Sun Residential Real Estate Investment (SRES) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was $1.48 million, up 1.9% year-over-year.

• Net income and comprehensive income for Q1 2025 was $733,814, an increase of $75,994, including a fair value gain of $77,494.

• Sun Residential REIT announced agreements to sell its two main properties, representing nearly all assets, with plans to distribute proceeds and terminate the trust.

Financial highlights

• FFO and AFFO for Q1 2025 were $183,391, down 8.5% from the previous year.

• Total assets at March 31, 2025, were $63.5 million, down from $64.5 million at December 31, 2024.

• Cash and cash equivalents stood at $2.7 million, compared to $3.3 million at year-end 2024.

• Working capital was $3.1 million at March 31, 2025, versus $3.3 million at December 31, 2024.

Outlook and guidance

• Proceeds from asset sales are expected to be distributed to unitholders in late June and September 2025, pending approvals.

• The trust will be terminated following the distribution of assets.