SRU-UN FINANCIAL STATEMENTS

SmartCentres Real Estate Investment Trust — balance sheet, income statement and cash flow trends

SRU-UNSmartCentres Real Estate Investment Trust

🇨🇦 Canada · TO · Real Estate · REIT - Retail

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue929.8 M C$-0.8%

Gross Profit565.5 M C$+1.0%

Operating Income530.3 M C$-0.3%

EBITDA628.6 M C$+38.3%

Net Income365 M C$+48.3%

Peer Comparison· REIT - Retail

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
SRU-UN	-0.8%	60.8%	67.6%	39.3%
CURB	51.3%	74.9%	68.2%	21.8%
UE	7.3%	25.3%	66.9%	22.2%
SKT	10.9%	42.6%	59.1%	20.8%
AKR	9.8%	50.5%	88.8%	11.2%
IVT	9.6%	49.6%	102.0%	35.7%
Industry median	8.1%	62.1%	76.5%	35.2%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
SRU-UN	-0.8%	60.8%	67.6%	39.3%
FCR-UN	6.9%	63.3%	58.1%	143.0%
REI-UN	8.8%	53.2%	50.2%	17.2%
CRT-UN	4.5%	78.0%	102.1%	48.9%
PMZ-UN	26.8%	56.8%	48.2%	28.5%
CHP-UN	3.2%	71.7%	30.6%	-3.6%
Industry median	8.1%	62.1%	76.5%	35.2%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity5.3 B C$47%
Current Liabilities1.7 B C$16%
Long-term Liabilities4.1 B C$37%

Key Figures

YoY change

Total Assets12.3 B C$+3.1%

Total Liabilities5.9 B C$+3.8%

Total Equity5.3 B C$+1.9%

Cash & ST Investments36.5 M C$+27.5%

Total Debt5.3 B C$+3.3%

Net Debt5.2 B C$+3.2%

Peer Comparison· REIT - Retail

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
SRU-UN	0.14	99.8%	8.31	42.9%
CURB	5.11	25.7%	1.61	77.3%
UE	0.93	149.7%	5.77	38.0%
SKT	0.74	291.9%	4.81	23.7%
AKR	1.39	72.6%	4.46	50.2%
IVT	1.45	57.8%	3.17	61.6%
Industry median	0.83	82.3%	5.12	51.3%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
SRU-UN	0.14	99.8%	8.31	42.9%
FCR-UN	0.43	82.3%	9.13	52.3%
REI-UN	0.36	104.4%	10.23	47.6%
CRT-UN	0.06	157.4%	5.07	25.8%
PMZ-UN	0.46	102.4%	7.90	48.1%
CHP-UN	0.94	64.8%	15.49	59.3%
Industry median	0.83	82.3%	5.12	51.3%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow372.1 M C$-3.6%

Capital Expenditures2.1 M C$+268.0%

Free Cash Flow370.1 M C$-7.4%

Dividends Paid-267.7 M C$-200.0%

Peer Comparison· REIT - Retail

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
SRU-UN	40.0%	39.8%	0.2%	102.0%
CURB	68.1%	68.1%	9.5%	312.8%
UE	38.9%	38.9%	53.5%	175.3%
SKT	48.9%	37.5%	11.4%	235.6%
AKR	42.1%	17.9%	154.2%	376.8%
IVT	50.5%	36.5%	14.1%	141.5%
Industry median	48.1%	37.5%	17.4%	142.0%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
SRU-UN	40.0%	39.8%	0.2%	102.0%
FCR-UN	29.0%	18.3%	14.8%	20.3%
REI-UN	31.6%	21.2%	10.4%	183.5%
CRT-UN	69.6%	68.8%	3.3%	142.3%
PMZ-UN	33.0%	30.7%	2.3%	115.8%
CHP-UN	47.8%	44.1%	3.8%	-1,312.4%
Industry median	48.1%	37.5%	17.4%	142.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.