Measured on a scale between 0 and 100, an index below 50 means owners expecting their business’s performance to be weaker over the next three or 12 months outnumber those expecting stronger performance.
The long-term optimism index dropped significantly this month falling below the 50-point threshold. Every province and every sector posted a decline. Fuel costs remained the top pressure point, cited by nearly three quarters (72%) of small businesses. Weak consumer demand is still the lead cost constraint (53%), said the national organization which is Canada’s largest association of small and medium-sized businesses with 103,000 members across every industry and region.
“Many small firms are stuck in a grind. Demand is weak, costs−especially fuel- are high and conditions don’t show signs of improving. This environment is not conducive to strong orders or investment,” said Andreea Bourgeois, CFIB director of economics.
Andreea Bourgeois
Average wage plans were unchanged at 2.4%, while businesses plan to raise prices by an average of 3.1% in the next few months, added the CFIB.
“This is not the direction we’d like to see this data point go. Higher oil prices add upward pressure on inflation, while tariffs and other economic challenges are still weighing on economic growth. With the next Bank of Canada interest rate decision only weeks away, it is a tough spot to be in. This is the second month we’ve seen price increase plans above 3%, and now we have to ask: is this the beginning of a new upward trend?” said Bourgeois.
Hiring intentions remain weak and below seasonal levels, with 14% of small firms looking to hire full-time in the next few months, noted the CFIB.
Simon Gaudreault
“While our governments don’t have control over global events, they can control what’s happening here at home. It’s important governments leverage domestic policies to boost our economy. Lowering taxes, reducing red tape and eliminating internal trade barriers are some of the ways to help small businesses weather the current challenges,” said Simon Gaudreault, CFIB chief economist and vice-president of research. “It’s in the moments like these that we can transform the nation by creating conditions that will outlast the current crisis and pay off in the long term.”
“Year one of our multi-year transformation was a resounding success with both Customer Location growth and GTV accelerating every quarter during the year,” said Dax Dasilva, Founder and CEO. “Throughout this transformation, Lightspeed continued to invest in the capabilities that matter most to the businesses we serve, distinguishing the platform as the go-to solution for our complex retail and hospitality customers.”
Dax Dasilva
Asha Bakshani
“In Fiscal 2026, Lightspeed delivered significant operational and financial progress, marked by expanding margins and positive Adjusted Free Cash Flow,” said Asha Bakshani, CFO. “Backed by a strong balance sheet and improving profitability, we remain focused on driving long-term shareholder value, including through the renewal of our normal course issuer bid.”
Fourth Quarter Financial Highlights
(All comparisons are relative to the three-month period ended March 31, 2025 unless otherwise stated):
Total revenue of $290.8 million, an increase of 15% year-over-year.
Transaction-based revenue of $185.3 million, an increase of 17% year-over-year.
Subscription revenue of $93.3 million, an increase of 6% year-over-year.
Net loss of ($28.6) million, or ($0.20) per share, as compared to a net loss of ($575.9) million, or ($3.79) per share. Net loss in the comparable period includes a non-cash goodwill impairment charge of ($556.4) million. After adjusting for certain items, such as share-based compensation, the Company delivered Adjusted Income of $11.5 million, or $0.08 per share1 as compared to Adjusted Income of $15.0 million, or $0.10 per share.
Adjusted EBITDA of $15.1 million up from Adjusted EBITDA of $12.9 million.
Cash flows used in operating activities of ($11.4) million as compared to cash flows used in operating activities of ($9.9) million, and Adjusted Free Cash Flow used of ($13.0) million as compared to Adjusted Free Cash Flow used of ($9.3) million.
As at March 31, 2026, Lightspeed had $453.9 million in cash and cash equivalents.
Full Fiscal Year Financial Highlights
(All comparisons are relative to the full fiscal year ended March 31, 2025 unless otherwise stated):
Cash flows from operating activities of $55.5 million as compared to cash flows used in operating activities of ($32.8) million, and Adjusted Free Cash Flow of $18.2 million as compared to Adjusted Free Cash Flow used of ($11.2) million;
Total revenue of $1,227.0 million, an increase of 14% year-over-year;
Transaction-based revenue of $815.1 million, an increase of 17% year-over-year;
Subscription revenue of $370.7 million, an increase of 8% year-over-year;
Net loss of ($144.4) million, or ($1.04) per share, as compared to a net loss of ($667.2) million, or ($4.34) per share. Net loss in the comparable period includes a non-cash goodwill impairment charge of ($556.4) million. After adjusting for certain items, such as share-based compensation, the Company delivered an Adjusted Incomeof $61.9 million, or $0.44 per shareas compared to an Adjusted Income of $69.5 million or $0.45 per share;
Adjusted EBITDA of $72.5 million up from Adjusted EBITDA of $53.7 million.
New research by Omnisend reveals that side hustles in 2026 are less about passion projects and more about financial necessity. In a survey of 1,029 Canadians, 31% report currently having a side hustle, and 85% admit they started for financial reasons rather than personal fulfillment or fun, said the company.
Among those with side hustles:
57% wanted to earn extra money for bills or essentials
27% started to pay off debt, supplement existing income, or save for a goal
Only 8% intended to pursue a passion or hobby, down from 17% since October 2025.
More than half (53%) earn $500 or less monthly from their side hustle, but 73% are still satisfied with that additional income. Collectively, this adds up to an average of $9.9 billion monthly across Canada, down slightly from $10.2 billion last year, noted Omnisend.
“Inflation may have cooled on paper, but everyday expenses like housing, groceries, and insurance remain stubbornly high,” said Marty Bauer, Ecommerce Expert at Omnisend. “An extra $200-$500 a month can cover groceries, utilities, or debt payments. That makes even low-earning side hustles feel worthwhile.”
Marty Bauer
Overall, 50% started their side hustle less than a year ago, and they’re able to maintain them without sacrificing large amounts of personal time. 91% spend fewer than 20 hours per week on them, with 5-9 hours being the most common range, said Omnisend.
“Ecommerce, including reselling, is the most common side-hustle category among respondents, with 48% saying they sell online. That puts ecommerce ahead of freelance work (17%), food delivery services (15%), and content creation (15%),” it noted.
“For online sellers, side hustles often start with accessible product categories: 27% sell vintage or second-hand items, 23% sell handmade or custom goods, and 11% sell print-on-demand products such as t-shirts or mugs.”
The report said the most popular platforms are established marketplaces, led by Facebook Marketplace at 53%, Amazon at 34%, eBay at 28%, and Etsy at 18%.
“Compared to freelancing or gig work, ecommerce – especially reselling – is relatively low-risk. It doesn’t require specialized skills or major upfront investment, but most importantly, it offers flexibility, making it the easiest starting point for people looking to earn extra,” said Bauer, adding that overall, 81% say they plan to continue their side hustle over the next 12 months.
Recently, the concept announced further additions to complete its menu and complement its culinary roster, serving a diverse range of cuisines.
Ask for Luigi introduces Pasta e Basta at Time Out Market Vancouver
“For more than a decade, Ask for Luigi has been a cornerstone of Vancouver’s Italian dining scene, earning consistent recognition, including mentions in the Michelin Guide and Canada’s Top 100 Restaurants. Known for its warm hospitality and the spirit of a traditional Italian home, the restaurant has inspired several successful sister concepts across the region – all grounded in a commitment to producing their own pasta from scratch, ensuring guests receive the highest quality product possible. Now, the team brings an exclusive new concept to Time Out Market Vancouver with Pasta e Basta by Ask for Luigi, serving a focused menu of pasta favourites such as Spaghetti Cacio e Pepe and Rigatoni Bolognese, alongside a selection of classic Italian antipasti – delivering the simple pleasure of great pasta, done right,” said the Market.
Pasta e Basta by Ask for Luigi
PiDGiN brings modern Asian fusion concept to the Market
“Asian French fusion restaurant PiDGiN first opened its doors in Vancouver’s historic Gastown neighbourhood in 2013. Since then, the restaurant has cemented itself as a leader in the city’s culinary landscape, winning awards and receiving Michelin Guide recognition. The restaurant draws inspiration from both Asian and French culinary traditions, creating dishes that honour both heritages while forging something entirely new. At Time Out Market Vancouver, PiDGiN will continue their fusion cuisine offering in the form of the Foie Gras Rice Bowl, Lobster Dan Dan Noodles, and Mango Rice Pudding,” added the Market.
PiDGiN (Juno Kim photo)
Dumpling bar Blnd Tger joins Market lineup
“Dumpling bar Blnd Tger opened in 2021 in the heart of Vancouver’s Chinatown as a nod to the Shanghai alleyway dumpling shops. Known for offering a fun, elevated, and unique dumpling and dim sum experience, the stylish, industrial-style restaurant blends traditional culinary methods with modern twists of ingredients. Drawing inspiration from Jiangsu, Cantonese, and Sichuan cuisines, as well as a family background in hospitality, Chef Phong Vo is passionate about sharing traditional Asian-style dumplings and giving them life with new modern influences. Blnd Tger’s new offering at Time Out Market Vancouver will include Fujian Chicken & Chive Dumplings, Shrimp Toast, and Shanghai Cold Sesame Noodles,” noted the Market.
Blnd Tger (Joshua Neufeld photo)
España brings Spanish cuisine to Time Out Market Vancouver
“Since 2012, España has brought Spain to the West End of Vancouver, gaining a reputation as a top restaurant in the city and recognized by The Georgia Straight as the ‘Best Restaurant in the West End’ for eight years in a row. Owner Edward Perrow has consistently delivered warm hospitality to restaurant visitors, creating a respectable list of Spanish wines, sherries, vermouth, and spirits. España creates delicious Spanish inspired dishes made with local & seasonal ingredients. At the Market, visitors can expect a selection of pinxtos, tapas, charcuterie boards and iconic paellas.
España
Beaucoup Bakery Café joins Time Out Market Vancouver, bringing two guest experiences: the signature Café and its new, exclusive dessert bar concept, Beaucoup Creamery, Dessert Bar
“For over ten years, Beaucoup has raised the bar for the fine art of French pastry and café culture in Vancouver, building its reputation as a beloved, award-winning destination, with three locations across BC. First opened in 2012 by celebrated pastry chef, Jackie Kai Ellis, the bakery is now run by siblings Betty and Jacky Hung, who continue to bolster Beaucoup’s legacy and take its menu in creative directions that blend French techniques with ingredients and inspiration that honour their Asian heritage. This year, Beaucoup brings a new dessert concept, The Creamery by Beaucoup, exclusively to Time Out Market Vancouver, where guests can expect bold creative concepts, never-before-seen flavour pairings, and innovative seasonal items. Menu items across the cafe and creamery offerings include classic and seasonal coffees, Ham and Cheese Scroll, Golden Fried French Toast with a Kouign-amann flavour, Butter Dip Soft Serve, among other desserts.”
Beaucoup Bakery (Amy Ho photo)
Time Out Market Vancouver launches Time Out Express
Officials said Time Out Express will take the market experience up a notch, serving as the go-to spot for creative, zero-proof drinks and a central hub for guest service. At the centre of it all is a made-to-order spirit-free bar, where botanical concoctions shine alongside a curated lineup of local kombuchas. Beyond the drinks, Time Out Express is the place for all your market questions, grab Time Out Market gift cards, or even pick up vendor takeout orders – all in one convenient spot. To top it off, the space offers a selection of local snacks, letting guests enjoy the city’s best sweet and savory bites on the go, it said.
The Market will feature three bars, with a curated bar program designed to highlight Vancouver’s vast local microbrewery scene, spotlight classic Okanagan wines, and serve custom cocktails, including a Green Tea Fizz. Zero Proof Cocktails, including an Almond Sour, Garden Fizz, Raspberry Spritz, and Mojito, will also be available.
“Beyond its culinary offerings, Time Out Market Vancouver will embrace the city’s vibrant cultural scene with a curated, year-round program of activations and events, including live music, wine tastings, book signings, cooking demonstrations, watch parties, DJ sets and family-friendly activities. Full monthly programming will be announced upon opening,” it said.
Julien Lavoie, General Manager of Time Out Vancouver, said: “We’re thrilled to unveil our final vendors, completing a lineup that showcases the very best of Vancouver under one roof – from standout culinary creations to live music, curated events, and cultural experiences. We can’t wait to welcome both locals and visitors to experience it all.”
To select the talent for the curated mix showcased at Time Out Market Vancouver, the Time Out team said it has scoured the city in search of the best chefs and restaurateurs, inviting the very top talent to join the lineup, from established names to up-and-comers. This curated selection offers an incredible range of local cuisine. In addition to the vendors revealed recently, the following were announced previously:
Chef Rob Feenie will launch Feenie’s to serve gourmet burgers
Chef Chanthy Yen joins with Mee Bar – a celebration of his Cambodian heritage
Lunch Lady with its renowned Vietnamese street food
MaKaam is modern Artisan Thai cuisine from the city’s top female chef and Baan Lao’s Owner Nutcha Phanthoupheng
DownLow Chicken will serve its iconic crispy fried chicken
Barnacle by Bar Bravo will offer a selection of raw and cooked seafood
Chef Vikram Vij brings new Indian concept, Peacock
Award-winning Neopolitan pizza concept, Via Tevere
Kishimoto brings authentic Japanese cuisine
SANTO TACO will offer heritage Mexican dishes and an authentic taco experience rooted in bold, traditional flavours.
Modern Chinese BBQ concept, Heritage
Mello brings elevated artisan donut concept
Boba Run offers fresh, fun, and unique Korean-inspired flavoured bubble tea options
Julien Lavoie
Time Out Market Vancouver is located at Oakridge Park, 650 W. 41st Ave. The Market offers a curated mix of some of the city’s best food, drinks and cultural experiences. Across 51,000 sq ft there are 18 kitchens, a dessert counter, a coffee counter, 3 bars, multiple event spaces and a large outdoor terrace onto a public park.
Time Out Market is part of Time Out Group PLC, a global brand that inspires and enables people to experience the best of the city through Time Out Media and Time Out Market. Time Out launched in London in 1968. There are currently more than 10 Markets in cities such as New York (Brooklyn and Manhattan), Montreal, Dubai, Cape Town and Osaka, with several new sites in development, in addition to a pipeline of further locations in advanced discussions.
Co-developed by QuadReal Property Group and Westbank, Oakridge Park is over five million square feet and strategically designed around a sprawling nine-acre park within the expansive 28-acre footprint.
Oakridge Park. Image: Westbank
Comprising residential, retail, office, green spaces, civic, and cultural components, Oakridge Park is a world-class, master-planned community. Once fully completed, it will offer a top-tier retail experience totalling 650,000 square feet with 140+ leading global brands, including flagship and boutiques stores, accommodations for over 6,000 residents through 3,000+ residences, 720,000 square feet of meticulously designed office space for over 3,000 creative economy professionals, one of Vancouver’s largest community centres and busiest libraries, six dynamic indoor and outdoor live-music venues, and will be home to the second Time Out Market in Canada.
As Canadians face an increasingly difficult financial landscape, a clear and troubling picture has emerged from one of the country’s most comprehensive surveys of financial wellbeing. The Harris & Partners Financial Resilience Index, built from over 12,000 survey responses collected across multiple national studies, documents how financial strain has crystalized into a full-blown crisis.
The data tells a story of a nation not merely under pressure, but pushed past its limits: working more for less, borrowing to survive, losing sleep, and quietly hiding the consequences from the people closest to them, said the company, adding that the concern is no longer whether Canadians are struggling. It’s whether the system that surrounds them is equipped to respond.
“This data doesn’t just show stress; it shows a nation hitting its limit. When you look across all 12 surveys, the message is unmistakable: Canadians are exhausted, financially overextended, and increasingly unsure how to stay afloat,” said Joshua Harris, CEO & Licensed Insolvency Trustee, Harris & Partners.
Rising Costs, Stagnant Incomes, and a Vanishing Safety Net
At the heart of the Index is a finding both simple and devastating: household incomes no longer match the cost of living for the majority of Canadians, said the report. 57.3% of respondents said their income did not cover basic expenses including rent, food, and bills. That strain has since intensified, with 88.9% living paycheque-to-paycheque and 82.9% cutting back on essentials such as heating and groceries. Rents have climbed across major cities. Heating costs have surged. Food inflation continues to outpace wage growth. Many families find themselves choosing between fresh produce, fuel for the car, or paying bills on time.
“We speak with people every day who are earning more than they ever have in their careers, yet still can’t keep up with grocery bills or rising rents. When the basics become unaffordable, financial resilience doesn’t just erode – it vanishes,” noted Harris.
Joshua Harris
Borrowing to Survive: Credit, Payday Loans, and Shrinking Options
As affordability has deteriorated, the report said Canadians have increasingly turned to borrowing not to get ahead, but simply to cope:
53.4% borrowed in the past two years just to cover essential living costs
77.1% could not cover a $500 emergency without taking on debt
61.2% used credit in the last year to pay for basic expenses
Among the 569 payday loan users surveyed, the picture is even more acute: 71.4% borrowed for essential expenses, 40.4% for emergencies, and 44% struggled to repay. These are not lifestyle borrowers. These are people whose fridge is empty, or whose rent is due, it said.
Changes to the criminal interest rate caused lenders to tighten criteria, leaving many lower-income households with fewer viable, regulated options.
“People feared turning to unregulated lenders. And based on the conversations we’ve had, that fear was justified. When legal credit tightens in a country with declining financial resilience, people don’t stop borrowing – they just borrow unsafely,” added Harris.
The Emotional Toll: Anxiety, Sleepless Nights, and Shame
Financial strain has not stayed in the spreadsheet. It has moved into bedrooms, relationships, and the working day, according to Harris & Partners:
60.4% go to bed worrying about money
46% lose sleep because of financial pressure
68.4% say their debt makes them anxious
56.6% hide their financial struggles from loved ones
76.3% said job or financial stress harmed their mental health in the past year
Nearly 40% say their debt is damaging their relationships
“We’ve entered a period where financial shame is as common as financial stress. People feel embarrassed, or they don’t want to worry their spouse, or they think they should just ‘cope.’ But silent stress is still stress – it eats away at mental health and relationships,” explained Harris.
Families are avoiding conversations. Parents are skipping meals. People are postponing medical appointments because they cannot afford the cost. The consequences are very real, and they are compounding, he said.
Workplace Burnout: Doing More for Less
Beyond the household budget, the Index reveals a parallel crisis in the workplace:
58% felt emotionally burned out
52.6% said their workload increased without better pay
45.1% took on a second job or extra gig work just to get by
21.4% took on extra duties with no compensation
14.7% worked unpaid overtime
“We’re used to thinking of overtime or extra work as a path to security. It has become a coping mechanism – and even then, it isn’t enough,” said Harris.
Tima Miroshnichenko photo
A Generation Already Behind: Young Canadians Losing Faith
The Index also highlights an accelerating crisis among students and young adults. More than 60% of graduates reported regretting taking on student debt, and nearly 85% felt the government should do more to address it. With average student debt around $28,000, combined with high rents and starting wages that lag inflation, young Canadians are delaying homeownership, family planning, and even healthcare.
A Supreme Court ruling further complicated relief options, resetting the seven-year bankruptcy discharge period when borrowers return to school, a change that many young Canadians view as yet another barrier on an already difficult path, noted Harris & Partners.
“This generation did everything right. They studied, trained, and worked – yet they’re entering adulthood already behind. When you add high rents and rising consumer prices, it becomes incredibly difficult to build a stable foundation,” said Harris
Insolvencies at Highest Level Since 2009
The financial signals collected across the Index were ultimately borne out in national insolvency data. According to the Office of the Superintendent of Bankruptcy (OSB), consumer insolvencies reached 36,256 in Q3 – the highest level recorded since 2009.
“These filings confirm what the Index has been signalling. Households simply cannot absorb any more financial shocks. The margin is gone,” according to Harris.
A new report by the Canadian Federation of Independent Business (CFIB) finds fundamental disconnects at every stage of the hiring process: how employers and youth search for each other, what they expect from a job, which roles young people are willing to take, and what skills employers actually need.
The report is based on a survey of small business owners and a special poll of Canadian youth.
Nearly two-thirds (62%) of small businesses recruit through personal connections, referrals from people they trust. Meanwhile, three in four youth (73%) search primarily through online job boards and only around half tap into their personal networks. This mismatch means opportunities are circulating in places youth aren’t actively looking. Co-op and internship programs, which convert to permanent hires at a 73% rate, are used by a quarter of youth but only one in five small businesses, highlighting a missed opportunity for businesses to access job-ready youth, said the CFIB.
“We have two groups – employers and young job seekers – who are increasingly out of sync right now,” said Molly MacCormack, CFIB policy analyst. “Small businesses hire through trusted networks and look for soft skills, while many youth focus on online postings potentially overlooking the available roles that businesses need. As a result, they’re missing each other and fueling high youth unemployment numbers.”
The CFIB is Canada’s largest association of small and medium-sized businesses with 103,000 members across every industry and region
Molly MacCormack
When hiring youth, small businesses rank soft skills, like positive attitude (91%), motivation (84%), and professionalism (76%) above credentials, experience, or education. These are exactly the qualities most visible in service, trades, and physical roles, yet those are precisely the jobs many young Canadians are ruling out. Nearly half won’t consider jobs requiring heavy physical effort or overnight shifts. Nearly two in five won’t consider outdoor work, noted the CFIB.
“The reality is there are jobs out there that young Canadians just don’t want, can’t do, or won’t do,” said Bérengère Fouqueray, CFIB research analyst. “Whether it’s a resort in northern B.C. or a restaurant in rural New Brunswick, businesses need workers to keep operating and support their local economies. Many young people aren’t able or willing to relocate, or take on the shifts required, especially if they are in school. Leaving these roles unfilled could be the difference between staying open or closing the doors for good.”
Bérengère Fouqueray
Small businesses are also operating in a sluggish economic environment. Tight margins and ongoing uncertainty make it harder to bring on new, inexperienced workers. And while most small firms pay above the provincial minimum wages of $15 to $18 per hour, more than one-third of youth say they wouldn’t consider a minimum wage job. CFIB’s findings point to the often-overlooked costs of entry-level hiring, particularly the time and resources required for training, according to the report.
“Today’s hiring environment is far more constrained for small businesses,” said Fouqueray. “Given the current economic pressures, small businesses are hesitant to grow their teams and are being much more cautious about bringing on new staff.”
More than two-thirds of small businesses are also unaware that government hiring supports even exist. Those who find them describe application processes that are onerous, poorly timed, and disconnected from how small businesses actually operate, explained the CFIB.
“Young workers need more training and hands-on management, which takes time away from running the business,” added MacCormack. “That time has a real cost, and any policy that seeks to address youth unemployment needs to acknowledge it.”
CFIB is calling on governments to cut payroll taxes, introduce permanent refundable tax credits for co-op and internship hires, and cut the red tape from programs like Canada Summer Jobs.
“Small businesses owners are proud to often be the ones to give young people their first jobs, and we don’t want to lose that,” said Fouqueray. “Bridging the expectation gap means young people can continue to get valuable workplace experience, and businesses get the workers they need.”
Spruce Meadows, one of the world’s premier show jumping venues and Calgary’s leading sports and entertainment destination, is partnering with Mattel, Inc., leading global play and family entertainment company and owner of one of the most iconic brand portfolios in the world, for Barbie™ x Spruce Meadows – a weekend of branded activations, entertainment, and a women-centered leadership forum running June 12 to 14 during the ‘National’ Tournament, presented by Rolex.
Spruce Meadows said show jumping is the only sport in the world where women and men compete on an equal playing field – same course, same rules, same competition. That makes it a natural home for a brand built on empowering women and girls to see themselves in every role imaginable, it said.
The weekend will include:
10,000 co-branded Barbie™ x Spruce Meadows bandanas distributed across all three days
Outdoor screening of Barbie™ The Movie on the evening of Friday, June 12
Barbie™ Box and pink horse photo ops across the grounds
Branded entertainment in the International Ring
The ChangemakeHER Forum featuring leaders from sport, business, media, entertainment, and culture on Saturday, June 13
The ChangemakeHER Forum is held in the Gallery on the Green Congress Hall. Influential women from sport, business, media, entertainment, and culture will take the stage for a moderated conversation on leadership and impact, followed by an elegant hospitality experience in the Champagne Garden with premium viewing of the RBC Grand Prix.
Featured speakers and additional program details will be announced soon.
Exclusive co-branded satin jackets for VIP attendees.
Linda SouthernHeathcott
“Barbie™ is one of the most recognized and beloved brands in the world. Bringing that energy to Spruce Meadows during the ‘National’ felt like a natural fit,” said Linda Southern-Heathcott, President & CEO of Spruce Meadows. “Show jumping is the only sport where women and men compete head to head on a completely equal playing field – and partnering with a brand that has spent decades empowering women and girls to break boundaries is a powerful statement about what this sport and this venue stand for. The ChangemakeHER Forum, the activations across the grounds, the thousands of guests wearing their Barbie™ x Spruce Meadows bandanas – it’s going to be something truly special, and we could not be more excited to share it.”
The Toronto-based REIT said adjusted funds from operations, or AFFO, rose 19.1 per cent to $14.8 million for the quarter ended March 31, up from $12.4 million a year earlier. Diluted AFFO per unit increased to a record $0.262 from $0.247 in the same period last year.
Rental revenue for the quarter totalled $29.1 million, up 21.7 per cent from $23.9 million in the first quarter of 2025, while cash net operating income increased 19 per cent to $23.8 million.
“Our strong first quarter performance reflects the positive impact of the 13 property acquisitions we completed in 2025 and the partial contributions of two additional property acquisitions we completed during the quarter,” said Milton Lamb, chief executive of Automotive Properties REIT. “We generated strong year-over-year growth of 21.7% in rental revenue and 19.0% in cash NOI, resulting in record quarterly AFFO per unit.”
The REIT attributed the increase in revenue, funds from operations and cash net operating income primarily to properties acquired during and after the first quarter of 2025, as well as contractual rent increases.
Milton Lamb
Net income and comprehensive income for the quarter totalled $25.3 million, compared with $7.6 million a year earlier. The REIT said the increase reflected higher net operating income and changes in non-cash fair value adjustments tied to investment properties and interest rate swaps, partly offset by higher interest costs and changes related to unit-based compensation.
Funds from operations, or FFO, increased 20.4 per cent to $15.2 million, while diluted FFO per unit rose to $0.268 from $0.251 a year earlier.
The REIT declared regular cash distributions of $0.206 per unit during the quarter, up from $0.201 per unit a year earlier. Its AFFO payout ratio declined to 78.6 per cent from 81.4 per cent in the prior-year quarter.
During the quarter, the REIT completed two acquisitions funded primarily through its revolving credit facilities.
On Jan. 1, the company acquired a Hyundai dealership property in Québec City for approximately $13.25 million. On March 26, it acquired a Rivian automotive and service property in Vista, Calif., for US$16 million.
Subsequent to the end of the quarter, the REIT acquired two dealership properties in Santa Ana, Calif., for US$30.15 million. The properties, which house Audi South Coast and South Coast Volkswagen dealerships, are leased to Penske Automotive Group Inc.
“Subsequent to quarter end, we completed an additional property acquisition in southern California, adding two more dealership properties to our portfolio,” Lamb said. “We look forward to building on our positive momentum in the year ahead, supported by a growing property portfolio featuring high-quality tenants providing essential automotive retail and services, 100% occupancy and rent collection, locations in prime metropolitan markets featuring GDP and population growth, an attractive net lease structure, and embedded fixed or CPI-adjusted rental growth.”
As of March 31, the REIT’s debt-to-gross-book-value ratio stood at 46.3 per cent, compared with 43.8 per cent a year earlier. It also reported $69 million of undrawn capacity under its revolving credit facilities, $1 million in cash on hand and 11 unencumbered properties valued at approximately $152.9 million.
As of the date of the earnings release, the REIT said its debt-to-gross-book-value ratio had risen to 47.8 per cent following the April acquisition, while undrawn credit capacity stood at approximately $32.5 million. The trust also reported 13 unencumbered properties with an aggregate value of approximately $195.4 million.
The REIT said 77 per cent of its debt was fixed as of March 31, with a weighted average interest rate of 4.48 per cent.
Automotive Properties REIT said it continues to monitor risks related to inflation, interest rates, currency fluctuations and trade restrictions, including tariffs and broader geopolitical uncertainty.
The trust said it expects continued consolidation in the Canadian and U.S. automotive dealership and service sector over the medium to long term, driven by increasing capital requirements and efforts by operators to achieve greater scale.
The REIT’s portfolio includes 95 income-producing commercial properties across Canada and the United States, representing approximately 3.5 million square feet of gross leasable area.
Smash a Double or a Single Smash Burger at A&W on Monday, May 25th. (CNW Group/A&W Food Services of Canada Inc. (marketing & PR))
A&W Food Services of Canada Inc. says it will launch its first smash burger across Canada on May 25 as the restaurant chain moves to add a popular burger style to its menu nationwide.
The company said the limited-time offering will be available as either a single or double burger topped with cheddar cheese, pickles, onions and sauce on a brioche bun. Customers will also be able to order the item through the company’s mobile app.
The launch marks what the company described as the first nationwide smash burger offering by a Canadian quick-service restaurant chain.
A&W said the product rollout is aimed at bringing the smash burger format to locations across the country as consumer interest in the style grows.
“Hand-smashed burgers are rarely done at this scale because it takes quality ingredients and thoughtful execution,” said Karan Suri, senior director of innovation at A&W Canada. “Each hand-smashed, juicy, grass-fed beef patty is paired with real cheddar cheese, tangy pickles, and our signature sauce for a perfectly balanced bite. Pure burger bliss.”
Karan Suri
The company said the burgers will feature grass-fed beef patties that are seared before being assembled with the toppings.
“There is something so special about the simplicity of a perfect smash burger! We are excited to be welcoming Canadians to try our delicious new obsession,” Senecal said. “The same quality and care you know and love from A&W is now bringing you a fun and flavourful smash burger.”
Ahead of the national launch, the company said it will host a promotional pop-up event in Toronto on May 22 at an A&W restaurant located at 780 King St. W.
The company said the location will temporarily receive a redesigned “Smashed A&W” appearance as part of the event, where visitors will be offered complimentary double smash burgers while supplies last. The event is scheduled to run from noon to 5 p.m. EDT, with a limit of one burger per person.
A&W said the smash burger will be available at participating restaurants across Canada for a limited time beginning May 25.
The company says it operates more than 1,100 restaurants across the country.
Happy Belly Food Group Inc., a leader in acquiring and scaling emerging food brands says it has exercised its right to acquire the remaining 50% of PIRHO Fresh Greek Grill, making the brand a 100% wholly-owned subsidiary of Happy Belly.
PIRHO Fresh Greek Grill serves gourmet bowls, wraps, and pitas as a fast casual Greek restaurant with the fresh wholesome tastes of Greece and its delicious traditional foods, said Happy Belly in a news release.
Happy Belly said it will acquire the remaining 50% of the business on a debt-free basis at a multiple of 7.5x TTM EBITDA. Happy Belly said it intends to satisfy the purchase price by transferring the required percentage ownership of the JVCo’s existing Happy Belly shares to brands founder and family shareholders. The value of the shares will be recognized at current market values and transferred on the day of close of this transaction. Final transaction details to be announced at the close of the transaction after all reconciliations are completed (estimated to be completed sometime in Q3).
Sean Black
By leveraging our share price appreciation to acquire the remaining 50%, Happy Belly will complete this transaction without the use of cash or issuing any new shares causing dilution, it added.
“This transaction validates the value Happy Belly creates for our joint venture partners and validates our acquisition strategy based on reduced risk when partnering with founders. Our model paves the way for sustained and predictable M&A growth across our portfolio of emerging brands. By balancing organic expansion in our core markets with a nationwide rollout, we’re positioned to deliver long-term value. We’re confident our multi-brand platform will drive strong results, attract top-tier franchise partners, and secure prime real-estate opportunities across Canada. Happy Belly’s portfolio consists of 686 contractually committed retail franchise locations across multiple emerging brands in various stages of development, construction, and operation. Our predictable and disciplined growth engine continues to deliver measurable results as we expand our brands across Canada and the U.S. to create long-term value for our shareholders,” explained Black.
Happy Belly Food Group photo
“We strongly believe that food can bring people together and inspire colorful conversations. PIRHO culture is rooted in old-world Greek traditions with an emphasis on family and community. The wholesome ingredients, the careful preparation, the irresistible aromas, the delicious food and of course the human interaction all make for a warm and inviting atmosphere. During our visits to Greece, this nurturing environment left a deep and lasting impression with us. So much so that it led to the creation of PIRHO True Food Grill. The best of Greece right here in Ottawa! In our fast-paced world, taking the time to connect with friends and family has never been more important. You deserve to enjoy those precious moments and connect with your loved ones, in real life, with True Food. Join us for lunch or dinner at PIRHO Grill and fuel your soul.”
