SmartCentres Real Estate Investment Trust (REIT), one of Canada's largest with nearly C$11 billion in properties, is trading close to its net asset value (NAV) at a fair value of C$35 per unit. Its adjusted funds from operations (AFFO) comfortably cover its 6.75% yield, supported by positive lease renewals showing 12% spreads excluding anchor tenants like Walmart and Canadian Tire, which contribute over 30% of rental revenue. The REIT faces a C$550 million unsecured debt refinancing in 2027 at higher interest rates, expected to increase annual costs by C$5.5–6 million, but its debt maturities are well-staggered, maintaining financial stability. Overall, SmartCentres offers a reasonable valuation at 13.5 times AFFO, balancing income and growth potential for investors.
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