SmartCentres Real Estate Investment Trust (SRU.UN) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, ladies and gentlemen. Welcome to the Smart Center's REACH Q1 2026 conference call. I would like to introduce Mr. Peter Slant. Please go ahead. Thank you. Good afternoon and welcome to Smart Center's first quarter 2026 results call. I'm Peter Slant, Chief Financial Officer, and I'm joined on today's call by Mitch Goldhar, Executive Chair and CEO, and by Rudy Govan, our Chief Portfolio and Asset Management Officer. We will begin today's call with some comments from Mitch. Rudy will then provide some operational highlights, and I will review our financial results. We will then be pleased to take your questions. Just before I turn the call over to Mitch, I would like to refer you specifically to the cautionary language about forward-looking information, which can be found at the front of our MD&A. This also applies to comments that any of the speakers make on today's call. Mitch, over to you. Thank you, Peter. Good afternoon and welcome, everyone. As in prior quarters, we will keep our comments brief to allow more time for your questions. Strong retail fundamentals highlighted in 2025 have continued into early 2026, with 80% of our 2026 week maturities extending by the quarter end at retail lists of 11.5% ex-anchors. This strong retention rate and rental lift is further supported by a 3.4% same property NOI increase . Demand for space, including new built space, remains strong as we continue to improve our tenant mix and covenants. As we mentioned in February, We terminated six Toys R Us locations in early July before their CCAA filing. This gave us the flexibility and control we needed to manage the releasing of these locations. Shortly after the quarter end, we reached commitments with various grocers for three of the ex-Toys locations for which we are curren...