RFA Financial (RFA) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed attendees, introduced trustees and executive team, and called the meeting to order.

• Meeting procedures were outlined, including opportunities for questions and announcement of voting results.

Board and executive committee updates

• Trustees and executive team were introduced, with roles specified for the meeting.

• Number of trustees fixed at six for the coming year, with all nominated trustees elected.

Financial performance review

• Annual financial statements and management discussion for 2024 were presented and made available.

• Monetized 35 assets in 2024, generating nearly CAD 1 billion in dispositions and reducing leverage from over 50% to about 40%.

• Renewed all maturing debt and credit facilities, maintaining strong banking relationships.

• Continued buyback program, repurchasing over 7 million units in 2024 and nearly 2 million in Q1 2025 at prices well below net asset value.

• Operational performance remained strong despite challenging office market conditions.