TORONTO, ON / August 12, 2025 / The Forum Real Estate Income and Impact Fund (“REIIF” or the “Fund”) released its results for the quarter ended June 30, 2025.
REIIF’s Series F units delivered a time-weighted net return of 3.1%(1) for Q2 2025, and 5.95%(1) on a year-to-date basis, including a monthly distribution of 4.96 cents per unit, or 4% annualized. Since inception, REIIF has achieved a time-weighted net return of 11.35%(1) for Series F units, reflecting management’s commitment to deliver consistent and stable performance.
Market sentiment around professionally managed, institutional-grade rental housing remains positive. In June, one of Canada’s largest rental housing privatizations—a $4 billion acquisition(2) of InterRent REIT by CLV Group and a Singaporean sovereign wealth fund—underscores growing global investor interest in Canada’s purpose-built rental sector. Ontario university applications remain stable year-over-year, supported by a 4.3% increase in domestic applicants, signaling enduring demand for student housing. Canada is among the global leaders in student housing rent growth(3). With projected sector growth of 5.4%(3) CAGR through 2030, chronic supply shortages, and affordability barriers delaying homeownership, long-term rental housing remains well-positioned.
The fundamentals driving Canada’s rental housing sector—particularly student accommodation—remain sound, even as the macro environment evolves,” said Aly Damji, Managing Partner at Forum Asset Management, Fund Head and a Trustee of REIIF. “We're seeing growing investor alignment around professionally managed, scalable platforms that can deliver durable income in high-barrier markets. As affordability challenges persist and demand shifts toward quality and sustainability, we believe REIIF is strategically positioned to benefit over the long term.”
Portfolio Update
As of June 30, 2025, REIIF’s Gross Asset Value (GAV) is $2.4 billion across 31(4) properties. The Fund comprises over 10,500 beds and 3.1 million square feet of institutional-quality residential real estate.
Pre-leasing activity across REIIF’s purpose built student accommodation (PBSA) portfolio for the upcoming academic year is progressing in line with seasonal expectations. Forum’s proactive yield management is on track, with new leases achieving planned premiums over in-place rents.
Stabilized portfolio occupancy was 95.5%(5), reflecting minor seasonal turnover at the end of the academic year. Average monthly rents across the stabilized portfolio held steady, with modest growth observed in key markets such as Guelph and Hamilton.
Management remains focused on repositioning non-stabilized assets, executing targeted renovations designed to deliver meaningful return on investments through revenue enhancement and cost reductions, and advancing lease-up activity. Total property Net Operating Income (NOI) increased by $15.8 million compared to Q2 2024, largely due to the full-quarter impact of the acquisition completed at the end of 2024.
During the period, the Fund’s portfolio capitalization rate increased modestly to 4.39%, in line with broader capital markets. To date, the entire portfolio has undergone third-party revaluations, resulting in valuation gains in several PBSA assets based on demonstrated rent growth.
Management is actively implementing cost-saving measures across the Alignvest portfolio, including Smart Valve installations that optimize water usage and significantly reduce waste and operating costs. Additional value is being realized through regional operational clustering, leveraging scale to achieve further cost synergies.
Balance Sheet Update
As of June 30, 2025, the Fund’s net debt-to-assets ratio remained conservative at 53.8%, with $73.1 million in available capital. The debt portfolio is 86% fixed-rate, carrying a weighted average coupon of 4.0% and a term to maturity of 4.4 years.
Management is actively pursuing refinancing opportunities, with three CMHC-insured loan applications underway to transition a portion of the bridge debt into long-term, lower-cost financing.(6)
Distributions
REIIF paid monthly distributions to unitholders of record as at June 30, 2025 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 28 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
Contact:
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
1. Total net returns (net of all REIIF expenses) for the Lead Series F units and is no guarantee of future results. The distribution rate and total return received by a unitholder will differ based on the series of trust units in which a unitholder invests. Past performance is not indicative of future results. The distribution rate and return expectations are based on various assumptions and subject to risks, including those identified in REIIF’s offering memorandum.
2. CLV Group and GIC, “CLV Group and GIC to Acquire InterRent REIT,” Press Release, June 17, 2025. Company press release.
3. Grand View Research, “Student Housing Market Size, Share & Trends Analysis Report,” Published February 2024. Grand View Research.
4. Two properties, 308 King and ALMA @ Shaughnessy Village, previously owned by Alignvest Student Housing REIT are now managed by Forum Asset Management and are expected to be integrated into REIIF’s portfolio in due course, with REIIF entitled to interim profits or losses.
5. Stabilized occupancy rate represents the occupancy level of a portfolio, excluding properties currently undergoing renovations or those that have not yet reached full operational potential, which includes seven properties.
6. While approval is anticipated, there is no guarantee that the application will be approved within the anticipated timeframe or at all, nor that the strategy will yield all expected benefits. Investors should not place undue reliance on these expectations. Please review REIIF’s OM for a discussion on risks, uncertainties and assumptions.
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, and Gross Asset Value (GAV) 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, 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. 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.
Additionally, the Alignvest transaction was entered into with the expectation that it will result in long-term strategic benefits, economies of scale and synergies. It is possible that this may not occur as planned, or that the financial and other benefits may be less than anticipated. Unforeseen and other factors may lead to material differences in actual outcomes.
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.
