HUAWEI Pura 80 Series Debuts: Shattering Boundaries in Mobile Imaging
Iconic Design Brilliance
The HUAWEI Pura 80 Ultra and the striking Glazed Red HUAWEI Pura 80 Pro unveil a Dazzling Forward Symbol design, drawing inspiration from the timeless sunray motifs found in exquisite jewellery and luxury watches. This radiant sunburst pattern dazzles with intricate depth and harmonious interplay of light and shadow. The Pura 80 Ultra's lens is accentuated by a resplendent golden ring, forming the iconic forward symbol that boldly showcases the super brand emblem, creating a captivating visual centerpiece.
Photographic Excellence Redefined
The HUAWEI Pura 80 Pro's revolutionary 1-inch Ultra Lighting Camera maximizes light capture for stunning detail in low-light conditions, while the Ultra Chroma Camera ensures precise colour reproduction, delivering vivid, true-to-life nightscapes with exceptional clarity. The Pura 80 Ultra introduces a trailblazing Switchable Dual Telephoto Camera, blending a super-large photosensitive area with versatile 3.7x and 10x focal lengths to create cinematic portraits and dramatic, razor-sharp close-ups with striking spatial intensity.
HUAWEI's upgraded XMAGE branding fuels the Pura 80 Series with cutting-edge photographic innovation, leveraging the industry's largest telephoto sensor and advanced algorithms to produce crystal-clear images in high-magnification and low-light scenarios. From intricate architectural details to expansive city skylines, it excels at capturing vivid night atmospheres with precise hue and saturation. The series redefines stage photography and videography, capturing ultra-clear stage details and vibrant colours from afar, with 4K video delivering high-fidelity footage that vividly recreates live experiences.
AI-Driven Innovation Unleashed
Complementing its photographic prowess, the Pura 80 Pro and Pura 80 Ultra introduce the AI Smart Controls Button, a game-changing feature that delivers instant access to personalized functions such as the camera, flashlight, or AI lens with a single tap, tailored to individual preferences. Enhanced with fingerprint recognition for robust security, it ensures seamless and secure operation. Additionally, advanced AI Noise Cancellation revolutionizes calls with two-way noise reduction, isolating the speaker's voice while eliminating ambient noise for crystal-clear, distraction-free communication in any setting.
Relentless Power and Performance
Powering the Pura 80 Pro and Pura 80 Ultra is a robust 5170mAh battery, paired with 100W HUAWEI SuperCharge for lightning-fast charging and 80W Wireless HUAWEI SuperCharge for seamless, cable-free power-ups [1]. This dynamic combination of high capacity and rapid charging ensures uninterrupted performance, keeping users connected and engaged throughout their day.
Uncompromising Durability
Enhancing the Pura 80 Ultra's reliability, the 2nd-Gen Crystal Armor Kunlun Glass delivers unmatched protection, amplifying scratch resistance by 16x and drop resistance by 25x [2]. This state-of-the-art shielding ensures exceptional durability, effortlessly safeguarding the device against daily wear and tear for consistent, worry-free performance.
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Cision Canada
3 minutes ago
- Cision Canada
OceanaGold Reports Record Quarterly Net Profit
VANCOUVER, BC, Aug. 6, 2025 /CNW/ - OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") reported its operational and financial results for the three and six months ended June 30, 2025. The condensed interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") are available at Second Quarter Highlights On track to deliver full year production, cost and capital guidance. Safely and responsibly produced 119,500 ounces of gold and 3,700 tonnes of copper. All-In Sustaining Cost ("AISC") † of $2,027 per ounce in the quarter, resulting in $1,915 year to date, at the low-end of guidance range. Record quarterly revenue of $432 million supported by record average realized gold price of $3,293 per ounce, with no hedges or prepays. Record quarterly net profit of $118 million, record EPS of $0.49 and Adjusted EPS † of $0.51. EBITDA Margin † of 50% and Operating Cash Flow Per Share † of $0.99. Generated strong Free Cash Flow † of $120 million and $189 million year to date, resulting in a trailing 12 month Free Cash Flow † yield 1 of 18%. Cash balance increased by 31% to $299 million from the prior quarter, enhancing an already strong balance sheet with no debt. Repurchased $21 million in common shares during the quarter and $41 million year to date under the share buyback program. On track to buyback up to $100 million of shares in 2025. Declared a $0.03 per share quarterly dividend, payable in September 2025. Completed a 3-for-1 share consolidation in preparation for a planned listing on the New York Stock Exchange in the first half of 2026. Released new drill results at Wharekirauponga extending the strike length, continuing to demonstrate its upside potential. † See "Non-IFRS Financial Information" 1 Calculated as trailing 12 month Free Cash Flow† over the average trailing 12 month market capitalization in USD. Gerard Bond, President and CEO of OceanaGold, said: "We are pleased to have had another safe, responsible and strong quarter, with us being on track to deliver full year production, cost and capital guidance. Our production and cost performance, together with being a fully unhedged gold producer with no prepays, drove record quarterly net profit and earnings per share, and delivered strong Free Cash Flow. With no debt and a strengthening cash balance, our exceptional financial position continues to provide us the flexibility to invest in our exciting organic growth opportunities and deliver enhanced shareholder returns via dividends and our recently renewed and expanded share buyback program. Looking ahead, open pit waste stripping is advancing as planned at Haile in Ledbetter Phase 3 and at Macraes in Innes Mills Phase 8, setting us up for a strong fourth quarter and 2026 as we gain access to higher grade ore at our two largest sites. Permitting of our Waihi North Project, which includes the high-grade Wharekirauponga underground, is progressing and we continue to expect approval by year end. Building on the success at Wharekirauponga, where we recently announced an extension of the strike length, exploration is ongoing on promising targets at all sites as we remain focused on unlocking additional value for shareholders." Share Buyback and Dividend In the first half of 2025, the Company repurchased 3.9 million common shares for consideration of $40.6 million. The Board approved in February 2025 the repurchase in 2025 of up to $100 million of common shares under the Company's NCIB ("Normal Course Issuer Bid") program announced in July 2024. The NCIB was recently extended for another 12 months and upsized to be for up to 10% of issued capital. OceanaGold has declared a $0.03 per share dividend payable in September 2025. Shareholders of record at the close of business in each jurisdiction on August 20, 2025 (the "Record Date") will be entitled to receive payment of the dividend on September 19, 2025. The dividend payment applies to holders of record of the Company's common shares traded on the Toronto Stock Exchange. Dividends are payable in United States dollars. Shareholders in other jurisdictions can elect to participate in Computershare's international payments service if they want to receive dividends in an alternative currency. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. Results Overview 1 Production is reported on a 100% basis as all operations are controlled by OceanaGold. 2 Attributable to the shareholders of the Company. † See "Non-IFRS Financial Information" Management Update The Company is pleased to announce that Mr. Keenan Jennings has been appointed Chief Exploration Officer effective September 29, 2025. Mr. Jennings will replace Craig Feebrey who is retiring after 10 years with OceanaGold. Mr. Jennings brings over 35 years of global experience in mineral exploration and executive leadership, having held senior roles at BHP, Rio Tinto, and Anglo American. The Company also announces that Peter Sharpe, Chief Operating Officer-Asia Pacific, is leaving OceanaGold to pursue other opportunities outside the gold industry. His last day with the Company will be October 24, 2025. Bhuvanesh Malhotra, current Chief Technical and Project Officer, will become Chief Operating Officer for all operations from September 26, 2025. Mr. Malhotra has been with the Company since early 2024 and has over 25 years of experience in operational and technical roles across multiple commodities and mining methods, driving safety performance, operational excellence and sustainable transformational change. The Company thanks Mr. Feebrey and Mr. Sharpe for their tremendous contributions to OceanaGold and wishes them both well in the future. Conference Call and Webcast: Senior management will host a conference call and webcast to discuss the quarterly results on Thursday, August 7, 2025 at 10:00 am EST (7:00 am PST). To participate in the conference call, please use one of the following methods: Webcast: Toll-free North America: +1 888-510-2154 International: +1 437-900-0527 If you are unable to attend the call, a recording will be made available on the Company's website. About OceanaGold OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand. Cautionary Statement for Public Release This public release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company, its mining projects, the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and resource estimates, costs of production, estimates of initial capital, sustaining capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of the development of new mines, costs and timing of future exploration and drilling programs, timing of filing of updated technical information, anticipated production amounts, requirements for additional capital, governmental regulation of mining operations and exploration operations, timing and receipt of approvals, consents and permits under applicable legislation, environmental risks, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. All statements in this public release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: future prices of gold; general business; economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of the United States dollar relative to the Canadian dollar, the Australian dollar, the Philippines Peso or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or governmental approvals; inability or delays in the completion of development or construction activities or in the re-commencement of operations; legal challenges to mining and operating permits including the FTAA as well as those factors identified and described in more detail in the section entitled "Risk Factors" contained in the Company's most recent Annual Information Form and the Company's other filings with Canadian securities regulators, which are available on SEDAR+ at under the Company's name. The list is not exhaustive of the factors that may affect the Company's forward-looking statements. The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to: the Company's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry. The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements. Non-IFRS Financial Information Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share These are used by Management to measure the underlying operating performance of the Company. Management believes these measures provide information that is useful to investors because they are important indicators of the strength of the Company's operations and the performance of its core business. Accordingly, such measures are intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Adjusted Net Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses, write-downs, foreign exchange (gains)/losses, gain on sale of assets, OGP listing costs and restructuring costs related to transitioning certain corporate activities from Australia to Canada. The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share: $M, except per share amounts Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Net profit 117.6 101.2 34.0 218.8 28.7 Foreign exchange (gain) loss 2.4 0.8 (0.1) 3.2 6.2 Write-down of assets — 0.2 3.5 0.2 4.7 Gain on sale of Blackwater project — — (17.6) — (17.6) Tax expense on sale of Blackwater project — — 4.9 — 4.9 OGP listing costs — — 5.5 — 5.5 Restructuring costs — — 0.4 — 1.9 Adjusted net profit 120.0 102.2 30.6 222.2 34.3 Adjusted weighted average number of common shares - fully diluted 234.8 238.3 242.8 235.4 241.0 Adjusted earnings per share 0.51 0.43 0.13 0.94 0.14 EBITDA and Adjusted EBITDA Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by producing operating cash flows to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA less the impact of impairment expenses, write-downs, gains/losses on disposal of assets, OGP listing costs, foreign exchange gains/losses and other non-recurring costs. EBITDA Margin is calculated as EBITDA divided by revenue. Prior to the first quarter of 2024, Adjusted EBITDA was calculated using an adjustment for a specific portion of unrealized foreign exchange gains/losses rather than the total foreign exchange gain/loss. The comparative quarters have been recalculated adjusting for all foreign exchange gains/losses. The following table provides a reconciliation of EBITDA, Adjusted EBITDA and EBITDA Margin: $M Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Net profit 117.6 101.2 34.0 218.8 28.7 Depreciation and amortization 54.9 53.7 69.9 108.6 134.7 Net interest expense and finance costs 1.5 1.8 6.5 3.3 11.9 Income tax expense on earnings 43.1 35.3 2.0 78.4 9.0 EBITDA 217.1 192.0 112.4 409.1 184.3 Write-down of assets — 0.2 3.5 0.2 4.7 Gain on sale of Blackwater project — — (17.6) — (17.6) Tax expense on sale of Blackwater project — — 4.9 — 4.9 OGP listing costs — — 5.5 — 5.5 Restructuring expense — — 0.4 — 1.9 Foreign exchange (gain) loss 2.4 0.8 (0.1) 3.2 6.2 Adjusted EBITDA 219.5 193.0 109.0 412.5 189.9 Revenue 432.4 359.9 251.2 792.3 521.5 EBITDA Margin 50 % 53 % 45 % 52 % 35 % Cash Costs and AISC Cash Costs are a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. Management uses this measure to monitor the performance of its mining operations and its ability to generate positive cash flows, both on an individual site basis and an overall company basis. Cash Costs include mine site operating costs plus indirect taxes and selling cost net of by-product sales and are then divided by ounces sold. In calculating Cash Costs, the Company includes copper and silver by-product credits as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing Management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS. Management believes that the AISC measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows, both on an individual site basis and an overall company basis, while maintaining current production levels. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow per ounce sold. AISC is calculated as the sum of Cash Costs, capital expenditures and exploration costs that are sustaining in nature and corporate G&A costs. AISC is divided by ounces sold to arrive at AISC per ounce. Prior to the first quarter of 2025, Didipio's AISC calculation excluded local corporate G&A costs which is consistent with the calculation of AISC for the other operations. In order to align the Company's reporting of AISC with local reporting requirements in the Philippines, Management has included local corporate G&A costs in Didipio's AISC calculation beginning in the first quarter of 2025. The following table provides a reconciliation of consolidated Cash Costs and AISC: 1 Excludes the Additional Government Share related to the FTAA at Didipio of $10.2 million, $7.5 million and $17.7 million for the second quarter, first quarter and year to date 2025, respectively, as it is considered in nature of an income tax. The following tables provides a reconciliation of Cash Costs and AISC for each operation: Haile $M, except per oz amounts Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Cash costs of sales 53.9 45.6 50.5 99.5 103.7 By-product credits (1.9) (1.9) (0.8) (3.8) (1.5) Inventory adjustments (2.8) (3.0) 4.0 (5.8) 16.0 Freight, treatment and refining charges 0.2 0.2 0.1 0.4 0.2 Total Cash Costs (net) 49.4 40.9 53.8 90.3 118.4 Sustaining capital and leases 16.2 10.4 7.9 26.6 16.9 Deferred stripping and capitalized mining 28.0 36.4 18.4 64.4 26.6 Onsite exploration and drilling 0.1 0.8 — 0.9 — Total AISC 93.7 88.5 80.1 182.2 161.9 Gold sales (koz) 49.5 57.2 39.8 106.7 81.0 Cash Costs ($/oz) 997 715 1,351 846 1,462 AISC ($/oz) 1,890 1,551 2,008 1,708 1,998 Didipio $M, except per oz amounts Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Cash costs of sales 38.3 32.1 35.5 70.4 71.6 By-product credits (30.9) (31.2) (23.3) (62.1) (51.5) Royalties 2.4 1.6 1.6 4.0 3.0 Indirect taxes 5.7 4.7 4.8 10.4 10.4 Inventory adjustments (0.7) 4.5 (5.4) 3.8 (0.6) Freight, treatment and refining charges 3.2 3.8 3.3 7.0 7.2 Total Cash Costs (net) 18.0 15.5 16.5 33.5 40.1 Sustaining capital and leases 7.0 2.7 5.3 9.7 9.9 Deferred stripping and capitalized mining 1.1 1.9 1.8 3.0 3.7 General and administration 1 0.2 0.1 — 0.3 — Total AISC 26.3 20.2 23.6 46.5 53.7 Gold sales (koz) 20.6 17.8 18.9 38.4 50.7 Cash Costs ($/oz) 873 871 874 872 791 AISC 1 ($/oz) 1,287 1,130 1,250 1,214 1,059 1 Excludes the Additional Government Share of FTAA at Didipio of $10.2 million, $7.5 million and $17.7 million for the second quarter, first quarter, and year to date 2025, respectively, as it is considered in nature of an income tax. Macraes $M, except per oz amounts Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Cash costs of sales 43.3 39.2 24.1 82.5 53.7 Less: by-product credits — (0.1) (0.1) (0.1) (0.1) Royalties 2.6 0.7 2.3 3.3 2.2 Inventory adjustments 5.9 (7.6) 2.2 (1.7) 5.2 Freight, treatment and refining charges 0.3 0.2 0.2 0.5 0.4 Total Cash Costs (net) 52.1 32.4 28.7 84.5 61.4 Sustaining capital and leases 8.4 9.4 6.8 17.8 13.2 Deferred stripping and capitalized mining 14.2 12.3 25.4 26.5 44.1 Onsite exploration and drilling 0.1 0.6 0.4 0.7 1.0 Total AISC 74.8 54.7 61.3 129.5 119.7 Gold sales (koz) 34.8 23.7 26.5 58.5 58.7 Cash Costs ($/oz) 1,496 1,369 1,085 1,444 1,047 AISC ($/oz) 2,146 2,313 2,319 2,213 2,041 Waihi $M, except per oz amounts Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Cash costs of sales 30.7 26.8 18.0 57.5 37.5 By-product credits (2.6) (2.1) (1.1) (4.7) (2.1) Royalties 0.6 0.5 0.3 1.1 0.6 Inventory adjustments (1.4) (2.3) — (3.7) (0.2) Add: Freight, treatment and refining charges — 0.1 0.1 0.1 0.1 Total Cash Costs (net) 27.3 23.0 17.3 50.3 35.9 Sustaining capital and leases 2.2 4.3 1.8 6.5 4.3 Deferred stripping and capitalized mining 5.7 4.7 6.1 10.4 11.6 Onsite exploration and drilling 0.5 0.2 0.7 0.7 1.9 Total AISC 35.7 32.2 25.9 67.9 53.7 Gold sales (koz) 16.4 15.9 10.6 32.3 22.2 Cash Costs ($/oz) 1,670 1,445 1,635 1,559 1,617 AISC ($/oz) 2,190 2,019 2,434 2,106 2,418 Net Cash/(Debt) Net Cash/(Debt) has been calculated as total debt less cash and cash equivalents. Management believes this is a useful indicator to be used in conjunction with other liquidity and leverage ratios to assess the Company's financial health. Prior to 2024, lease liabilities were included in the calculation of Net Cash/(Debt). The change in respect of 2024 is consistent with the generally adopted approach to the calculation of Net Cash/(Debt). The comparative quarters have been recalculated excluding lease liabilities. The following table provides a reconciliation of Net Cash/(Debt): 1 Fleet facility arrangement for mining equipment financing was fully repaid in March 2025. There are no additional amounts available under the fleet facility. Operating Cash Flow per share Operating Cash Flow per share before working capital movements is calculated as the cash flows provided by operating activities adjusted for changes in working capital then divided by the fully diluted adjusted weighted average number of common shares issued and outstanding. The following table provides a reconciliation of total fully diluted Operating Cash Flow per share: Free Cash Flow Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities. Management believes Free Cash Flow is a useful indicator of the Company's ability to generate cash flow and operate net of all expenditures, prior to any financing cash flows. Free Cash Flow per share is calculated as the Free Cash Flow divided by the fully diluted adjusted weighted average number of common shares issued and outstanding. The following table provides a reconciliation of Free Cash Flow: SOURCE OceanaGold Corporation
Cision Canada
3 minutes ago
- Cision Canada
CANACCORD GENUITY GROUP INC. REPORTS FIRST QUARTER FISCAL 2026 RESULTS
TORONTO, Aug. 6, 2025 /CNW/ - Canaccord Genuity Group Inc. (Canaccord Genuity Group, the Company) (TSX: CF) today announced its financial results for the first fiscal quarter ended June 30, 2025. "We delivered a solid top-line performance for our first fiscal quarter, led by record contributions from our wealth management division. Elevated trading volumes and a notable improvement in corporate financing activity helped offset a significant decline in advisory completions, which were affected by trade and policy uncertainty impacting smaller-cap companies in our core sectors," said Dan Daviau, Chairman & CEO of Canaccord Genuity Group Inc. "As we execute effectively for our clients amid improving business conditions, we remain confident in our ability to enhance our firm-wide results and profit margins for the current fiscal year." First fiscal quarter highlights (adjusted): (All dollar amounts are stated in thousands of Canadian dollars and on an adjusted basis excluding significant items (1) unless otherwise indicated) First quarter revenue of $448.4 million, an increase of 4.5% over the same period in the prior year First quarter net income before taxes of $33.4 million, a decrease of 4.1% or $1.4 million year-over-year Diluted earnings per common share for the first fiscal quarter of $0.13 per share, unchanged from the same period in the prior year Record quarterly wealth management revenue of $242.9 million, a year-over-year increase of 12.5% CG's global wealth management division contributed net income before taxes of $40.8 million in the first quarter of fiscal 2026, a year-over-year increase of 22.7% Total client assets (1) in our global wealth management division increased by 18.4% year-over-year to a new record of $125.3 billion with new highs achieved in all regions. Growth reflects year-over-year increases of 16.9% in Canada, 17.6% in the UK & Crown Dependencies, and 34.3% in Australia Global capital markets revenue of $200.1 million declined 2.7% year-over-year, primarily attributable to a decrease in advisory completions in the Company's core focus sectors, partially offset by higher trading and commissions & fees revenue CG's global capital markets division contributed first quarter net income before taxes of $5.5 million On an IFRS basis, revenue of $448.4 million increased 4.7% year over year. Net loss before taxes for the first quarter of $11.9 million compared to pre-tax income of $23.5 million in Q1/25. Diluted loss per common share of $0.32 compared to EPS of $0.02 in Q1/25. First quarter common share dividend of $0.085 per share Three months ended June 30 Year-over-year change Three months ended March 31 Quarter-over- quarter change Q1/26 Q1/25 Q4/25 First fiscal quarter highlights- adjusted 1 Revenue 1 $448,447 $428,961 4.5 % $460,016 (2.5) % Expenses 1 $415,063 $394,144 5.3 % $427,775 (3.0) % Diluted earnings per common share 1 $0.13 $0.13 - $0.12 8.3 % 1 See Non-IFRS Measures on page 5 Net Income 1,2 $26,059 $25,441 2.4 % $22,481 15.9 % Net Income attributable to common shareholders 1,3 $13,505 $13,363 1.1 % $11,892 13.6 % First fiscal quarter highlights- IFRS Revenue $448,447 $428,165 4.7 % $461,227 (2.8) % Expenses $460,360 $404,632 13.8 % $442,944 3.9 % Diluted (loss) earnings per common share $(0.32) $0.02 n.m. $(0.01) n.m. Net (loss) income 2 $(16,845) $16,721 (200.7) % $10,867 (255.0) % Net (loss) income attributable to common shareholders,3 $(30,911) $2,399 n.m. $(1,156) n.m. 1. Figures excluding significant items are non-IFRS measures. See Non-IFRS Measures on page 5 2. Before non-controlling interests and preferred share dividends paid on the Series A and Series C Preferred Shares 3. Net income (loss) attributable to common shareholders is calculated as the net income adjusted for non-controlling interests and preferred share dividends Core business performance highlights: Canaccord Genuity Wealth Management The Company's combined global wealth management operations earned record quarterly revenue of $242.9 million for the first fiscal quarter, a year-over-year increase of 12.5%. This increase was largely attributable to higher commissions & fees revenue earned in all geographies which largely reflects our strategy of increasing contributions from fee-based assets. On a consolidated basis, commissions & fees revenue earned in this division for the three-month period amounted to a record $194.1 million, a year-over-year increase of 17.9%. Net income before taxes excluding significant items (1) increased by 22.7% year-over-year to $40.8 million. Wealth management operations in the UK & Crown Dependencies generated first quarter revenue of $125.7 million, an increase of 17.0% compared to the same period last year and represents the sixth consecutive quarter of record revenue in this business. Commissions & fee revenue improved by 21.9% year-over-year to $101.0 million. Net income before taxes excluding significant items (1) was $29.7 million in Q1/26, up 30.5% year-over-year. Normalized EBITDA (1)(2)(3), a commonly used operating metric for this business, was £21.1 million for the three months ended June 30, 2025, a year-over-year increase of 8.5%. Canaccord Genuity Wealth Management (North America) generated $94.1 million in fiscal first quarter revenue, an increase of 4.5% compared to the same quarter a year ago. Commissions & fees revenue for the three-month period increased by 10.4% year-over-year to $72.9 million. Excluding significant items (1), net income before taxes was $9.2 million in Q1/26, materially in line with the same period of the prior year. EBITDA (1)(2) in this business was $15.5 million for the three months ended June 30, 2025. Wealth management operations in Australia generated a new record of $23.1 million in fiscal first quarter revenue, an increase of 25.2% compared to the first quarter of last year. Commissions & fees revenue increased by 28.0% year-over-year to $20.2 million and investment banking revenue increased by 12.0% to $2.6 million. Excluding significant items (1), net income before taxes for this business was $1.9 million in Q1/26, up 52.0% from $1.2 million in Q1/25. Total client assets in the Company's global wealth management division at the end of the first fiscal quarter amounted to $125.3 billion, an increase of $19.5 billion or 18.4% from Q1/25. Client assets in the UK & Crown Dependencies reached a new record of $71.6 billion (£38.3 billion) as at June 30, 2025, a year-over-year increase of 17.6% (an increase of 8.8% in local currency) due to net new assets from acquisitions, market growth, positive net flows and foreign exchange movement. On a sequential basis, client assets (1) increased by 3.4% from $69.2 billion (£37.2 billion) from the previous quarter. Client assets in North America reached a new record of $44.8 billion as at June 30, 2025, an increase of 16.9% from $38.3 billion at June 30, 2024 and an increase of 4.9% from March 31, 2025. The year-over-year increase was attributable to increases in market values, positive net flows and recruitment activity. Client assets (1) in Australia were $8.9 billion (AUD 10.0 billion) at June 30, 2025, an increase of 34.3% from the first quarter of fiscal 2025 and an increase of 5.5% from $8.4 billion (AUD 9.4 billion) at March 31, 2025. In addition, client assets (1) totalling $13.6 billion (AUD 15.2 billion) are also held on record in less active and transactional accounts through our Australian platform. Canaccord Genuity Capital Markets On a consolidated basis, Canaccord Genuity Capital Markets earned revenue of $200.1 million for the first fiscal quarter, a year-over-year decrease of 2.7%, largely due to a decline in advisory fees revenue as trade and policy-related economic uncertainties resulted in fewer transactions being completed during the quarter. The year-over-year decline was partially offset by stronger contributions from principal trading activities and commissions & fees revenue. Advisory revenue of $48.9 million decreased by 27.1% year-over-year, primarily reflecting the timing of completions in our US and UK businesses due to the impact of previously mentioned economic uncertainties, partially offset by increases in our Canadian and Australian operations. As advisory activity has become a more meaningful component of the Australian operations, advisory fees revenue is disclosed separately commencing Q1 fiscal 2026 instead of being included in investment banking. Comparatives have been restated. Investment banking revenue of $62.4 million improved by 55.5% compared to the prior fiscal quarter but decreased by 4.1% compared to the exceptionally strong performance of Q1/25. The sequential increase was driven by higher contributions in our Canadian, US and Australian capital markets businesses. During the three-month period, Canaccord Genuity Capital Markets participated in 93 investment banking transactions globally, raising total proceeds of $16.2 billion. Trading revenue increased by 52.3% year-over-year and 20.5% sequentially to $37.8 million and primarily reflects contributions from our US operations, which benefited from increased trading volumes as a result of heightened volatility during the three-month period. Commissions & fees revenue increased by 8.1% year-over-year, to $41.0 million. Increases in our US, Canadian and Australian operations were partially offset by a modest decline in the UK & Europe. Excluding significant items (1), our global capital markets division recorded net income of $5.5 million for the quarter compared to $13.0 million in the same period a year ago. Contributions of $6.5 million and $4.9 million from our Canadian and Australian businesses were partially offset by losses of $3.3 million and $2.6 million in our US and UK operations. Summary of Corporate Developments On April 1, 2025, the Company announced that it had entered into a definitive agreement to sell its U.S. wholesale market making business to Cantor, further strengthening its focus on its core global advisory and ECM-led investment banking platform. Completion of the sale is subject to customary closing conditions and is expected to occur in the first half of the Company's 2026 fiscal year. During the first quarter of fiscal 2026, subsidiaries of the Company ("CG Group") made approximately $27.0 million in new purchase loans ("2026 Purchase Loans") to executive officers, senior managers and senior revenue producing employees of CG Group (the "Participants") for the purpose of funding part of their purchase price for limited partnership units ("LP Units") in CG Partners Limited Partnership (the "Partnership" or "CG Partners"), the independent employee share ownership partnership. The 2026 Purchase Loans contain substantially the same terms as the purchase loans advanced to Participants in fiscal 2025 (the "2025 Purchase Loans" and together with the 2026 Purchase Loans, the "Purchase Loans"). In particular, the 2026 Purchase Loans bear interest, have a term up to seven years, are secured against a pledge of the LP Units and include a top-up made on annual bonuses or monthly grid payments, as applicable, in connection with the repayment of principal under the loans by the Participants. In connection therewith, in June 2026, the Company advanced the Partnership a $17.0 million short-term interest-bearing secured loan (the "New Partnership Loan"), which the Partnership repaid prior to June 30, 2025 using the cash proceeds that it received from the Participants' subscription for LP Units. As of June 30, 2025, the aggregate Purchase Loans outstanding net of principal repayments was $69.4 million. Results for the First Quarter of Fiscal 2026 were impacted by the following significant items: Summary of Results for Q1 Fiscal 2026 and Selected Financial Information Excluding Significant Items (1): Three months ended June 30 Quarter-over- quarter change (C$ thousands, except per share and % amounts) 2025 2024 Revenue Revenue per IFRS $448,447 $428,165 4.7 % Significant items recorded in Corporate and Other Fair value adjustments on certain illiquid and restricted marketable securities - $796 (100.0) % Total revenue excluding significant item $448,447 $428,961 4.5 % Expenses Expenses per IFRS $460,360 $404,632 13.8 % Significant items recorded in CanaccordGenuity Capital Markets Amortization of intangible assets $107 $157 (31.8) % Incentive-based costs related to acquisitions $495 $513 (3.5) % Restructuring costs - $2,657 (100.0) % Lease expenses related to premises under construction - $2,026 (100.0) % Change in fair value of contingent consideration $(3,213) - n.m Provision $2,553 - n.m Significant items recorded in CanaccordGenuity Wealth Management Amortization of intangible assets $7,514 $5,829 28.9 % CGWM UK management incentive plan $7,400 - n.m Incentive-based costs related to acquisitions $2,998 $832 260.3 % Acquisition-related costs $718 $704 2.0 % Significant items recorded in Corporate and Other Lease expenses related to premises under construction - $1,794 (100.0) % Fair value adjustment of non-controlling interests derivative liability $12,000 - n.m Fair value adjustment of convertible debentures derivative liability $14,725 $(4,024) n.m Total significant items – expenses $45,297 $10,488 n.m Total expenses excluding significant items $415,063 $394,144 5.3 % Net income before taxes excluding significant items (1) $33,384 $34,817 (4.1) % Income taxes – adjusted (1) $7,325 $9,376 (21.9) % Net income excluding significant items (1) $26,059 $25,441 2.4 % Significant items impacting net income attributable to common shareholders Non-controlling interests – IFRS $11,214 $11,470 (2.2) % Amortization of equity component of the non-controlling interests in CGWM UK and other adjustment $1,512 $2,244 (32.6) % Non-controlling interests (adjusted) (1) $9,702 $9,226 5.2 % Preferred share dividends $2,852 $2,852 - Net income attributable to common shareholders, excluding significant items (1) $13,505 $13,363 1.1 % Earnings per common share excluding significant items– basic (1)(2) $0.14 $0.14 - Earnings per common share excluding significant items- diluted (1)(2) $0.13 $0.13 - 1 Figures excluding significant items are non-IFRS measures. See Non-IFRS Measures on page 5. 2 For the quarter ended June 30, 2025, the effect of reflecting the Company's proportionate share of CGWM UK's earnings is anti-dilutive under both IFRS and on an adjusted basis excluding significant items (1). As such, the diluted EPS and net income attributable to common shareholders under IFRS and on an adjusted basis excluding significant items (1) is computed based on net income less paid and accrued dividends on the Convertible Preferred Shares and Preference Shares issued by CGWM UK to determine net income attributable to CGGI shareholders. Financial Condition at the End of First Quarter Fiscal 2026 vs. Fourth Quarter of Fiscal 2025: Common and Preferred Share Dividends: On August 6, 2025, the Board of Directors approved a dividend of $0.085 per common share, payable on September 10, 2025, with a record date of August 29, 2025. On August 6, 2025, the Board approved a cash dividend of $0.25175 per Series A Preferred Share payable on September 30, 2025 to Series A Preferred shareholders of record as at September 19, 2025. On August 6, 2025, the Board approved a cash dividend of $0.42731 per Series C Preferred Share payable on September 30, 2025 to Series C Preferred shareholders of record as at September 19, 2025. Non-IFRS Measures Certain non-IFRS measures, non-IFRS ratios and supplementary financial measures are utilized by the Company as measures of financial performance. Non-IFRS measures, non-IFRS ratios and supplementary financial measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Management believes that these non-IFRS measures, non-IFRS ratios and supplementary financial measures allow for a better evaluation of the operating performance of the Company's business and facilitate meaningful comparison of results in the current period to those in prior periods and future periods. Non-IFRS measures presented in this earnings release include certain figures from our statement of operations that are adjusted to exclude significant items. Although figures that exclude significant items provide useful information by excluding certain items that may not be indicative of the Company's core operating results, a limitation of utilizing these figures that exclude significant items is that the IFRS accounting effects of these items do in fact reflect the underlying financial results of the Company's business. Accordingly, these effects should not be ignored in evaluating and analyzing the Company's financial results. Therefore, management believes that the Company's IFRS measures of financial performance and the respective non-IFRS measures should be considered together. Non-IFRS Measures (Adjusted Figures) Figures that exclude significant items provide useful information by excluding certain items that may not be indicative of the Company's core operating results. Financial statement items that exclude significant items are non-IFRS measures. To calculate these non-IFRS financial statement items, we exclude certain items from our financial results prepared in accordance with IFRS. The items which have been excluded are referred to herein as significant items. The following is a description of the composition of the non-IFRS measures used in this earnings release (note that some significant items excluded may not be applicable to the calculation of the non-IFRS measure for each comparative period): (i) revenue excluding significant items, which is revenue per IFRS excluding any applicable fair value adjustments on certain illiquid or restricted marketable securities, warrants and options as recorded for IFRS reporting purposes but which are excluded for management reporting purposes and are not used by management to assess operating performance; (ii) expenses excluding significant items are expenses per IFRS less any applicable amortization of intangible assets acquired in connection with a business combination, restructuring costs, certain expenses related to leased premises under construction, acquisition-related expense items, which includes costs recognized in relation to both prospective and completed acquisitions, certain incentive-based costs related to the acquisitions and growth initiatives of Canaccord Genuity Wealth Management in the UK and Crown Dependencies ("CGWM UK") and the US and UK capital markets divisions, fair value adjustment of certain contingent consideration in connection with prior acquisitions, fair value adjustments to the derivative liability component of non-controlling interests in CGWM UK, fair value adjustments to the derivative liability component related to the convertible debentures; a fair value adjustment in respect of the CGWM UK management incentive plan; and certain provisions and professional fees related to the ongoing US regulatory matters (iii) overhead expenses excluding significant items, which are calculated as expenses excluding significant items less compensation expense; (iv) net income before taxes after intersegment allocations and excluding significant items, which is composed of revenue excluding significant items less expenses excluding significant items; (v) income taxes (adjusted), which is composed of income taxes per IFRS adjusted to reflect the associated tax effect of the excluded significant items; (vi) net income excluding significant items, which is net income before income taxes excluding significant items less income taxes (adjusted); (vii) non-controlling interests (adjusted), which is composed of the non-controlling interests per IFRS less the amortization of the equity component of the non-controlling interests in CGWM UK and adjusted as applicable under the treasury stock method when dilutive; (viii) net income attributable to common shareholders excluding significant items, which is net income excluding significant items less non-controlling interests (adjusted) and preferred share dividends paid on the Series A and Series C Preferred Shares. Other non-IFRS measures include earnings before income taxes, interest, depreciation and amortization (EBITDA), which is net income before taxes excluding significant items and also excludes certain corporate interest revenue and corporate interest expense, depreciation and amortization and normalized EBITDA which is EBITDA excluding certain expenses of a specialized or non-recurring nature. EBITDA does not exclude right of use assets amortization and lease interest expense. The respective figures as described in this paragraph for the Company's operating divisions are determined as described herein and are non-IFRS measures. A reconciliation of non-IFRS measures that exclude significant items to the applicable IFRS measures from the unaudited interim condensed consolidated financial statements for the first quarter of fiscal 2026 can be found above in the table entitled "Summary of results for Q1 fiscal 2026 and selected financial information excluding significant items". Non-IFRS Ratios Non-IFRS ratios are calculated using the non-IFRS measures defined above. For the periods presented herein, we have used the following non-IFRS ratios: (i) total expenses excluding significant items as a percentage of revenue, which is calculated by dividing expenses excluding significant items by revenue excluding significant items; (ii) earnings per common share excluding significant items, which is calculated by dividing net income attributable to common shareholders excluding significant items by the weighted average number of common shares outstanding (basic); (iii) diluted earnings per common share excluding significant items which is calculated by dividing net income attributable to common shareholders excluding significant items by the weighted average number of common shares outstanding (diluted); and (iv) pre-tax profit margin which is calculated by dividing net income before taxes excluding significant items by revenue excluding significant items. Supplementary Financial Measures Client assets are supplementary financial measures that do not have any definitions prescribed under IFRS but do not meet the definition of a non-IFRS measure or non-IFRS ratio. Client assets, which include both assets under management (AUM) and assets under administration (AUA), is a measure that is common to the wealth management business. Client assets is the market value of client assets managed and administered by the Company from which the Company earns commissions and fees. This measure includes funds held in client accounts as well as the aggregate market value of long and short security positions. The Company's method of calculating client assets may differ from the methods used by other companies, and therefore these measures may not be comparable to other companies. Management uses these measures to assess operational performance of the Canaccord Genuity Wealth Management business segment. ACCESS TO QUARTERLY RESULTS INFORMATION Interested parties are invited to listen to Canaccord Genuity's first quarter fiscal 2026 results conference call via live webcast or a toll-free number. The conference call is scheduled for Thursday, August 7, at 8:00 a.m. Eastern time, 1:00 p.m. UK, and 10:00 p.m. Australia AEST. The conference call may be accessed live and will also be archived on a listen-only basis at: Analysts and institutional investors can call in via telephone at: 1-416-945-7677 (within Toronto) 1-888-699-1199 (toll free in North America) 448-002-797-040 (toll free from the United Kingdom) 612-801-71385 (toll free from Australia) Please ask to participate in the Canaccord Genuity Group Inc. Q1/26 results call. If a conference call ID is requested, please use 49869. A replay of the conference call will be made available from approximately two hours after the live call on August 7, 2025, until September 7, 2025, at 1-289-819-1450 or 1-888-660-6345 by entering passcode 49869 followed by the (#) key. ABOUT CANACCORD GENUITY GROUP INC.: Through its principal subsidiaries, Canaccord Genuity Group Inc. (the Company) is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the Company has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The Company has wealth management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. The Company's international capital markets division operates in North America, the UK & Europe, Asia, and Australia. Canaccord Genuity Group Inc. is listed under the symbol CF on the TSX. CAUTION REGARDING FORWARD-LOOKING STATEMENTS This earnings release may contain "forward-looking information" as defined under applicable securities laws ("forward-looking statements"). These statements relate to future events or future performance and reflect the Company's expectations, beliefs, plans, estimates, intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including statements related to potential future transactions, actions by the Management Group or future Board representation. Such forward-looking statements reflect management's current beliefs and are based on information currently available to the Company. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target", "intend", "could" or the negative of these terms or other comparable terminology. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, the trading price of the Company's shares; the Company's financial condition and earnings; market and general economic conditions (including slowing economic growth, inflation and rising interest rates); the dynamic nature of the financial services industry; and the risks and uncertainties discussed from time to time in the Company's interim condensed and annual consolidated financial statements, its annual report and its annual information form ("AIF") filed on as well as the factors discussed in the sections entitled "Risk Management" and "Risk Factors" in the AIF, which include market, liquidity, credit, operational, legal and regulatory risks. Although the forward-looking statements contained in this earnings release are based upon assumptions that the Company believes are reasonable, there can be no assurance that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this earnings release are made as of the date of this earnings release and should not be relied upon as representing the Company's views as of any date subsequent to the date of this earnings release. Except as may be required by applicable law, the Company does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, further developments or otherwise. SOURCE Canaccord Genuity Group Inc.
Cision Canada
3 minutes ago
- Cision Canada
BSR REIT ANNOUNCES SECOND QUARTER 2025 FINANCIAL RESULTS
LITTLE ROCK, Ark. and TORONTO, Aug. 6, 2025 /CNW/ - BSR Real Estate Investment Trust ("BSR", or the "REIT") (TSX: HOM.U) (TSX: today announced its financial results for the three and six months ended June 30, 2025 ("Q2 2025" and "YTD 2025," respectively). All comparisons are to the corresponding periods in the prior year. Results are presented in U.S. dollars. References to "Same Community" correspond to stabilized properties the REIT has owned for equivalent periods throughout YTD 2025 and the three and six months ended June 30, 2024 ("Q2 2024" and "YTD 2024," respectively). "Non-Same Community" properties include: Venue Craig Ranch Apartments, Forayna Vintage Park and Botanic Luxury Living (collectively, the "Property Acquisitions"); Aura 35Fifty, which was developed and completed in December 2024 (the "Non-Stabilized Property"); Bluff Creek Apartments, Cielo I, Cielo II, Retreat at Wolf Ranch, Auberry at Twin Creeks, Aura Benbrook, Lakeway Castle Hills, Satori Frisco, Vale Frisco and Wimberly (collectively, the "Property Dispositions"). The Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis as of and for the three and six months ended June 30, 2025 are prepared in accordance with the accounting standards issued by the International Accounting Standards Board ("IFRS Accounting Standards" or "GAAP"), and are available on the REIT's website at and at A reconciliation of Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO") to net income and comprehensive income, as well as an expanded discussion of the components of FFO and AFFO, and a reconciliation of Net Asset Value ("NAV") to unitholders equity can be found under "Non-GAAP Measures" in this release. Calculations of FFO per Unit, AFFO per Unit and NAV per Unit include trust units of the REIT ("Units"), Class B Units of BSR Trust, LLC ("Class B Units") and issued deferred units of the REIT granted to trustees ("Deferred Units"). "Our second quarter results reflect the growing positive momentum supporting our business and reinforce our expected pivot to sustained growth in the quarters to come," said Dan Oberste, the REIT's President and Chief Executive Officer. "Just as we said we would, following the closing of our transformative dispositions earlier this year, our team was able to expeditiously and accretively redeploy a significant portion of the proceeds into two highly attractive assets in the north Houston market. Combined with our recent Dallas acquisition and lease up of our Austin development, we are excited about the opportunity this new crop of acquisitions brings to our residents and Unitholders. With additional capital ready to deploy and our Same-Community portfolio approaching an inflection point on blended trade-outs, we are highly confident in the REIT's increased growth trajectory." Q2 2025 Highlights Same Community weighted average occupancy was 95.6% as of June 30, 2025, compared to 95.4% as of June 30, 2024; During Q2 2025, excluding short term leases, Same Community rental rates for new leases and renewals changed -3.7% and 1.7%, respectively, resulting in a -0.7% blended change over the prior leases. The blended decrease represents a 200 basis point sequential improvement relative to blended rates in the first three months of 2025; As of June 30, 2025, the occupancy of the Non-Stabilized Property was 59.7%, which is an improvement from 35.3% as of March 31, 2025; As of June 30, 2025, the REIT's total liquidity was $82.5 million; On April 3, 2025, the REIT entered into a new receive-variable based USD-SOFR CME/pay fixed interest rate swap with a notional value of $150.0 million at a fixed rate of 2.88% effective July 1, 2025, and maturing July 1, 2030, subject to the counterparty's optional early termination date of July 1, 2027; On April 30, 2025, the REIT sold six properties (Auberry at Twin Creeks, Aura Benbrook, Lakeway Castle Hills, Satori Frisco, Vale Frisco and Wimberly) comprising 1,844 apartment units located in Dallas, TX for $431.5 million (the "Contribution Transaction"). Under the Contribution Transaction, $193.0 million in cash was received and the balance was settled through the cancellation of 15,000,000 Class B Units; and On May 14, 2025, the REIT acquired Forayna Vintage Park, a 350-unit apartment community in Houston, TX and Botanic Luxury Living, a 288-unit apartment community in Spring, TX (Houston MSA) for $141.0 million. The REIT funded the transaction using the Credit Facility, a mortgage note and available cash. Subsequent Highlight During July 2025, excluding short term leases, Same Community rental rates for new leases and renewals changed -1.5% and 2.8%, respectively, resulting in a 1.1% blended increase over the prior leases. The blended increase represents the first return to a positive blended spread since the third quarter of 2024. Outlook and Guidance for 2025 Based on the Property Dispositions and Property Acquisitions to date, the financial results depicted throughout this document are inherently dissimilar from the comparative period results in the prior year. This is due to (1) the stabilized nature of the Property Dispositions (which were 95.8% occupied in aggregate at the time of their respective sales), (2) the timing related to the rotation of assets and full redeployment of proceeds from the Property Dispositions and (3) the overall portfolio concentration and occupancy of the current Non-Same Community properties as of June 30, 2025, which was 88.1% for the Property Acquisitions and 59.7% for our Non-Stabilized Property in Austin, which is still in the initial lease-up period. As Property Acquisitions and the Non-Stabilized Property continue to perform through stabilization, comparisons of current performance to prior periods will become more meaningful. However, even once stabilized, there will continue to be some inherent differences when comparing to the prior year results, with the exception of metrics presented on a "per Unit" basis, given that a portion of the Contribution Transaction was recapitalized through the cancellation of 15,000,000 Class B Units. Accordingly, the REIT has suspended the release of guidance. The REIT will revisit providing guidance in a future period. Q2 2025 Financial Summary In thousands of U.S. dollars, except per unit amounts Q2 2025 Q2 2024 Change Change % Revenue, Total Portfolio $ 33,697 $ 42,232 $ (8,535) (20.2 %) Revenue, Same Community 1 Properties $ 26,638 $ 26,693 $ (55) (0.2 %) Revenue, Non-Same Community 1 Properties $ 7,059 $ 15,539 $ (8,480) nm* Net loss and comprehensive loss $ (22,479) $ (39,205) $ 16,726 nm* NOI 1, Total Portfolio $ 17,850 $ 24,106 $ (6,256) (26.0 %) NOI 1, Same Community 1 Properties $ 14,326 $ 15,065 $ (739) (4.9 %) NOI 1, Non-Same Community 1 Properties $ 3,524 $ 9,041 $ (5,517) nm* Funds from Operations ("FFO") 1 $ 9,153 $ 14,106 $ (4,953) (35.1 %) FFO per Unit 1 $ 0.21 $ 0.26 $ (0.05) (19.2 %) Maintenance capital expenditures $ (669) $ (1,401) $ 732 (52.2 %) Straight line rental revenue differences $ (107) $ 8 $ (115) nm* AFFO 1 $ 8,377 $ 12,713 $ (4,336) (34.1 %) AFFO per Unit 1 $ 0.19 $ 0.24 $ (0.05) (20.8 %) Weighted Average Unit Count $ 43,951,971 $ 53,838,699 $ (9,886,728) (18.4 %) Q2 2025 Q4 2024 Change Change % Unitholders' equity $ 585,873 $ 657,596 $ (71,723) (10.9 %) NAV 1 $ 653,265 $ 901,308 $ (248,043) (27.5 %) NAV per Unit 1 $ 16.74 $ 16.75 $ (0.01) (0.0 %) *Percentages have been excluded for changes which are not considered to be meaningful for comparative purposes. 1 Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value and NAV per Unit are non-GAAP measures. For a description of the basis of presentation and reconciliations of the REIT's non-GAAP measures, see "Non-GAAP Measures" in this news release. Total portfolio revenue of $33.7 million for Q2 2025 decreased 20.2% compared to $42.2 million for Q2 2024. This decrease was primarily the result of the Property Dispositions which reduced revenue by $12.3 million and a $0.1 million reduction from Same Community properties (discussed below), partially offset by $3.8 million of revenue generated from the Property Acquisitions and the Non-Stabilized Property. Total revenue resulting from the Property Acquisitions and the Non-Stabilized Property is expected to continue to improve in future periods as the lease-up and operational enhancements continue to progress through stabilization. Same Community revenue of $26.6 million for Q2 2025 decreased $0.1 million, or 0.2%, compared to $26.7 million for Q2 2024, primarily due to lower average monthly in-place leases of $1,440 as of June 30, 2025 as compared to $1,461 as of June 30, 2024. Lower average monthly rent was partially offset by higher occupancy and an increase in other property income, driven by enhanced resident participation in credit building services, an increase in utility reimbursements and an increase in properties receiving valet trash service over the prior year. The change in net loss and comprehensive loss between Q2 2025 and Q2 2024 is primarily due to non-cash adjustments to the fair value of investment properties, partially offset by the non-cash adjustments to derivatives and other financial liabilities and the costs of dispositions. As such, the net loss and comprehensive loss is not considered comparable period over period. Total portfolio NOI for Q2 2025 of $17.9 million decreased 26.0% from $24.1 million in Q2 2024. The decrease was the result of the Property Dispositions which reduced NOI by $7.3 million and a $0.7 million reduction from Same Community properties (described below), partially offset by the contribution of $1.8 million from Property Acquisitions. Same Community NOI for Q2 2025 of $14.3 million decreased 4.9% from $15.1 million in Q2 2024 and was attributable to a $0.4 million increase in operating expenses, which include higher utility expenses, repair, maintenance and turnover expenses, partially offset by a reduction in property insurance costs, and a $0.3 million increase in real estate taxes as a result of higher tax assessments and fewer property tax refunds received in Q2 2025 as compared to Q2 2024, as well as the $0.1 million decrease in revenue described above. FFO in Q2 2025 was $9.2 million, or $0.21 per Unit, compared to $14.1 million, or $0.26 per Unit, for Q2 2024. The decrease was primarily related to the decrease in NOI described above, partially offset by a decrease in net finance costs of $1.5 million (which resulted from the net paydown of debt following the Property Dispositions and Property Acquisitions). In addition, the reduction in FFO was also partially offset on a per Unit basis by the elimination of 15,000,000 Class B Units which were cancelled on April 30, 2025, in conjunction with the Contribution Transaction. AFFO was $8.4 million, or $0.19 per Unit for Q2 2025 compared to $12.7 million, or $0.24 per Unit, for Q2 2024. The decrease in AFFO was primarily the result of the decrease in FFO, partially offset by a reduction in maintenance capital expenditures resulting from the Property Acquisitions and Property Dispositions. In addition, the reduction in AFFO was partially offset on a per Unit basis by the elimination of 15,000,000 Class B Units discussed above. NAV was $653.3 million, or $16.74 per unit, as of June 30, 2025 compared to $901.3 million, or $16.75 per unit, as of December 31, 2024. The decrease in NAV from December 31, 2024 to June 30, 2025 was primarily due to the Contribution Transaction, which included the cancellation of 15,000,000 Class B Units which were exchanged by participating Class B Unitholders for new units of the purchaser, resulting in a $238.5 million decrease in Class B Units upon their cancellation. As this resulted in a reduction in the total unit count outstanding, NAV was flat on a per Unit basis. YTD 2025 Financial Summary YTD 2025 YTD 2024 Change Change % Revenue, Total Portfolio $ 77,173 $ 84,215 $ (7,042) (8.4 %) Revenue, Same Community 1 Properties $ 53,340 $ 53,207 $ 133 0.2 % Revenue, Non-Same Community 1 Properties $ 23,833 $ 31,008 $ (7,175) nm* Net loss and comprehensive loss $ (63,327) $ (40,776) $ (22,551) nm* NOI 1, Total Portfolio $ 41,880 $ 47,945 $ (6,065) (12.6 %) NOI 1, Same Community 1 Properties $ 29,141 $ 29,616 $ (475) (1.6 %) NOI 1, Non-Same Community 1 Properties $ 12,739 $ 18,329 $ (5,590) nm* FFO 1 $ 21,586 $ 27,723 $ (6,137) (22.1 %) FFO per Unit 1 $ 0.44 $ 0.51 $ (0.07) (13.7 %) Maintenance capital expenditures $ (1,218) $ (2,114) $ 896 (23.0 %) Straight line rental revenue differences $ (204) $ (8) $ (196) nm* AFFO 1 $ 20,164 $ 25,601 $ (5,437) (21.2 %) AFFO per Unit 1 $ 0.41 $ 0.48 $ (0.07) (14.6 %) Weighted Average Unit Count 48,901,137 53,847,588 (9.2 %) *Percentages have been excluded for changes which are not considered to be meaningful for comparative purposes. 1 Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value and NAV per Unit are non-GAAP measures. For a description of the basis of presentation and reconciliations of the REIT's non-GAAP measures, see "Non-GAAP Measures" in this news release. Total portfolio revenue of $77.2 million for YTD 2025 decreased 8.4% compared to $84.2 million for YTD 2024. This decrease was the result of Property Dispositions which reduced revenue by $12.5 million, partially offset by contributions of $5.4 million from the Property Acquisitions and the Non-Stabilized Property, and $0.1 million from Same Community properties (discussed further below). Total revenue resulting from the Property Acquisitions and the Non-Stabilized Property is expected to continue to improve in future periods as the lease-up and operational enhancements continue to progress through stabilization. Same Community revenue of $53.3 million for YTD 2025 increased $0.1 million, or 0.2%, compared to $53.2 million for YTD 2024, primarily due to a $0.1 million increase in other property income, driven by enhanced resident participation in credit building services, an increase in utility reimbursements and an increase in properties receiving valet trash service over the prior year. The change in net loss and comprehensive loss between YTD 2025 and YTD 2024 is primarily due to non-cash adjustments to derivatives and other financial liabilities and the costs of dispositions, partially offset by non-cash adjustments to the fair value of investment properties. As such, the net loss and comprehensive loss is not considered comparable period over period. Total portfolio NOI for YTD 2025 of $41.9 million decreased 12.6% from $47.9 million in YTD 2024. The decrease was the result of a reduction of $7.7 million from Property Dispositions, $0.4 million from the Non-Stabilized Property and $0.5 million from Same Community properties (described below), partially offset by contributions of $2.5 million from Property Acquisitions. The 1.6% decrease in Same Community NOI for YTD 2025 of $29.1 million compared to $29.6 million in YTD 2024 was attributable to a $0.3 million increase in operating expenses, which includes higher payroll costs, higher utility expenses, repair, maintenance and unit turnover expenses, partially offset by a reduction in property insurance costs, as well as a $0.4 million increase in taxes, offset by the $0.1 million increase in other property income described above. FFO in YTD 2025 was $21.6 million, or $0.44 per Unit, compared to $27.7 million, or $0.51 per Unit, for YTD 2024. The decrease was primarily related to the decrease in NOI described above. The reduction in FFO was partially offset on a per Unit basis by the elimination of 15,000,000 Class B Units which were cancelled on April 30, 2025, in conjunction with the Contribution Transaction. AFFO was $20.2 million, or $0.41 per Unit for YTD 2025 compared to $25.6 million, or $0.48 per Unit, for YTD 2024. The decrease in AFFO was primarily the result of the decrease in FFO, partially offset by a reduction of maintenance capital expenditures resulting from the Property Acquisitions and Property Dispositions. In addition, the reduction in AFFO was partially offset on a per Unit basis by the elimination of 15,000,000 Class B Units discussed above. June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Operational Information Number of real estate investment properties 25 29 32 31 Total apartment units 6,802 8,008 8,904 8,666 Average monthly rent on in-place leases $ 1,491 $ 1,503 $ 1,489 $ 1,507 Average monthly rent on in-place leases, Same Community 1 Properties $ 1,440 $ 1,443 $ 1,447 $ 1,467 Weighted average occupancy rate 94.6 % 95.9 % 95.6 % 94.7 % Weighted average ending occupancy rate, Same Community 1 Properties 95.6 % 95.9 % 95.6 % 94.6 % Retention rate 57.4 % 56.9 % 56.0 % 55.4 % Debt to Gross Book Value 1 48.9 % 45.3 % 46.5 % 46.4 % Q2 2025 Q1 2025 Q4 2024 Q3 2024 Operating Results Revenue, Total Portfolio $ 33,697 $ 43,476 $ 42,165 $ 42,290 Revenue, Same Community 1 Properties $ 26,638 $ 26,702 $ 26,624 $ 26,787 Revenue, Non-Same Community 1 Properties $ 7,059 $ 16,774 $ 15,541 $ 15,503 NOI 1, Total Portfolio $ 17,850 $ 24,030 $ 21,736 $ 22,256 NOI 1, Same Community 1 Properties $ 14,326 $ 14,815 $ 13,552 $ 13,990 NOI 1, Non-Same Community 1 Properties $ 3,524 $ 9,215 $ 8,184 $ 8,266 NOI Margin 1, Total Portfolio 53.0 % 55.3 % 51.5 % 52.6 % NOI Margin 1, Same Community 1 Properties 53.8 % 55.5 % 50.9 % 52.2 % NOI Margin 1, Non-Same Community 1 Properties 49.9 % 54.9 % 52.7 % 53.3 % Net (loss) income and comprehensive (loss) income $ (22,479) $ (40,848) $ 39,785 $ (39,251) Distributions on Class B Units $ 1,427 $ 2,822 $ 2,815 $ 2,750 Fair value adjustment to investment properties $ 2,856 $ 74 $ 16,069 $ (15,161) Fair value adjustment to investment properties (IFRIC 21) $ 6,351 $ (22,420) $ 6,552 $ 7,332 Property tax liability adjustment, net (IFRIC 21) $ (6,351) $ 22,420 $ (6,552) $ (7,332) Fair value adjustment to derivatives and other financial liabilities $ 21,028 $ 45,272 $ (45,958) $ 63,049 Fair value adjustment to unit-based compensation $ 27 $ (65) $ (848) $ 775 Costs of dispositions of investment properties $ 6,294 $ 5,181 $ — $ — Principal payments on lease liability $ — $ (36) $ (36) $ (36) Depreciation of right-to-use asset $ — $ 33 $ 34 $ 33 FFO 1 $ 9,153 $ 12,433 $ 11,861 $ 12,159 FFO per Unit $ 0.21 $ 0.23 $ 0.22 $ 0.23 Maintenance capital expenditures $ (669) $ (549) $ (933) $ (1,067) Straight line rental revenue differences $ (107) $ (97) $ (51) $ 13 AFFO 1 $ 8,377 $ 11,787 $ 10,877 $ 11,105 AFFO per Unit 1 $ 0.19 $ 0.22 $ 0.20 $ 0.21 AFFO Payout Ratio 73.0 % 63.8 % 68.9 % 65.9 % Weighted Average Unit Count 43,951,971 53,905,295 53,805,811 53,789,870 1 Liquidity and Capital Structure As of June 30, 2025, the REIT had liquidity of $82.5 million, consisting of cash and cash equivalents of $21.5 million and $61.0 million available under its senior secured revolving credit facility ("Credit Facility"). The REIT also has the flexibility to obtain additional liquidity through adding properties to the borrowing base of the Credit Facility. As of June 30, 2025, the REIT had total mortgage notes payable of $408.1 million, excluding the revolving credit facility, with a weighted average contractual interest rate of 3.5% (including interest rate swap agreements) and a weighted average term to maturity of 3.7 years. In aggregate, mortgage notes payable and the revolving credit facility totaled $659.9 million as of June 30, 2025, with a weighted average contractual interest rate of 3.8% (including interest rate swap agreements). Debt to Gross Book Value as of June 30, 2025, was 48.9%. As of June 30, 2025, 100% of the REIT's debt was fixed or economically hedged to fixed rates. Outside of the regular principal amortization of existing loans and borrowings; a balloon payment of $27.8 million on one property mortgage comes due in the next twelve months. No formal agreements have been entered into at this time to refinance this mortgage; however, the REIT has borrowing capacity under its credit facility as well as various other alternatives to refinance this specific property. Distributions and Units Outstanding Cash distributions declared to holders of both Units and Class B Units totalled $6.1 million for Q2 2025, representing an AFFO Payout Ratio of 73.0%. 100% of the REIT's cash distributions were classified as return of capital. As of June 30, 2025, the total number of Units outstanding was 33,500,425. There were also 5,176,049 Class B Units, which are redeemable for Units on a one-for-one basis, and 345,389 Deferred Units outstanding as of June 30, 2025, for a total non-weighted unit count of 39,021,863. These are weighted for the purpose of calculating FFO per Unit, AFFO per Unit and NAV per Unit as defined above. On April 30, 2024, 15,000,000 Class B Units were cancelled as a result of the Contribution Transaction, which has had a substantial impact on the REIT's weighted average unit count based on the size and timing of that reduction. As such our weighted average unit count was 43,951,971 and 48,901,137 for the three and six months ended June 30, 2025, respectively, and should continue to decline at a proportional rate excluding any further changes to the unit counts in the future. Conference Call Dan Oberste, President and Chief Executive Officer, and Tom Cirbus, Chief Financial Officer, will host a conference call for analysts and investors on Thursday, August 7 th, 2025, at 12:00 pm (ET). Participants can register and enter their phone number at: to receive an instant automated call back. Alternatively, they can dial 647-932-3411 or 800-715-9871 to reach a live operator who will join them into the call. In addition, the call will be webcast live at: A replay of the call will be available until Thursday, August 14th, 2025. To access the replay, dial 647-362-9199 or 800-770-2030 (Passcode: 4609192#). A transcript of the call will be archived on the REIT's website. About BSR Real Estate Investment Trust BSR Real Estate Investment Trust is an internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT owns a portfolio of multifamily garden-style residential properties located in attractive primary markets in the Sunbelt region of the United States. Non-GAAP Measures Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value, NAV and NAV per Unit are key measures of performance commonly used by real estate operating companies and real estate investment trusts. They are not measures recognized under and do not have standardized meanings prescribed by IFRS Accounting Standards. Same Community, NOI, NOI Margin, FFO, FFO per Unit, AFFO, AFFO per Unit, AFFO Payout Ratio, Debt to Gross Book Value, NAV and NAV per Unit as calculated by the REIT may not be comparable to similar measures presented by other issuers. For complete definitions of these measures, as well as an explanation of their composition and how the measures provide useful information to investors, please refer to the section titled "Non-GAAP Measures" in the REIT's Management's Discussion and Analysis for the three and six months ended June 30, 2025, which section is incorporated herein by reference. Three months ended June 30, 2025 Three months ended June 30, 2024 Six months ended June 30, 2025 Six months ended June 30, 2024 Net loss and comprehensive loss $ (22,479) $ (39,205) $ (63,327) $ (40,776) Adjustments to arrive at FFO Distributions on Class B Units 1,427 2,617 4,249 5,243 Fair value adjustment to investment properties 2,856 30,683 2,930 69,401 Fair value adjustment to investment properties (IFRIC 21) 6,351 8,327 (16,069) (13,884) Property tax liability adjustment, net (IFRIC 21) (6,351) (8,327) 16,069 13,884 Fair value adjustment to derivatives and other financial liabilities 21,028 19,729 66,300 (6,424) Fair value adjustment to unit-based compensation 27 283 (38) 281 Costs of dispositions of investment properties 6,294 — 11,475 — Principal payments on lease liability — (35) (36) (69) Depreciation of right-to-use asset — 34 33 67 Funds from Operations ("FFO") $ 9,153 $ 14,106 $ 21,586 $ 27,723 FFO per Unit $ 0.21 $ 0.26 $ 0.44 $ 0.51 Adjustments to arrive at AFFO Maintenance capital expenditures (669) (1,401) (1,218) (2,114) Straight line rental revenue differences (107) 8 (204) (8) Adjusted Funds from Operations ("AFFO") $ 8,377 $ 12,713 $ 20,164 $ 25,601 AFFO per Unit $ 0.19 $ 0.24 $ 0.41 $ 0.48 Distributions declared $ 6,119 $ 6,929 $ 13,634 $ 13,875 AFFO Payout Ratio 73.0 % 54.5 % 67.6 % 54.2 % Weighted average unit count 43,951,971 53,838,699 48,901,137 53,847,588 Three months ended June 30, 2025 Three months ended June 30, 2024 Six months ended June 30, 2025 Six months ended June 30, 2024 Total revenue $ 33,697 $ 42,232 $ 77,173 $ 84,215 Property operating expenses (10,604) (12,066) (23,211) (24,026) Real estate taxes 1,108 2,267 (28,151) (26,128) 24,201 32,433 25,811 34,061 Property tax liability adjustment (IFRIC 21) (6,351) (8,327) 16,069 13,884 Net Operating Income ("NOI") $ 17,850 $ 24,106 $ 41,880 $ 47,945 NOI margin 53.0 % 57.1 % 54.3 % 56.9 % June 30, 2025 December 31, 2024 Loans and borrowings (current portion) $ 29,162 $ 49,951 Loans and borrowings (non-current portion) 630,753 737,572 Convertible Debentures — 41,764 Total loans and borrowings and Convertible Debentures ("Debt") 659,915 829,287 Gross Book Value $ 1,348,625 $ 1,782,583 Debt to Gross Book Value 48.9 % 46.5 % Forward-Looking Statements This news release contains forward-looking information within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). Forward-looking statements in this news release include, but are not limited to, statements which reflect management's expectations regarding objectives, plans, goals, strategies, future growth metrics Revenue, Property Expenses and NOI growth), results of operations, performance, business prospects, and opportunities for the REIT, the anticipated closing of the Transaction, the economic and strategic impact of the Transaction, the satisfaction of the conditions to closing the Transaction and the timing thereof, the use of proceeds in respect of the Transaction, and future acquisitions. The words "expects", "expectation", "anticipates", "anticipated", "believes", "will" or variations of such words and phrases identify forward-looking statements herein. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. The REIT's estimates, beliefs and assumptions, which may prove to be incorrect, include assumptions relating to the satisfaction of all closing conditions for the Transaction, the receipt of all approvals for the Transaction, the closing of the Transaction and anticipated timing thereof, the anticipated benefits of the Transaction and ability of the REIT to execute value-enhancing growth initiatives, the REIT's future growth potential, results of operations, demographic and industry trends, no changes in legislative or regulatory matters, the tax laws as currently in effect, stability of the general economy over 2025, the impact of COVID-19, lease renewals and rental increases, the ability to re-lease or find new tenants, the timing and ability of the REIT to sell and acquire certain properties, project costs and timing, a continuing trend toward land use intensification at reasonable costs and development yields, including residential development in urban markets, access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and ability to refinance debts as they mature, the availability of investment opportunities for growth in the REIT's target markets, the valuations to be realized on property sales relative to current IFRS Accounting Standards carrying values, and the market price of the Units. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. The risks and uncertainties that may impact such forward-looking information include, but are not limited to, failure to obtain necessary approvals or satisfy (or obtain a waiver of) the conditions to closing the Transaction, the occurrence of any event, change or other circumstance that could give rise to the termination of the agreements in respect of the Transaction, material losses in respect of the properties to be sold pursuant to the Transaction, the REIT's ability to obtain any approvals for the Transaction, either party's failure to consummate the Transaction when required or on the terms as originally negotiated, risks related to the disruption of management time from ongoing business operations due to the Transaction, potential litigation relating to the Transaction, including the effects of any outcomes related thereto, the possibility of unexpected costs and liabilities related to the Transaction, the REIT's ability to execute its growth strategies, the REIT's ability to execute future acquisitions, the impact of changing conditions in the U.S. multifamily housing market, increasing competition in the U.S. multifamily housing market, the effect of fluctuations and cycles in the U.S. real estate market, the marketability and value of the REIT's portfolio, changes in the attitudes, financial condition and demand of the REIT's demographic market, fluctuation in interest rates and volatility in financial markets, the impact of U.S. and global tariffs, developments and changes in applicable laws and regulations, the impact of climate change, the impact of COVID-19 on the operations, business and financial results of the REIT and the factors discussed under "Risks and Uncertainties" in the REIT's Management's Discussion and Analysis for the three and six months ended June 30, 2025 and in the REIT's Annual Information Form dated March 5, 2025, both of which are available on SEDAR+ ( If any risks or uncertainties with respect to the above materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. This forward-looking information speaks only as of the date of this news release. Certain statements included in this news release are considered financial outlook for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than to understand management's current expectations relating to the future growth of the REIT, as disclosed in this news release. These forward-looking statements have been approved by management to be made as at the date of this news release. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in this news release and actual results could differ materially from such conclusions, forecasts or projections. There can be no assurance that actual results, performance or achievements will be consistent with these forward-looking statements. The forward-looking statements contained in this document are expressly qualified in their entirety by this cautionary statement.
