TORONTO, May 14, 2024 /CNW/ - Starlight Western Canada Multi-Family (No. 2) Fund (the "Fund") announced today its results of operations and financial condition for the three months ended March 31, 2024 ("Q1-2024"). Certain comparative figures are included for the three months ended March 31, 2023 ("Q1-2023"). All amounts in this press release are in thousands of Canadian dollars except for average monthly rent ("AMR")1  or unless otherwise stated. "We are pleased to announce another quarter of strong operating results with the Starlight Western Canada Multi-Family (No. 2) Fund achieving year-over-year average monthly rent growth of 4.1%," commented Daniel Drimmer, Chief Executive Officer. "Management's singular focus is to increase net operating income at its properties through an active asset management strategy with the goal of maximizing the total return to investors." Q1-2024 HIGHLIGHTS Subsequent to Q1-2024, the Fund's board of trustees (the "Board") approved an increase to the Fund's monthly pre-tax distribution per unit for all classes of units ("Units"), applicable to its unitholders ("Unitholders") of record as of May 31, 2024 and payable on June 15, 2024 (see "Subsequent Events"). During Q1-2024, the Fund recorded a fair value gain on the nine multi-family properties owned (the "Properties") of $8,108, a 13.9% increase over the aggregate purchase price since the Properties were acquired by the Fund. The fair value gain during Q1-2024 was entirely driven by net operating income ("NOI")1 growth. During Q1-2024, the Fund received $1,851 related to incremental interest owing on historical bank balances from the Fund's corporate banking provider, a Canadian chartered bank, further enhancing its liquidity position. The Fund achieved approximately 4.1% AMR growth between Q1-2023 and Q1-2024, continuing to be driven by the sustained demand for multi-family suites due to the economic strength and increased immigration levels in Canada and in particular, the Vancouver Island and the mainland of the Province of British Columbia ("BC") (collectively, the "Primary Markets"). The Fund achieved physical occupancy1 of 96.0% during Q1-2024, which subsequently increased to 97.5% as at May 13, 2024. As at March 31, 2024, a total of 80.5% of the Fund's debt was fixed rate, which subsequently increased to 91.1% as the Fund entered into various financing arrangements with lenders (see "Subsequent Events"). As at March 31, 2024, the Fund's weighted average fixed interest rate was 2.8%. Revenue from property operations and NOI for Q1-2024 were $5,251 and $3,645 (Q1-2023 - $4,571 and $3,218), respectively, representing an increase of $680 and $427 relative to Q1-2023. These significant increases were primarily due to the difference in the number of Properties owned between Q1-2023 and Q1-2024. Same property NOI1 for Q1-2024 was $3,275 (Q1-2023 - $3,218), representing an increase of $57 or 1.8% relative to Q1-2023 driven primarily by strong AMR growth and higher economic occupancy1 at the Fund's property in Langley, BC. Net income and comprehensive income attributable to the Unitholders for Q1-2024 was $6,668 (Q1-2023 - $856), representing an increase of $5,812 relative to Q1-2023, primarily due to the fair value gain on the Properties, interest income and increased NOI, partially offset by a higher provision for carried interest. The Fund had approximately $4,378 of available liquidity as at March 31, 2024, which is expected to be used to fund existing operations. As at May 13, 2024, the Fund had collected approximately 99.7% of rents for Q1-2024, with further amounts expected to be collected in future periods, demonstrating the Fund's strong resident base and operating performance. Adjusted funds from operations ("AFFO")1 for Q1-2024 was $408 (Q1-2023 - $123), representing an increase of $285 or 231.7% relative to Q1-2023, primarily due to an increase in NOI, partially offset by higher finance costs and fund and trust expenses. 1 This metric is a non-IFRS measure. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS (see "Non-IFRS Financial Measures and Reconciliations"). FINANCIAL CONDITION AND OPERATING RESULTS Highlights of the financial and operating performance of the Fund as at March 31, 2024 and for Q1-2024, including a comparison to December 31, 2023 and Q1-2023, as applicable, are provided below: March 31, 2024 December 31, 2023 Key Multi-Family Operational Information Number of multi-family properties owned 9 9 Total multi-family suites 944 944 Economic occupancy (1) 89.9 % 93.7 % Physical occupancy (1) 96.0 % 95.0 % AMR (in actual dollars) $                   1,950 $                   1,934 AMR per square foot (in actual dollars) $                     2.48 $                     2.47 Summary of Financial Information Gross Book Value (2) $               428,000 $               419,500 Indebtedness (2) $               266,261 $               267,171 Indebtedness to Gross Book Value (2) 62.2 % 63.7 % Weighted average interest rate - as at period end (3) 3.76 % 3.78 % Weighted average loan term to maturity 4.29 years 4.53 years Q1-2024 Q1-2023 Summary of Financial Information Revenue from property operations $                   5,251 $                   4,571 Property operating costs (1,251) (1,065) Property taxes (355) (288) Income from rental operations / NOI $                   3,645 $                   3,218 Net ...