2025 was a difficult year across real estate — slower liquidity, weaker sentiment, and far fewer projects moving forward.

 Against that backdrop, our focus stayed firmly on execution. Projects advanced through planning, construction milestones were achieved, and select developments reached completion — progress that isn’t always visible in a challenging market.

 Those experiences reinforced where we believe capital can be most effectively deployed today: mid-rise purpose-built rental, where projects can advance, get built, and deliver housing into the supply-constrained years ahead.

This Year-in-Review video highlights the work that continued moving forward in 2025 and how it’s shaping our approach to 2026. Thank you to our investors, partners, and project teams for the continued trust.