SmartCentres Real Estate Investment Trust

What SmartCentres Real Estate Investment Trust does

SmartCentres Real Estate Investment Trust (TSX: SRU.UN) is one of Canada's largest fully integrated real estate investment trusts, headquartered in Vaughan, Ontario with regional offices in Richmond, British Columbia and Montréal, Quebec. The company owns and operates approximately 200 properties spanning 35.5 million square feet of leasable space across every Canadian province, sitting on 3,500 acres of owned land valued at approximately $12.3 billion in total assets. Its portfolio is anchored by long-term relationships with national retailers including Walmart Canada and Canadian Tire, with full year 2025 net operating income of $592.6 million and occupancy rates consistently between 97.3% and 98.6%.

The trust's core revenue model is recurring rental income from value-oriented retail properties, supplemented by office, self-storage, and purpose-built rental income streams. Beyond retail, SmartCentres operates a wholly-owned residential sub-brand called SmartLiving (purpose-built rentals, condominiums, townhomes, and seniors residences), a 14-property self-storage portfolio developed in partnership with SmartStop Self Storage REIT, and a flagship mixed-use development called SmartVMC at the Vaughan Metropolitan Centre. Condominium pre-sales such as ArtWalk Tower A (340 units, approximately 93% pre-sold) introduce one-time license revenue alongside the recurring rental base. Distribution to unitholders is paid monthly at $0.15417 per unit, equating to $1.85 per unit annualized.

SmartCentres' strategic positioning centers on a transformation program converting shopping centres into mixed-use city centres, with 95 properties identified for intensification, 54 million square feet of additional density potential, and a development program valued at over $15.2 billion. The trust maintains a deeply embedded governance arrangement with the Penguin Group of Companies and its owner Mitchell Goldhar, who serves as Executive Chairman and CEO through December 31, 2030 and holds approximately 23.4% of issued and outstanding units. The customer base consists primarily of national and regional retail tenants, with anchor leases driving predictable occupancy, while partnerships with Cogir Immobilier, Jadco, SmartStop Self Storage REIT, and Strategic Storage Trust VI support vertical expansion into residential and self-storage segments.

Name

SmartCentres Real Estate Investment Trust

Legal name

SmartCentres Real Estate Investment Trust

Website

https://smartcentres.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

251–500 employees

Short description

SmartCentres Real Estate Investment Trust is a Canadian publicly traded REIT that owns and operates approximately 200 value-oriented retail, office, self-storage, and residential properties totaling 35.5 million square feet across Canada, serving national retailers like Walmart and Canadian Tire as anchor tenants.

Ownership category

akta.pro rank

Product category

Real Estate Investment Trust (Diversified Commercial and Residential Real Estate)

NAICS

General Rental Centers (5323)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

akta.pro secondary industries

Smart Cities & Urban Innovation Programs (Digital Planning, Civic Tech for Cities) (BPAIANAJ), Occupancy, Space Utilization & Workplace Experience (HSAPAPAG)

Keywords

• Commercial real estate leasing
• Retail property investment
• Real estate investment trust
• Mixed-use development
• Self-storage facilities

Headquarters

HQ city

Vaughan

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Retail Rental Income: Primary revenue stream from leasing retail space to value-oriented tenants including Walmart Canada, Canadian Tire, and other national retailers. Q4 2025 net rental income of $143.6 million.
2. Office Rental Income: First-class office properties generating recurring rental income as part of the mixed-use portfolio.
3. Self-Storage Operations: 14 operating self-storage facilities with additional properties under construction. Opened three new facilities in 2025.
4. Purpose-Built Rental Income: Residential rental properties including SmartLiving brand generating recurring rental income.
5. Condominium Sales: Pre-construction condominium sales including ArtWalk project at Vaughan Metropolitan Centre with approximately 93% of 340 units pre-sold.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

SmartCentres is a Canadian publicly traded REIT that owns, operates, and develops a diversified portfolio of approximately 200 income-producing properties across Canada, including 35.5 million square feet of value-oriented retail space anchored by national tenants, purpose-built residential rentals and condominiums under the SmartLiving brand, Class A self-storage facilities, first-class office properties, and land for development. The company earns recurring rental income from leasing this space to retail, office, self-storage, and residential tenants while transforming shopping centres into mixed-use city centres.

Product overview

SmartCentres Real Estate Investment Trust operates as a single unified REIT platform managing a diversified real estate portfolio of 200 properties across Canada. The company's core offering is its integrated approach to property ownership and development, combining retail (35.5M SF of value-oriented retail space anchored by Walmart and Canadian Tire), residential (through wholly-owned sub-brand SmartLiving), self-storage (14 operating facilities), purpose-built rentals, and first-class office properties. The portfolio spans 3,500 acres of owned land and achieves 97-98% occupancy rates. SmartCentres is transforming its properties from shopping centres to city centres through its development program, with major projects including the SmartVMC Vaughan Metropolitan Centre, SmartLiving residential developments, and self-storage facilities.

Differentiator

Problem solved

Functional benefit

Brands

• SmartLiving: Wholly-owned residential sub-brand focused on purpose-built rental apartments, condominiums, and townhomes as part of the company's mixed-use development strategy transforming shopping centres into city centres.
• SmartVMC

Products and services

• SmartCentres REIT (Diversified Real Estate Portfolio) The core platform of SmartCentres, encompassing 200 strategically located properties across Canada with 35.5 million SF of leasable space, generating recurring rental income for unitholders.
• SmartLiving Residential Brand Wholly-owned residential sub-brand managing purpose-built rental apartments, condominiums, townhomes, and seniors residences across Canada as part of SmartCentres' mixed-use transformation strategy.
• SmartVMC (Vaughan Metropolitan Centre Development) A 100+ acre master-planned mixed-use city centre development in Vaughan, Ontario, featuring a 9-acre central park, retail, commercial, residential towers, and mixed-use buildings connected to Toronto via TTC subway.
• Self-Storage Facilities 14 operating Class A self-storage properties across Canada featuring climate-controlled units in multi-story buildings, with 4 additional sites under construction and 4 in municipal approval.
• Value-Oriented Retail Leasing 35.5 million square feet of income-producing retail space for lease, predominantly anchored by Walmart Canada and Canadian Tire, with 97-98% portfolio occupancy rates.
• Office Leasing First-class office properties for lease, complementing retail and residential offerings within SmartCentres' mixed-use developments.
• ArtWalk Condominiums (Vaughan Metropolitan Centre) Pre-construction condominium project at SmartVMC with Tower A offering 340 units, approximately 93% pre-sold, with initial closings expected in 2027.
• Land for Development and Sale 3,500 acres of strategically located owned land across Canada at prime transit-connected intersections, with select parcels available for sale with zoning for commercial, industrial, employment, and residential uses.
• Property Management Services Property management services delivered across the national portfolio of 200 properties under a long-term arrangement with Penguin Group of Companies.

Quantifiable outcome

• 97.6-98.6% occupancy rate
• +3 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core, flagship and minor.

• Strategic Storage Trust VI, Inc.coreStrategic or Co-development Partner · 28 May 2026Strategic partnership for development of Class A self-storage facilities in Canada. Joint venture to build self-storage properties including a facility at 5500 Rue Notre-Dame Ouest in Greater Montréal area with approximately 124,000 net rentable square feet and 1,450 climate-controlled units. Partnership with SmartStop Self Storage REIT as sponsor.
• Penguin Group of CompaniesflagshipStrategic or Co-development Partner · 1 April 2026Long-term strategic partnership with Mitchell Goldhar-owned Penguin Group for development services, property management, and executive leadership. New five-year arrangements effective January 1, 2026 through December 31, 2030. Includes development services agreement, penguin services agreement, non-competition agreement, and executive employment agreement for CEO Mitchell Goldhar as Executive Chairman and CEO.
• SmartStop Self Storage REITcoreStrategic or Co-development Partner · 10 March 2026Partnership for development of new Class A self-storage facilities including Edmonton, Alberta location. SmartStop acquiring land and developing facilities in partnership with SmartCentres. Development includes four-story buildings with climate-controlled units, with construction scheduled to begin in 2027 and opening in 2028.
• Argus Professional Storage ManagementminorStrategic or Co-development Partner · 25 February 2025SmartStop Self Storage REIT acquired Argus Professional Storage Management for $21.1 million as part of their operational expansion. This affects SmartCentres partnership as SmartStop is the operating partner in their joint self-storage ventures.
• Cogir ImmobiliercoreStrategic or Co-development PartnerPartnership with Cogir Immobilier for Mostra Mascouche project in Quebec, delivering two 10-storey rental towers with 238 units completed in 2022.
• JadcocoreStrategic or Co-development PartnerPartnership with Jadco for Equinoxe Daniel-Johnson project at SmartCentres Laval Centre, completed in summer 2023 with 382 rental apartments across two 15-storey towers.

Scale indicators20 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Choice Properties REIT: Canadian REIT anchored by Loblaw Companies grocery-anchored retail. Highly comparable business model: retail-led REIT with intensification focus on owned land, strong anchor tenant base, and development pipeline converting shopping centres to mixed-use.
• Primaris REIT: Canadian REIT focused on enclosed malls and shopping centres, including anchor-tenant relationships similar to SmartCentres'. Comparable in scale and Canadian retail focus, with overlapping tenants and shared exposure to e-commerce and rent dynamics.
• RioCan REIT: Canada's largest retail REIT with a comparable portfolio of necessity-based and value-oriented shopping centres. Directly competes with SmartCentres for anchor tenants like Walmart and Canadian Tire and pursues similar mixed-use intensification strategies on owned land.
• Crombie Real Estate Investment Trust: Canadian REIT with a portfolio of grocery-anchored retail, mixed-use, and office properties. Owned by Empire Company (Sobeys parent), offering direct comparison on retail REIT economics, intensification pipelines, and FFO growth.
• First Capital REIT: Canadian open-ended REIT focused on grocery-anchored, mixed-use urban neighbourhoods. Similar strategy of owning strategically located real estate and intensifying via residential and office additions on existing shopping centre sites.

Emerging players

• SmartStop Self Storage REIT: U.S.-listed self-storage REIT operating as SmartCentres' JV partner for self-storage development in Canada. Directly comparable on the self-storage product line within SmartCentres' portfolio (14+ operating facilities and pipeline through 2027).
• Canadian Apartment Properties REIT (CAPREIT): Largest Canadian residential rental REIT. Comparable on the residential rental portion of SmartCentres' SmartLiving portfolio and purpose-built rental strategy, though CAPREIT is a pure-play residential operator.

Broad incumbents

• Morguard REIT: Diversified Canadian REIT with retail, office, industrial, and residential. Comparable on the multi-asset-class REIT structure and mixed-use development approach, though with broader exposure and different geographic footprint.

Regional players

• Plaza Retail REIT: Atlantic Canada-focused retail REIT with strip plazas and necessity-anchored centres. Similar value-oriented retail thesis but smaller scale and regional concentration; useful for benchmarking smaller-market retail performance.
• BTB REIT: Quebec-focused retail REIT with unanchored and necessity-based shopping centres. Comparable retail REIT model at smaller scale, with similar tenant mix and Canadian market exposure, though concentrated in Quebec.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SmartCentres
• Facebookfacebook.com/SmartCentresREIT
• LinkedInlinkedin.com/company/141901
• Instagraminstagram.com/smartcentresreit

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SmartCentres Real Estate Investment Trust