These acquisitions build on the Trust’s growth in 2024, when nine buildings were added to its portfolio.
Progress at Maison Riverain rental development
The Trust’s Maison Riverain development project in Ottawa continued to make strong progress in Q2’25, with Tower 1 lease-up advancing steadily and Tower 2’s foundation construction underway. Ottawa’s resilient occupancy levels and rental growth continue to support the project’s immediate and future outcomes.
Management’s disciplined financial strategy continues to support long-term value creation, backed by strong operating results and prudent leverage.
Portfolio-wide, revenue and net operating income (NOI) increased Y/Y by 39.3% and 38.3%, respectively. For the six months ended June 30, 2025, the Trust achieved operating revenues of $36.6M and NOI of $20.6M — reflecting the incremental contribution of 2024 acquisitions and operational enhancements across the Trust’s portfolio. Second-quarter same store metrics remained resilient, with Y/Y revenue and NOI up 4.2% and 3.4%, respectively.
Occupancy remained healthy at 96.0%, aligned with the national average and supporting continued income stability. Same store market rent growth of 8% Y/Y, combined with the turnover of 329 units in the first half of 2025, resulted in a 14.6% lift on rents and 5% growth for in-place rents. At 29.1%, the Trust’s gap to market provides healthy potential for future growth as market conditions evolve.
The Trust continued to implement expenditure controls and operational efficiency initiatives, with same store water expenses reduced by 5% Y/Y through sub-metering efforts and targeted energy conservation initiatives. The Trust’s average cap rate held steady at 4.48%, reflecting stable valuations and the strength of its income-producing portfolio.
The Trust’s mortgage profile remains conservative, with a mortgage debt to gross book value ratio of 52.3%. In addition, 99% of the Trust’s outstanding mortgage principle is CMHC-insured, providing access to favourable lending rates and enhanced financing stability. With limited debt maturities in the near term, the Trust maintains refinancing flexibility, stable distributions, and the ability to capture long-term upside as borrowing conditions improve.
Average Resident satisfaction scores continued to improve in every category, climbing 2.8% Y/Y across the Trust’s portfolio, further reinforcing Management’s commitment to providing high-quality, community-oriented rental housing.
While rents have softened from historic highs across Canadian rental markets — particularly in higher-cost urban centres where new supply is being absorbed — Management continues to monitor the market and each property’s leasing activity to optimize rental rates, preserving long-term net asset value.
Confidence in multifamily rental market
Management has prioritized targeted leasing incentives and operational efficiency over aggressive repricing strategies, reflecting a disciplined approach in line with institutional best practices. This strategy underscores Management’s confidence in the long-term strength of multifamily rents, which are expected to rise steadily as population growth — despite recent moderation — continues to trend upward then ultimately outpace the supply added during the current wave of completions. A potential recovery will be shaped by a range of external factors, including ongoing tariffs, delayed policy implementation, and a more cautious investor climate.
Building a resilient foundation for future growth
In this environment, the Trust’s disciplined strategy and long-term focus offer a distinct advantage. The Trust continues to advance development projects, such as Maison Riverain, while actively exploring future rental development opportunities.
With lower construction labour costs and fewer competitors in-market, there remains a narrow window to access high-quality sites at more favourable pricing. This allows the Trust to enter otherwise exclusive markets at a discount and build affordably into a period of expected supply scarcity.
Through a combination of selective acquisitions, proactive portfolio management, and diversification that includes new development, the Trust is building a resilient foundation for future growth. By focusing on well-located, income-generating assets and positioning for tomorrow’s supply-demand dynamics, Management continues to navigate the market cycle and deliver growth opportunities, laying the groundwork for sustained value creation in the years ahead.
Informations prospectives
Forward-looking information may relate to future events or the Trust’s performance.
Forward-looking information includes, but is not limited to, information regarding the Trust’s distributions, growth potential and volatility, investor returns, ability to achieve operational efficiencies, objectives, strategies to achieve those objectives, beliefs, plans, estimates, projections and intentions; and similar statements concerning anticipated future events, results, circumstances, performance or expectations and other statements that are not historical facts. These statements are based upon assumptions that the management of the Trust believes are reasonable, but there can be no assurance that actual results will be consistent with these forward-looking statements.
Forward-looking information involves numerous assumptions, known and unknown risks, and uncertainties that contribute to the possibility that the forward-looking statements will not occur and may cause actual results to differ materially from those anticipated in such forward-looking statements. Some of these risks are discussed in the section “Risk Factors” in the Offering Memorandum. These forward-looking statements are made as of the date of this communication and the Trust is not under any duty to update any of the forward-looking statements after the date of this communication other than as otherwise required by applicable legislation.
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