All amounts in this press release include amounts attributable to any non-controlling interests and are in thousands of Canadian dollars except for average monthly rent ("AMR")1, or unless otherwise stated.
"We are pleased with the strength of performance during the quarter which achieved same property net operating income growth of 5.0%" commented Neil Fischler, Executive Vice President. "Management continues to focus on its active management strategy for the properties to maximize the unitholders value."
Q1-2026 HIGHLIGHTS
The Fund achieved AMR growth of approximately 3.9% between Q1-2025 and Q1-2026 including the impact of acquisition of Starlight Western Canada Multi-Family Limited Partnership ("SW1") properties during fourth quarter of 2025. The growth continues to be driven by sustained demand for multi-family suites and overall immigration levels in Canada and in particular, Vancouver Island and the mainland of the Province of British Columbia ("BC") (collectively, the "Primary Markets").
Revenue from property operations and net operating income ("NOI")1 for Q1-2026 were $8,642 and $6,029 (Q1-2025 - $5,460 and $3,797), respectively, representing an increase in revenue and NOI of 58.3% and 58.8%, respectively, primarily due to the difference in the number of properties owned between the two periods ("Primary Variance Driver").
Same property net operating income ("Same Property NOI")1 for Q1-2026 was $3,987 (Q1-2025 - $3,797), representing an increase of $190 or 5.0% relative to Q1-2025 driven primarily by strong AMR growth and reductions in same property operating costs.
The Fund reported physical occupancy1 of 94.9% for the fifteen multi-family properties owned (the "Properties") as at March 31, 2026.
The Fund reported a net loss and comprehensive loss for Q1-2026 of $183 (Q1-2025 - income of $245). The income in Q1-2025 was primarily driven by non-recurring non-cash items in Q1-2025.
The Fund had approximately $33,578 of available liquidity as at March 31, 2026, including $20,000 of availability under the Fund's credit facilities.
As at May 19, 2026, the Fund had collected approximately 98.7% of rents for Q1-2026, with further amounts expected to be collected in future periods, demonstrating the Fund's high quality resident base and operating performance.
Adjusted funds from operations ("AFFO")1 for Q1-2026 was $1,895 (Q1-2025 - $979), representing an increase of $916 or 93.6% relative to Q1-2025, primarily due to the increase in NOI described above, partially offset by higher fund and trust expenses and finance costs as a result of Primary Variance Driver.
1 This metric is a non-IFRS measure. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS (see "Non-IFRS Financial Measures and Reconciliations").
FINANCIAL CONDITION AND OPERATING RESULTS
Highlights of the financial and operating performance of the Fund as at March 31, 2026 and for Q1-2026, including a comparison to March 31, 2025 and Q1-2025, as applicable, are provided below:
March 31, 2026
December 31, 2025
Key multi-family operational information
Number of multi-family properties owned
15
15
Total multi-family suites
1,413
1,413
Economic occupancy(1)(2)
90.1 %
91.8 %
Physical occupancy(1)
94.9 %
94.8 %
AMR (in actual dollars)
$ 2,105
$ 2,100
AMR per square foot (in actual dollars)
$ 2.65
$ 2.64
Selected financial information
Gross book value(2)
$ 639,500
$ 639,400
Indebtedness(2)
$ 409,205
$ 410,899
Indebtedness to gross book value(2)
64.0 %
64.3 %
Weighted average interest rate - as at period end(3)
2.92 %
2.92 %
Weighted average loan term to maturity
3.89 years
4.14 years
Q1-2026
Q1-2025
Summarized income statement
Revenue from property operations
$ 8,642
$ 5,460
Property operating
(1,920)
(1,243)
Property taxes
(693)
(420)
Adjusted income from operations / NOI
6,029
3,797
Fund and trust expenses
(956)
(526)
Finance costs(4)
(3,442)
(2,575)
Other income and expense(5)
(1,814)
(451)
Net (loss) income and comprehensive (loss) income
$ (183)
$ 245
Other selected financial information
Funds from operations ("FFO")(2)
$ 1,631
$ 696
FFO per Unit - basic and diluted(6)
0.08
0.05
AFFO
