SmartCentres Real Estate Investment Trust (SRU.UN) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, ladies and gentlemen. Welcome to the Smart Center's REACH Q4 2025 conference call. I would like to introduce Mr. Peter Slam. Please go ahead. Good afternoon, and welcome to Smart Center's fourth quarter and full year 2025 results call. I'm Peter Slam, Chief Financial Officer, and I'm joined on today's call by Mitch Goldhar, 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 also 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 afternoon and welcome, everyone. Comments this afternoon will be succinct to allow more time for your questions. Smart centers continued its strong performance in Q4, closing out 2025 with strong same-property NOI growth, high occupancy levels, competitive rental lifts, higher FFO, developments on schedule while maintaining a conservative balance sheet. At the property level, performance across all sectors throughout the country, retail, industrial, residential, storage, and office, are all experiencing healthy short- and long-term growth with high tenant retention. And in the area of retail specifically, very healthy growth. Among other things, this is translating into upgrading and expansion of our existing retail sites with stronger covenants, as well as the development and build-out of newly acquired retail sites across the country. An...