📈 Another Record-Breaking Quarter for Mainstreet Equity
We’re excited to share Mainstreet Equity’s Q1 2025 financial results, marking our 13th consecutive quarter of double-digit growth. As a leader in Western Canada’s mid-market rental sector, we continue to deliver strong returns for investors, affordable rental options for tenants, and long-term strategic growth across our portfolio.
🎧 Watch the 8-Minute Q1 2025 Podcast Now
Join CEO Bob Dhillon, CFO Trina Kueh, and Robert Cooper of Acumen Capital Partners as they break down our Q1 results, discuss emerging market trends, and share their outlook for 2025.
The Mainstreet Mission:
We believe the current operating environment, including an ongoing trade dispute with the U.S., presents the opportunity for accelerated acquisitions in fiscal 2025, potentially paving the way for a new phase of countercyclical growth at Mainstreet. As always, we remain passionately committed to our role as a crucial provider of quality, affordable homes for Canadians, offering renovated apartments and customer services at an average mid-market rental rate of $1,200.
Q1 2025 Financial Highlights
✔ Same-store rental revenue increased 10%
✔ Same-store net operating income (NOI) grew 11%
✔ Total rental revenue increased 16% to $67.6M
✔ Net operating income (NOI) increased 18% to $43.7M
✔ Funds from operations (FFO) before income tax rose 23%
✔ 14% of our portfolio remains in stabilization, providing future growth potential
Despite industry-wide challenges, Mainstreet continues to outperform, leveraging affordable rental pricing (average $1,200/month) to drive high occupancy and revenue growth.
📑 Read the Full Q1 2025 Financial Report
Market Insights & Strategic Growth Outlook
British Columbia: A Key Driver of NOI Growth
💡 43% of our net asset value is in BC, where low vacancy rates and supply constraints continue to drive strong rent increases.
Edmonton: Positioned for Tremendous Growth
💡 Our largest portfolio is set to benefit from the city's booming economy, creating opportunities for significant rental income expansion in 2025.
Calgary: A Temporary Slowdown After Record Growth
💡 After a huge rent surge in 2024, we anticipate moderate but steady growth in 2025.
Saskatoon & Regina: Solid Performance Across the Region
💡 Saskatoon remains a strong market, with consistent revenue growth, while Regina shows stable performance, slightly behind Saskatoon.
📊 View the Q1 2025 Investor Presentation
Why Mainstreet is Different from a REIT
Unlike REITs, Mainstreet is a value creator that compounds returns by reinvesting cash flow. Over the past 25 years, we’ve grown from $0 to $3.5B in assets, all without equity dilution—delivering one of the best shareholder returns in Canada.
🏗 Zoning Changes = Future Development Potential
💡 Inner-city assets in Calgary are now primed for redevelopment, allowing for high-value land appreciation and potential new builds.
🏢 Unstabilized Assets = Millions in Future NOI Growth
💡 15% of our portfolio remains in repositioning, translating to substantial upside potential in 2025-26.
💰 $400M+ Liquidity = Counter-Cyclical Buying Power
💡 With strong fundamentals in Western Canada, we are well-positioned to acquire more mid-market properties at attractive valuations.
Additional Resources
📑 Q1 2025 Financial Report
📊 Q1 2025 Investor Presentation
📄 Q1 2025 MD&A
📰 Q1 2025 Press Release
🎧 Watch the Podcast Now for in-depth analysis and key takeaways from our leadership team.