TORONTO, Aug. 13, 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 June 30, 2024 ("Q2-2024") and six months ended June 30, 2024 ("YTD-2024"). Certain comparative figures are included for the Fund's financial and operational performance as at December 31, 2023, for the three months ended June 30, 2023 ("Q2-2023") and for the six months ended June 30, 2023 ("YTD-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 4.0%," 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." Q2-2024 HIGHLIGHTS During Q2-2024, the Fund's board of trustees approved a 13.8% 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. The Fund achieved approximately 4.0% AMR growth between Q2-2023 and Q2-2024, continuing to be driven by 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 97.6% for the nine multi-family properties owned (the "Properties") as at June 30, 2024, which subsequently increased to 98.1% as at August 13, 2024. During Q2-2024, the Fund entered into various financing arrangements with lenders, increasing its fixed rate debt from 80.5% to 91.1% of total debt as at June 30, 2024. As at June 30, 2024, the Fund's weighted average term to maturity and interest rate were 5.44 years and 3.42%, respectively. Revenue from property operations and net operating income ("NOI")1 for Q2-2024 were $5,374 and $3,760 (Q2-2023 - $4,744 and $3,402), respectively, representing increases of $630 and $358 relative to Q2-2023. These significant increases were primarily due to the difference in the number of Properties owned between Q2-2023 and Q2-2024. The Fund had approximately $3,700 of available liquidity as at June 30, 2024, which is expected to be used to fund existing operations. As at August 13, 2024, the Fund had collected approximately 98.7% of rents for Q2-2024, 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 Q2-2024 was $591 (Q2-2023 - $511), representing an increase of $80 or 15.7% relative to Q2-2023, 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"). YTD-2024 HIGHLIGHTS  During YTD-2024, the Fund recorded a fair value gain on the the Properties of $10,635, a cumulative increase of 14.6% over the aggregate purchase price since the Properties were acquired by the Fund. The fair value gain during YTD-2024 was entirely driven by NOI growth. During YTD-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 increased the amount of fixed rate debt to 91.1% of its total debt as at June 30, 2024, reducing its total weighted average interest rate from 3.78% to 3.42% during YTD-2024. As at June 30, 2024, the Fund's weighted average fixed interest rate and term to maturity were 3.04% and 5.79 years, respectively. Revenue from property operations and NOI for YTD-2024 were $10,625 and $7,405 (YTD-2023 - $9,315 and $6,620), respectively, representing increases of $1,310 and $785 relative to YTD-2023. These significant increases were primarily due to the difference in the number of Properties owned between YTD-2023 and YTD-2024. Net income and comprehensive income attributable to the Unitholders for YTD-2024 was $8,360 (YTD-2023 - $5,290), representing an increase of $3,070 relative to YTD-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, finance costs, fund and trust expenses and distributions to Unitholders. AFFO for YTD-2024 was $999 (YTD-2023 - $614), representing an increase of $385 or 62.7% relative to YTD-2023 primarily due to higher NOI between YTD-2023 and YTD-2024, partially offset by higher finance costs and fund and trust expenses. FINANCIAL CONDITION AND OPERATING RESULTS Highlights of the financial and operating performance of the Fund as at June 30, 2024, for Q2-2024 and YTD-2024, including a comparison to December 31, 2023, Q2-2023 and YTD-2023, as applicable, are provided below: June 30, 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) 90.5 % 93.7 % Physical occupancy (1) 97.6 % 95.0 % AMR (in actual dollars) $                   1,966 $                   1,934 AMR per square foot (in actual dollars) $                     2.49 $                     2.47 Summary of Financial Information Gross Book Value (2) $               430,780 $               419,500 Indebtedness (2) $               268,363 $               267,171 Indebtedness to Gross Book Value (2) 62.3 % 63.7 % Weighted average interest rate - as at period end (3) 3.42 % 3.78 % Weighted average loan term to maturity 5.44 years 4.53 years Q2-2024 Q2-2023 YTD-2024 YTD-2023 Summary of Financial Information Revenue from property operations $                   5,374 $                   4,744 $                 10,625 $                   9,315 Property operating costs