SmartCentres REIT (TSX:SRU.UN) is based in Toronto and is one of the largest fully integrated real estate investment trusts (REITs) in Canada. Its best-in-class portfolio features nearly 200 strategically located properties across the country. Shares of this REIT dipped marginally on Wednesday, July 26. Meanwhile, the REIT has dropped 6% so far in 2023.
Investors can expect to see the next batch of results for this REIT in the afternoon of Thursday, August 10. In the first quarter (Q1) of fiscal 2023, SmartCentres REIT delivered same property net operating income (NOI) growth of 4.3% compared to the previous year. The REIT benefited from higher lease-up and step-up rent. Moreover, SmartCentres delivered adjusted funds from operations (AFFO) of $88.6 million – up from $85.7 million in the previous year.
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. This measure aims to give a more complete picture of a company’s profitability. SmartCentures REIT last reported adjusted EBITDA of $499 million in Q1. That was down from adjusted EBITDA of $509 million that the REIT posted in the first quarter of fiscal 2022.
On the operational front, this REIT reported that shopping centre leasing activity remained strong in Q1. Moreover, it maintained and industry-leading in-place and committed occupancy rate of 98%.
Shares of SmartCentres REIT currently possess a very favourable price-to-earnings ratio of 14. Meanwhile, the REIT offers a monthly distribution of $0.154 per share. That represents a very tasty 7.3% yield.
