TORONTO, March 6, 2026 /CNW/ – Starlight Western Canada Multi-Family (No. 2) Fund (the “Fund”) announced today its results of operations and financial condition for the three months ended December 31, 2025 (“Q4-2025”) and year ended December 31, 2025 (“YTD-2025”). Certain comparative figures are included for the Fund’s financial and operational performance as at December 31, 2024, for the three months ended December 31, 2024 (“Q4-2024”) and for the year ended December 31, 2024 (“YTD-2024”).
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.
“After completion of the amalgamation of our Western Canada Multi-Family Funds, we are pleased to announce strong quarterly results with the Starlight Western Canada Multi-Family (No. 2) Fund achieving 2.9% year-over-year rent growth” commented Neil Fischler, Executive Vice President. “Management continues to focus on increasing net operating income at its properties through potential synergies and active management strategies”
Q4-2025 HIGHLIGHTS
- On December 17, 2025, the Fund completed the acquisition of Starlight Western Canada Multi-Family Limited Partnership (“SW1”), 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 Vancouver Island and the mainland of the Province of British Columbia (“BC”) (collectively, the “Primary Markets”), with an aggregate value of $639,400 (the “Transaction”). The Transaction is expected to enhance diversification, operational efficiency, and access to capital, while positioning the combined entity to pursue a broader range of strategic alternatives and synergies, including a potential future capital raise and reduced cost of borrowing.
- The Fund achieved AMR growth of approximately 5.0% between Q4-2025 and Q4-2024 including the impact of acquisition of SW1 properties. The growth continues to be driven by sustained demand for multi-family suites due to continuing economic resilience and overall immigration levels in Canada and the Primary Markets.
- Revenue from property operations and net operating income (“NOI”)1 for Q4-2025 were $6,094 and $4,151 (Q4-2024 – $5,484 and $3,834), respectively, representing an increase in revenue of 11.1%, primarily due to the difference in the number of properties owned and number of operating days during each period (“Primary Variance Driver”), higher economic occupancy1 and AMR growth achieved in Q4-2025 relative to Q4-2024 and resulting in an increase in NOI of 8.3% relative to Q4-2024.
- The Fund reported physical occupancy1 of 94.8%% for the fifteen multi-family properties owned (the “Properties”) as at December 31, 2025.
- The Fund reported a net loss and comprehensive loss for Q4-2025 of $1,439 (Q4-2024 – loss of $8,697). The loss in Q4-2025 was primarily driven by non-cash items including a higher provision for carried interest, partially offset by fair value gain on investment properties during Q4-2025 primarily attributable to NOI growth.
- The Fund had approximately $36,549 of available liquidity as at December 31, 2025, including $20,000 of availability under the Fund’s credit facilities.
- As at March 5, 2026, the Fund had collected approximately 99.3% of rents for Q4-2025, 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 Q4-2025 was $1,196 (Q4-2024 – $1,004), representing an increase of $192 or 19.1% relative to Q4-2024, primarily due to the increase in NOI described above as well as lower fund and trust expenses, partially offset by finance costs due to Primary Variance Driver.
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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 $22,483 and $15,614 (YTD-2024 – $21,611 and $15,008), respectively, representing an increase of 4.0% for both figures relative to YTD-2024, primarily due to the Primary Variance Driver as well as AMR growth described above, partially offset by lower economic occupancy during YTD-2025 relative to YTD-2024.
- The Fund reported a net loss and comprehensive loss for YTD-2025 of $893 (YTD-2024 – $373). The loss in YTD-2025 was primarily attributable to non-cash items including a higher provision for carried interest and distributions paid as compared to YTD-2024, partially offset by higher fair value gain on investment properties and lower finance costs and fund and trust expenses as compared to YTD-2024.
- AFFO for YTD-2025 was $4,183 (YTD-2024 – $2,851), representing an increase of $1,332 or 46.7% relative to YTD-2024 primarily due to an increase in NOI as well as lower finance costs and fund and trust expenses as well as the impact of the acquisition of SW1.
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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 December 31, 2025, for Q4-2025 and YTD-2025, including a comparison to December 31, 2024, Q4-2024 and YTD-2024, as applicable, are provided below:
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December 31, |
December 31, |
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Key multi-family operational information |
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Number of multi-family properties owned |
15 |
9 |
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Total multi-family suites |
1,413 |
944 |
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Economic occupancy(1) |
91.8 % |
91.3 % |
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Physical occupancy(1) |
94.8 % |
94.9 % |
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AMR (in actual dollars) |
$ 2,100 |
$ 2,000 |
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AMR per square foot (in actual dollars) |
$ 2.64 |
$ 2.56 |
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Selected financial information |
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Gross book value(2) |
$ 639,400 |
$ 414,480 |
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Indebtedness(2) |
$ 410,899 |
$ 269,546 |
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Indebtedness to gross book value(2) |
64.3 % |
65.0 % |
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Weighted average interest rate – as at period end(3) |
2.92 % |
3.28 % |
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Weighted average loan term to maturity |
4.14 years |
5.09 years |
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Q4-2025 |
Q4-2024 |
YTD-2025 |
YTD-2024 |
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Summarized income statement |
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Revenue from property operations |
$ 6,094 |
$ 5,484 |
$ 22,483 |
$ 21,611 |
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Property operating |
(1,453) |
(1,229) |
(5,012) |
(4,921) |
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Property taxes |
(490) |
(421) |
(1,857) |
(1,682) |
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Adjusted income from operations / NOI |
4,151 |
3,834 |
15,614 |
15,008 |
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Fund and trust expenses |
(520) |
(522) |
(2,108) |
(2,266) |
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Finance costs(4) |
(2,879) |
(2,585) |
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