Condos for sale in oakville ontario . Real estate investment trusts release results for the first quarter of 2021.
Toronto, May 12, 2021 (global news)-SmartCentres Real Estate Investment Trust (“SmartCentres” or “Trust”) (TSX:SRU.UN) is pleased to report its financial and operating results for the quarter ended March 31.
“We will continue to quickly reposition our portfolio,” said Mitchell Goldhar, executive chairman of SmartCentres. Transit City Condominium Tower 3 of Wangshi SmartVMC will begin to contribute to FFO in the second quarter, and the huge revenue from our $13.5b development plan is even closer to the wave of FFO growth. This is the background of our existing unique national retail portfolio, which is mainly leased by basic services, and its stable recurrent revenue sources include premium companies (such as Wal-Mart). We will continue to protect our healthy balance sheet, with a debt-to-total asset ratio of 44.7%, an interest coverage multiple of 3.2 times, and a rolling payment ratio of 89% in the 12 months at the end of the quarter. With regard to the pandemic, helping all Canadians will continue to be a top priority.
“Wangwang’s SmartVMC, like many of our properties in Canada, is a good example of our transition from shopping center to city center, and our team continues to work on the growing multi-purpose development platform, and 284 project channels have been identified for us, most of which will provide recurrent revenue. We know how to build the entire city center and plan for more planning in major centres in Canada. In addition, our retail business portfolio continues to show stability, with an occupancy rate of 97.3% when considering committed leases. ” President and CEO Peter Ford (Peter Forde) said.
The 55-story Transit City 3 apartment building represents 631 residential units, and its construction is still within schedule and budget. The tower has been capped, the crane has been dismantled and the closure is expected to begin in May 2021.
Construction of the Transit City 4 (45-storey) and 5 (50-storey) apartment buildings is continuing, representing 1026 residential units sold. The construction of a multi-storey underground car park has been completed. The project of concrete and formwork above grade is progressing smoothly.
Construction of a 36-story, unit 362 dedicated residential rental building in SmartVMC is under way, and the concrete and formwork of the multi-storey underground parking lot are completed. There are also 92 dedicated rental units in part of the Transit City 4 and Transit City 5 podium.
Construction is under way as part of the Transit City 1 and 2 projects, with 22 townhouses expected to be delivered in the second half of 2021 already pre-sold.
The next phase of high-rise apartment development is scheduled to begin in 2021, which is expected to include 620 apartments.
The first phase of the two-phase dedicated housing rental project in Laval, Quebec has been completed, which was initially occupied by tenants in March 2020 and has so far leased approximately 90 per cent of 171 units of buildings. The next phase of construction is expected to begin in the third quarter of 2021.
The trust fund completed the construction of the first three self-storage facilities in (Leaside), Brampton, Toronto and (Vaughan NW), Northwest Vang, each of which has been well received by the local community and the current occupancy rate has exceeded expectations.
Planning approval has now been obtained to allow the Trust Fund and its Ottawa joint venture partner Selection Group to start building new nursing homes in the second quarter of 2021.
Two other self-service warehousing facilities in Oshawa and Scarborough are currently under construction and are expected to be completed in 2021. The board has approved other self-service warehousing facilities and the trust fund is under municipal approval in (Aurora), Aurora, Whitby. Other locations of Wanjin (Markham) and Brampton (Brampton).
With the issuance of the 4th ministerial zoning order in 2020, the Trust Fund began to rebuild its 73-acre Cambridge retail property for various forms of residential, retail, office, institutional and commercial uses to create a complete, vibrant urban community with the potential to exceed 12 million square feet of development. The initial phase of reconstruction will include various forms of residential development, including townhouses and medium-and high-rise residential buildings.