SmartCentres Real Estate Investment Trust T.SRU.UN

Alternate Symbol(s): CWYUF

Metals & Mining Industrial Metals & Minerals

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 195 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 > Scotia comments on results

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Comment by CANCDNon Aug 12, 2021 12:26pm

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Post# 33694390

RE:Scotia comments on results

That was quite the post. You simply missed some pretty important details with the biggest one being that distribution was 78 million and FREE CASH from OPERATIONS was 67 million. So operations are not covering the distribution. SRU is using Condo sales inventory to cover distrubtions.. that money is supposed to be for building more condos, apartments, storage units and nursing homes... and now it is being used to cover distribution, where is the other money coming from?

The other item of note is that Same Property NOI has been negative each year since 2015. Leasing spreads have been minus 2% since 2015. The portfolio AVERAGE rent in 2015 was 15.23..... it is not 15.40.... less than 20cents in 7 years.

95% if the business is leasing revenue, not developments... and 95% of the business is shriking in profits... for one reason and one reason only... Walmart. Walmart has SRU by the balls because they occupy 50% of the entire SRU portfolio. Hence why Walmart has ZERO rent increases in there leases.

HR REIT, since they have leverage, jacked Walmart rent in Toronto! Other REITs including RioCan are selling Walmart space like crazy.... zero growth meanwhile, costs go up.

The other thing you missed is that SRU disclosed that they are lending Penguin (Mitch's private company) 77 million for 10 years at an interest rate of ZERO!