STARLIGHT U.S. RESIDENTIAL (MULTI-FAMILY) INVESTMENT LP ANNOUNCES Q1-2026 OPERATING RESULTS

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ TORONTO , May 25, 2026 /CNW/ - Starlight U.S. Residential (Multi-Family) Investment LP (TSXV: SURF ) (the "SURF LP") 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 SURF LP'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 are in thousands of United States ("U.S.") dollars except for average monthly rent ("AMR") 1 , or unless otherwise stated. All references to C$ are to Canadian dollars. Q1-2026 HIGHLIGHTS Revenue from property operations for Q1-2026 was $4,896 (Q1-2025 - $9,798) representing a decrease of 50.0% in revenue due to SURF LP completing the dispositions of Lyric Apartments ("Lyric"), Eight at East and Emerson at Buda ("Emerson") in Q2-2025, Q3-2025 and Q4-2025, respectively ("Primary Variance Driver") as well as a decrease in same property revenue of 2.9% primarily as a result of decreases in AMR due to SURF LP facing heavy competition from new supply and aggressive pricing to lease new properties in Phoenix. Net operating income ("NOI") 1 for Q1-2026 was $3,090 (Q1-2025 - $6,052), representing a decrease of 48.9% in NOI primarily due to the Primary Variance Driver and reduction in same property NOI 1 of 1.4% relative to Q1-2025 as a result of the competition from new supply described above. Q1-2026 normalized same property NOI to exclude the impact of the Phoenix property competing with heavy new supply would have been an increase of approximately 1.5% relative to Q1-2025. SURF LP reported a net loss and comprehensive loss attributable to partners of SURF LP (the "Partners") for Q1-2026 of $17,100 (Q1-2025 - $24,020), primarily due to higher f