Smart REIT (SRU.UN.TO) Buy, Sell or Hold

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Smart REIT (SRU.UN.TO)

29.05

+0.11 (0.38%)

as of Jun 5, 2026, 8:00:00 pm Market Open.

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Investor Insights

Jun 5, 2026, 12:00 am

This summary was created by AI, based on 7 opinions in the last 12 months.

Smart REIT (SRU.UN) is viewed by experts as a solid investment primarily due to its strong fundamentals, including high-quality tenants like Walmart, which serves as its anchor. While the REIT is recognized for its defensive nature and reliable dividend yield—close to 7%—it faces challenges in terms of growth potential, with many experts predicting limited appreciation in stock value and rental income in the current economic climate. The CEO's management and decisions, such as building condos, are praised, yet concerns linger regarding high payout ratios and dependence on a single major tenant. Overall, the outlook suggests that while the REIT remains safe, investors may find better growth opportunities elsewhere, particularly in sectors less affected by high leverage and economic fluctuations.

Consensus

Neutral

Valuation

Fair Value

Similar

CT,CT.TO

PAST TOP PICK

(A Top Pick Nov 8/07. Down 58%.) Strategic partnership with Smart Centres, which has a big pipeline which are Wal-Mart anchored power centres. Debt is close to maximum and not sure how they can finance the pipelines. Last couple of acquisitions have not been as accretive as many investors wanted. Management has been buying shares. Occupancy at 99%. Still likes.

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PAST TOP PICK

(A Top Pick Sept 5/07. Down 12%.) One of the largest and premier operator of Wal-Mart's in Canada. A lot of REITs continue to be pressed down by some of the levered hedge fund selling coming out of the US.

PAST TOP PICK

(A Top Pick Nov 8/07. Down 16%.) Wal-Mart is their main tenant in 70% of their shopping centres. Stable business. Free cash flow yield of over 9%. Very strong buying opportunity.

TOP PICK

(A Top Pick Aug 15/07. Down 14%.) Had to pare down a sizable acquisition and accretion got very skinny. This was headline news that weighed heavily on the price. Rock solid growth. 8.5% free cash flow yield. Tenant base is retail anchored by Wal-Mart.

PAST TOP PICK

(A Top Pick July 27/07. Down 17%.) Affected by the fallout in the real estate sector and concerns about being able to finance commercial real estate. This one has most of their properties anchored by Wal-Mart. Still a Buy.

TOP PICK

6.65% convertible bond maturing June 30/13. Trust massacre in Oct/06 left a lot of trust convertibles in no man’s land. Good quality. Convertibles rank ahead of the units themselves giving a whole level of protection from the distributions. Units would have to go to zero before bondholders had to worry about their interest.

COMMENT

A good name. Very cheap right now. His concern is on their most recent transaction of $600 million in real estate, which he feels is dilutive. Attractive price with an almost 8% free cash flow yield. Rock solid portfolio. Will watch to see what kind of growth they can develop.

PAST TOP PICK

(A Top Pick July 3/07. Down 9% including distributions.) Actually, US real estate is going up. This one is amongst the top quality asset base in real estate and is trading at a discount to its value. Generates over 6% yield. We'll have a growth profile going forward. Still a Buy.

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TOP PICK

Real estate market in Canada is very different than in the US. One of the things overhanging the stock is a large acquisition they made of various Wal-Mart centres but they have just announced restructuring which is much better for the REIT.

BUY

The main anchor for Wal-Mart. Excellent managers.

TOP PICK

Even in a situation of a slowing economy, when you are at Wal-Mart's largest landlord in Canada, you can only benefit from this. Even if Wal-Mart doesn't grow, everybody wants to be in their area. Trading at a conservative 13% discount to its NAV.

DON'T BUY

Just sold his last position. They have Wal-Mart, but whenever they bring a new centre in, the REIT’s buys it from smart centres (?) and they pay a high price and then it has to be developed. They are largely in Ontario and he is concerned about the Ontario/Quebec economy.

DON'T BUY

Similar to RIOCAN. Don’t like recent transactions which haven’t really benefited company, but more so their smart centres and Wal-Mart.

COMMENT

One of the benchmark bellwether REITs. Unenclosed malls throughout Canada. 25% of their tenant base is Wal-Mart. Reported today and numbers were pretty much in line. The one concern is the $688 million portfolio that they bought from Smart Centres. Rumour on the street is that they are looking for a buyer for half of it and get asset management fees.

TOP PICK

Trading at a discount to its NAV at about 12%-13%. 7% free cash flow yield. Very attractively valued. Likes that it is Wal-Mart's landlord in Canada.

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Smart REIT (SRU.UN.TO)