TORONTO, ON / November 11, 2025 / The Forum Real Estate Income and Impact Fund (“REIIF” or the “Fund”) released its results for the quarter ended September 30, 2025.
REIIF’s Series F units achieved a time-weighted net return of 8.28%(1) year-to-date, including a monthly distribution equivalent to 4–5% annualized, within the target range. Since inception, the Fund has achieved a 11.20%(1) time-weighted net return for Series F unitholders, underscoring REIIF’s consistent historical track record of delivering stable income and long-term capital appreciation(1).
Despite a more tempered macroeconomic environment, including reduced immigration levels, the Fund’s core focus on institutionally managed purpose-built student accommodation (PBSA) catering to students in top university markets, continues, in management’s view, to support long-term growth potential. REIIF’s strategy is designed to position the Fund to benefit from favourable long-term sector fundamentals, including limited new supply, stable domestic student enrolment, and sustained institutional investor interest in student housing.
This quarter’s results reflect our intentional focus on NOI optimization within the portfolio,” said Aly Damji, Managing Partner, Real Estate at Forum Asset Management, Fund Head and Trustee of REIIF. “Management has implemented a number of cost-saving initiatives across the portfolio, from utility consumption reductions, to leveraging the portfolio's scale to drive competitive insurance pricing and service contracts. Furthermore, additional value is being realized through regional clustering and productivity enhancements driven by technology investments.”
The acquisition of ALMA @ ByWard Market during the quarter is expected to further enhance our presence in the PBSA sector.,” added Damji. “The property expands our footprint in one of the country’s top university markets and enhances operational efficiency across our Ottawa portfolio. Its energy-efficient design and premier location exemplify the type of long-term, impact-driven assets that define REIIF’s portfolio.”
Portfolio Update
As of quarter-end, the Fund’s net asset value (NAV) increased to $1.24 billion, or $13.16 per unit, with total assets under management of $2.8 billion(2). REIIF’s portfolio now comprises over 11,200 beds and 3.3 million square feet with an average age of 6.7 years.
Average monthly rent (AMR) for stabilized(3) properties reached $1,320, representing an overall increase of 11.5% from Q2 2025, including a 13% uplift on new leases in the PBSA portfolio. Stabilized(3) NOI rose 2.4% from Q3 2024 to Q3 2025, led by a 3.7% increase in PBSA segment performance.
The Fund’s weighted average capitalization rate is 4.36% compared to appraised rates of 4.25%,(4) which management believes provides support for NAV stability.
Acquisition
In September 2025, REIIF completed the acquisition of ALMA @ ByWard Market, a high-quality PBSA asset located in downtown Ottawa through its right of first offer agreement (ROFO) with Forum. The asset is steps from the University of Ottawa and in close proximity to the LRT and major retail amenities. The 579-unit, 742-bed property increases REIIF’s Ottawa footprint to over 2,750 beds across the city, further strengthening its critical mass and operational efficiency in the nation’s capital. The asset was acquired with in-place CMHC financing, with 9.2 years remaining at a coupon rate of 4.00%.
The acquisition adds a newly built, non-rent-controlled, and highly energy-efficient property to the portfolio, utilizing 28.7% less energy and 25.3% lower GHG emissions compared to the 2017 National Building Code, while increasing the share of studios and one-bedroom units in REIIF’s Greater Ottawa portfolio from 30% to 48%, the segment with the highest rent-per-bed and lowest vacancy (1.4%) in the Sandy Hill / Lowertown area(5). Extensive interior and amenity enhancements under the ALMA brand have transformed the property, including the Collective by ALMA; a 5,200 square foot Soho House-inspired lounge, revitalized fitness and study spaces, games room with F1 racing simulators, a golf simulator, a Nordic-style rooftop spa, and an Aisle24 automated market providing 24/7 access and convenience for students.
Balance Sheet Update
REIIF maintains a conservative balance sheet, with a net debt-to-assets ratio of 54.5% and total available liquidity of $67.2 million. Over 85% of the debt portfolio is fixed-rate, with a weighted average coupon of 4.18% and an average term to maturity of 4.9 years.
Management is actively advancing its refinancing program to convert short-term acquisition financing into long-term, fixed-rate CMHC-insured mortgages(6). On October 30, 2025, REIIF completed a refinancing at a fixed interest rate of 3.79%, generating $20 million in proceeds that were used to repay bridge debt.
Distributions
REIIF paid monthly distributions to unitholders of record as at September 30, 2025 as follows:
|
Series of Trust Units |
2025 Monthly Distribution Per Units(5) |
2025 Annual Distribution Per Unit |
|
A Series 1 |
$0.0337 |
$0.4039 |
|
F Series 2 |
$0.0414 |
$0.4966 |
|
H Series 3 |
$0.0424 |
$0.5089 |
|
I Series 4 |
$0.0450 |
$0.5398 |
1. Includes REIIF Trust A Lead and AX Series.
2. Includes REIIF Trust F Lead and FX Series.
3. Includes REIIF Trust H Lead and HX Series.
4. Includes REIIF Trust I Lead Series, IX Series and Founders I Series.
5.Represents the annual distribution per Unit divided by 12, rounded to four decimal places.
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
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
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.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.
3. 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 three properties.
4. Based on Forum’s internal (unaudited) data and analysis as of September 17, 2025. Performance is not guaranteed. Please review REIIF’s OM dated December 20, 2024, for a detailed list of risks, uncertainties, and assumptions.
5. CMHC Housing Information Portal
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 detailed list 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, 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 Statement
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. 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.
