TORONTO, ON / August 6, 2026 / The Forum Real Estate Income and Impact Fund (“REIIF” or the “Fund”) released its results for the quarter ended June 30, 2026.
REIIF’s Series F units delivered a time-weighted net return of 1.94%{{1}} for the second quarter of 2026, and 3.79%{{1}} on a year-to-date basis, including a monthly distribution of 4.14 cents per unit. Since inception, REIIF has achieved an annualized net return of 10.54%{{1}} for Series F unitholders, marking continued performance within the Fund’s targeted return range of 8% to 12%{{2}}.
Subsequent to quarter-end, on July 22, 2026, REIIF completed the initial closing of a partial disposition of 32% interest in three stabilized PBSA assets, priced at REIIF’s net asset value (NAV){{3}}, with REIIF retaining a majority ownership interest in the assets. The transaction, supported by an independent fairness opinion, provides third-party validation of REIIF’s valuation approach. The purchaser was Forum Student Living Fund I (“FSLF I”), a Forum-managed vehicle; the private placement remains ongoing, and both FSLF I’s ownership interest and the corresponding percentage disposed of by REIIF may increase with additional capital committed before the second closing, expected on or before October 22, 2026{{3}}.
For more information, see the press release here
Selling a partial interest of these assets to FSLF I at REIIF’s NAV, provides additional support for our disciplined valuation approach,” said Richard Abboud, Founder & CEO at Forum Asset Management, and Chair of REIIF. “The transaction strengthens our balance sheet and provides unitholders with additional confidence in the value embedded across REIIF’s portfolio, while giving management further flexibility to continue executing on the Fund’s long-term strategy of deleveraging and making accretive acquisitions with stable and growing income profiles.”
During the quarter, REIIF entered into two new headlease agreements with Wilfrid Laurier University, covering approximately 765 beds across two of REIIF’s Waterloo, Ontario properties. The first headlease is set to commence with the 2026/2027 academic year, with the second scheduled to take effect in August 2027, both for five-year terms.
Forum has spent decades as a trusted partner to public institutions, including through some of the most significant public-private partnerships in the country,” said Aly Damji, Managing Partner, Real Estate at Forum Asset Management, Fund Head and Trustee of REIIF. “The headlease agreements signed this quarter extend that track record, exemplifying REIIF’s stable income profile and focus on delivering purpose-built student accommodations catering to top universities across Canada.”
Portfolio Update
As of June 30, 2026, REIIF’s GAV was approximately $2.9 billion across 32 properties{{4}}, comprising over 11,200 beds and 3.3 million square feet of institutional-quality residential real estate. NAV was $1.2 billion, or $13.39 per unit.
Stabilized NOI{{5}} remained flat compared to Q1 2026 while total property NOI increased 16.5% year-over-year, reflecting the continued contribution of ALMA @ ByWard Market, acquired in September 2025. Portfolio-wide leasing activity continues to remain ahead of the prior year, providing improving visibility into the September 2026 academic year.
The Fund’s weighted average capitalization rate ended the quarter at 4.33%, remaining above external appraiser assumptions and reflecting management’s disciplined approach to carrying values.
Balance Sheet Update
As of June 30, 2026, the Fund’s net debt-to-assets ratio was 57.5%, with 90.0% of the Fund’s debt consisting of fixed-rate mortgages, carrying a weighted average coupon of 4.31% and a weighted average term to maturity of 5.7 years.
During the quarter, REIIF completed three financing transactions, of which two were CMHC-insured mortgage refinancings on five-year terms, using proceeds to repay higher-cost portfolio-level debt. Collectively, these transactions enhanced the Fund’s liquidity and extended the maturity profile of the Fund’s debt portfolio.
Distributions
REIIF paid monthly distributions to unitholders of record as at June 30, 2026 as follows:
About REIIF
Forum Real Estate Income and Impact Fund (REIIF) consolidates institutional-quality purpose-built student housing, as well as multi-family and furnished rentals, in supply-constrained markets. REIIF is committed to delivering impact and Extraordinary Outcomes™ to investors, enhancing yields and total returns, maintaining diversity and resiliency of income, while benefiting students and cities across Canada. Please visit our website at www.forumreiif.ca
About Forum
Forum is an investor, developer and asset manager operating across North America for over 30 years, focusing on real estate, private equity and infrastructure, with a strategic concentration in housing. We are committed to sustainability, responsible investing and creating value that benefits our stakeholders and the communities in which we invest, what we call our Extraordinary Outcomes.™ Please visit our website at www.forumam.com
Contacts
Name: Lara Iannucci, Chief Financial Officer, Real Estate
Phone Number: 416-947-0389
Email: larai@forumam.com
Name: Domenic Gallippi, Managing Director, Alternative Assets
Phone Number: 416-947-0389
Email: domenicg@forumam.com
Cautionary Statement
This news release is for informational purposes only and is not intended as investment, financial or other advice or a recommendation to invest in the Fund. It is also not an offer, solicitation, or basis for any investment decision regarding REIIF securities, which are available only to “accredited investors” within certain jurisdictions of Canada and not for sale to the general public.
The information in this news release regarding the Fund’s portfolio, including the number of properties, units, residents served, leasing figures, Gross Asset Value (GAV) and Net Asset Value (NAV) as well as Fund performance and returns are based on current estimates developed from Forum’s unaudited financial information, and are subject to change. Series F returns as expressed herein, are net of REIIF expenses like administrative costs, management fees, and unit class specific fees. The targeted distribution rate and total return received by a unitholder will differ based on the series of REIIF units in which a unitholder invests and the distribution reinvestment plan strategy that such unitholder elects to pursue. Past performance is historical and not a guarantee of future results. Investors should not place undue reliance on these figures and are encouraged to perform their own due diligence or consult with a professional advisor before making any investment decisions. Prospective investors and other readers are strongly encouraged to carefully review the risk factors, assumptions, and uncertainties set out in REIIF’s offering memorandum dated December 20, 2024, as same may be amended or supplemented from time to time (the “OM”) before making any investment decisions. The OM contains important information about REIIF’s investment strategy, potential risks, and other factors that should be considered.
Forward Looking Statements
This news release includes forward-looking statements under Canadian securities laws, identifiable by terms like “expect,” “intends,” and “anticipates,” or variations of these, and those which imply forward looking statements such as those statements relating to the Fund, strategy, objectives and plans, outlining REIIF’s investment objectives, strategies, opportunity pursuits, expected acquisitions pursuant to REIIF’s ROFO agreement with Forum, expected annual net operating income growth, GAV growth, NAV growth, expectations of the yield and returns on units within the Fund including the consistency and stability of such returns, financing strategies including financing applications with CMHC, distribution expectations, REIIF’s differentiating factors, rental housing demand and supply expectations, rental housing shortfall estimates, recessionary resiliency, and general market outlook. However, these statements are based on current management beliefs and available information, and they are not guarantees of future performance. Actual results and future events may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual outcomes to vary significantly, including economic conditions, real estate market volatility, funding access challenges, timing issues, and currency or interest rate changes.
For more information on these factors, risks and uncertainties as well as the assumptions underlying management’s forecasts, please refer to REIIF’s OM which is available here. These forward-looking statements reflect our position as of this release, with no obligation for updates unless required by law.
