SmartCentres Real Estate Investment Trust T.SRU.UN

Alternate Symbol(s): CWYUF

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SmartCentres Real Estate Investment Trust (the Trust) is a Canada-based fully integrated real estate investment trust. The Trust develops, leases, constructs, owns and manages shopping centers, office buildings, high-rise and low-rise condominiums and rental residences, seniors’ housing, townhome units, self-storage rental facilities, and industrial facilities in Canada. It is focused on development, ownership, management and operation of investment properties located in Canada. The Trust portfolio features approximately 191 strategically located properties in communities across the country. The Trust’s subsidiaries include Smart Limited Partnership, Smart Limited Partnership II, Smart Limited Partnership III, Smart Limited Partnership IV, Smart Oshawa South Limited Partnership, Smart Oshawa Taunton Limited Partnership, Smart Boxgrove Limited Partnership, ONR Limited Partnership, ONR Limited Partnership I, and SmartVMC West Limited Partnership.

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SmartCentres Real Estate Investment Trust > Potential unit buybacks

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Comment by Frankie10on Jun 10, 2022 9:44am

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Post# 34746726

RE:RE:RE:RE:Potential unit buybacks

40% vs. 50% is a meaningful misrepresentation, as is saying there is no growth (walmart) vs. growth in-line with inflation.

Same. Except I dumped my 3k shares last year at 30 and rolled the capital into H&R. I am now buying this back slowly into heavy blood.

Best of luck.

gashole wrote: That's why I said roughly... I was just sort of going by numbers I had looked at in the past but didn't feel like going back and looking at it.. I know that Walmart has a very large portion of the square footage but proportionally less rent being paid... I have owned shares in this since it was around $20.. Not planning on selling and I might add some if we get a bad sell off which I think it is possible.

Frankie10 wrote: i agree free cash flow is tight - hard to see buybacks ontop of ambitious development. i literally made this exact argument which you ignored.

small fact check to your rant:

walmart represents 25.4% of gross rental revenue and 40.9% of gross leaseable area.

furthermore, there q-over-q growth from q4 2021 to q1 2022 from 201.3M to 205.2M (2% q-over-q or 8% annualized).

full disclosure - i have a very small position here and expect to buy into heavy blood.

gashole wrote: And another comment - Walmart has them by the short and curlys. there will be NO organic growth from Walmart rents, thats a joke. Walmart is not going to take any increases in rent from SRU when inflation is 8 or 9%. SRU needs rent increases from Walmart in a BIG way, Walmart has roughly 50% of rental space of SRU properties, and pays roughtly 25% of rents. Thats a joke, and you can see that based on this SRU is getting screwed over by Walmart. That analyst saying organic growth from Walmart is a freaking joke. and then the buyback comment lol... That guy is brain dead.

martin020 wrote:
RBCRating: Outperform Price Target: 35.00 Competitive tension building; buybacks possible Our view: Post in line Q1 results, we remain constructive on SRU. As the tug of war between rising rates, elevated inflation, and a potential economic slowdown continues, we see SRU as a good spot forshelter. Indeed, asfundamentals continue to recover, we expect its defensive Walmart anchored portfolio to deliver steady organic growth. As well, its substantial mixed-use development pipeline provides visibility into sources of FFO and NAV upside for yearsto come, while potential unit buybacks could provide some near-term support. Maintaining Outperform, $