SmartCentres Real Estate Investment Trust has announced its financial and operational results for the second quarter of 2025. The Trust reported a net rental income of $218.8 million, with additional income from other sources bringing the total to $231.7 million, up from $222.7 million in the same period in 2024. Property operating costs were reported at $85.6 million, slightly lower than the $85.9 million incurred in the previous year. Net income and comprehensive income for the quarter decreased by $19.7 million compared to 2024, primarily due to a $27.7 million reduction in the fair value gain on investment properties. However, this was partially offset by a $10.2 million increase in Net Operating Income (NOI), driven by lease-up activities for retail and mixed-use properties. The Trust recorded an occupancy rate of 98.6%, with approximately 148,000 square feet leased during the quarter and a rent growth of 8.5%, excluding Anchors. Significant developments include Pacific Fresh and Costco taking possession of large spaces, with both expected to open later in the year. The Trust's development pipeline continues to progress, although specific future guidance or outlook was not detailed in the release.