Q3 2025 Highlights
Investment property revenue for the three ended September 30, 2025 was $122,118, compared to $116,741 in the same period in 2024, an increase of $5,377, or 5%. The increase in investment property revenue was mainly due to increased suite rents from higher rates on released units and increased parking rents from lower vacancy, partially offset by lower tenant upgrades from changing tenant mix.
Investment property operating expense for the three months ended September 30, 2025 decreased to $43,678, compared to $49,769 in the same period in 2024, a decrease of $6,091, or 12%. The decrease in investment property operating expense was primarily driven by less maintenance and repair expense, as these expenditures are variable by nature.
Overall investment property net rental income for the three months ended September 30, 2025 was $78,440, compared to $66,972 in the same period in 2024, an increase of $11,468, or 17%.
Trust expenses for the three months ended September 30, 2025 were $653,692, compared to $681,575 in the same period in 2024, a decrease of $27,883, or 4%. The decrease in trust expense was primarily due to a decrease in trustee fees and management compensation of $17,500, related to the expiration of one trustee's term, and a decrease in professional fees of $14,016, mainly related to lower consulting and investor relations costs.
On June 9, 2025, the Trust announced the fifth tranche of a non-brokered private placement (the "Financing"), which announced the Trust's intent to issue up to 14,000,000 Preferred Units, Series B Convertible (each, a "Preferred Unit"), at a price of US$0.50 per Preferred Unit for aggregate gross proceeds of up to US$7,000,000. Between September 19, 2025 and September 30, 2025, the fifth tranche of the Financing was initiated that resulted in the issuance of 1,070,000 Preferred Units for aggregate gross proceeds of $535,000. The fifth tranche of the financing continued into the fourth quarter of 2025.
Selected Financial Information
For the Three Months Ended,
For the Nine Months Ended,
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Investment property revenue
$
122,118
$
116,741
$
396,753
$
420,375
Investment property operating expense
(43,678
)
(49,769
)
(154,736
)
(151,956
)
Investment property net rental income
78,440
66,972
242,017
268,419
Trust expense
Professional fees
