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Owns Walmart-anchored power centres across Canada and develops mixed-use residential projects on retail land.
Owns Walmart-anchored power centres across Canada and develops mixed-use residential projects on retail land.
Collects rent on Walmart-anchored centres, where Walmart, on long leases, draws the traffic that smaller shops rely on, and is also building apartments and offices on land beside its centres. Founder Mitchell Goldhar is the largest unit holder.
Moat: narrow (scale, installed base). Long-standing partnership with Walmart anchors a large, stable retail portfolio with development upside.
Headquarters: Vaughan, Canada · Employees: 408
Size SmartCentres Real Estate Investment Trust (SRU-UN.TO) is a Canada Real Estate company (Real Estate Investment Trusts) with a market value of $3.37B, the 148th largest of 420 Canada companies the cockpit tracks. Shares closed at C$27.68 on 6 Nov 2026.
Performance Over six months the shares fell 2.5%, against -5.1% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 1.1% over the last twelve months (peer median +4.8%); the operating margin is 52.4% (peer median 48.1%).
Valuation It trades at 0.93× book value against a peer median of 1.00× (9th cheapest of 21).
Price implies The share price implies a return on equity of about 7.4%; SmartCentres Real Estate Investment Trust delivers 3.1%, so the price asks more than the business earns today.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$931M | C$927M | C$932M | C$854M | C$821M |
| Revenue growth | — | -1% | +9% | +4% | — |
| Gross profit | C$572M | C$572M | C$555M | C$522M | C$505M |
| EBITDA | C$497M | C$538M | C$532M | C$520M | C$588M |
| Net income | C$157M | C$252M | C$237M | C$414M | C$516M |
| Free cash flow | C$414M | C$396M | C$410M | C$329M | C$369M |
| Capital expenditure | C$2.00M | C$1.96M | C$547,000 | C$1.91M | C$1.59M |
| Total debt | C$5.26B | C$5.24B | C$5.07B | C$5.03B | C$5.01B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| SmartCentres Real Estate Investment Trust SRU-UN.TO | $3.37B | -3% | -1% | 3% | 0.93× | 7.4% |
| RioCan Real Estate Investment Trust REI-UN.TO | $4.41B | -3% | -13% | 7% | 0.86× | 7.7% |
| First Capital Real Estate Investment Trust FCR-UN.TO | $3.55B | 0% | +3% | 24% | 1.01× | 8.1% |
| CT Real Estate Investment Trust CRT-UN.TO | $3.11B | +3% | +5% | 13% | 0.68× | 6.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SRU-UN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.7% | +2.9% | 7th highest of 21 |
| 6-month return | -2.5% | -5.1% | 9th highest of 21 |
| Return on equity | 3.1% | 6.7% | 5th lowest of 21 |
| Price / book | 0.93× | 1.00× | 9th cheapest of 21 |
| Trailing P/E | 32.6× | 16.3× | 3rd most expensive of 19 |
| ROE the price implies | 7.4% | 7.0% | 10th most demanding of 21 |
| ROE delivered | 3.1% | 6.8% | 5th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| SmartCentres Real Estate Investment Trust SRU-UN.TO | Canada | $3.37B | -3% | -1% | 3% | 0.93× | 7.4% | 3.1% |
| Broadstone Net Lease BNL | United States | $3.36B | -12% | +8% | 5% | 1.17× | 10.7% | 5.0% |
| Primary Health Properties PHP.L | United Kingdom | $3.41B | +6% | +104% | 8% | 0.99× | 10.9% | 8.0% |
| Frasers Centrepoint Trust J69U.SI | Singapore | $3.43B | -5% | +16% | 8% | 0.92× | 3.4% | 7.9% |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | Canada | $3.45B | -14% | -7% | -2% | 0.58× | 6.0% | -1.5% |
| KDX Realty Investment 8972.T | Japan | $3.47B | -16% | +3% | 5% | 0.87× | 4.9% | 5.4% |
| Highwoods Properties HIW | United States | $3.47B | +24% | +6% | 8% | 1.48× | 13.8% | 7.9% |
| Keppel REIT K71U.SI | Singapore | $3.27B | -5% | +5% | 8% | 0.67× | 4.6% | 8.5% |
| National Health Investors NHI | United States | $3.50B | -5% | +24% | 11% | 2.23× | 13.0% | 10.9% |
| First Capital Real Estate Investment Trust FCR-UN.TO | Canada | $3.55B | 0% | +3% | 24% | 1.01× | 8.1% | 24.2% |
| Suntec Real Estate Investment Trust T82U.SI | Singapore | $3.18B | -7% | +1% | 5% | 0.67× | 4.3% | 5.2% |
| Curbline Properties CURB | United States | $3.57B | +5% | +51% | 1% | 1.57× | 10.6% | 1.3% |
| Colonial SFL SOCIMI COL.MC | Spain | $3.58B | -2% | +4% | 6% | 0.55× | 7.6% | 5.6% |
| Park Hotels & Resorts PK | United States | $3.17B | +39% | -1% | -5% | 1.03× | 12.1% | -5.0% |
| Daiwa House REIT Investment 8984.T | Japan | $3.15B | -13% | -9% | 5% | 1.01× | 4.4% | 4.9% |
| Japan Hotel Reit Investment 8985.T | Japan | $3.14B | +7% | +15% | 8% | 1.44× | 6.8% | 8.5% |
| Covivio Hotels SCA COVH.PA | France | $3.61B | -9% | +5% | 9% | 0.89× | 7.2% | 9.5% |
| Independence Realty Trust IRT | United States | $3.63B | -9% | +3% | 2% | 1.06× | 9.8% | 1.8% |
| CT Real Estate Investment Trust CRT-UN.TO | Canada | $3.11B | +3% | +5% | 13% | 0.68× | 6.2% | 12.9% |
| Nomura Real Estate Master Fund 3462.T | Japan | $3.66B | -23% | -18% | 5% | 0.96× | 4.5% | 4.8% |
| ORIX JREIT 8954.T | Japan | $3.06B | -12% | +35% | 8% | 1.36× | 5.4% | 8.3% |