SmartCentres Real Estate Investment Trust (SRU.UN) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, ladies and gentlemen. Welcome to the Smart Centre's REIT Q3 2025 conference call. I would like to introduce Mr. Peter Slan. Please go ahead. Thank you, operator, and good afternoon, everyone. Welcome to our third quarter 2025 results call. I'm Peter Slan, Chief Financial Officer, and I'm joined on today's call by Mitch Goldhar, Smart Centre's Executive Chair and CEO, and by Rudy Gobin, our Executive Vice President, Portfolio Management and Investments. We will begin today's call with 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 any comments by any of the speakers made today. Mitch, over to you. Thank you, Peter, and good afternoon, and welcome, everyone. Our comments on this Q3 call will be abbreviated so as to leave more time for your questions. For the third quarter, smart centers once again delivered across the board in rental lifts, NOI growth, FFO, and a strengthening balance sheet. On the property level, we are driving performance across all sectors. retail, industrial, residential, storage, and office. Translating into higher occupancy, healthy same property NOI increases, attractive lease extension rates, and continued tenant demand for new build locations. With this demand, we are able to focus on high-quality covenants from national retailers who focus on value for all canadians in our preferred categories of general merchandise grocery pharmacy apparel home improvement sports and rec financial services and more deepening our ...