Community Hub0 Subscribers
Community hub
SmartCentres
View on Wikipediafrom Wikipedia
SmartCentres Real Estate Investment Trust is a Canadian real estate investment trust, based in Vaughan, Ontario. It specializes in retail real estate, especially power centres. Almost all of its malls have Walmart as a tenant;[1] SmartCentre's logo features a family of penguins with shopping bags.
Key Information
SmartCentres cobranded Penguin Pickup with Walmart at a lot of the SmartCentres locations, to merge Bricks & Mortar and e-commerce.
It is listed on the Toronto Stock Exchange (symbol SRU.UN), with a market capitalization of about $4.74 billion as of February 2019.
History
[edit]
Former logo
A SmartCentre in Montreal
SmartCentre in Richmond Hill, Ontario
SmartCentre in Markham
SmartCentres was founded in 1994 by Mitchell Goldar, as FirstPro Shopping Centres.[2] It was renamed SmartCentres Inc. in 2006. In 2015, it was taken over by Calloway REIT, which then renamed itself SmartREIT. It changed its name to SmartCentres REIT in 2017.
As of 2011, SmartCentres had opened a new mall once every 3 weeks for its history.[1] As of 2015, it had developed 50 million square feet of space.[3]
Relationship with Calloway REIT
[edit]In 2003, SmartCentres (then FirstPro) began to sell some of its malls to Calloway REIT, then a small REIT based in Calgary, to raise additional funds for construction.[1] Its first transaction was the sale of nine malls for $100 million in November 2003.[4] In 2004, 12 malls were sold for $300 million.[5] In 2005, it sold 35 malls for $1.1 billion.[6] This transaction doubled the size of Calloway, and led to Goldar greatly increasing his control and equity stake in Calloway. [7] In 2006, SmartCentres sold 16 properties, worth $1 billion, to Calloway.[8] In 2008, it sold 6 malls for $375 million.[6]
In 2015, SmartCentres was formally taken over by Calloway REIT for $1.1 billion.[3] As a result of the deal, Calloway acquired 24 properties.
Controversies
[edit]SmartCentres has been involved in a number of controversial developments, often because of its close association with Walmart. In the late 2000s, there was considerable opposition to a SmartCentres plan to build a power centre in eastern Toronto.[9] The plan was eventually turned down by the Ontario Municipal Board. In 2009, its shopping mall in Salmon Arm, British Columbia was delayed because of environmental concerns.[10] The mall was eventually built in 2013.
Properties
[edit]SmartCentres properties are generally suburban power centres, with Walmart as a lead tenant. As of 2016, 72% of SmartCentres properties were anchored by Walmart, with Walmart responsible for 26% of rent and 42% of area.[11] However, in recent years, SmartCentres has been diversifying into more urban and mixed-use properties.[9] For instance, SmartCentres is one of the main developers of the Vaughan Metropolitan Centre, a planned central business district for Vaughan, Ontario, a Toronto suburb, where a bus terminal serving a subway station is named after the company, who contributed funding to its construction. SmartCentres is also the main developer of StudioCentre, a mixed-use development in the Leslieville neighbourhood of Toronto. SmartCentres has also considered converting some of its properties into warehouse space.[12]
As of 2017, SmartCentres had 154 shopping centres and $9.4 billion worth in assets. 60% of its revenue was from Ontario, 15% was from Quebec, 9% was from British Columbia, and the other 16% was from the rest of Canada.[13]
Penguin Pick-Up
[edit]A number of online delivery pick-up locations, called Penguin Pick-Ups, are located in SmartCentres properties (the locations are owned by Mitchell Goldhar,[14] the SmartCentres chairman, and use the SmartCentres penguin motif).[15] As of January 2018, there are 76 such locations.[16] The original locations were primarily suburban, but some newer locations have been located in urban areas, including some co-branded with Walmart.[17] The locations principally exist to lower Walmart's delivery costs; Walmart charges for home delivery, but only charges a reduced fee for delivery to a Penguin Pick-Up.[17]
References
[edit]- ^ a b c "Mr. SmartCentres, Mitch Goldhar, gives Canadians what they want". The Globe and Mail. 2011-10-27. Retrieved 2018-01-12.
- ^ "SmartCentres Inc.: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2018-01-12.
- ^ a b "The man who brought Wal-Mart Inc to Canada sells property for $1.16 billion". Financial Post. 2015-04-17. Retrieved 2018-01-12.
- ^ "Once ignored, REIT now a major player". The Globe and Mail. 2004-12-07. Retrieved 2018-01-18.
- ^ "Calloway to buy malls from First Pro". The Globe and Mail. 2004-03-11. Retrieved 2018-01-12.
- ^ a b "Calloway REIT downsizes deal with Wal-Mart and ..." Welland Tribune. 2008-04-11. Retrieved 2018-01-12.
- ^ Decloet, Derek (2005-04-27). "Investors could sour on Goldhar's sweet deal with Calloway". The Globe and Mail. Archived from the original on 2005-11-02. Retrieved 2024-02-25.
- ^ "Calloway buys Wal-Mart malls for $1-billion". The National Post. 2006-10-27.
- ^ a b Hume, Christopher (2013-05-16). "SmartCentres hopes there is life after Walmart — Hume". The Toronto Star. ISSN 0319-0781. Retrieved 2018-01-12.
- ^ "Opponents to new mall cheer Salmon Arm environmental review". The Globe and Mail. 2009-12-14. Retrieved 2018-01-12.
- ^ "SmartREIT Annual Report 2016" (PDF).
- ^ "'Jury is still out' on how malls will adapt to ecommerce: SmartCentres REIT CEO - Article - BNN". BNN. 2017-11-09. Retrieved 2018-01-12.
- ^ "SmartCentres 2017 Annual Report" (PDF).
- ^ "Walmart and Penguin Pick-Up launch co-branded locations to make urban grocery shopping easier". www.newswire.ca. Retrieved 2018-09-19.
- ^ "Review: SmartCentres' Penguin Pick-Up". RETAIL INSIDER. Retrieved 2018-01-18.
- ^ "Penguin Pick-Up - A SmartCentres Company | Penguin Pick-Up". www.penguinpickup.com. Retrieved 2018-01-18.
- ^ a b "Wal-Mart opens new front in growing battle over e-commerce". The Globe and Mail. 2018-01-13. Retrieved 2018-01-18.
SmartCentres
View on Grokipediafrom Grokipedia
As one of Canada's largest fully integrated REITs, SmartCentres holds approximately $11.9 billion in assets, including 195 properties across the country encompassing 35.3 million square feet of income-producing leasable space with 98.7% in-place and committed occupancy on 3,500 acres of owned land.[3][4]
The trust has expanded beyond traditional retail into mixed-use developments, incorporating purpose-built rental apartments, self-storage, and office spaces, while maintaining a focus on value-oriented properties at key intersections.[5][3]
Key achievements include consistent net operating income growth, high lease renewal rates with rent increases averaging 8.4% on non-anchor tenants, and progression on residential developments with over 3,000 homes completed and additional units in the pipeline.[6][7][8]
Overview
Corporate Profile
SmartCentres Real Estate Investment Trust (SmartCentres REIT) is an unincorporated, open-ended real estate investment trust governed by the laws of the Province of Alberta, focused on the ownership, development, management, and operation of primarily retail investment properties across Canada. Headquartered at 700 Applewood Crescent, Suite 201, in Vaughan, Ontario, the REIT specializes in large-format, unenclosed shopping centres located in primary and secondary markets, often anchored by Walmart stores, alongside growing mixed-use developments incorporating residential, office, and other components.[3][9][10] As one of Canada's largest fully integrated REITs, SmartCentres owns a portfolio of approximately 197 strategically located properties totaling 35.6 million square feet of income-producing retail, office, and mixed-use space, with in-place and committed occupancy rates exceeding 98%. The company's assets are valued at roughly $12 billion, supported by 3,500 acres of owned land suitable for future intensification and development. Its business model emphasizes value-oriented retail spaces that provide essential goods and services, while pursuing opportunities in urban infill and transit-oriented mixed-use projects to diversify beyond traditional retail.[11][3][2] Leadership at SmartCentres is led by Mitchell Goldhar, serving as Founder, Executive Chairman, and Chief Executive Officer, with a team including senior executives in finance, development, and operations. The REIT's structure as a fully integrated operator allows internal control over leasing, property management, construction, and strategic planning, distinguishing it from externally managed peers.[12][13]Strategic Focus and Market Position
SmartCentres REIT's strategic focus emphasizes the ownership, operation, and development of value-oriented retail shopping centers, with a pivot toward mixed-use diversification since 2019 to create integrated "City Centres" incorporating residential, office, self-storage, and industrial components. This evolution leverages the company's extensive 85 million square foot development pipeline and long-term anchor tenants, including Walmart, which accounts for 23.2% of annualized gross rental revenue and anchors a majority of properties as of December 31, 2024.[3][14] The introduction of the SmartLiving brand in recent years prioritizes residential expansion, targeting condos, townhomes, purpose-built rentals, and seniors' housing to capitalize on housing demand while enhancing property values through vertical integration.[14] Operational resilience underpins this strategy, evidenced by a 98.7% occupancy rate (including committed leases) and 98.2% in-place occupancy across 35.3 million square feet of leasable area in 2024, supported by green lease initiatives and value-enhancing capital expenditures of $14.7 million.[3] Diversification efforts extend to 19 self-storage joint ventures and industrial facilities, balancing traditional retail income—generating $572.5 million in net operating income—with development earnouts projected at $643.2 million by 2026 and beyond.[3] SmartCentres occupies a leading market position among Canadian REITs as one of the largest fully integrated operators, managing 195 properties with $11.9 billion in total assets and unencumbered assets valued at $9.5 billion as of December 31, 2024.[3] Its portfolio's strategic locations—within 10 kilometers of 90% of the Canadian population, with 88.4% of revenue from high-density Greater-VECTOM markets—provide a competitive edge in essential, open-air retail formats resilient to e-commerce shifts, bolstered by a BBB credit rating from DBRS Morningstar and a tenant base featuring financially stable national retailers.[3] This positioning yields a high dividend payout supported by adjusted funds from operations of $359.4 million in 2024, though growth remains tempered by debt levels at 52.2% of gross book value.[3]History
Founding and Early Expansion
SmartCentres was founded in 1994 by Mitchell Goldhar as FirstPro Shopping Centres, a real estate development firm focused on retail properties.[1] Goldhar, who had been active in Canadian real estate since the late 1980s, established the company to capitalize on the growing demand for big-box retail formats in suburban markets.[15] A pivotal element of the founding was Goldhar's role in facilitating Walmart's entry into Canada; he developed and opened the retailer's first Canadian store in Barrie, Ontario, on November 22, 1994, located along Highway 400 at Mapleview Drive East.[16] This project, secured through a handshake agreement with Walmart executives, marked the beginning of a long-term partnership where SmartCentres constructed Walmart-anchored power centers, with Walmart often taking an equity stake in developments.[17] The Barrie site exemplified the company's early strategy of targeting growing urban fringe areas for large-format retail to serve expanding suburban populations.[18] Early expansion in the mid- to late 1990s involved rapid development of similar Walmart-anchored shopping centers across Ontario and into other provinces, aligning with Walmart's nationwide rollout of approximately 400 stores by the early 2000s.[19] Goldhar oversaw the construction of over 175 Walmart stores and associated retail plazas during this phase, emphasizing open-air power centers with high-visibility anchor tenants to drive foot traffic and leasing efficiency.[18] By the early 2000s, SmartCentres had established a portfolio of dozens of such properties, positioning it as Canada's leading developer of Walmart-centric retail destinations through land acquisition, site planning, and strategic tenant mixes.[20]Relationship with Walmart
Mitchell Goldhar, founder of SmartCentres, established the company's foundational partnership with Walmart in the early 1990s through a handshake agreement that positioned SmartCentres as Walmart's primary real estate development partner for its Canadian expansion.[21] This collaboration began with the development of Walmart's inaugural Canadian store in Barrie, Ontario, in 1994, marking the retailer's entry into the market.[21] Over the subsequent decades, SmartCentres developed 176 Walmart stores across Canada, leveraging the retailer's demand for strategically located sites to build a portfolio of power centers.[22] Walmart anchors the majority of SmartCentres' retail properties, serving as the primary tenant in approximately 75% of its centers as of 2021, and contributing around 25% of the REIT's total rental revenue through long-term leases.[23] This anchoring role, which covered 115 of the company's 165 properties as of 2023, provides a stable revenue base due to Walmart's creditworthiness and high occupancy reliability, with the retailer occupying 42% of leasable area in earlier portfolio assessments.[24] The partnership's durability stems from Walmart's preference for dedicated development partners, insulating SmartCentres from broader retail volatility while enabling site acquisitions near high-traffic corridors.[25] The 2015 merger between SmartCentres and Calloway REIT, valued at $1.16 billion, amplified this relationship by integrating Calloway's complementary Walmart-focused assets, including additional anchored centers, and was structured to preserve Goldhar's influence over ongoing Walmart collaborations.[26] Post-merger, joint ventures have sustained growth, such as a 2019 agreement with Walmart for a 140,000-square-foot supercenter on a designated site, prioritizing immediate retail construction before mixed-use intensification.[27] Recent developments include Walmart lease renewals and expansions in 2024 and 2025, with the retailer taking possession of expanded space in March 2025 and new leases supporting a 98.7% portfolio occupancy rate by year-end 2024.[28][29] These activities affirm the partnership's strategic value, balancing retail stability with opportunities for residential and urban redevelopment atop existing anchors.[30]Merger with Calloway REIT
In April 2015, Calloway Real Estate Investment Trust (REIT) announced its acquisition of the SmartCentres development platform from Mitchell Goldhar, the founder and principal owner of SmartCentres, as part of a C$1.16 billion transaction.[31][32] The deal encompassed the purchase of interests in a portfolio of 24 retail properties, primarily located in Ontario and Quebec, including 20 open-air shopping centers anchored by Walmart stores, adding approximately 3.6 million square feet of gross leasable area to Calloway's existing holdings.[33][34] This acquisition transformed Calloway from a primarily passive owner of income-producing properties into a fully integrated REIT with in-house development, property management, and leasing capabilities previously handled by SmartCentres.[31] The transaction closed on May 28, 2015, following regulatory approvals and satisfaction of customary conditions.[35][13] Upon closing, Calloway REIT rebranded as SmartREIT to reflect its expanded focus on smart growth and development strategies aligned with the SmartCentres platform.[32][36] Goldhar, who held a 23.3% stake in Calloway prior to the deal, received consideration including units in the REIT, maintaining significant influence in the combined entity.[35] The merger enhanced SmartREIT's portfolio diversification and positioned it to pursue mixed-use developments beyond traditional retail, leveraging SmartCentres' expertise in Walmart-anchored centers.[37]Post-Merger Growth and Diversification
Following the May 28, 2015, closing of Calloway REIT's C$1.16 billion acquisition of the SmartCentres platform from Mitchell Goldhar, the combined entity—initially rebranded as SmartREIT—integrated SmartCentres' development capabilities to drive portfolio expansion and shift toward mixed-use intensification.[33] [31] The transaction added 24 Walmart-anchored retail properties, bolstering the REIT's scale while providing land parcels suitable for vertical development above and adjacent to existing centers.[38] Post-merger strategy emphasized unlocking value from 3,500 acres of owned land through a burgeoning development pipeline, evolving from retail-only assets to integrated mixed-use projects incorporating residential, office, and alternative uses like self-storage and seniors housing.[3] [39] By 2017, early pipeline estimates projected 4-4.5 million square feet of mixed-use potential in sites such as Ottawa and larger intensification opportunities, with growth prospects enhanced by the merger's synergies.[40] This diversification mitigated retail sector risks by generating non-retail revenue streams, including residential via the SmartLiving division, which mobilized specialized teams for land development and construction.[41] The pipeline expanded substantially, reaching 85 million square feet by 2025, predominantly residential but encompassing retail expansions and opportunistic sectors, positioning developments as the primary growth engine amid stabilized core retail operations.[42] [14] Notable advancements included completions like the Stoney Creek self-storage facility in 2024, contributing to bottom-line accretion, and ongoing master-planned communities such as SmartVMC in Vaughan, Ontario, blending high-density residential with transit-oriented retail.[43] [44] By 2024, the income-producing portfolio had grown to 35.3 million square feet of leasable space at 98.7% occupancy, reflecting disciplined execution of this pipeline amid retail demand resilience.[3]Properties and Portfolio
Retail Shopping Centers
SmartCentres' retail portfolio comprises 155 shopping centers, forming the foundation of its income-generating assets with a net rentable area of 34,671,315 square feet.[45] These properties are primarily open-format, unenclosed power centers located in suburban and high-traffic areas, designed for convenience-oriented retail with strong demographic support.[45] As of December 31, 2024, the portfolio maintained robust performance, with in-place occupancy at 98.2% and in-place plus committed occupancy at 98.7%.[45] A defining feature is the heavy reliance on anchor tenants, particularly Walmart, which anchors 113 of the centers—73% of the total—including 13 shadow-anchored sites—and accounts for 23.2% of gross rental revenues.[45] Other major tenants include Canadian Tire, Home Depot, Costco, RONA, Loblaws, Winners, Sobeys, and Dollarama, providing a diversified mix of necessity-based and value-oriented retailers that contribute to stable cash flows through long-term leases and creditworthy covenants.[45] The centers emphasize prime locations accessible to over 90% of the Canadian population within a 10-kilometer radius, with properties distributed across all provinces: 122 in Ontario, 32 in Quebec, 15 in British Columbia, 7 in Alberta, and others in Atlantic and Prairie regions.[3][45] Most properties were developed or acquired within the past 22 years, featuring modern layouts with staggered lease maturities and opportunities for rental escalations, which support consistent revenue growth amid varying economic conditions.[45] Internal management covers 93% of the leasable area, enabling efficient operations and tenant relations.[45] This structure has historically delivered resilient performance, even during retail sector disruptions, due to the defensive nature of anchor-driven, open-air formats focused on essential goods.[46]Mixed-Use Developments
SmartCentres REIT has strategically expanded into mixed-use developments to intensify its land holdings, blending residential, office, retail, and other uses with its core Walmart-anchored shopping centres. This approach leverages an extensive underutilized landbank, enabling the creation of urban communities that support higher density and long-term value creation. As of the first quarter of 2025, the REIT's mixed-use development pipeline totals 100.4 million square feet at 100% interest, with 85.2 million square feet attributable to the Trust's share, encompassing stages from planning to zoning approval.[6] Under construction projects aggregate 1.994 million square feet of gross floor area, including 939 residential units across 10 initiatives, with an estimated remaining capital expenditure of $275 million at the Trust's share.[6] A cornerstone of this portfolio is the SmartVMC master-planned community in Vaughan's Metropolitan Centre, covering 100 acres and targeting up to 20 million square feet of development anchored by transit access via the TTC subway and Highways 400 and 7.[47] Within SmartVMC, the ArtWalk district features phased mixed-use towers, including Phase 1 with 38- and 18-storey residential buildings on a shared podium alongside a six-storey structure incorporating ground-floor retail; amenities encompass outdoor terraces, co-working spaces, and smart building technologies like keyless entry.[48] As of Q1 2025, related projects such as the ArtWalk Condominium (340 units, 295,000 square feet, 38% complete) and Vaughan Northwest Townhomes (174 units, 366,000 square feet, 66% complete) advance this vision.[6] Another major initiative is the Cambridge redevelopment, approved via a Minister's Zoning Order in October 2020, transforming a 73-acre retail-zoned site into an 11-million-square-foot mixed-use neighbourhood over approximately 20 years, with capacity for up to 10,000 residential units in high-rise towers reaching 35 storeys and mid-rise buildings up to 15 storeys.[49][50] This project exemplifies SmartCentres' focus on gateway improvements and diverse housing types adjacent to Highway 401. Additional sites, such as those in Pickering and Laval, incorporate similar intensification, with four Southern Ontario mixed-use projects—including retail integrations like a Canadian Tire store—commencing construction in November 2023.[51] Recent completions, such as Transit City 4 & 5 (1,026 units) and The Millway (458 units) in 2023-2024, underscore progress in delivering residential components within these frameworks.[6]Penguin Pick-Up Integration
SmartCentres developed Penguin Pick-Up as a network of staffed, drive-through facilities designed for secure and convenient retrieval of online purchases, integrating these locations directly into its retail shopping centers to bridge physical retail with e-commerce operations.[52] The service launched with pilot sites in the Greater Toronto Area in late 2014, with the first three locations operational at SmartCentres properties in Ontario by early 2015, aiming for nationwide expansion to capitalize on growing online shopping trends.[53][52] Integration involved dedicating specific on-site spaces, such as parking lot kiosks or modular structures, equipped with self-checkout technology to streamline customer access without entering the main retail areas, thereby minimizing disruption to traditional foot traffic while generating ancillary rental income from the facilities.[54] By 2019, the Penguin Pick-Up network encompassed 118 locations across Canada, including co-branded sites with Walmart, which leveraged these integrations for direct-to-consumer grocery delivery hubs in urban areas like Toronto.[27][55] The partnership with Walmart, SmartCentres' primary anchor tenant, extended the service's utility by enabling curbside fulfillment for Walmart's online orders, with dedicated Penguin Pick-Up/Walmart centers opening in high-density neighborhoods such as Yonge and Eglinton in January 2018 to support faster grocery pickup and delivery radii.[56] This omnichannel approach has proven financially beneficial, as evidenced by SmartCentres reporting rental income from Penguin Pick-Up operations totaling $95,000 in its third-quarter 2023 results, reflecting ongoing integration across its portfolio to adapt properties to hybrid retail models.[57] Such facilities enhance site efficiency by utilizing underutilized parking or peripheral spaces, though expansion has moderated in recent years amid shifts toward partner-hosted pickups rather than standalone sites.[58]Business Operations
Development and Leasing Strategy
SmartCentres employs a development strategy centered on leveraging its extensive landbank of approximately 3,500 acres across Canada to pursue retail-led intensification and mixed-use projects.[3] This includes transforming existing retail properties into multifaceted urban hubs incorporating residential, commercial, office, industrial, hotel, self-storage, and seniors' residence components, with a particular emphasis on residential development through its SmartLiving platform.[6] The approach prioritizes sites suitable for high-density builds, such as rezoned properties enabling up to 350 residential units alongside complementary uses like self-storage and hotels, as seen in ongoing phase developments.[41] Major initiatives target greater Toronto area redevelopments, including high-rise towers up to 35 storeys and mid-rise buildings up to 15 storeys, capitalizing on underutilized land to create integrated communities.[59] The leasing strategy focuses on maintaining high occupancy and achieving rental uplifts through proactive tenant management and selective new commitments, resulting in 98.7% in-place and committed occupancy across 35.3 million square feet of leasable space as of 2024.[3] This involves securing anchor tenants like Walmart and Costco for stability while pursuing non-anchor re-leasing at premiums, with spreads averaging 8.9% over expiring rents and overall rental growth of 8.8% excluding anchors in recent quarters.[29][14] Leasing efforts extend to mixed-use elements, incorporating residential rentals and green lease provisions for energy, water, and waste management to align with tenant sustainability goals, though core emphasis remains on essential services tenants comprising 65% of rental income.[60][30] In Q4 2024, this yielded 192,000 square feet of newly leased vacant space, supporting net rental income growth amid robust demand.[14]Tenant Management and Occupancy
SmartCentres employs a tenant management strategy centered on securing high-quality lessees through rigorous covenant reviews and fostering a diversified mix to reduce credit exposure. The portfolio features anchor tenants like Walmart with long-term leases for stability, complemented by national and regional retailers, over 95% of which maintain broad operational footprints and about 60% offering essential goods and services resistant to downturns.[45][61] Leasing processes involve matching tenants to properties based on location, space needs, and market rates, while ongoing collaboration addresses shared ESG objectives such as energy efficiency in tenant spaces.[60][62] Occupancy levels demonstrate robust management efficacy, with the REIT achieving consistently elevated rates across its 35.3 million square feet of leasable area. The following table summarizes recent metrics:| Period | In-Place and Committed Occupancy | Key Leasing Activity |
|---|---|---|
| Q2 2025 (June 30) | 98.6% | 147,818 sq ft leased; 8.5% rent growth (ex-anchors) |
| Q1 2025 (March 31) | 98.4% | N/A |
| FY 2024 (December 31) | 98.7% | N/A |
Financial Performance
Key Metrics and Assets
As of June 30, 2025, SmartCentres Real Estate Investment Trust held total assets valued at approximately $12.0 billion, encompassing income-producing retail properties, purpose-built rental apartments, office spaces, self-storage facilities, and a development pipeline.[64] The portfolio consisted of 197 properties across Canada, primarily open-air shopping centers anchored by Walmart stores, with a gross leasable area (GLA) of 35.6 million square feet.[5] [65] Key operational metrics included an occupancy rate of 98.6% for the income-producing portfolio, reflecting strong leasing demand and approximately 148,000 square feet of new or renewed leases completed in the second quarter of 2025, with average rental spreads of 8.5% excluding anchor tenants.[66] The REIT's market capitalization stood at approximately CA$4.6 billion in October 2025, supported by a focus on value-oriented retail assets that serve over 90% of Canada's population within a 30-minute drive.[5] [3]| Metric | Value as of Q2 2025 |
|---|---|
| Total Assets | $12.0 billion |
| Number of Properties | 197 |
| Gross Leasable Area | 35.6 million sq ft |
| Occupancy Rate | 98.6% |
| Market Capitalization | ~CA$4.6 billion (Oct 2025) |