
SmartCentres Real Estate Investment Trust
TSX:SRU.UN

Income Statement
Earnings Waterfall
SmartCentres Real Estate Investment Trust
Revenue
|
918.4m
CAD
|
Cost of Revenue
|
-370.9m
CAD
|
Gross Profit
|
547.5m
CAD
|
Operating Expenses
|
-56.9m
CAD
|
Operating Income
|
490.6m
CAD
|
Other Expenses
|
-253.9m
CAD
|
Net Income
|
236.8m
CAD
|
Income Statement
SmartCentres Real Estate Investment Trust
Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
607
N/A
|
608
+0%
|
619
+2%
|
645
+4%
|
669
+4%
|
690
+3%
|
716
+4%
|
718
+0%
|
725
+1%
|
732
+1%
|
729
0%
|
735
+1%
|
747
+2%
|
760
+2%
|
774
+2%
|
788
+2%
|
790
+0%
|
798
+1%
|
797
0%
|
799
+0%
|
806
+1%
|
807
+0%
|
800
-1%
|
791
-1%
|
781
-1%
|
773
-1%
|
777
+0%
|
786
+1%
|
781
-1%
|
784
+0%
|
789
+1%
|
790
+0%
|
805
+2%
|
813
+1%
|
821
+1%
|
831
+1%
|
835
+0%
|
841
+1%
|
862
+3%
|
900
+4%
|
918
+2%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(213)
|
(212)
|
(216)
|
(224)
|
(232)
|
(240)
|
(246)
|
(248)
|
(250)
|
(255)
|
(262)
|
(267)
|
(274)
|
(282)
|
(288)
|
(292)
|
(293)
|
(298)
|
(296)
|
(298)
|
(302)
|
(302)
|
(316)
|
(320)
|
(321)
|
(320)
|
(311)
|
(309)
|
(295)
|
(294)
|
(293)
|
(291)
|
(302)
|
(306)
|
(309)
|
(316)
|
(321)
|
(322)
|
(340)
|
(365)
|
(371)
|
|
Gross Profit |
394
N/A
|
396
+0%
|
403
+2%
|
421
+4%
|
437
+4%
|
450
+3%
|
471
+5%
|
470
0%
|
475
+1%
|
477
+0%
|
467
-2%
|
468
+0%
|
473
+1%
|
478
+1%
|
486
+2%
|
496
+2%
|
497
+0%
|
500
+1%
|
501
+0%
|
501
0%
|
505
+1%
|
505
0%
|
485
-4%
|
471
-3%
|
461
-2%
|
453
-2%
|
467
+3%
|
477
+2%
|
486
+2%
|
490
+1%
|
496
+1%
|
499
+1%
|
503
+1%
|
507
+1%
|
512
+1%
|
515
+1%
|
514
0%
|
519
+1%
|
523
+1%
|
534
+2%
|
548
+2%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(26)
|
(28)
|
(26)
|
(28)
|
(30)
|
(22)
|
(23)
|
(39)
|
(38)
|
(43)
|
(41)
|
(24)
|
(26)
|
(22)
|
(24)
|
(27)
|
(27)
|
(32)
|
(35)
|
(33)
|
(44)
|
(40)
|
(39)
|
(43)
|
(46)
|
(48)
|
(47)
|
(48)
|
(38)
|
(40)
|
(38)
|
(41)
|
(51)
|
(54)
|
(60)
|
(60)
|
(54)
|
(54)
|
(55)
|
(56)
|
(57)
|
|
Selling, General & Administrative |
(16)
|
(17)
|
(20)
|
(27)
|
(34)
|
(42)
|
(47)
|
(47)
|
(46)
|
(47)
|
(47)
|
(47)
|
(48)
|
(47)
|
(49)
|
(52)
|
(51)
|
(53)
|
(52)
|
(52)
|
(53)
|
(53)
|
(54)
|
(54)
|
(55)
|
(58)
|
(60)
|
(64)
|
(66)
|
(75)
|
(84)
|
(91)
|
(100)
|
(103)
|
(87)
|
(70)
|
(35)
|
(35)
|
(35)
|
(36)
|
(36)
|
|
Depreciation & Amortization |
0
|
0
|
0
|
0
|
(1)
|
(1)
|
(1)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
|
Other Operating Expenses |
(10)
|
(12)
|
(6)
|
(1)
|
6
|
23
|
25
|
10
|
9
|
5
|
7
|
23
|
23
|
26
|
27
|
26
|
25
|
22
|
18
|
20
|
10
|
13
|
16
|
13
|
10
|
11
|
14
|
17
|
29
|
36
|
47
|
52
|
50
|
49
|
29
|
11
|
(18)
|
(18)
|
(18)
|
(19)
|
(19)
|
|
Operating Income |
368
N/A
|
368
0%
|
378
+3%
|
392
+4%
|
407
+4%
|
428
+5%
|
448
+5%
|
431
-4%
|
437
+1%
|
434
-1%
|
425
-2%
|
444
+4%
|
447
+1%
|
455
+2%
|
462
+1%
|
469
+1%
|
470
+0%
|
468
0%
|
467
0%
|
468
+0%
|
461
-2%
|
464
+1%
|
445
-4%
|
429
-4%
|
415
-3%
|
406
-2%
|
419
+3%
|
429
+2%
|
448
+4%
|
450
+0%
|
458
+2%
|
459
+0%
|
452
-2%
|
453
+0%
|
452
0%
|
455
+1%
|
459
+1%
|
465
+1%
|
468
+1%
|
478
+2%
|
491
+3%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(105)
|
(106)
|
(97)
|
(102)
|
(87)
|
(65)
|
(88)
|
(107)
|
(51)
|
(87)
|
(31)
|
(36)
|
(110)
|
(78)
|
(105)
|
(86)
|
(67)
|
(86)
|
(92)
|
(95)
|
(86)
|
(104)
|
(314)
|
(281)
|
(323)
|
(319)
|
(102)
|
(44)
|
543
|
847
|
906
|
730
|
182
|
(74)
|
(67)
|
141
|
51
|
(89)
|
(131)
|
(314)
|
(199)
|
|
Non-Reccuring Items |
0
|
0
|
(1)
|
(1)
|
(1)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
19
|
19
|
19
|
19
|
0
|
0
|
(1)
|
(1)
|
(0)
|
(3)
|
(3)
|
(3)
|
(2)
|
(0)
|
(0)
|
(0)
|
(3)
|
0
|
(1)
|
(1)
|
2
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Pre-Tax Income |
264
N/A
|
262
-1%
|
279
+7%
|
289
+4%
|
320
+11%
|
363
+14%
|
360
-1%
|
324
-10%
|
386
+19%
|
347
-10%
|
395
+14%
|
408
+3%
|
356
-13%
|
396
+11%
|
376
-5%
|
402
+7%
|
403
+0%
|
383
-5%
|
374
-2%
|
373
0%
|
374
+0%
|
358
-4%
|
129
-64%
|
145
+12%
|
90
-38%
|
86
-4%
|
317
+267%
|
384
+21%
|
988
+157%
|
1 297
+31%
|
1 362
+5%
|
1 188
-13%
|
636
-46%
|
379
-40%
|
385
+2%
|
596
+55%
|
510
-14%
|
376
-26%
|
337
-10%
|
164
-51%
|
292
+78%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Income from Continuing Operations |
264
|
262
|
279
|
289
|
320
|
363
|
360
|
324
|
386
|
347
|
395
|
408
|
356
|
396
|
376
|
402
|
403
|
383
|
374
|
373
|
374
|
358
|
129
|
145
|
90
|
86
|
317
|
384
|
988
|
1 297
|
1 362
|
1 188
|
636
|
379
|
385
|
596
|
510
|
376
|
337
|
164
|
292
|
|
Income to Minority Interest |
(37)
|
(37)
|
(40)
|
(44)
|
(50)
|
(59)
|
(60)
|
(54)
|
(64)
|
(57)
|
(65)
|
(67)
|
(59)
|
(66)
|
(64)
|
(68)
|
(68)
|
(64)
|
(62)
|
(61)
|
(60)
|
(57)
|
(21)
|
(23)
|
(15)
|
(14)
|
(51)
|
(62)
|
(160)
|
(220)
|
(234)
|
(207)
|
(120)
|
(72)
|
(73)
|
(113)
|
(96)
|
(71)
|
(64)
|
(31)
|
(55)
|
|
Net Income (Common) |
227
N/A
|
225
-1%
|
239
+6%
|
245
+3%
|
269
+10%
|
304
+13%
|
300
-1%
|
270
-10%
|
322
+19%
|
290
-10%
|
330
+14%
|
341
+3%
|
297
-13%
|
330
+11%
|
312
-5%
|
334
+7%
|
335
+0%
|
318
-5%
|
312
-2%
|
312
N/A
|
314
+1%
|
301
-4%
|
109
-64%
|
122
+12%
|
75
-38%
|
72
-4%
|
266
+268%
|
322
+21%
|
828
+157%
|
1 078
+30%
|
1 128
+5%
|
981
-13%
|
516
-47%
|
307
-40%
|
312
+2%
|
484
+55%
|
414
-14%
|
305
-26%
|
273
-10%
|
133
-51%
|
237
+78%
|
|
EPS (Diluted) |
1.64
N/A
|
1.62
-1%
|
1.64
+1%
|
1.59
-3%
|
1.74
+9%
|
1.96
+13%
|
1.93
-2%
|
1.73
-10%
|
2.07
+20%
|
1.85
-11%
|
2.1
+14%
|
2.17
+3%
|
1.85
-15%
|
2.05
+11%
|
1.92
-6%
|
2.09
+9%
|
2.06
-1%
|
1.88
-9%
|
1.78
-5%
|
1.83
+3%
|
1.83
N/A
|
1.75
-4%
|
0.62
-65%
|
0.69
+11%
|
0.44
-36%
|
0.41
-7%
|
1.53
+273%
|
1.85
+21%
|
4.77
+158%
|
6
+26%
|
6.27
+4%
|
5.46
-13%
|
2.87
-47%
|
1.71
-40%
|
1.73
+1%
|
2.69
+55%
|
2.3
-14%
|
1.69
-27%
|
1.51
-11%
|
0.74
-51%
|
1.31
+77%
|