TORONTO, ON / March 10, 2026 / The Forum Real Estate Income and Impact Fund (“REIIF” or the “Fund”) released its results for the quarter ended December 31, 2025.
For calendar year 2025, REIIF delivered a net return of 10.02% for Series F, bringing the Fund’s annualized return since inception to 10.81%(1), and marking the fourth consecutive calendar year of performance within REIIF’s targeted return range of 8 to 12%. Performance during the quarter reflected sound operating fundamentals, disciplined asset management, and continued validation of portfolio values through third-party appraisals.
REIIF’s 2025 results reflect the strength of our institutional-quality portfolio and the benefits of disciplined execution through a changing macro environment,” said Aly Damji, Managing Partner, Real Estate at Forum Asset Management, Fund Head and Trustee of REIIF. “Our focus of providing housing to students at Canada’s top public university markets, combined with proactive asset management and technology investments, has allowed the Fund to deliver stable, risk-adjusted returns while continuing to position the portfolio for sustainable long term growth.”
In 2025, the student housing and rental market experienced a more challenging operating environment. Consumer confidence softened, new supply reached record levels, and federal policy changes introduced a cap on undergraduate study permits while shifting visa support toward public universities and graduate programs.(2) These changes created uncertainty around international student demand, particularly in certain markets. REIIF intentionally serves Canada’s largest public universities, with 88% of the portfolio targeting top, domestically driven institutions that are resilient to international policy headwinds and benefit from consistent domestic enrolment demand.
Management’s conviction in Canadian purpose-built student housing fundamentals remain intact, supported by persistent and resilient demand. Canadian university enrolment increased year over year, driven by domestic student growth, with full time enrolment for academic year 2025/2026 up 3.2% across the top 20 universities, including a 7.5% year over year increase at the University of Guelph, while 98% of REIIF’s assets serve schools with international student exposure below the national average(3).
Portfolio Update
Over the course of 2025, REIIF realized operating synergies and advanced cost-saving initiatives across the portfolio through active asset management. On September 17, 2025, the Fund completed the acquisition of ALMA @ ByWard Market in downtown Ottawa, a newly built 742-bed PBSA asset located approximately 200 metres from the University of Ottawa, which management views as a high-quality, long-term addition to the portfolio.
As at year-end, the Fund comprised 32 properties(4) with approximately $2.85 billion of gross asset value and $1.27 billion of net asset value. Stabilized(5) NOI rose 6% from Q3 2025 to Q4 2025, led by a 5.8% increase in PBSA segment performance driven primarily by rent growth on new leases for the 2025/2026 academic year and the realization of operating efficiencies through expense reductions.
Management is driving operating performance through technology enhancements including the implementation of a portfolio-wide AI-enabled leasing platform which has improved lead conversion, reduce leasing friction, and is supporting stronger occupancy and rental performance across the portfolio.
REIIF’s weighted average capitalization rate of 4.34% remains above external appraiser assumptions, reflecting management’s disciplined valuation approach. 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.(6)
Balance Sheet Update
REIIF maintains a conservative balance sheet, with a net debt-to-assets ratio of 54.3%. Over 86% of the Fund’s debt is fixed-rate, with a weighted average coupon of 4.21% and a weighted average term to maturity of 5.1 years.
Subsequent to year-end, REIIF continued to advance its balance sheet optimization strategy through a series of financing transactions focused on reducing short-term leverage and enhancing liquidity. On January 19, 2026, the Fund completed a $300 million portfolio-level refinancing with an additional $75 million revolving facility with a three-year term, led by a Tier 1 bank which included a multi-bank syndicate. This was followed by the refinancing of a CMHC-insured mortgage on February 2, 2026, at a fixed interest rate of 4.06% with a 10-year term. In aggregate, $78 million of higher cost bridge debt was repaid, reducing exposure to near term maturities and materially reducing interest costs.
Distributions
REIIF paid monthly distributions to unitholders of record as at December 31, 2025 as follows:
1: Total net returns (net of all REIIF expenses) for the Lead Series F units, based on unaudited financial information, are historical in nature and are not a 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: The Globe and Mail | Federal budget 2025: Ottawa’s immigration plan
3: Universities Canada | Enrolment by university
4: Two properties, 308 King and ALMA @ Shaughnessy Village, previously owned by Alignvest Student Housing REIT are currently managed by Forum Asset Management and are expected, subject to conditions and approvals to be integrated into REIIF’s portfolio in due course, with REIIF entitled to interim profits or losses.
5: Stabilized NOI excludes properties currently undergoing renovations or those that have not yet reached full operational potential, which includes three properties.
6: Based on Forum’s internal (unaudited) data and analysis as of December 31, 2025. This information includes forward-looking information and financial outlooks and is based on Management’s current expectations and assumptions, which are subject to risks and uncertainties. Actual results may differ materially. See ‘Forward-Looking Statements’ in this news release and the Fund’s offering memorandum for additional information
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
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. 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.
