STARLIGHT WESTERN CANADA MULTI-FAMILY (NO. 2) FUND ANNOUNCES Q1-2025 OPERATING RESULTS INCLUDING YEAR-OVER-YEAR NOI GROWTH OF 4.2%
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 4.2%," commented Neil Fischler, Executive Vice President. "Management's singular focus is to increase net operating income at its properties through an active asset management strategy with the goal of maximizing the total return to investors."
Q1-2025 HIGHLIGHTS
The Fund achieved AMR growth of approximately 3.9% between Q1-2024 and Q1-2025, continuing to be driven by strong demand for multi-family suites due to overall economic strength and sustained immigration levels in Canada and in particular, Vancouver Island and the mainland of the Province of British Columbia ("BC") (collectively, the "Primary Markets")
The Fund reported physical occupancy 1 of 96.1% for the nine multi-family properties owned (the "Properties") as at March 31, 2025.
Revenue from property operations and net operating income ("NOI") 1 for Q1-2025 were $5,460 and $3,797 (Q1-2024 - $5,251 and $3,645), respectively, representing an increase of 4.0% in revenue and an increase of 4.2% in NOI relative to Q1-2024, primarily due to higher AMR and economic occupancy.
The Fund reported a net income and comprehensive income attributable to the unitholders of the Fund (the "Unitholders') for Q1-2025 of $245 (Q1-2024 - $6,668). The higher net income and comprehensive income in Q1-2024 was attributable to fair value adjustment on investment properties.
The Fund had approximately $6,353 of available liquidity as at March 31, 2025, including $4,000 of availability under the Fund's credit facility.
As at May 7, 2025, the Fund had collected approximately 99.2% of rents for Q1-2025, 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 Q1-2025 was $979 (Q1-2024 - $408), representing an increase of $571 or 140.0% relative to Q1-2024 primarily due to an increase in NOI as well as lower finance costs and fund and trust expenses.
Highlights of the financial and operating performance of the Fund as at March 31, 2025 and for Q1-2025, including a comparison to December 31, 2024 and Q1-2024, as applicable, are provided below:
March 31, 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)(2)
90.8 %
91.3 %
Physical occupancy (1)
96.1 %
94.9 %
AMR (in actual dollars)
$ 2,027
$ 2,000
AMR per square foot (in actual dollars)
$ 2.58
$ 2.56
Selected financial information
Gross book value (2)
$ 414,646
$ 414,480
Indebtedness (2)
$ 268,531
$ 269,546
Indebtedness to gross book value (2)
64.8 %
65.0 %
Weighted average interest rate - as at period end (3)
3.25 %
3.28 %
Weighted average loan term to maturity
4.84 years
5.09 years
Q1-2025
Q1-2024
Summarized income statement
Revenue from property operations
$ 5,460
$ 5,251
Property operating costs
(1,243)
(1,251)
Property taxes
(420)
(355)
Adjusted Income from Operations / NOI
3,797
3,645
Fund and trust expenses
(526)
(598)
Finance costs (4)
(2,575)
(2,868)
Other income and expense (5)
(451)
6,489
Net income and comprehensive income - attributable to Unitholders
$ 245
$ 6,668
Other selected financial information
Funds from operations ("FFO") (2)
$ 696
$ 179
FFO per Unit - basic and diluted
0.05
0.01
AFFO (2)
979
408
AFFO per Unit - basic and diluted
0.08
0.03
Weighted average interest rate - average during period
3.27 %
3.77 %
Interest coverage ratio (2)
1.51x
1.22x
Indebtedness coverage ratio (2)
1.03x
0.89x
Distributions to Unitholders
$ 1,132
$ 997
Weighted average Units outstanding - basic and diluted (000s)
12,942
12,976
(1) Economic occupancy for Q1-2025 and Q1-2024 and physical occupancy as at the end of each applicable reporting period.
(2) 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").
(3) The weighted average interest rate on loans payable is presented as at March 31, 2025 and December 31, 2024, respectively.
(4) Finance costs include interest expense on loans payable as well as non-cash amortization of deferred financing costs and other financing costs.
(5) Includes distributions to Unitholders, fair value adjustment of investment properties, provision for carried interest and one time interest income.
NON-IFRS FINANCIAL MEASURES AND RECONCILIATIONS
The Fund's condensed consolidated interim financial statements are prepared in accordance with IFRS Accounting Standards ("IFRS"). Certain terms that may be used in this press release such as AFFO, AMR, adjusted net income and comprehensive income, cash provided by operating activities including interest costs, economic occupancy, physical occupancy, FFO, gross book value, indebtedness, indebtedness coverage ratio, indebtedness to gross book value, interest coverage ratio and NOI (collectively, the "Non-IFRS Measures") as well as other measures discussed elsewhere in this press release, are not measures defined under IFRS as prescribed by the International Accounting Standards Board, do not have standardized meanings prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures as reported by other issuers. The Fund uses these measures to better assess its underlying performance and provides these additional measures so that investors may do the same. Information on the most directly comparable IFRS measures, composition of the Non-IFRS Measures, a description of how the Fund uses these measures, and an explanation of how these Non-IFRS Measures provide useful information to the investors are set out in the Fund's management's discussion and analysis ("MD&A") in the "Non-IFRS Financial Measures" section for Q1-2025 and are available on the Fund's profile on SEDAR+ at www.sedarplus.ca, which is incorporated by reference into this press release.
A reconciliation of the Fund's interest coverage ratio and indebtedness coverage ratio are provided below:
For Q1-2025, the interest coverage ratio and the indebtedness coverage ratio were 1.51x and 1.03x (Q1-2024 - 1.22x and 0.89x), respectively. The increase in both ratios during Q1-2025 relative to Q1-2024 was primarily due to higher NOI as well as the impact of lower interest rates on variable debt and the increase to the proportion of the Fund's fixed rate debt.
CASH PROVIDED BY OPERATING ACTIVITIES RECONCILIATION TO FFO and AFFO
The Fund was formed as a "closed-end" fund with an initial term of three years, a targeted yield of 3.0% to 4.0% and a targeted minimum 12% pre-tax total investor internal rate of return across all Units.
Basic and diluted AFFO and AFFO per unit for Q1-2025 were $979 and $0.08 (Q1-2024 - $408 and $0.03), respectively, representing an increase in AFFO of $571 or 140.0%, primarily due to an increase in NOI as well as lower finance costs and fund and trust expenses.
A reconciliation of the Fund's cash provided by operating activities determined in accordance with IFRS to FFO and AFFO for Q1-2025 and Q1-2024 is provided below:
The Fund's cash provided by operating activities including interest and finance costs for Q1-2025 was $856 (Q1-2024 - cash used in $220), which was lower than distributions declared to Unitholders by $276 (Q1-2024 - $1,217).The Fund covers any shortfall between cash provided by operating activities including interest and finance costs and distributions using cash generated from operating activities of the Fund in certain periods where applicable, or through cash on hand, including any proceeds from financing activities as applicable or availability on the Fund's credit facilities.
FUTURE OUTLOOK
Since 2022, concerns over rising inflation contributed to a significant increase in interest rates with the Bank of Canada raising its target interest rate from 0.25% in early 2022 to 5.0% as of Q1-2024. Increases in target interest rates typically lead to increases in borrowing costs. Inflation in Canada has declined from its peak in June 2022 of 8.1% to 2.3% in March 2025 with improvements in global supply chains and the effects of higher interest rates moving through the economy. As a result, the Bank of Canada has reduced its target interest rate by a total of 225 basis points since June 2024, bringing it down to 2.75% as of May 8, 2025.
The Fund benefits from the availability of Canada Mortgage and Housing Corporation insured financing to the Canadian residential sector, which provided a stable, competitively priced source of financing. Operating fundamentals continue to be favorable as evidenced by the operating results achieved by the Fund and the Fund has made steady progress in mitigating the significant increases in interest rates by increasing the amount of fixed rate debt to 94.2% of its total debt as at March 31, 2025. Given the Fund was formed as a "closed-end" fund with an initial term of three years, it is the Fund's intention to maintain its targeted annual yield of 3.0% to 4.0% across all classes of Units despite elevated interest rates. The Fund continues to actively monitor the current interest rate environment and any associated impact this may have on the Fund's financial performance and ability to pay distributions.
According to Statistics Canada, the March 2025 unemployment rate in Canada was 6.7%, as compared to an unemployment rate of 6.1% in the Province of BC, including Vancouver Island and the Coast Region. BC gained approximately 27,000 jobs between March 2024 and March 2025, demonstrating the economic strength of the Primary Markets. The effect of decreasing interest rates is expected to further increase employment levels in Canada and in BC.
Each year, the Federal Department of Immigration, Refugees and Citizenship Canada ("IRCC") releases a new Immigration Levels Plan to guide its operations. In 2024, IRCC welcomed a record of 464,000 immigrants to Canada with a target of 395,000 immigrants for 2025. Canada's initial target was to welcome 500,000 new permanent residents each year, however, subsequent to September 2024, these targets were adjusted to 395,000 and 380,000 for the years of 2025 and 2026, respectively, with a further reduction to 365,000 for 2027. In early 2025, the United States announced certain tariffs on steel, aluminum and other imported components, with further tariffs enacted and continuing to be in effect between Canada and the U.S. and the U.S. and various other jurisdictions. These tariffs may result in increased construction or renovation costs for multi-family projects in Canada and the Primary Markets and at this stage, the Fund does not expect any significant impact to the Fund's operating results from changes in immigration or tariffs as the core fundamentals of the economy remain robust. The Fund continues to closely monitor these ongoing developments.
The above factors as well as the lack of housing supply and affordability, have made it more challenging for existing residents of multi-family properties to buy homes. In addition, the construction slowdown of new homes due to elevated interest rates has also continued to result in increased demand for multi-family suites and an expected reduction in new supply. The Primary Markets, including Langford, Nanaimo, Vernon and Langley, possess attractive qualities such as some of the fastest growing populations in BC with strong demographics of highly educated young professionals and families, diverse local job sectors, desirable dwelling locations with waterfront and mountain views, as well as significant economic growth creating an environment for continued demand which drives occupancy and rent growth given the limited supply of multi-family suites. The Fund believes it is well positioned to take advantage of sustained levels of immigration and favourable market conditions that are expected to continue to persist in future periods.
Further disclosure surrounding the Future Outlook is included in the Fund's MD&A in the "Future Outlook" section for Q1-2025 under the Fund's profile, which is available on www.sedarplus.ca.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws and which reflect the Fund's current expectations regarding future events, including the overall financial performance of the Fund and the Properties, the impact of elevated levels of inflation and interest rates and uncertainty surrounding U.S. tariffs. Forward-looking information is provided for the purposes of assisting the reader in understanding the Fund's financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes.
Forward-looking information may relate to future results, the impact of inflation levels and interest rates, acquisitions, financing, performance, achievements, events, prospects or opportunities for the Fund or the real estate industry and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, occupancy levels, AMR, taxes, and plans and objectives of or involving the Fund. Particularly, matters described in "Future Outlook" are forward-looking information. In some cases, forward-looking information can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "goal", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.
Forward-looking statements involve known and unknown risks and uncertainties, which may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities may not be achieved. Those risks and uncertainties include: the extent and sustainability of potential higher levels of inflation and the potential impact on the Fund's operating costs; the impact of any tariffs and retaliatory tariffs on the economy; changes in government legislation or tax laws which would impact any potential income taxes or other taxes rendered or payable with respect to the Properties or the Fund's legal entities; the impact of elevated interest rates and inflation; the extent to which favorable operating conditions achieved during historical periods may continue in future periods; the applicability of any government regulation concerning the Fund's residents or rents; the realization of property value appreciation and the timing thereof; the extent and pace at which any changes in interest rates that impact the Fund's weighted average interest rate may occur; and the availability of debt financing. A variety of factors, many of which are beyond the Fund's control, affect the operations, performance and results of the Fund and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results.
There are numerous risks and uncertainties which include, but are not limited to, risks related to the Units, risks related to the Fund and its business including inflation and changes in interest rates. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements as there can be no assurance actual results will be consistent with such forward-looking statements. Although the Fund believes the expectations reflected in such forward-looking information are reasonable and represent the Fund's projections, expectations and beliefs at this time, such information involves known and unknown risks and uncertainties which may cause the Fund's actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from the Fund's expectations include, among other things, the impact of inflation, the availability of mortgage financing and the interest rates for such financing, and general economic and market factors, including interest rates, business competition and changes in government regulations or in tax laws. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information, as there can be no assurance that actual results will be consistent with such forward-looking information.
Information contained in forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances, including the following: the applicability of any government regulation concerning the Fund's residents or rents; the realization of property value appreciation and the timing thereof; the inventory of residential real estate properties; the ability of the Fund to benefit from any asset management initiatives at certain Properties; the price at which the Properties may be disposed and the timing thereof; closing and other transaction costs in connection with the disposition of the Properties; availability of mortgage financing and current rates and market expectations for future interest rates; the capital structure of the Fund; the extent of competition for residential properties; the growth in NOI generated from asset management initiatives; the population of residential real estate market participants; assumptions about the markets in which the Fund operates; expenditures and fees in connection with the maintenance, operation and administration of the Properties; the ability of Starlight Investments CDN AM Group LP (the "Manager") to manage and operate the Properties; the global and Canadian economic environment; the impact, if any, of inflation on the Fund's operating costs; and governmental regulations or tax laws. There can be no assurance regarding: (a) inflation or changes in interest rates on the Fund's business, operations or performance; (b) the Fund's ability to mitigate such impacts; (c) credit, market, operational, and liquidity risks generally; (d) that the Manager or any of its affiliates, will continue its involvement as asset manager of the Fund in accordance with its current asset management agreement; and (e) other risks inherent to the Fund's business and/or factors beyond its control which could have a material adverse effect on the Fund.
The forward-looking information included in this press release relates only to events or information as of the date on which the statements are made in this press release. Except as specifically required by applicable Canadian securities law, the Fund undertakes no obligation to update or revise publicly any forward-looking information, whether because of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
ABOUT STARLIGHT WESTERN CANADA MULTI-FAMILY (NO. 2) FUND
The Fund is a trust formed under the laws of Ontario for the primary purpose of indirectly acquiring, owning and operating a portfolio of income producing multi-family rental properties located in BC. The Fund has interests in and operates a portfolio comprising interests in 944 income producing multi-family suites located in the Primary Markets.
For the Fund's complete condensed consolidated interim financial statements and MD&A for the three months ended March 31, 2025 and any other information related to the Fund, please visit www.sedarplus.ca. Further details regarding the Fund's unit performance and distributions, market conditions where the Fund's properties are located, performance by the Fund's properties and a capital investment update are also available in the Fund's May 2025 Newsletter which is available on the Fund's profile at .
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