SmartCentres Real Estate Investment Trust (SRU.UN) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, ladies and gentlemen. Welcome to the SmartPedras Meet Q2 2025 conference call. I would like to introduce the computer class. Please go ahead. Good morning, everyone. Apologies for a slightly delayed start. We had a couple technical difficulties on our end. Welcome to our second quarter 2025 results call. I'm Peter Slam, Chief Financial Officer, and I'm joined on today's call by Mitch Goldhar, SmartCenter's Executive Chair and CEO, and by Rudy Gobin, our Executive Vice President of Portfolio Management and Investment. We will begin today's call with comments from Mitch. Rudy will then provide some operational highlights, and I will review 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 of our 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 this morning. Mitch, over to you. Thank you, Peter. Good morning, and welcome, everyone, and so sorry for the delay. As we have seen from our disclosures, Q2 continues the trend started last year. That is a quarter of solid performance across all sectors of the business. That is retail, industrial, residential, storage, and office. Translating into higher occupancies, healthy, sane property NLR increase, respectable and sustainable lease extension rates, and reduction in payout ratios. all with a focus on high-quality covenants from national retailers in our preferred categories of general merchandise, grocery, pharma, home improvement, apparel, financial services, and quick service restaurants. Extending our lead in the area of value and convenient retail. As I said before, the seeds of this positioning and weat...