Mainstreet Equity (MEQ) Q3 2025 earnings summary

Executive summary

• Achieved 25 years of double-digit organic growth, expanding from 1,370 units in 2000 to 18,771 units in 2025, and increasing market value from $17M to $3.6B.

• Delivered 15th consecutive quarter of double-digit year-over-year growth, with strong performance in rental revenue, NOI, and FFO.

• Focused on acquiring and revitalizing underperforming mid-market apartments, supporting non-dilutive growth and resilience.

• Maintains a strong balance sheet and $815M liquidity for acquisitions and counter-cyclical growth.

• Portfolio is diversified across Western Canada, with 4,255 units in BC, 10,210 in Alberta, 3,634 in Saskatchewan, and 405 in Manitoba.

Financial highlights

• IFRS portfolio value grew from $90M in 2000 to $3.41B in 2025; fair market value up 2% to $3.6B.

• Revenue increased from $8M in 2000 to $250M in 2025; rental revenue up 10% to $69.7M for Q3 2025.

• NOI up 16% to $47.0M for Q3 2025; same asset NOI up 12% year-over-year.

• FFO per share rose from $0.18 to $9.09 since 2000; FFO per basic share before tax up 17% to $2.95 for Q3 2025.

• 88% of the portfolio is stabilized, with 16,390 out of 18,634 units stabilized as of Q3 2025.

Outlook and guidance

• Targeting further organic and non-dilutive growth through acquisition pipeline and closing a $47M NOI gap.

• Plans to accelerate acquisitions through year-end and fiscal 2026, leveraging strong liquidity.

• Expects continued population growth in Western Canada to support rental demand.

• Ready to deploy counter-cyclical investment and capitalize on market opportunities.

• Plans to continue growing both dividend and acquisitions, supported by strong liquidity and access to low-cost, long-term CMHC-insured mortgage loans.