Toronto, Feb 12, 2026, 03:00 EST
- SmartCentres reported 98.6% occupancy as 2025 closed out, and same-property NOI climbed 3.7% over the year.
- The REIT reported net rental income and other revenue totaling $143.6 million for the fourth quarter, with FFO coming in at $0.54 per unit.
- Rezzie, operating out of the U.S., has rolled out a new marketplace targeting off-market investment properties. The platform’s pricing: $250 per month for wholesalers and sellers.
SmartCentres Real Estate Investment Trust released its Q4 and full-year 2025 numbers after the bell Wednesday, highlighting a 98.6% in-place and committed occupancy rate. Same-property NOI moved higher, with leasing activity remaining steady. 1
This update lands at a time when retail landlords are under pressure, depending more on rent hikes and high occupancy to bankroll development and keep cash flowing. Rising construction and financing expenses are eating into margins.
SmartCentres has been working to expand its business beyond just shopping centres, with new self-storage and residential developments coming into the mix, even as it continues to roll out new retail properties. Management plans to go over the results on a conference call later Thursday.
Net rental income and other climbed 1.4% to $143.6 million for the quarter. Funds from operations (FFO)—the cash-flow figure that excludes property revaluations and other non-cash charges—landed at $0.54 per unit. CEO Mitchell Goldhar credited “strong financial and operational performance,” adding that “net operating income has shown steady and consistent growth.” 2
SmartCentres filled roughly 35,500 square feet of empty space during the quarter, pushing the total for vacant space leased in 2025 up to about 430,000 square feet. The company pointed to rent gains on lease renewals, and noted that appetite for new-build retail hasn’t let up.
The trust said it brought three self-storage sites online in 2025, bringing its active self-storage locations up to 14. More facilities are still being built, with others moving through municipal approval. Elsewhere, the trust highlighted momentum at its Toronto Canadian Tire flagship project, as well as at the ArtWalk condo tower in Vaughan—where, according to the trust, most units have already been pre-sold.
SmartCentres put its total unencumbered assets at over $10 billion—these are properties free from collateral claims, useful for backing future loans. The company also reported a diluted net asset value (NAV) per unit of $35.93, a figure closely tracked by REIT investors to gauge how property values stack up against what the market is paying.
The company flagged an ongoing corporate overhang, saying it’s pushed out a number of important deals with the Penguin group—Goldhar’s employment contract among them—through Feb. 28 as it works toward fresh five-year agreements. For now, the trust said it can’t provide more specifics with talks still underway. 3
This could unravel in several ways. The REIT reported a drop in adjusted FFO per unit from the prior year, blaming higher net interest costs as well as rising general and administrative expenses. Pipeline growth isn’t guaranteed—approval delays, construction overruns, or a shift in retailer appetite could throw things off track.
Real estate marketplace startup Rezzie is rolling out a new platform aimed at property investors, linking them with wholesalers who are selling off-market homes—those not available on standard listing sites. Buyers get to dial in “buy box” filters to narrow the search by location, price, and other criteria, surfacing only deals that fit. Wholesalers and sellers face a flat $250 monthly fee; buyers aren’t charged a transaction fee, according to HousingWire. 4
Bobby Suarez, the founder, told HousingWire the platform is designed to clean up the chaos around deal distribution. “We created this platform to professionalize the way that people do deals,” he said. Vetting is baked in, too: “We are not letting just anybody in.”
