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(1) | Represents a non-GAAP measure. The Trust’s method of calculating non-GAAP measures may differ from other reporting issuers’ methods and, accordingly, may not be comparable. For additional information, please see “Non-GAAP Measures” in this Press Release. |
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Adjusted EBITDA
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The following table presents a reconciliation of net income and comprehensive income to Adjusted EBITDA:
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Rolling 12 Months Ended | ||||
(in thousands of dollars) | March 31, 2026 | March 31, 2025 | ||
Net income and comprehensive income | $450,232 | $303,663 | ||
Add (Deduct) the following items: | ||||
Net interest expense | 200,062 | 194,196 | ||
Amortization of equipment, intangible assets and tenant improvements | 12,359 | 12,367 | ||
Fair value adjustments on investment properties and financial instruments | (98,568) | 39,993 | ||
Adjustment for supplemental costs | 2,413 | 4,107 | ||
Gain on sale of investment properties | (1,094) | (25) | ||
Adjusted EBITDA(1) | $565,404 | $554,301 | ||
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(1) | Represents a non-GAAP measure. The Trust’s method of calculating non-GAAP measures may differ from other reporting issuers’ methods and, accordingly, may not be comparable. For additional information, please see “Non-GAAP Measures” in this Press Release. |
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Net Asset Value
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(in thousands of dollars, except per Unit information) | March 31, 2026 | December 31, 2025 | ||
Total equity | $6,397,338 | $6,346,305 | ||
LP Units classified as liabilities | 208,184 | 201,229 | ||
NAV(1) | $6,605,522 | $6,547,534 | ||
Units outstanding – diluted(2) | 182,520,891 | 182,242,010 | ||
NAV per Unit – diluted(1) | $36.19 | $35.93 |
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(1) | Represents a non-GAAP measure. The Trust’s method of calculating non-GAAP measures may differ from other reporting issuers’ methods and, accordingly, may not be comparable. For additional information, please see “Non-GAAP Measures” in this Press Release. | |
(2) | Total diluted Units outstanding include Trust Units and LP Units, including Units classified as liabilities, vested portion of the deferred units issued pursuant to the deferred unit plan and vested EIPs granted pursuant to the equity incentive plan. |
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Conference Call
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Management will hold a conference call on Thursday, May 7, 2026 at 3:00 p.m. (ET).
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Interested parties are invited to access the call by dialing 1-855-353-9183 and then keying in the participant access code 72512#.
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A recording of this call will be made available Thursday, May 7, 2026 through to Thursday, May 14, 2026. To access the recording, please call 1-855-201-2300, enter the conference access code 72512# and then key in the playback access code 72512#.
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About SmartCentres
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SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 200 strategically located properties in communities across the country. SmartCentres has approximately $12.3 billion in assets and owns 35.5 million square feet of income producing value-oriented retail and first-class office properties with 97.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.
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Non-GAAP Measures
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The non-GAAP measures used in this Press Release, including but not limited to, AFFO, AFFO with adjustments, AFFO per Unit, AFFO with adjustments per Unit, Payout Ratio to AFFO, Payout Ratio to AFFO with adjustments, Unencumbered Assets, NOI, Debt to Aggregate Assets, Interest Coverage Ratio, Adjusted Debt to Adjusted EBITDA, Unsecured/Secured Debt Ratio, FFO, FFO with adjustments, FFO per Unit, FFO with adjustments per Unit, Net Asset Value (“NAV”), Same Properties NOI, Same Properties NOI excluding Anchors, Debt to Gross Book Value, Weighted Average Interest Rate, Transactional FFO, and Total Proportionate Share, do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and are therefore unlikely to be comparable to similar measures presented by other issuers. Additional information regarding these non-GAAP measures is available in the Management’s Discussion and Analysis of the Trust for the three months ended March 31, 2026, dated May 6, 2026 (the “MD&A”), and is incorporated by reference. The information is found in the “Presentation of Certain Terms Including Non-GAAP Measures” and “Non-GAAP Measures” sections of the MD&A, which is available on SEDAR+ at www.sedarplus.ca. Reconciliations of non-GAAP financial measures to the most directly comparable IFRS measures are found in “Reconciliations of Non-GAAP Measures” of this Press Release.
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Full reports of the financial results of the Trust for the three months ended March 31, 2026 are outlined in the unaudited interim condensed consolidated financial statements and the related MD&A of the Trust for the three months ended March 31, 2026, which are available on SEDAR+ at www.sedarplus.ca.
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Cautionary Statements Regarding Forward-looking Statements
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Certain statements in this Press Release are “forward-looking statements” that reflect management’s expectations regarding the Trust’s future growth, results of operations, performance and business prospects and opportunities. More specifically, certain statements including, but not limited to, statements related to SmartCentres’ expectations relating to cash collections, SmartCentres’ expected or planned development plans and joint venture projects, including the described type, scope, costs and other financial metrics and the expected timing of construction and condo closings and statements that contain words such as “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may” and similar expressions and statements relating to matters that are not historical facts, constitute “forward-looking statements”. These forward-looking statements are presented for the purpose of assisting the Trust’s Unitholders and financial analysts in understanding the Trust’s operating environment and may not be appropriate for other purposes. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management.
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However, such forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with potential acquisitions not being completed or not being completed on the contemplated terms, public health crises, real property ownership and development, debt and equity financing for development, interest and financing costs, construction and development risks, and the ability to obtain commercial and municipal consents for development. These risks and others are more fully discussed under the heading “Risks and Uncertainties” and elsewhere in SmartCentres’ most recent Management’s Discussion and Analysis, as well as under the heading “Risk Factors” in SmartCentres’ most recent annual information form. Although the forward-looking statements contained in this Press Release are based on what management believes to be reasonable assumptions, SmartCentres cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Press Release and SmartCentres assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.
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Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a stable retail environment; a continuing trend toward land use intensification, including residential development in urban markets and continued growth along transportation nodes; access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and to enable our refinancing of debts as they mature; that requisite consents for development will be obtained in the ordinary course, construction and permitting costs consistent with the past year and recent inflation trends.
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For information, visit www.smartcentres.com.
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Contacts
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