Mainstreet Equity Posts Double-Digit Year-Over-Year Growth in FY2025

Executive Summary

• FY 2025 revenue, NOI and FFO all posted double‑digit year‑over‑year growth; operating margin rose to 66% (up 200 bps).
• Liquidity stands at roughly $900 million, positioning the company for “counter‑cyclical” acquisitions in FY 2026.
• Q4 2025 operating margin improved to 71%; dividend increased 45% to $0.16 per share annually with a target of $0.32 per share in 2026.

Key Details

• Rental Revenue – FY 2025: Up 11% to $276.3 M (from operations); up 6% to $255.2 M (same‑asset).
• Net Operating Income – FY 2025: Up 14% to $183.4 M (from operations); up 10% to $169.9 M (same‑asset).
• Funds from Operations (FFO) – FY 2025:
• Before tax: up 16% to $106.6 M; per share $11.43.
• After tax: up 13% to $96.1 M; per share $10.31.
• Operating Margin – FY 2025: 66% (from operations) vs. 64% in FY 2024.
• Net Profit – FY 2025: $287.0 M (vs. $199.9 M FY 2024), includes fair‑value gains of $234.4 M.
• Capital Expenditure – FY 2025: $36.2 M total ($32.0 M stabilized assets, $4.2 M unstabilized).
• Vacancy Rate – FY 2025: 4.7% (operations), up from 3.2% prior year; 5.1% excluding unrentable units as of Dec 15 2025.
• Acquisitions – FY 2025: $53 M for 415 units; post‑year acquisition of 348 units ($68 M) in Calgary, Edmonton & Surrey (total YTD acquisitions: 763 units, $121 M).
• Portfolio Size – Dec 15 2025: 19,147 units across 487 properties (16,496 units stabilized).
• Fair Market Value – FY 2025: Up 9.5% to $3.73 B.
• Liquidity Position – FY 2025: Approximately $900 M (including cash‑on‑hand and financing capacity).

Q4 2025 Highlights

• Rental Revenue up 5% to $70.5 M (operations); up 3% to $64.6 M (same‑asset).
• NOI up 9% to $49.9 M (operations); up 8% to $46.0 M (same‑asset).
• FFO before tax up 12% to $30.0 M; after tax up 10% to $26.7 M.
• Operating margin reached 71% (up from 68%).
• Vacancy rate 5.0% (operations), 4.9% (same‑asset).

Outlook & Strategic Points

• Liquidity: ~$900 M enables flexible, opportunistic acquisitions in FY 2026.
• Dividend Policy: Nominal dividend raised to $0.16 per share annually (45% increase); target $0.32 per share starting Q1 2026.
• Share Repurchases: 9,100 shares bought back in Q4 2025 under normal‑course issuer bid.
• Growth Strategy: Counter‑cyclical acquisition of undervalued mid‑market rental assets; ongoing rezoning and land‑optimization initiatives.

Notable Quotes

“After taking a measured approach in 2025, MEQ is now prepared to put more than $900 million in available liquidity to work, setting the stage for a new cycle of countercyclical expansion in 2026, and beyond.” – Bob Dhillon, Founder & CEO

---

All forward‑looking statements are subject to risks and uncertainties detailed in the full release.