Exhibit 99.7

BSR REAL ESTATE INVESTMENT TRUST

Condensed consolidated interim financial statements (In U.S. dollars)

For the three and six months ended June 30, 2026 and June 30, 2025

(Unaudited)

BSR REAL ESTATE INVESTMENT TRUST

Condensed Consolidated Interim Statements of Financial Position (Unaudited)

In thousands of U.S. dollars

See accompanying notes to condensed consolidated interim financial statements.

BSR REAL ESTATE INVESTMENT TRUST

Condensed Consolidated Interim Statements of Net (loss) Income and Comprehensive (loss) Income (Unaudited)

In thousands of U.S. dollars

See accompanying notes to condensed consolidated interim financial statements.

BSR REAL ESTATE INVESTMENT TRUST

Condensed Consolidated Interim Statements of Changes in Unitholders’ Equity (Unaudited)

In thousands of U.S. dollars

See accompanying notes to condensed consolidated interim financial statements.

BSR REAL ESTATE INVESTMENT TRUST

Condensed Consolidated Interim Statements of Cash Flows (Unaudited)

In thousands of U.S. dollars

See accompanying notes to condensed consolidated interim financial statements.

BSR REAL ESTATE INVESTMENT TRUST 

Notes to Condensed Consolidated Interim Financial Statements (Unaudited)
For the three and six months ended June 30, 2026 and June 30, 2025
Amounts in thousands of U.S. dollars (except for unit and per unit amounts)

BSR Real Estate Investment Trust (the “REIT”) is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust of the REIT dated January 9, 2018 (the “Declaration of Trust”), under the laws of the Province of Ontario. The REIT’s Declaration of Trust was amended and restated on May 11, 2022. The principal business of the REIT is to acquire and operate multi-family residential rental properties across the United States.

As of June 30, 2026, the REIT owned 26 multifamily garden-style residential properties located across three bordering states in the Sunbelt region of the United States, which stretches across the South Atlantic and Southwest portions of the United States. The REIT currently operates in Texas, Arkansas and Oklahoma. The registered office of the REIT is at 333 Bay Street, Suite 3400, Toronto, Ontario.

The condensed consolidated interim financial statements of the REIT are prepared by management in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (“IFRS Accounting Standards” or “GAAP”). These condensed consolidated interim financial statements were approved and authorized for issuance by the Board of Trustees on August 12, 2026.

The condensed consolidated interim financial statements are prepared on a historical cost basis except for investment properties, derivative financial instruments, unit-based compensation and the Class B Units (defined below), which are measured at fair value. The condensed consolidated interim financial statements are presented in U.S. dollars, which is the REIT’s functional currency.

The REIT owns, manages and operates multifamily properties located in the United States. Management, when measuring the REIT’s performance, does not distinguish or group its operations on a geographical or any other basis. Accordingly, the REIT has a single reportable segment for disclosure purposes in accordance with GAAP.

Certain comparative information has been presented to conform with the current year presentation. Except as noted below, these condensed consolidated interim financial statements follow the same accounting policies and methods of applications as the consolidated financial statements as at and for the year ended December 31, 2025.

On May 30, 2024, the IASB issued narrow-scope amendments to the classification and measurement requirements of IFRS 9 – Financial Instruments (“IFRS 9”). These amendments clarify the timing of recognition and derecognition of financial liabilities and introduce a limited exception for liabilities settled through certain electronic payment systems. The exception applies only to financial liabilities settled electronically and does not extend to other payment methods, such as manual cheques. Entities may elect to apply the exception on a system-by-system basis. IFRS 9 is effective for annual periods beginning on or after January 1, 2026. Under the IFRS 9 amendment, a company is generally required to derecognize a financial liability on the settlement date. However, when a financial liability is settled in cash using an electronic payment system, the amendment permits a company to consider the financial liability to be discharged before the settlement date if all of the following conditions are met: (i) the payment instruction has been initiated and cannot be practically withdrawn, stopped, or canceled; (ii) the payment instruction results in the company no longer having practical access to the cash intended for settlement; and (iii) the settlement risk associated with the electronic payment system is insignificant. The REIT adopted IFRS 9 prospectively beginning on January 1, 2026. The effect of initially applying these amendments has been reflected as an adjustment of $1,232 to the opening balance of Cash and Cash Equivalents.

BSR REAL ESTATE INVESTMENT TRUST 

Notes to Condensed Consolidated Interim Financial Statements (Unaudited)
For the three and six months ended June 30, 2026 and June 30, 2025
Amounts in thousands of U.S. dollars (except for unit and per unit amounts)

On April 9, 2024, the IASB issued IFRS 18 – Presentation and Disclosure in Financial Statements (“IFRS 18”), that will replace IAS 1 – Presentation of Financial Statements. IFRS 18 introduces new requirements to increase comparability of similar entities, especially related to how operating profit and loss is defined. IFRS 18 is effective for annual periods beginning on or after January 1, 2027. Earlier adoption is permitted. IFRS 18 introduces a defined structure for the statement of profit or loss that is composed of categories and required subtotals into one of five categories: (i) operating, (ii) investing, (iii) financing, (iv) income taxes, and (v) discontinued operations. Management-defined performance measures (“MPMs”) will be required to be disclosed in a single note in the financial statements. In addition, all entities will be required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.

The REIT is still in the process of assessing the impact of the new standard but expects the adoption to have a significant impact to the structure of the REIT’s statement of net (loss) income and comprehensive (loss) income and additional disclosures for MPMs. The REIT intends to adopt IFRS 18 in its consolidated financial statements beginning on January 1, 2027.

The contractual purchase prices of the investment property acquisitions noted below are subject to working capital adjustments and closing costs. All investment property acquisitions below were considered asset acquisitions.

On January 9, 2025, the REIT acquired Venue Craig Ranch, a 277-unit garden-style community in McKinney, TX (Dallas Metropolitan Service Area (“MSA”)) for a contractual purchase price of $61,042.

On May 14, 2025, the REIT acquired Forayna Vintage Park, a 350-unit apartment community in Houston, TX and Botanic Luxury, a 288-unit apartment community in Spring, TX (Houston MSA) for a contractual purchase price of $141,000.

On August 12, 2025, the REIT acquired The Ownsby, a 368-unit apartment community in Celina, TX (Dallas MSA) for a contractual purchase price of $87,500.

There were no investment property acquisitions during the six months ended June 30, 2026.

All disposition contractual sale prices noted below are presented prior to working capital adjustments and selling costs. Unless otherwise noted, existing loans and borrowing were not assumed by the purchasers.

On March 24, 2025, the REIT completed the sale of Bluff Creek Apartments, a 316-apartment unit residence in Oklahoma City, OK for a contractual sale price of $28,300. Proceeds from the sale were used for debt repayment, funding of subsequent asset purchases and other general corporate purposes

On March 31, 2025, the REIT sold three properties (Cielo I, Cielo II and Retreat at Wolf Ranch), comprising 857 apartment units located in the Austin, TX MSA, for a contractual sale price of $187,000, directly for cash consideration. Proceeds from the sale were used for debt repayment, funding of subsequent asset purchases and other general corporate purposes.

BSR REAL ESTATE INVESTMENT TRUST 

Notes to Condensed Consolidated Interim Financial Statements (Unaudited)
For the three and six months ended June 30, 2026 and June 30, 2025
Amounts in thousands of U.S. dollars (except for unit and per unit amounts)

On April 30, 2025, the REIT sold six properties (Auberry at Twin Creeks, Aura Benbrook, Lakeway Castle Hills, Satori Frisco, Vale Frisco and Wimberly), comprising 1,844 apartment units located in the Dallas, TX MSA, for a contractual sale price of $431,500. Consideration for the six properties included (i) $193,000 in cash and (ii) the exchange and cancellation of 15,000,000 (approximately 75%) of the then outstanding Class B Units. Cash proceeds were utilized for debt repayment, transaction expenses and general corporate purposes.

There were no investment property dispositions during the six months ended June 30, 2026.

A reconciliation of the carrying value for investment properties is set out below:

BSR REAL ESTATE INVESTMENT TRUST 

Notes to Condensed Consolidated Interim Financial Statements (Unaudited)
For the three and six months ended June 30, 2026 and June 30, 2025
Amounts in thousands of U.S. dollars (except for unit and per unit amounts)

The REIT uses an internal valuation process to value the investment properties in use as of June 30, 2026. As part of management’s internal valuation program, the REIT obtains and reviews external valuations performed by independent third party national real estate valuation appraisals for a cross-section of properties that represent different geographical locations across the REIT’s portfolio and updates, as deemed necessary, the valuation models to reflect current market data. The REIT obtains external appraisals on a portion of the portfolio annually, such that the entire portfolio is appraised at least once every three years.

The estimated fair value of each investment property was determined using the direct capitalization income method. The stabilized future cash flows are divided by a capitalization rate. The capitalization rates were derived in part from a combination of third-party information and the observation of industry trends (Level 3 inputs). Assumptions used to derive capitalization rates include property age, amenities, renovations, geographic region, capital expenditures assumptions and location.

A significant increase (decrease) in stabilized future cash flows in isolation would result in a significantly higher (lower) fair value. A significant increase (decrease) in capitalization rate estimates in isolation would result in significantly lower (higher) fair value. Generally, a change in estimated rental income is accompanied by a directionally similar change in the rent growth per annum assumption and an opposite change in future vacancy rate estimates.

The following table summarizes the significant unobservable inputs used in the valuation of the REIT’s investment properties in use:

The estimated fair values of investment properties in use are most sensitive to changes in capitalization rates and stabilized future cash flows.

The following table summarizes the potential impact of increases or decreases in these assumptions.

BSR REAL ESTATE INVESTMENT TRUST 

Notes to Condensed Consolidated Interim Financial Statements (Unaudited)
For the three and six months ended June 30, 2026 and June 30, 2025
Amounts in thousands of U.S. dollars (except for unit and per unit amounts)

*Economically hedged to fixed rate mortgage notes payable includes $160,000 of mortgages which are hedged by interest rate derivative contracts (note 19).

The REIT often utilizes mortgage notes and/or the Credit Facility (discussed below) to assist in the acquisition of a property. Conversely, when the REIT disposes of a property, any directly related mortgage or encumbrance at the time of sale will either be repaid or assumed by other properties. The table above presents the total loans and borrowings balances as of each period end, and movements during the comparative periods are presented in the total loans and borrowings table below, which presents the cash flows and non-cash changes and captures any such movements for each period.

Mortgage notes

The REIT’s weighted average contractual interest rate on mortgage notes as of June 30, 2026 and December 31, 2025 was approximately 3.7% and 3.5%, respectively, which reflects the impact of interest rate derivatives but excludes the finance cost impact related to the amortization of discounts on mortgage notes and the amortization of deferred financing costs. With the inclusion of these items, the REIT’s weighted average effective interest rate on mortgage notes was approximately 3.8% and 3.6% as of June 30, 2026 and December 31, 2025, respectively. Mortgage notes as of June 30, 2026 mature at various dates from 2027 through 2056.

The mortgage notes are subject to certain financial and non-financial covenants that are required to be observed or performed to remain in good standing with the respective mortgage agreements. Failure to comply with any or all of the covenants could impact the timing of maturity of the mortgage notes which could negatively impact the REIT. Breaches of these covenants could include, but are not limited to, failure to comply with all laws and regulations, inappropriate uses of mortgaged properties, failure to comply with certain inspections, failure to provide timely books and records, failure to comply with debt service coverage ratios and other covenants required as part of the mortgage agreements. Breach of any of these conditions could result in a material impact to the REIT’s financial position as the mortgage notes (and credit facility) could be reclassified as current liabilities as the entire principal outstanding would become due immediately upon breach. In the event of a breach of a portion or all of the mortgage notes could come due in less than 12 months and subsequently classified as current liabilities on the balance sheet. As of June 30, 2026, the REIT is compliant with all covenants and there are no facts or circumstances that indicate the REIT may have difficulty complying with the covenants within 12 months of the reporting period.

Credit Facility

The REIT maintains a revolving credit facility (the “Credit Facility”) with a maximum revolving credit availability of $500,000, of which $391,916 was available as of June 30, 2026. The Credit Facility is secured by twelve borrowing base properties. The Credit Facility matures on December 8, 2029 with a one year extension option, at the REIT’s election, to extend the maturity to December 8, 2030, subject to the satisfaction of certain conditions. The Credit Facility currently bears interest at the Secured Overnight Financing Rate (“SOFR”) at a selected term of one-month, three-months, or six-months, plus a contractual margin adjustment based on the duration selected (“Adjusted Term SOFR”), as defined in the Credit Facility agreement, plus 1.30% to 1.90% rate based on meeting certain leverage ratios. Alternatively, the REIT has the ability to borrow using the greatest of (i) lender prime rate, (ii) the Fed Funds rate plus 0.5%, or (iii) one-month SOFR plus 1.0% (the “Base Rate”) loans plus a rate equal to 0.3% to 0.90%. As of June 30, 2026 and December 31, 2025, the balance outstanding on the Credit Facility was $358,125 and $321,425, respectively, each at a variable interest rate of 5.3%.

BSR REAL ESTATE INVESTMENT TRUST 

Notes to Condensed Consolidated Interim Financial Statements (Unaudited)
For the three and six months ended June 30, 2026 and June 30, 2025
Amounts in thousands of U.S. dollars (except for unit and per unit amounts)

The Credit Facility is subject to, and must remain compliant with, certain material financial and non-financial covenants that are required to be observed or performed to remain in good standing with the credit agreement. Failure to comply with any or all of the covenants could impact the timing of the maturity of the Credit Facility which could negatively impact the REIT. Breaches of these covenants could include, but are not limited to, failure to maintain the appropriate leverage ratio, failure to properly maintain the minimum consolidated fixed charge coverage ratio, failure to maintain the minimum consolidated tangible net worth, exceeding distribution limits, and other covenants required as part of the agreement. Breach of any of these conditions could result in a material impact to the REIT’s financial position as the Credit Facility could be reclassified as a current liability as the entire principal outstanding would become due immediately upon breach. As of June 30, 2026, the REIT is compliant with all covenants and there are no facts or circumstances that indicate the REIT may have difficulty complying with the covenants within 12 months of the reporting period. For further discussion on the contractual maturity of the Credit Facility, see the section Risk Management below (note 19(a)).

Interest rate derivatives

The REIT uses interest rate derivatives, consisting of interest rate swaps and swaptions, to manage interest rate exposure with respect to the Credit Facility, as well as other variable rate mortgage notes payable. The REIT seeks to largely align the interest rate derivative positions to the respective periods of the variable rate debt in place, subject to counterparty optional termination dates (note 19).

As of June 30, 2026 the REIT has five receive variable / pay fixed interest rate swaps based on various USD – SOFR Chicago Mercantile Exchange (“CME”) terms with an aggregate notional value of $522,000 (note 19(d)) as well as one interest rate swaption.

Total loans and borrowings

Scheduled maturities of principal and interest on all outstanding loans and borrowings as of June 30, 2026, which excludes the impact of the aforementioned interest rate derivatives, are in the table below. Contractual interest for variable rate loans and borrowings is calculated using the respective actual contractual interest rates as of June 30, 2026.

The following schedule presents the cash flows and non-cash changes within total loans and borrowings:

BSR REAL ESTATE INVESTMENT TRUST

Notes to Condensed Consolidated Interim Financial Statements (Unaudited)
For the three and six months ended June 30, 2026 and June 30, 2025
Amounts in thousands of U.S. dollars (except for unit and per unit amounts)

Generally, the Class B Units are economically equivalent to Units and are entitled to receive distributions equal to those provided to holders of Units. The Class B Units are non-voting and do not give enhanced economic or voting power relative to holders of Units. Accordingly, the Class B Units do not create a dual-class voting structure of the REIT. These Class B Units are classified as a liability in accordance with IAS 32, Financial Instruments: Presentation (“IAS 32”). The Class B Units are redeemable by the holders for cash or Units (on a one-for-one basis subject to customary anti-dilution adjustments), as determined by BSR in its sole discretion.

Class B Units are measured at fair value with any changes in fair value recorded in profit or loss. The fair value adjustments of Class B Units are calculated using the REIT’s Unit closing price as of the end of the reporting period. An increase in the REIT’s Unit closing price over the period results in a fair value loss whereas a decrease in the REIT’s Unit closing price over the period results in a fair value gain.

Under IFRS 13, Fair Value Measurement, if an asset or a liability measured at fair value has a bid price and an ask price, the price within the bid-ask spread that is the most representative of fair value in the circumstances shall be used to measure fair value. The REIT has recorded Class B Units at their fair value, which has been assessed to equal the closing market price of the Units at each valuation date (Level 2).

In connection with the investment property dispositions which closed on April 30, 2025, certain participating Class B Unitholders exchanged 15,000,000 Class B Units for new units of the purchaser. These were remeasured at the contractual exchange price of $15.90 per Class B Unit. The REIT subsequently cancelled 15,000,000 Class B Units, resulting in a $238,500 decrease in the Class B Units upon their cancellation.

The following table presents the outstanding Class B Units and related movements during the comparative periods:

$42,500 of previously outstanding Convertible Debentures were redeemed for cash on January 3, 2025 prior to their stated maturity on September 30, 2025. The redemption was affected in accordance with the terms of the trust indenture dated September 3, 2020 between the REIT and TSX Trust Company of Canada.

BSR REAL ESTATE INVESTMENT TRUST 

Notes to Condensed Consolidated Interim Financial Statements (Unaudited)
For the three and six months ended June 30, 2026 and June 30, 2025
Amounts in thousands of U.S. dollars (except for unit and per unit amounts)

The REIT is authorized to issue an unlimited number of Units. Units are ordinary units of the REIT, each of which represents a unitholders’ proportionate undivided beneficial interest and voting rights in the REIT.

On March 11, 2026, the TSX approved the REIT’s normal course issuer bid (the “2026 NCIB”), pursuant to which the REIT is authorized to purchase for cancellation up to a maximum of 3,148,801 Units, or approximately 10% of the public float, over the 12-month period commencing March 16, 2026 and expiring on March 15, 2027. Purchases under the 2026 NCIB will be made through the facilities of the TSX and/or through alternative Canadian trading systems and in accordance with applicable regulatory requirements at a price per Unit representative of the market price at the time of acquisition. The number of Units that can be purchased pursuant to the NCIB is subject to a current daily maximum of 12,383 (which is equal to 25% of 49,536, being the average daily trading volume from September 1, 2025 to February 28, 2026), subject to the REIT’s ability to make block purchases of Units that exceed such limits. All Units purchased under the NCIB will be cancelled upon their purchase. The REIT intends to fund the purchases out of its available resources. The REIT did not purchase or cancel any Units under the 2026 NCIB for the three and six months ended June 30, 2026.

On March 11, 2026, the REIT filed a short form base shelf prospectus (the “2026 Base Shelf Prospectus”) in reliance on the well-known seasoned issuer regime under Part 9B of National Instrument 44-102 – Shelf Distributions. The 2026 Base Shelf Prospectus is valid for a 37-month period, during which the REIT may offer and issue, from time to time, Units, debt securities (including convertible debt securities), which may consist of debentures, notes or other types of debt and may be issuable in series, warrants exercisable to acquire Units and/or other securities of the REIT, and subscription receipts to purchase Units and/or other securities of the REIT, or any combination thereof, in amounts, at prices and on terms to be determined based on market conditions at the time of the sale and as set forth in an accompanying prospectus supplement to the 2026 Base Shelf Prospectus.

Subsequent to June 30, 2026, the REIT announced a cash distribution of $0.0467 per Unit to unitholders of record as of July 31, 2026. This distribution was declared to be paid on August 17, 2026.

Base rent is allocated to lease components based on relative stand-alone selling prices. The stand-alone selling price of the rental component is determined using an adjusted market assessment approach and the stand–alone selling price of the service components is determined using an expected cost plus a margin approach.

Revenue from the rental components is recognized on a straight-line basis over the lease term and includes the recovery of property taxes and insurance as well as consideration related to late rent, month-to-month leases and payments for early terminations. Other property income mainly comprises fees associated with moving in or out, such as application fees and cleaning fees, late rental payment fees, renters’ liability insurance, parking fees, utility charges and other fee income from residents under the terms of the lease arrangements. Revenue recognition commences when a resident has the right to use the property and is recognized pursuant to the terms of the lease agreement. Payments are due at the beginning of each month and any payments made in advance of scheduled due dates are deferred as prepaid rents.

BSR REAL ESTATE INVESTMENT TRUST 

Notes to Condensed Consolidated Interim Financial Statements (Unaudited)
For the three and six months ended June 30, 2026 and June 30, 2025
Amounts in thousands of U.S. dollars (except for unit and per unit amounts)

Revenue related to the service components of the REIT’s leases is accounted for in accordance with IFRS 15 - Revenue from Contracts with Customers. These services consist primarily of the recovery of utility, property maintenance and amenity costs and is recognized over time when the services are provided. Payments are due at the beginning of each month and any payments made in advance of scheduled due dates are recorded as contract liabilities included as part of accounts payable and other liabilities.

Revenue from lease components and revenue related to service components is as follows:

Finance income from interest rate derivatives and a note receivable are gross of finance costs from operations and are presented separately within the condensed consolidated interim statements of net (loss) income and comprehensive (loss) income.

BSR REAL ESTATE INVESTMENT TRUST 

Notes to Condensed Consolidated Interim Financial Statements (Unaudited)
For the three and six months ended June 30, 2026 and June 30, 2025
Amounts in thousands of U.S. dollars (except for unit and per unit amounts)

The REIT leases apartments of multifamily properties to residents under noncancelable operating leases. The leases generally have a term of one year, or less. There were no residents that accounted for more than 10% of the REIT’s total rental revenue for the six months ended June 30, 2026.

As of June 30, 2026, the total future contractual minimum rent lease payments (excluding renewal or potential extension periods) expected to be received under noncancelable leases are as follows:

The REIT’s Little Rock, Arkansas headquarters lease was renewed in December 2025 with a term that matures in December 2035 (see note 22). This lease requires monthly payments of $11 during years one and two, $12 during years three through six, and $13 during years seven through ten. The headquarters lease is accounted for as a right-of-use asset with a corresponding lease liability under IFRS 16 - Leases. The REIT recognized $12 and $24 in interest expense on the lease liability for the three and six months ended June 30, 2026. The REIT did not recognize any interest expense on the lease liability for the three and six months ended June 30, 2025.

The following tables present the change in the right-of-use asset and corresponding lease liability for the six months ended June 30, 2026 and June 30, 2025:

The REIT recorded lease expenses of $29 during the six months ended June 30, 2026 for additional low-value leased office equipment ($27 for the six months ended June 30, 2025).

The REIT is subject to legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes that the final outcome of such matters will not have a material adverse effect on these condensed consolidated interim financial statements. As of June 30, 2026, there are no provisions recorded as a result of legal claims.

BSR REAL ESTATE INVESTMENT TRUST 

Notes to Condensed Consolidated Interim Financial Statements (Unaudited)
For the three and six months ended June 30, 2026 and June 30, 2025
Amounts in thousands of U.S. dollars (except for unit and per unit amounts)

The REIT’s activities expose it to market risk, credit risk and liquidity risk. Risk management is carried out by management of the REIT.

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk consists of interest rate risk, currency risk and other market price risk. In addition to the interest rate risk of variable rate mortgages, there is interest rate risk associated with the REIT’s fixed rate mortgages due to the expected requirement to refinance such mortgages in the year of maturity.

The REIT uses interest rate derivatives, consisting of interest rate swaps and swaptions, to manage interest rate exposure on variable rate debt. The REIT has historically elected to include embedded call options on certain derivatives whereby the counterparty may elect to cancel the contract prior to the end of the original term in exchange for a lower strike rate over the life of the contract. Changes in current interest rates and the interest rate outlook impact the likelihood that a counterparty may elect to terminate one or all of our interest rate swap contracts, pursuant to these call options. As current and forward expected interest rates rise, counterparty cancellation odds generally increase. As current and forward expected rates decline, cancellation odds generally decrease. Therefore, management actively monitors the interest rate environment to proactively limit the direct impact to the REIT’s finance costs (net of finance income) that may result from either a counterparty’s cancellation or the outright expiration of existing interest rate swap contracts.

As of June 30, 2026, the REIT’s total debt was 100% fixed or economically hedged to fixed rates, excluding net unamortized discounts on mortgages payable and net unamortized deferred financing costs, such that the REIT’s cash flows are not currently significantly impacted by a change in market interest rates. As mentioned above, the REIT’s interest rate derivatives contain optional counterparty termination features and maturity dates that could cause the economically fixed nature of the REIT’s debt to change in future periods, and there can be no assurance that the REIT will be able to continue to fix or hedge its debt in the future at favourable terms or at all.

The REIT’s interest rate derivatives are not designated as hedging instruments and as a result, the changes in fair value are recognized in net (loss) income as an adjustment to finance costs in the condensed consolidated interim statement of net (loss) income and comprehensive (loss) income.

As of June 30, 2026, based on the loans and borrowings and effective interest rate derivatives at that point in time a 100 basis-point change in interest rates, assuming all other variables are constant, would result in no change in the REIT’s finance costs (net of finance income) over the next 12 months. However, the current interest rate outlook or a change in interest rates could have a significant impact on the likelihood that a counterparty may choose to terminate one or more of our interest rate swaps at the predetermined optional termination dates mentioned above, resulting in a direct impact to the REIT’s finance costs (net of finance income).

The REIT has no material exposure to currency or risk from any market prices of other securities or investments external to the REIT.