Q3 2024 SmartCentres Real Estate Investment Trust Earnings Call Transcript
Key Points
- SmartCentres Real Estate Investment Trust (CWYUF) achieved a high occupancy rate of 98.5%, reflecting strong tenant demand and portfolio strength.
- The company executed 187,000 square feet of deals on vacant space and 220,000 square feet of new retail construction deals year-to-date.
- Same-property NOI, excluding anchors, increased by 8.2%, and including anchors, nearly 5%, indicating robust financial performance.
- Cash collections remained strong at over 99%, showcasing the quality of income and tenant strength.
- The company has a significant mixed-use development pipeline with over 59 million square feet already zoned, providing future growth opportunities.
- FFO per fully diluted unit decreased slightly to $0.53 from $0.54 a year earlier, primarily due to increased net interest expense.
- The debt to aggregate assets ratio was 43.6%, indicating a relatively high level of leverage.
- The weighted average term to maturity of debt is 3.2 years, which may pose refinancing risks if interest rates rise.
- The company faces challenges in the current market conditions for selling residential land at desired prices.
- There is uncertainty regarding the timing of when market conditions will align to ramp up development projects.
Good day, ladies and gentlemen. Welcome to the SmartCentres REIT Q3 2024 conference call.
I would like to introduce Mr. Peter Slan. Please go ahead.
Thanks very much, operator. And good afternoon, everyone, and welcome to our third quarter 2024 results call. I'm Peter Slan, Chief Financial Officer and I'm joined on today's call by Mitch Goldhar, SmartCentres' CEO and Executive Chair; and by Rudy Gobin, our Executive Vice President, Portfolio Management and Investments.
We will begin today's call with some comments from Mitch. Rudy will then provide some operational highlights, and I will review our financial results. We will then be pleased to take your questions.
Just before I turn the call over to Mitch, I would like to refer you specifically to the cautionary language about forward-looking information, which can be found at the front of our MD&A. This also applies to comments that any of the speakers make this afternoon. Mitch, over to you.
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