STARLIGHT WESTERN CANADA MULTI-FAMILY (NO. 2) FUND ANNOUNCES Q1-2026 OPERATING RESULTS INCLUDING SAME PROPERTY NOI GROWTH OF 5.0%

TORONTO , May 20, 2026 /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, 2026 ("Q1-2026"). Certain comparative figures are included for the Fund's financial and operational performance as at December 31, 2025 and for the three months ended March 31, 2025 ("Q1-2025"). All amounts in this press release include amounts attributable to any non-controlling interests and are in thousands of Canadian dollars except for average monthly rent ("AMR") 1 , or unless otherwise stated. "We are pleased with the strength of performance during the quarter which achieved same property net operating income growth of 5.0%" commented Neil Fischler, Executive Vice President. "Management continues to focus on its active management strategy for the properties to maximize the unitholders value." Q1-2026 HIGHLIGHTS The Fund achieved AMR growth of approximately 3.9% between Q1-2025 and Q1-2026 including the impact of acquisition of Starlight Western Canada Multi-Family Limited Partnership ("SW1") properties during fourth quarter of 2025. The growth continues to be driven by sustained demand for multi-family suites and overall immigration levels in Canada and in particular, Vancouver Island and the mainland of the Province of British Columbia ("BC") (collectively, the "Primary Markets"). Revenue from property operations and net operating income ("NOI") 1 for Q1-2026 were $8,642 and $6,029 (Q1-2025 - $5,460 and $3,797), respectively, representing an increase in revenue and NOI of 58.3% and 58.8%, respectively, primarily due to the difference in the number of properties owned between the two periods ("Primary Variance Driver"). Same property net operating income ("Same Property NOI") 1 for Q1-2026 was $3,987 (Q1-2025 - $3,797), representing an increase of $190 or 5.0% relati