SmartCentres Profit Squeeze Shows CA$119.4M Fair Value Loss
SmartCentres Real Estate Investment Trust reported a CA$119.4m loss from sharp fair value reductions on investment properties, with Funds From Operations per unit flat in the quarter. The profit squeeze challenges its income and valuation thesis, as investors weigh a 26.5x P/E and a 35% DCF gap against trailing-quarter earnings and FFO trends. Trailing twelve-month earnings rose to CA$2.52 per unit, while FFO was slightly lower.