SmartCentres Real Estate Investment Trust

SRU-UN.TO

REIT - Retail · Real Estate

Price

C$27.75

-0.47 (-1.67%)

Market Cap

C$4.02B

Exchange

Toronto Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Exceptional

Stability

Mixed

Valuation

Strong

Dividends

Good

Track this stock — start free trial

Share count rising — dilution

+4.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 173.7M (2021) → 182.0M (2025)

Winston Score History

The full picture

SmartCentres Real Estate Investment Trust is a Canadian company that owns and manages shopping centres across Canada. Its properties are anchored by Walmart stores, meaning almost every mall it owns has a Walmart as the main tenant drawing in shoppers. It rents space in these centres to other retailers, restaurants, and service businesses, making it one of the largest retail-focused REITs in Canada.

SmartCentres earns money by collecting rent from its tenants under long-term lease agreements, which provides steady and predictable income. It operates entirely within Canada, with over 190 properties spread across most provinces, giving it broad national reach. The long-term partnership with Walmart is a key competitive advantage, since Walmart's consistent customer traffic helps attract and retain other tenants. The main growth driver is SmartCentres' plan to redevelop its existing properties by adding residential units, offices, and self-storage facilities, though rising construction costs and higher interest rates could slow that transition.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-228.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

11.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$11.6B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

SmartCentres Real Estate Investment Trust is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

60.4%

Premium pricing power — 60.4% gross margin

Profit after running costs

Operating Margin

39.1%

Excellent — 39.1% operating margin

Return on the money invested

ROCE

4.7%

Weak — 4.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+0.2%

Nearly flat sales (+0.2% YoY)

Profit growth

EPS YoY

-29.8%

Earnings shrinking (-29.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

250%

Turns 250% of profit into real cash

Spare cash per sale

FCF Margin

41.7%

Converts sales into free cash efficiently (41.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

1.03

Elevated debt (1.03)

Covers its interest

Interest Cover

2.69x

Tight — interest eats into profit (2.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

29.8x

Growth-priced — P/E 29.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+17.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (29.8 → 12.5)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

6.56%

Healthy income — 6.56% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+0.0%

Dividend flat

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial