SmartCentres Real Estate Investment Trust T.SRU.UN

Results look fine

[logicandinertia]

Much of the release speaks to mixed development progress and the accretion seen from condo closings in q3.  Including this and after the $9.7mm credit loss provision, 77 percent payout ratio and yoy increase of 14 percent in FFO.  Rent collection increased each month sequentially and before CECRA was 90 percent in September and 96 percent after CECRA .   

good operators and seemingly managing thru this pandemic as best as can be expected.  As a patient long, nothing I've seen in the release is alarming.   Call tomorrow.

[EstevanOutsider]

They look good at they are improving. Barely a smudge from Covid yet the stock is still down substantially due to unsubstantiated bearishness on retail.  One observation that even during the height of the so-called pandemic, Smartcentres around me were busier then anywhere else the entire time, now foot traffic feels back to normal. I locked in yield at 9.5% and kept buying up until the

[logicandinertia]

Generally agree but don't agree that bearishness on retail is "unsubstantiated".  A number of brick and mortar retailers were already in trouble prior to Covid and are in even worse shape now.  Sru has bankrupt customers.  And this has and will continue to impact cap rates and lease rates, but this will vary on locations and tenant list.   SRU is anchored by

[EstevanOutsider]

Thanks, I agree with your post.  To clarify, the unsubstantiated part is the type of retailors that SRU typically deals with, which make up the bulwark of their portfolio, be it Dollarama or Walmart, Bank of Montreal or A&W.  We're not depending on David's Tea or Reitman to save our dividends.  These retailors as you note were already sinking ships before the so-called

[HermannHaller]

The stock was holding up well today, until the conference call where Mitch spent 20 minutes complaining that analysts aren't giving them credit for development. Of course he has done that on previous calls. It's not working Mitch (though I do agree with him).

[logicandinertia]

You can see the conundrum that Mitch faces, and what drives this frustration.  He has a number of very exciting projects that could potentially be quite accretive for shareholders.  However, these development projects require lots of capital, which is funded by a combination of equity and debt.   Given that there is typically leverage limits to all REITs (and especially retail