analysts in understanding the Trust's operating environment and may not be appropriate for other purposes. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.
However, such forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with potential acquisitions not being completed or not being completed on the contemplated terms, public health crises, real property ownership and development, debt and equity financing for development, interest and financing costs, construction and development risks, and the ability to obtain commercial and municipal consents for development. These risks and others are more fully discussed under the heading "Risks and Uncertainties" and elsewhere in SmartCentres' most recent Management's Discussion and Analysis, as well as under the heading "Risk Factors" in SmartCentres' most recent annual information form. Although the forward-looking statements contained in this Press Release are based on what management believes to be reasonable assumptions, SmartCentres cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Press Release and SmartCentres assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.
Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a stable retail environment; a continuing trend toward land use intensification, including residential development in urban markets and continued growth along transportation nodes; access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and to enable our refinancing of debts as they mature; that requisite consents for development will be obtained in the ordinary course, construction and permitting costs consistent with the past year and recent inflation trends.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260211614906/en/
CONTACT:
For information, visit www.smartcentres.com or please contact:
Mitchell Goldhar
Executive Chairman and CEO
(905) 326-6400 ext. 7674
mgoldhar@smartcentres.com
Peter Slan
Chief Financial Officer
(905) 326-6400 ext. 7571
pslan@smartcentres.com
(END) Dow Jones Newswires
February 11, 2026 18:24 ET (23:24 GMT)