Toronto, Ontario--(Newsfile Corp. - April 30, 2024) - Sun Residential Real Estate Investment Trust (TSXV: SRES) today released its financial results for the three months ended March 31, 2024. All amounts are in United States dollars unless otherwise noted. "C$" refers to Canadian dollars.

Revenue for the three months ended March 31, 2024, was $1,448,598, an increase of 3.8% compared with the same period in the prior year. Net rental income was $1,090,614, an increase of 10.5%, and net income and comprehensive income for the three months was $657,820, an increase of 25.5%.

At March 31, 2024, Sun had total assets of $64.4 million (December 31, 2023 – $64.3 million), and cash and cash equivalents of $3.4 million (December 31, 2023 – $3.8 million). Working capital at March 31, 2024, was $3.8 million (December 31, 2023 – $3.7 million).

"Evergreen at Southwood, our flagship property in Tallahassee, is performing well," said Robert C. Wetenhall, Jr., Chief Executive Officer. "We are continuing to renovate our Cape Coral property, and we are expecting construction to be completed during this year."

Additional highlights (at March 31, 2024 or for the three months then ended, unless otherwise noted)

• Weighted average occupancy for the quarter – 92% (Occupancy at period-end - 91%)
• Net operating income margin – 58%
• FFO (funds from operations) for the three months ended March 31, 2023 – $200,330 (March 31, 2023 – $160,195).
• AFFO (adjusted funds from operations) for the three months ended March 31, 2024 – $200,330 (March 31, 2023 – $133,844).
• Quarterly distribution paid March 28, 2024, corresponds to 71% of FFO, and AFFO.
• Debt to gross book value – 49%
• NAV (net asset value) per unit – $0.087 (C$0.118)

A reconciliation to non-IFRS measures is set out below. For further information on the financial results as well as analysis of operational statistics, please refer to Sun's consolidated financial statements and its management's discussion and analysis for the period ended March 31, 2024 available on SEDAR+ at and on Sun's website at .

Quarterly distribution

The Board of Trustees has approved a regular quarterly distribution of C$0.00095 (0.095 Canadian cents) per unit. This distribution will be paid June 28, 2024 to unitholders of record as of the close of business on June 12, 2024, and represents distributions an annual rate of C$0.0038 (0.38 Canadian cents) per unit.

Non-IFRS Financial Measures

Weighted average leased rate, FFO, AFFO, rent collection, net operating income margin, NAV per unit and debt to gross book value are key measures of performance commonly used by real estate investment trusts. They are not measures recognized under International Financial Reporting Standards (IFRS) and do not have meanings prescribed by IFRS. Weighted average leased rate, FFO, AFFO, rent collection for March 2024, net operating income margin, NAV per unit and debt to gross book value as calculated by Sun may not be comparable to similar measures presented by other issuers. Please see the table below for reconciliations to IFRS measures.

Annual meeting and investor presentation

Interested parties are invited to participate in a Zoom video call with management on May 7, 2024. The investor presentation will follow our Annual Meeting at noon EDT. Please click on the following link: . Meeting ID: 835 9861 9214, Passcode: 167332. If you are reading this in a printed copy, a clickable version of this link is available on Sun's website: .

About Sun Residential REIT

Sun Residential Real Estate Investment Trust is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust dated January 22, 2019, as amended and restated on March 22, 2019 and November 4, 2020. The business of Sun is to acquire multi-family residential properties in the Sunbelt region of the United States.

Caution regarding forward-looking statements

Forward-looking statements in this news release, including the timing of the development of our Cape Coral property, and elsewhere reflect Sun's current assumptions, expectations, and projections. Often, but not always, forward‐looking statements can be identified by words such as "planned," "expects," "expecting," "anticipated," or "believes," or variations of such words and phrases or state that certain actions, events, or results "may," "could," "would," or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Sun's actual results or achievements to be materially different from those expressed or implied by the forward-looking statements. The forward-looking statements made in this news release relate only to events or information as of the date hereof. All forward-looking statements are based on assumptions that may prove to be incorrect. Furthermore, forward-looking statements are qualified in their entirety by the inherent risks, uncertainties and changes in circumstances surrounding future expectations that are difficult to predict and mostly beyond the control of Sun.

Except as specifically required by Canadian securities law, Sun undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Many factors will cause actual results to differ, perhaps materially, from results in the forward-looking statements: for a description of such factors please refer to the Management's Discussion and Analysis for the three months ended March 31, 2024, available at or at .

For further information, please contact:

Robert C. Wetenhall Jr.
Chief Executive Officer
rwetenhall@sunresreit.com

Jeffrey D. Sherman,
Chief Financial Officer
jsherman@sunresreit.com
(416) 214-2228

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.