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SmartCentres REIT - Q1-2021 Earnings, Price Target Update

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SmartCentres REIT (SRU.UN) has ownership interests in 174 properties located in communities across Canada, mainly comprised of open air retail shopping centre properties. Many of the retail properties are shadow-anchored by large retailers including Walmart, Canadian Tire, Home Depot, Costco, Rona and Loblaws and its related banners. 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.

The portfolio consists of 34.7M sq ft of leasable retail and office area and 1.7M sq. ft. of future leasable retail area in 174 properties. They have an option to acquire a 50% interest in four investment properties and 25% interest in another investment property (0.5M sq ft) on their completion for which SmartCentres has provided financing. The portfolio is located across Canada, with assets in each of the ten provinces. Total assets as of Mar-31-2022 were $11.7B, occupancy was 97.2% on 3,500 acres of owned land across Canada.

The property development budget is forecast at $15.3B ($9.8B at SmartCentres' share) on which construction is expected to commence within the next five years. This intensification program consists of rental apartments, condos, seniors' residences, hotels, retail, office, and storage facilities, to be developed under the SmartCentres banner. The development program will add 58.6M sq ft (40.6M sq ft at SmartCentres' share) of space, of which 28.6M sq ft (18.6M at SmartCentres' share) which has or will commence construction within the next five years.

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