SmartCentres Real Estate Investment Trust reports Q3 results

* SmartCentres Real Estate Investment Trust press release [https://seekingalpha.com/pr/20305314-smartcentres-real-estate-investment-trust-releases-third-quarter-results-for-2025] (SRU.UN:CA [https://seekingalpha.com/symbol/SRU.UN:CA]): Net rental income and other for the three months ended September 30, 2025 was $141.3 million, representing a decrease of $0.6 million or 0.5% compared to the same period in 2024. This net decrease was primarily driven by lower residential sales due to fewer townhomes closings offset by an increase in base rent from retail properties compared to the same period in 2024.
* FFO per Unit(1) for the three months ended September 30, 2025, was $0.59 compared to $0.71 for the same period in 2024. The decrease was primarily due to changes in the fair value adjustment on the TRS resulting from fluctuations in the Trust’s Unit price. FFO with adjustments per Unit(1) for the three months ended September 30, 2025, was $0.56 compared to $0.53 for the same period in 2024. The increase was primarily attributable to an increase in NOI primarily due to lease-up activities for retail properties.
* Net income and comprehensive income(1) for the three months ended September 30, 2025, increased by $38.6 million compared to the same period in 2024. The increase was mainly attributable to a $36.6 million increase in the fair value adjustment on financial instruments for the period, primarily due to mark-to-market adjustments for the interest rate swaps and the fair value change in units classified as liabilities due to an increase in the Trust’s Unit Price.

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