SmartCentres Real Estate Investment Trust (SRU.UN) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, ladies and gentlemen. Welcome to the Smart Centre's V2Q2026 conference call. I would like to introduce Mr. Peter Slan. Please go ahead. Thank you, Operator, and good morning, everyone. Welcome to Smart Centre's second quarter 2026 results call. I'm Peter Slan, Chief Financial Officer, and as in prior quarters, I'm joined on today's call by Mitch Goldhar, Executive Chair and CEO, and by Rudy Gobin, our Chief Portfolio and Asset Management Officer. We'll 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 today. Mitch, over to you. Thank you, Peter. Good morning and welcome everyone. I will be brief so we can get to your questions. Q2 was very solid in all categories. Here are a few examples. The SmartCentres portfolio delivered on same property NOI growth at 2.6% per quarter or 4.4% ex-anchors. The property grew to 98.1% for in-place and committed deals. Rental lists were up 12% excluding anchors on lease extensions. Leases have been executed at higher rents in four of the six XTOYS locations, three of which we completed by the quarter end and one shortly thereafter. And 86% of 2026 maturing leases were executed by the end of Q2. Our $200,000 Squarefoot flagship Canadian tire store in Leaside slash Rosedale is on track and near completion with turnover expected in the next few months. All in all, the portfolio continues to show its strengths. This includes commitments by many of...