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SmartCentres REIT - Q2-2019 Earnings, Price Target Update

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SmartCentres REIT (formerly SmartREIT and Calloway REIT) owns 152 shopping centres (as of Jun-30-2019) comprising 34M sq. ft., one office building, seven development properties and 4 mixed use properties. Development plans will increase leasable space to 38M sq. ft. over the two years potentially 20M sq. ft. longer term. Generally, the shopping centres are conveniently located close to major highways, which, along with the anchor stores, provide significant customer traffic. The portfolio is located across Canada with properties in each of the provinces, with 63% of revenues from Ontario, 14% from Quebec, 8% - BC and the balance split between 9 provinces including Alberta at 3%. The Ontario properties are mainly located in the Greater Toronto Area. Walmart is the major tenant occupying 94 stores contributing 26% of annual revenues. Nine other major Canadian retail brands contribution 23% of annual revenues. At Jun-30-2019, the Penguin Group of Companies, owned by Mitchell Goldhar, owned and estimated 22% of Smart REITs common and limited partnership units and a 50% voting interest.

Total real estate assets of $9.6B include $550M of development in process. This includes SmartREITs share of joint ventures with Penguin Developments, Centre Court Developments, Simon Property Group (SPG-NYSE), Jadco Developments, Fieldgate Corp. and Revera Corp. The joint venture with Simon Property Group owns the Toronto and Montreal Premium Outlets. Joint ventures with Penguin include the Vaughn Metropolitan development, currently the largest mixed use development in Canada. SmartREIT is expanding its portfolio to include residential (condominium and rental), office, self-storage and seniors accommodation either on its large urban properties such as the Vaughan Metropolitan Centre or as an adjunct to its existing shopping centres.

In Apr-2015 Calloway Real Estate Investment Trust purchased SmartCentres and changed its name to SmartREIT. For $1.2B, Calloway acquired 24 shopping centres, mainly in Ontario and Quebec, 16 of which are anchored by Wal-Mart Stores Inc. Also included in the purchase was 2M sq. ft. of development space. Calloway paid an additional $55M for SmartCentres' intellectual property, including its trademark Penguin logo, and contracts and retail development and leasing expertise. On Oct-20-2017, their name was changed to SmartCentres Real Estate Investment Trust from SmartREIT.

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