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SmartCentres REIT - 2020 Earnings, 2021 Price Target

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SmartCentres REIT(SRU.UN) has ownership interests in 167 properties located in communities across Canada, which includes: 148 shopping centres(33.8M sq. ft.), one office property, eight mixed-use properties (including an interest in both the KPMG tower and the PwC-YMCA mixed-used facility at SmartVMC and the Toronto (Leaside) self-storage facility), and 10 development properties. Many of the retail properties are shadow-anchored by 9.7M sq. ft. of large retailers including Walmart, Canadian Tire, Home Depot, Costco, Rona and Loblaws and its related banners. SmartCentres has $10.7B in assets as at Dec-31-2020 with 97% occupancy, on 3,500 acres of owned land across Canada. This includes developments in process of $582M. Future development plans total $12.2B(5.5B at SmartCentres share) of which 77% will generate recurring income and 23% will be property sales. 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 25% of annual revenues. Nine other major Canadian retail brands contribute 23% of annual revenues. At Dec-31-2020, 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.

Development properties include 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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