TORONTO, ON / June 3, 2026 / The Forum Real Estate Income and Impact Fund (“REIIF” or the “Fund”) released its results for the quarter ended March 31, 2026.
REIIF’s Series F units delivered a time-weighted net return of 1.81%(1) for the first quarter of 2026, including a monthly distribution of 4.14 cents per unit. Since inception, the Fund has delivered a time-weighted net return of 10.70%(1) for Series F unitholders, marking continued performance within REIIF’s targeted return range of 8% to 12%(2).
REIIF’s focus on providing an essential form of economically resilient housing for students attending Canada’s top universities has historically contributed to portfolio stability. In Canada, the investment case remains structural: enrolment-driven demand continues to grow while purpose-built supply remains materially insufficient, supporting more durable occupancy trends and the potential to deliver both current income and long-term growth. This dynamic is reinforced by the essential nature of student housing and the tendency for enrolment to remain stable through economic cycles, including prior periods of macroeconomic dislocation.(3)
REIIF’s first quarter results reflect the resilience of our strategy and the strength of a portfolio purposefully positioned in Canada’s largest public university markets,” said Aly Damji, Managing Partner, Real Estate at Forum Asset Management, Fund Head and Trustee of REIIF. “With ~90% of the portfolio targeting top, domestically driven institutions, the Fund continues to benefit from durable enrolment demand. Management is also advancing university partnership initiatives across select assets, which we believe will further enhance occupancy visibility and revenue certainty over time. Combined with disciplined asset management, advancing technology investments, and a conservative balance sheet, we believe REIIF remains well positioned to deliver stable income and long-term value creation for unitholders.”
Portfolio Update
As at March 31, 2026, the Fund comprised 32 properties(4) with approximately $2.9 billion of gross asset value and $1.2 billion of net asset value, or $13.22 per unit. REIIF’s portfolio totals over 11,200 beds and 3.3 million square feet of institutional-quality residential real estate(5).
Stabilized NOI(6) remained flat compared to Q4 2025 while total property NOI increased 10.7% year-over-year, reflecting the continued contribution of ALMA @ ByWard Market, acquired in September 2025.
Hands-on asset management continued to drive outcomes across the portfolio. During the quarter, management implemented a number of leasing conversion initiatives focused on improving the prospect journey and reducing friction through the application process. Early results following the redesign indicate a material improvement in same-day application completion and stronger lead-to-lease conversion. Portfolio-wide leasing activity remains ahead of the prior year, supporting occupancy stability and improving visibility into the September 2026 academic year.
REIIF’s weighted average capitalization rate ended the quarter at 4.34%, remains above external appraiser assumptions, reflecting management’s disciplined valuation. REIIF’s valuations are supported by the Fund’s institutional-quality portfolio which has an average asset age of 6.7 years, materially lower than the >35-year average of the largest public REITs.(7)
Balance Sheet Update
REIIF maintains a conservative balance sheet, with a net debt-to-assets ratio of 57.8%.(8) Over 89% of the Fund’s debt is fixed-rate, with a weighted average coupon of 4.26% and a weighted average term to maturity of 6.0 years. Of total fixed-rate debt, more than two-thirds consists of CMHC-insured financing.
During the quarter, the Fund continued to advance its balance sheet optimization strategy through a series of financing transactions focused on reducing short-term leverage, extending duration, and enhancing liquidity. On January 19, 2026, REIIF completed a $300 million portfolio-level refinancing alongside an additional $75 million revolving credit facility with a three-year term, led by a Tier 1 bank with a multi-bank syndicate. This was followed by the refinancing of a CMHC-insured mortgage on February 2, 2026 with a 10-year term. In March, the Fund completed a further CMHC-insured refinancing on an Ottawa property in line with its business plan and secured an increase to the borrowing base of a revolving credit facility with a Tier 1 lender. In aggregate, $78 million of higher-cost bridge debt was repaid during the period, which management expects may reduce interest costs and exposure to near-term maturities.
Distributions
REIIF paid monthly distributions to unitholders of record as at March 31, 2026 as follows:
About REIIF
Forum Real Estate Income and Impact Fund (REIIF) consolidates institutional-quality purpose-built student housing, as well as multi-family and furnished rentals, in supply-constrained markets. REIIF is committed to delivering impact and Extraordinary Outcomes™ to investors, enhancing yields and total returns, maintaining diversity and resiliency of income, while benefiting students and cities across Canada. Please visit our website at www.forumreiif.ca
About Forum
Forum is an investor, developer and asset manager operating across North America for over 30 years, focusing on real estate, private equity and infrastructure, with a strategic concentration in housing. We are committed to sustainability, responsible investing and creating value that benefits our stakeholders and the communities in which we invest, what we call our Extraordinary Outcomes.™ Please visit our website at www.forumam.com
Contacts
Name: Lara Iannucci, Chief Financial Officer, Real Estate
Phone Number: 416-947-0389
Email: larai@forumam.com
Name: Domenic Gallippi, Managing Director, Alternative Assets
Phone Number: 416-947-0389
Email: domenicg@forumam.com
Cautionary Statement
This news release is for informational purposes only and is not intended as investment, financial or other advice or a recommendation to invest in the Fund. It is also not an offer, solicitation, or basis for any investment decision regarding REIIF securities, which are available only to “accredited investors” within certain jurisdictions of Canada and not for sale to the general public.
The information in this news release regarding the Fund’s portfolio, including the number of properties, units, residents served, leasing figures, Gross Asset Value (GAV) and Net Asset Value (NAV) as well as Fund performance and returns are based on current estimates developed from Forum’s unaudited financial information, and are subject to change. Series F returns as expressed herein, are net of REIIF expenses like administrative costs, management fees, and unit class specific fees. The targeted distribution rate and total return received by a unitholder will differ based on the series of REIIF units in which a unitholder invests and the distribution reinvestment plan strategy that such unitholder elects to pursue. Past performance is historical and not a guarantee of future results. Investors should not place undue reliance on these figures and are encouraged to perform their own due diligence or consult with a professional advisor before making any investment decisions. Prospective investors and other readers are strongly encouraged to carefully review the risk factors, assumptions, and uncertainties set out in REIIF’s offering memorandum dated December 20, 2024, as same may be amended or supplemented from time to time (the “OM”) before making any investment decisions. The OM contains important information about REIIF’s investment strategy, potential risks, and other factors that should be considered.
Forward Looking Statements
This news release includes forward-looking statements under Canadian securities laws, identifiable by terms like “expect,” “intends,” and “anticipates,” or variations of these, and those which imply forward looking statements such as those statements relating to the Fund, strategy, objectives and plans, outlining REIIF’s investment objectives, strategies, opportunity pursuits, expected acquisitions pursuant to REIIF’s ROFO agreement with Forum, expected annual net operating income growth, GAV growth, NAV growth, expectations of the yield and returns on units within the Fund including the consistency and stability of such returns, financing strategies including financing applications with CMHC, distribution expectations, REIIF’s differentiating factors, rental housing demand and supply expectations, rental housing shortfall estimates, recessionary resiliency, and general market outlook. However, these statements are based on current management beliefs and available information, and they are not guarantees of future performance. Actual results and future events may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual outcomes to vary significantly, including economic conditions, real estate market volatility, funding access challenges, timing issues, and currency or interest rate changes.
For more information on these factors, risks and uncertainties as well as the assumptions underlying management’s forecasts, please refer to REIIF’s OM which is available here. These forward-looking statements reflect our position as of this release, with no obligation for updates unless required by law.
