All amounts in this press release are in thousands of Canadian dollars except for average monthly rent ("AMR")1, or unless otherwise stated.
"We are pleased to announce another quarter of strong operating results with the Starlight Western Canada Multi-Family (No. 2) Fund achieving year-over-year net operating income growth of 2.5%," commented Neil Fischler, Executive Vice President. "Management continues to focus on increasing net operating income at its properties."
Q3-2025 HIGHLIGHTS
The Fund achieved AMR growth of approximately 2.6% between Q3-2024 and Q3-2025, continuing to be driven by sustained demand for multi-family suites due to continuing economic resilience and overall immigration levels in Canada and 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 Q3-2025 were $5,477 and $3,864 (Q3-2024 - $5,502 and $3,769), respectively, representing a decrease in revenue of 0.5% primarily due to a reduction in economic occupancy1 in Q3-2025 relative to Q3-2024, partially offset by AMR growth achieved between the two periods, and an increase in NOI of 2.5% relative to Q3-2024.
The Fund reported physical occupancy1 of 97.1% for the nine multi-family properties owned (the "Properties") as at September 30, 2025.
The Fund reported a net income and comprehensive income attributable to the unitholders of the Fund (the "Unitholders") for Q3-2025 of $511 (Q3-2024 - $710).
The Fund had approximately $3,105 of available liquidity as at September 30, 2025, including $2,500 of availability under the Fund's credit facility secured by Nanaimo 2.
As at November 17, 2025, the Fund had collected approximately 99.2% of rents for Q3-2025, 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 Q3-2025 was $1,044 (Q3-2024 - $847), representing an increase of $197 or 23.3% relative to Q3-2024, primarily due to the increase in NOI described above as well as lower finance costs and fund and trust expenses between the two periods.
Subsequent to September 30, 2025, the Fund announced a proposed business combination with the Starlight Western Canada Multi-Family Limited Partnership, comprising of six multi-family properties to create a single investment platform comprising of fifteen multi-family properties totaling 1,413 suites, including the Fund's existing portfolio of nine multi-family properties across Primary Markets, with an estimated aggregate value of $639,400 (see "Future Outlook" and "Subsequent Events").
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").
YTD-2025 HIGHLIGHTS
Revenue from property operations and NOI for YTD-2025 were $16,389 and $11,463 (YTD-2024 - $16,127 and $11,174), respectively, representing an increase of 1.6% and 2.6% relative to YTD-2024, primarily as a result of AMR growth described above.
The Fund reported a net income and comprehensive income attributable to Unitholders for YTD-2025 of $579 (YTD-2024 - $9,070). The higher net income and comprehensive income in YTD-2024 was primarily attributable to fair value adjustment on investment properties and incremental interest on historical balances received from the Fund's corporate banking provider.
AFFO for YTD-2025 was $2,987 (YTD-2024 - $1,846), representing an increase of $1,141 or 61.8% relative to YTD-2024 primarily due to an increase in NOI as well as lower finance costs and fund and trust expenses.
FINANCIAL CONDITION AND OPERATING RESULTS
Highlights of the financial and operating performance of the Fund as at September 30, 2025, for Q3-2025 and YTD-2025, including a comparison to December 31, 2024, Q3-2024 and YTD-2024, as applicable, are provided below:
September 30,2025
December 31, 2024
Key multi-family operational information
Number of multi-family properties owned
9
9
Total multi-family suites
944
944
Economic occupancy(1)
90.0 %
91.3 %
Physical occupancy(1)
97.1 %
94.9 %
AMR (in actual dollars)
$ 2,046
$ 2,000
AMR per square foot (in actual dollars)
$ 2.60
$ 2.56
Selected financial information
Gross book value(2)
$ 416,050
$ 414,480
Indebtedness(2)
$ 267,995
$ 269,546
Indebtedness to gross book value(2)
64.4 %
65.0 %
Weighted average interest rate - as at period end(3)
3.25 %
3.28 %
Weighted average loan term to maturity
4.34 years
5.09 years
Q3-2025
Q3-2024
YTD-2025
YTD-2024
Summarized income statement
Revenue from property operations
$ 5,477
$ 5,502
$ 16,389
$ 16,127
Property operating costs
(1,158)
(1,313)
(3,559)
(3,692)
Property taxes
(455)
(420)
(1,367)
(1,261)
Adjusted Income from Operations / NOI
3,864
3,769
11,463
11,174
Fund and trust expenses
(512)
(555)
(1,588)
(1,744)
Finance costs(4)
(2,598)
(2,667)
(7,748)
(8,450)
Other income and expense(5)
(243)
163
(1,548)
8,090
Net income and comprehensive income - attributable to Unitholders
$ 511
$ 710
$ 579
$ 9,070
