What you need to know: • GEC reported FY25 and Q4 financial results yesterday with Q4 revenue of $8.4M (flat YoY). Q4 Adjusted EBITDA was ($3.9M) as the quarter represented a transition for the Company with the sale of SSC. • GEC continues to advance its development assets, with GEC Oakridge expected to be completed in early 2027, adding ~450 beds (+35%). • GEC Langara and the EMC are also progressing as scheduled. Yesterday, after market close, Global Education Communities Corp. (GEC:TSX, GECSF:OTCQB) reported financial results for Q4 and FY25 (ending August 31st). The quarter was transitional in nature, as GEC closed on the sale of SSC and began its new focus on student housing. We recently initiated coverage on GEC. Read the report here and watch our interview with management here. We are maintaining our BUY rating and our $1.00/share target price. Key Highlights • Continuing operations revenue for Q4 came in at $8.4M (flat YoY). Revenue for FY25 came in at $29.0M (-18% YoY); our estimates were not comparable due to restated past figures. The annual decline was due to the sale of GEC Granville and the general slowing in student enrollment. In Q4, rental revenue was up 36% YoY due to the additions of GEC Kingsway and GEC Viva. • GEC achieved near-full capacity at all GEC-operated properties as of September 1st. Gross rental income and rent per SF increased steadily YoY. • FY25 gross margin came in at 59% compared to our estimate of 58% as each segment made margin improvements YoY. • Q4 Adjusted EBITDA came in at ($3.9M), and FY25 Adjusted EBITDA was $1.3M (4% margin). • FY25 net income was $4.0M vs. ($21.2M) in FY24. This included a $17.3M loss on the fair value change of properties and $36.2M in net income from discontinued operations. • The Company ended the quarter with $4.7M in cash and $205.6M in debt, down from $231.1M in Q3. Average interest rate declined to 5.7% vs. 8.1% last year. • GEC Oakridge is progressing on schedule and on budget (current at Level 7), with completion anticipated in early 2027. • GEC Langara obtained conditional rezoning approval, transforming a 10-storey plan into 26 storeys. Construction is scheduled to commence in mid-2026. • The EMC received final rezoning and development permit approvals, currently in the excavation permit phase with plans to break ground in early 2026.