Mainstreet Equity (MEQ) Q4 2025 earnings summary

Executive summary

• Achieved 26 years of double-digit organic growth, expanding from 272 units in 2000 to 19,147 units and a $3.73B portfolio as of September 30, 2025.

• Double-digit year-over-year growth in FY2025: FFO up 13%, NOI up 14%, rental revenue up 11%.

• Maintained 16 consecutive quarters of double-digit year-over-year growth in FFO and NOI.

• Management and directors own approximately 49% of shares, aligning interests with shareholders.

• Strategic pause in acquisitions during FY2025, with plans to deploy over $900M in liquidity for countercyclical expansion in 2026.

Financial highlights

• IFRS portfolio value increased from $90M in 2000 to $3.73B in 2025.

• FY2025 rental revenue rose to $276.3M; same asset rental revenue up 6%.

• NOI from operations increased 14% to $183.4M; same asset NOI up 10%.

• FFO per share rose from $0.18 to $10.31 since 2000; FY2025 FFO before tax up 16% to $106.6M.

• Net profit reached $287.0M in FY2025, up from $199.9M in FY2024, including $234.4M in fair value changes.

Outlook and guidance

• Targeting further organic and non-dilutive growth through acquisition pipeline and $43M NOI gap.

• Positioned for opportunistic acquisitions in 2026, leveraging $900M in liquidity.

• Plans to continue growing both dividend and acquisitions, leveraging strong liquidity.

• Focus on stabilizing the remaining 12% of the portfolio to achieve optimum NOI.

• Targeting 100% dividend growth to $0.32/share in Q1 2026.