CALGARY, Alberta–(BUSINESS WIRE)–Mainstreet Equity Corp. (TSX:MEQ) announced its double-digit year-over-year growth across main key operating metrics in FY 2025. Even in a year of economic, political and policy uncertainty and a temporary strategic pause in acquisitions during the year, funds from operations (FFO) increased 13%, net operating income (NOI) from operations rose 14%, same asset NOI increased by 10% and rental revenue from operations was up 11%. The FY overall operating margin from operations sits at 66%, up from 64% in FY 2024, or 200 bps. We also achieved our 16th consecutive quarter of double-digit year-over-year growth with FFO up 10% and NOI from same assets properties up 8%. Of particular note is our posted operating margins rose to 71% for Q4.

“The broader environment remains unpredictable in Canada, whether due to disruptions in global trade or ongoing policy shifts, but Mainstreet has continued to perform well and grow over the past year. Our disciplined focus on identifying and upgrading mid-market rental properties that are overlooked or underutilized has consistently enabled us to grow without dilution,” says Bob Dhillon, Founder and CEO of Mainstreet Equities Corp. “After taking a measured approach in 2025, MEQ is now prepared to put more than $900 million in available liquidity to work, setting the stage for a new cycle of countercyclical expansion in 2026, and beyond.”

The Mainstreet Mission remains clear: We are passionately committed to our role as a crucial provider of quality, affordable homes for Canadians, offering renovated apartments and customer services at a mid-market rental rate averaging $1,250.

Key metrics | FY 2025 Performance Highlights

Rental Revenue
From Operations	Up 11% to $276.3M (vs. $249.8M in FY 2024)
From same asset properties	Up 6% to $255.2M (vs. $240.0M in FY 2024)
Net Operating Income (NOI)
From Operations	Up 14% to $183.4M (vs. $160.4M in FY 2024)
From same Asset Properties	Up 10% to $169.9M (vs. $154.7M in FY 2024)
Funds from Operations (FFO)1
FFO-before current income tax	Up 16% to $106.6M (vs. $91.6M in FY 2024)
FFO-per basic share-before current income tax	Up 16% to $11.43 (vs. $9.83 in FY 2024)
FFO-after current income tax	Up 13% to $96.1M (vs. $84.7M in FY 2024)
FFO-per basic share-after current income tax	Up 13% to $10.31 (vs. $9.09 in FY 2024)
Operating Margin
From Operations	66% (vs. 64% in FY 2024)
From same asset properties	67% (vs. 64% in FY 2024)
Net Profit
Net Profit Per Basic Income	Net profit of $287.0M (vs. profit of $199.9M in FY2024) including changes in fair value of $234.4M in FY 2025 vs $144.9M in FY 2024 and future income tax expense of $43.6M in FY 2025 vs $31.0M in FY 2024
Total Capital Expenditure	$36.2M (vs. $31.1M in FY 2024)
Total Capital Expenditure (unstablized assets)	$4.2M (vs. $3.7M in FY 2024)
Total Capital Expenditure (stablized assets)	$32.0M (vs. $27.4M in FY 2024)
Stablized units	441 Properties (16,496 units) out of 487 properties (18,749 units)
Vacancy rate
From operations	4.7% (vs. 3.2% in FY 2024)
From same asset properties	4.7% (vs. 3.2% in FY 2024)
Vacancy rate as of December 15th, 2025	5.1% excluding unrentable units
Total Acquisition
During FY 2025	$53M 415 units (vs. $178M 1,296 units in FY 2024)
Subsequent to FY 2025	348 units ($68M) in Calgary, Edmonton, and Surrey
Total YTD Acquisition	763 units ($121M)
Total Units
As of September 30, 2025,	18,799 units2
As of December 15th, 2025,	19,147 units
Fair Market Value	Up 9.5% to $3.73B (vs. $3.41B in 2024)
Liquidity Position	$ 900M3
Key metrics | Q4 2025 Performance Highlights
Rental Revenue
From Operations	Up 5% to $70.5M (vs. $66.9M in Q4 2024)
From same asset properties	Up 3% to $64.6M (vs. $62.5M in Q4 2024)
Net Operating Income (NOI)
From Operations	Up 9% to $49.9M (vs. $45.7M in Q4 2024)
From same Asset Properties	Up 8% to $46.0M (vs. $42.7M in Q4 2024)
Funds from Operations (FFO)1
FFO – before current income tax	Up 12% to $30.0M (vs. $26.8M in Q4 2024)
FFO – per basic share-before current income tax	Up 12% to $3.22 (vs. $2.88 in Q4 2024)
FFO – after current income tax	Up 10% to $26.7M (vs. $24.2M in Q4 2024)
FFO – per basic share-after current income tax	Up 10% to $2.87 (vs. $2.60 in Q4 2024)
Operating Margin
From Operations	71% (vs. 68% in Q4 2024)
From same asset properties	71% (vs. 68% in Q4 2024)
Vacancy rate
From operations	5.0% (vs. 3.4% in Q4 2024)
From same asset properties	4.9% (vs. 3.4% in Q4 2024)

Looking forward to FY 2026, Mainstreet’s capital structure and strong liquidity position of approximately $900 million allows us to be flexible, nimble and more opportunistic with countercyclical acquisitions. As a corporation, we are positioned to be opportunistic despite uncertain economic factors. At the beginning of the FY 2025, we strategically held off significant acquisitions to assess the changing market, however, we believe that we are now ready to resume our opportunistic growth in 2026. Subsequent to year-end, we have already acquired 348 units for $68 million as compared to the total acquisition of 415 units for $53 million for the whole FY 2025, bringing the total number of units to 19,147 across Western Canada.

The Mainstreet Advantage

Mainstreet’s mid-market add-value model has proven itself across Western Canada for the last 26 years, creating significant returns to the shareholders. Along with nondilutive growth, our model has created liquidity to take the company to the next phase. Key strengths of our platform include:

• Affordable rents: With an average monthly rent of around $1,250, Mainstreet offers quality rental options that support affordability for middle-class Canadians.
• Diverse portfolio: With more than 19,100 units clustered across major inner city urban centres in Western Canada, our geographic diversification helps mitigate exposure to volatility in any single market. While the headquarters is in Alberta, 44% of our net asset value based on IFRS value is in British Columbia.

Positive Market Fundamentals

In addition to Mainstreet’s business performance, our team expects to continue benefitting from external tailwinds as we enter the new fiscal year. Despite periods of economic and policy uncertainty over the past year, underlying favourable macroeconomic trends are expected to contribute to Mainstreet’s continued growth. These trends include:

Population growth: According to Statistics Canada, the national population grew by 389,324 between July 2024 and June 2025 of which 355,095 was international migration from permanent residents, international students and temporary foreign workers. While the population growth is lower than the previous two years of 1,098,956 and 1,213,241 respectively, we do not expect this to have any significant impact on the demand for affordable housing in our market; the total population growth is still significantly higher than the total rental apartment supply growth. There remains a significant supply/demand imbalance and continued demand for affordable rental housing.

• Canada has approximately 2.4 million purpose-built rental units according to CMHC data
• From July 2022 to June 2025, Canada’s population grew by 2,701,521
• From July 2022 to June 2025, purpose-built rental supply grew by 188,472

Supply vs Demand: Canada’s long-standing housing shortage continues to support strong rental fundamentals despite the increase in purpose-built rental starts. This uptick in new supply predominantly focuses on premium, higher-end products, that necessitate elevated rental rates to offset higher construction and land costs. This focus leaves a gap in the mid-market rental space that offers affordable yet quality options. This imbalance is critical, as approximately 60% of all Canadians earn less than $50,000 a year, so this new high-priced supply is out of their reach; new supply entering the market generally commands rents well above our average thus insulating our segment.

• Falling interest rates: As mortgage interest is our largest expense line, lower borrowing costs improve cash flow plus FFO and increase our capacity to pursue acquisition opportunities.
  • Bank of Canada interest rates started the year at 3.25%
  • Rates dropped four times throughout the year bringing it to 2.25% in November 2025
  • Five-year CMHC-insured mortgage rates dropped from a peak of 4.57% at the beginning of FY2024 to 3.42% at the end of FY2025

CHALLENGES

Economic Challenges

The Bank of Canada’s business outlook survey indicates speculation that Canada’s sluggish economy may develop into a recession in 2026. After hovering below 2% for several months, CPI inflation rose to 2.4% and inflation excluding taxes rose to 2.9% in September 2025, despite a temporary drop after removing the carbon tax. In contrast, GDP growth averaged about 0.75% over the last two quarters of 2025.

Inflation increases material, labour/wages, utility, supply chain and renovation/repair costs, which can compress margins or necessitate rental rate adjustments. However, in slower economic environments, more households delay homeownership in favour of affordable rental options, reinforcing demand for Mainstreet’s properties.

Taxes and Tariffs

The economy is still adjusting to steep US tariffs on a number of industries leading to ongoing economic uncertainty and a drop in demand for Canadian goods. Volatile trade relationships in North America have contributed to supply chain challenges and elevated construction costs. Mainstreet mitigates this exposure through a diversified sourcing platform in Asia, enabling efficient procurement of standardized materials for renovations. Rising tariff-related costs may further constrain new rental supply, intensifying the existing supply-demand imbalance and supporting continued growth in our core markets.

The elimination of the federal consumer carbon tax provided some cost relief, but anticipated hikes in property taxes in Mainstreet markets like Vancouver/Lower Mainland, Calgary, Edmonton, Regina and Saskatoon will exert additional pressure on operating margins.

Contracted Immigration

The federal government announced immigration measures aimed at returning to sustainable levels in Canada. The new policy restricts international students, temporary foreign workers and temporary resident immigration to less than 5% of the total population by the end of 2027. Planned annual limits suggest a reduction of approximately 43% in these categories by 2028 (the 2026 target for temporary workers and international students is 385,000).

Newcomers and non-permanent residents historically represent a large portion of long-term renters, so lower immigration levels softens rental demand. TD Economics estimates that rental growth could be about 2% lower than under prior immigration trends. Despite the reduction, new immigration numbers continue to be significant, and we expect any related vacancy impact on Mainstreet to be marginal. We expect demand for affordable mid-market rental apartments to remain strong.

Increased supply: Developers have accelerated purpose-built rental starts, with CMHC-backed construction financing programs jumping from 5%, or roughly 315 units, in 2017 to around 88%, or approximately 107,360 units, in 2024. This contributed to modest upward pressure on rental rates across the industry, and modestly affected our growth rate in revenue, FFO and NOI for 2025. We expect this to be a short-term effect and will not affect the strong market fundamentals of the inherent supply/demand imbalance across the country.

While vacancy rates have edged upward with the introduction of new supply coupled with moderating population growth, conditions remain tight. Mainstreet’s portfolio continues to perform well, with Q4 operational vacancy at 5.0% and 4.7% on a same-asset basis despite around 12% of Mainstreet’s being unstabilized. We expect that demand for Mainstreet’s attainable mid-market units to remain stable even as overall supply increases.

OUTLOOK

Putting the S in ESG

Canada’s ongoing housing shortage underscores the importance of affordable rental options. Mainstreet remains committed to delivering quality, attainable housing to middle-income Canadians, supporting social well-being while offering affordable rental alternative as homeownership becomes increasingly out of reach for many people.

Strength Across the West

Mainstreet’s diverse portfolio continues to deliver strong performance across all markets. We expanded our regional footprint in FY 2025, adding 436 units in assets across Western Canada. Nearly one third of our acquisitions were in British Columbia, an area that accounts for 44% of our estimated net asset value based on IFRS value and remains a key contributor to future NOI growth. Vacancy rates in the province remain among the lowest in the country, creating meaningful mark-to-market opportunity.

In 2024, Alberta’s population grew by approximately 168,221 people. Continuing into in the first half of 2025, Alberta remains the leading destination for interprovincial migrants, recording a net gain of 12,800 residents. This trend reflects an estimated annual growth rate of 2.5%, according to the Government of Alberta. Although slower than in 2024, Alberta continues to see the strongest population inflows in Canada supported by favourable affordability and employment opportunities. Alberta also gained 18,896 people from other countries in the first half of 2025, which contributed to the provincial population reaching 5 million people. British Columbia, Saskatchewan and Manitoba experienced small net outflow to other provinces through the first two quarters of 2025. Overall, Western Canada remains an attractive destination for Canadians and newcomers, with affordability, employment opportunities and quality of life driving sustained population growth.

Energy Corridor

Canada’s natural resource sector is poised for expansion, supported by positive federal policy signals toward major energy infrastructure, especially across British Columbia; the government announced the first phase of nation-building mega projects including an MOU for a new bitumen pipeline from Alberta to the BC coast, LNG projects, a new nuclear project and copper, zinc and gold mining investments. Growth in the energy corridor will drive job creation, population inflows and economic activity across Western Canada, directly benefiting demand for rental housing. With a well-established presence across 23 urban platforms in the region, Mainstreet is strategically positioned to capture this growth.

Countercyclical Opportunity

Where other companies see economic contraction and pull back on investment, we see vast growth opportunity for Mainstreet. Mainstreet has a history of pursuing a countercyclical, value-add growth strategy that involves investing in response to opportunistic sell-offs. Economic uncertainty and easing interest rates create favourable conditions to acquire and renovate assets at compelling values while securing lower-cost financing. Mid-market rental housing remains stable through cycles, and as a corporation (not a REIT), Mainstreet maintains liquidity and flexibility to capitalize on these acquisition opportunities.

Nominal Dividends⁴

With strong free cash flow, beginning in 2024, Mainstreet introduced a nominal dividend to broaden our shareholder base, enhance trading liquidity and support market capitalization while preserving capital for future non-dilutive growth. Dividends were set at $0.11 per share annually and after a positive response from shareholders, we raised the dividend in 2025 by 45% to $0.16 per share annually. This program will continue into 2026, with a targeted dividend growth of 100%, or $0.32 per share starting Q1 2026, underscoring our commitment to delivering shareholder value while maintaining financial flexibility to support strategic organic expansion and non-dilutive growth of our asset base.

RUNWAY ON EXISTING PORTFOLIO/NON-DILUTIVE GROWTH

1. Expanding our portfolio: With approximately $900 million in liquidity, Mainstreet has significant capacity to acquire underperforming assets at attractive valuations without equity dilution, thus supporting long-term asset growth.
2. Closing the NOI gap: About 12% of our assets are in active repositioning at any time. Once stabilized, these units are expected to generate approximately $43 million in incremental annualized NOI, representing substantial embedded value and demonstrating the earnings potential within the existing portfolio.
3. Rezoning for Growth: Ongoing housing shortages are driving municipalities to support rezoning for density increases. We plan to hire a full-time internal land planner to advance rezoning and land-optimization initiatives including subdividing underutilized lands, converting unused space into rental suites and pursuing density relaxations. These initiatives position the portfolio for long-term value creation with minimal incremental cost.
4. Buying Back Shares: Demonstrating confidence in our long-term fundamentals, in Q4 2025, Mainstreet repurchased 9,100 shares under its normal course issuer bid program. Management will continue to buy back shares on an opportunistic basis under the corporation’s normal course issuer bid when MEQ shares trade below their intrinsic NAV.

Forward-Looking Information

Certain statements contained herein constitute “forward-looking statements” as such term is used in applicable Canadian securities laws. These statements relate to analysis and other information based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning: estimates related to the effect of rising interest rates on the Corporation, the effect that inflation will have on: (i) the Corporation’s tenants and the effect on credit risk; and (ii) the cost of renovations and other expenses, disruptions effecting the global supply chain and energy and agricultural markets (including as a result of geopolitical turmoil), future acquisitions, dispositions and capital expenditures, future vacancy rates, increase of rental rates and rental revenue, future revenue, income and profitability, timing of refinancing of debt, access to low-cost long-term Canada Mortgage and Housing Corporation (“CMHC”) insured mortgage loans, benefits from shorter term mortgages in the short term, the amount of liquidity the Corporation will have access to in the current and subsequent fiscal years, including the amount of funds to be raised through up-financing of maturing mortgages and financing of clear titled assets after stabilization, the potential changes in interest and mortgage rates, completion timing and costs of renovations, benefits of renovations, funds to be expended on renovations in fiscal year 2026 and the sources thereof, increased funds from operations and cash flow, access to capital, minimization of operating costs, the Corporation’s liquidity and financial capacity, the Corporation’s intention and ability to make distributions to shareholders in fiscal 2026, rental conditions and vacancy rates, rates of international immigration and population growth in areas where Mainstreet operates, the period of time required to stabilize a property, future climate change impact, the Corporation’s strategy and goals and the steps it will take to achieve them, changes in zoning laws and potential benefits to Mainstreet as a result of the same, the Corporation’s anticipated funding sources to meet various operating and capital obligations, key accounting estimates and assumptions used by the Corporation, the attraction and hiring of additional personnel, the effect of changes in legislation on the rental market, expected cyclical changes in cash flow, net operating income and operating margins, the effect of environmental regulations on financial results, the effect of income taxes on the Corporation, the handling of any future conflicts of interests of directors or officers, the effects of cyber incidents on the Corporation (including the effect of the cybersecurity incident which occurred on May 2, 2024), the benefits in trading volume from the Corporation’s new dividend policy, and other factors and events described in this document should be viewed as forward-looking statements to the extent that they involve estimates thereof. The estimates, beliefs and assumptions of the Corporation are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and, as such, are subject to change. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using such words or phrases as “seeks”, “believe”, “foresee”, “projects”, “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, or similar expressions) are not statements of historical fact and should be viewed as forward-looking statements.

Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Corporation’s AIF, dated December 15, 2025 under the heading “Risk Factors”, that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the effect of inflation on consumers and tenants, the effect of rising mortgage and interest rates on the Corporation, including its financing costs, challenges related to up-financing maturing mortgages or financing of clear titled assets after stabilization, disruptions in global supply chains, labour shortages, the length and severity of geopolitical conflict and the occurrence of additional global turmoil and its effects on global markets and supply chains, changes in government policies regarding immigration and international students, cyber-incidents Corporation (including the effect of the cybersecurity incident which occurred on May 2, 2024), costs and timing of the development or renovation of existing properties, availability of capital to fund stabilization programs, other issues associated with the real estate industry including availability of labour and costs of renovations, supply chain issues, fluctuations in vacancy rates, general economic conditions, trade policies and tensions, including changes in, or the imposition of tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, competition for tenants, unoccupied units during renovations, rent control, fluctuations in utility and energy costs, carbon tax increases, environmental and other liabilities, effects of climate change, credit risks of tenants, availability of capital, changes in legislation and regulatory regime applicable to the corporation, loss of key personnel, a failure to realise the benefit of acquisitions and/or renovations, the effects of severe weather events on the Corporation’s properties, climate change, public health measures (including travel and post-secondary restrictions), uninsured losses, fluctuations in the capital markets and the trading price of the Common Shares, conflicts of interest of the Corporation’s directors and officers, and other such business risks as discussed herein.

Contacts

For further information:

Bob Dhillon, Founder, President & CEO

D: +1 (403) 215-6063

Executive Assistant: +1 (403) 215-6070

100, 305 10 Avenue SE, Calgary, AB T2G 0W2 Canada

TSX: MEQ

https://www.mainst.biz/
https://www.sedarplus.ca

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MIAMI–(BUSINESS WIRE)–#AECindustry–Consor Engineers (“Consor”), a leading North American engineering and advisory firm at the forefront of infrastructure modernization with differentiated capabilities across resiliency, reliability, sustainability, and security, today announced the appointment of Patrick Cassity as President and Chief Executive Officer (“CEO”) as part of a planned leadership succession. Cassity succeeds Dr. Hisham Mahmoud, who serves as Executive Chairman of the Board and as Interim CEO and will continue in his role as Executive Chairman. Backed by New Mountain Capital (“New Mountain”), a leading growth-oriented investment firm with nearly $60 billion in assets under management, and under Dr. Mahmoud’s leadership, Consor has broadened its differentiated capabilities and market position and is well positioned for continued growth.

Cassity joins Consor with more than 35 years of experience in infrastructure engineering, including holding executive leadership roles in complex, scaled organizations. His previous roles include leading the Global Roads and Highways division and serving as Executive Vice President of the Global Infrastructure business of Parsons Corporation and serving as President of Patrick Engineering. He has a Bachelor of Science degree and a Master of Science degree in Civil Engineering and is a licensed Professional Engineer and Structural Engineer.

“We are very proud of playing a part in Consor’s impressive growth journey, which is underpinned by a clear strategy and the strong operating model Hisham has shaped in partnership with the leadership team,” said Lars Johansson and Joe Walker, Managing Directors at New Mountain. “Patrick is a distinguished leader with extensive experience scaling infrastructure businesses, and he is well suited to guide Consor into its next phase of growth.”

“Patrick is a growth-oriented leader who believes deeply in the importance of culture, partnership, and empowerment, which are vital to the continued success of our partner-led operating model,” said Dr. Mahmoud. “I am very proud of what we have accomplished together at Consor and look forward to partnering and supporting Patrick and the leadership team to advance our strategic vision.”

“Consor is an impressive organization with significant technical depth and a truly differentiated culture,” said Cassity. “I am honored to join Consor and contribute to its continued growth journey. I look forward to working with our employees and partners to further strengthen our capabilities, expand our client relationships, and continue investing in innovative solutions that improve critical infrastructure.”

About Consor

Consor is a leading North American engineering and advisory firm at the forefront of infrastructure modernization with differentiated capabilities across resiliency, reliability, sustainability, and security. The firm offers boutique and integrated advisory, planning, engineering design, program and construction management, and structural assessment services with expertise in the areas of transportation and water. Consor has deep relationships with state departments of transportation, municipalities, utilities, and other public and private clients throughout the United States and Canada. With 1,800 employees, Consor is focused on going above, below, and beyond the surface to move people and communities forward by maintaining and improving critical infrastructure. For more information on Consor, please visit https://www.consoreng.com/.

Contacts

For Media Inquiries
Judith Edwards

Director, Communications

Email: Judith.Edwards@consoreng.com

The organization makes its debut on the list for its outstanding performance in several categories, including overall corporate excellence.

CINCINNATI–(BUSINESS WIRE)–Cintas Corporation (Nasdaq: CTAS) announced that it has been recognized by Forbes as one of America’s Best Companies in 2026. This award recognizes Cintas for its outstanding performance in customer and employee-partner satisfaction, financial strength and overall corporate excellence. This is the company’s first time on the list.

“Awards like these are important because they reflect the dedication of our employee-partners, the earned trust of our customers, and our commitment to integrity, innovation, and excellence,” said Todd Schneider, President and CEO of Cintas. “When all of these priorities align, we achieve the kind of success that makes recognitions like this possible. We are thankful Forbes has named us one of America’s best and value this honor.”

To create this year’s list, Forbes analyzed more than 100 metrics across 11 categories, where each company received an individual category score. This marks the sixth award Cintas has received from Forbes in 2025. The other recognitions Cintas has received include Forbes’ Global 2000, America’s Best Employers for New Grads, America’s Best Large Employers, America’s Best-in-State Companies and Canada’s Best Employers.

About Cintas Corporation

Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe, and looking their best. With offerings including uniforms, mats, mops, towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm service, Cintas helps customers get Ready for the Workday®. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.

Contacts

Cintas Media Contact:
Michelle Goret, Cintas Vice President of Corporate Affairs | media@cintas.com, 513-972-4155

TORONTO–(BUSINESS WIRE)–Slate Asset Management (“Slate”), a global alternative investment platform focused on essential real estate and infrastructure, today announced three senior leadership promotions, effective January 1, 2026. Molly Mahoney has been elevated to Partner, and John Murray and Sayed M. Alaali have been promoted to Managing Directors.

“Molly, John, and Sayed have demonstrated outstanding dedication, skill, and leadership over the years and each has contributed meaningfully to Slate’s reputation as a proven investor and a trusted partner to leading global institutions,” said Brady Welch, Co-Founding Partner at Slate. “We are very pleased to welcome them to the highest ranks of our firm’s leadership.”

Blair Welch, Co-Founding Partner at Slate, added: “In a year of significant growth, these individuals have consistently delivered exceptional outcomes for Slate’s clients, partners, and communities. They are unwavering in their commitment to excellence, integrity, and teamwork, and we look forward to seeing their continued positive impact within our firm and the industry.”

Partners and Managing Directors:

• Molly Mahoney, Partner – Molly joined Slate in 2020 and has been instrumental in advancing Slate’s capital raising strategy. Her contributions have helped expand and diversify the firm’s investor base, establish capital partnerships in new global markets, and broaden Slate’s offerings to create new opportunities for investors. In addition to her leadership on the Investor Solutions team, Molly serves as Co-Head of Community at Slate, overseeing volunteerism and charitable giving, chairing Slate’s EmpoWRE network, and directing corporate sponsorships. She also serves as Co-Chair of the New York City chapter of Women in Real Estate (WIRE). Prior to joining Slate, Molly was a Managing Director on the Funds Advisory team at JLL and previously held various roles supporting investor coverage for alternative products and services at Bear Stearns, Houlihan Lokey, and Heller Advisory. Molly graduated from the University of Pennsylvania magna cum laude.

• John Murray, Managing Director – John joined Slate in 2020 and oversees all legal aspects of transaction execution and structuring for Slate’s global investments in addition to serving as a valued legal advisor to Slate’s management team on strategic business and operational matters. John is a highly accomplished lawyer and has played a pivotal role in large and complex transactions across various jurisdictions, managing Slate’s entry into three new markets in 2025. Prior to joining Slate, John was an Associate within the corporate group at McCarthy Tétrault LLP, specializing in mergers and acquisitions, fund formation, securities, and corporate finance. He holds a Bachelor of Commerce degree from the University of Guelph and law degrees (JD) from the University of Windsor and the University of Detroit Mercy.

• Sayed M. Alaali, Managing Director – Sayed is responsible for originating and executing Slate’s investments in Europe, along with Middle Eastern capital raising efforts. Since joining the firm in 2018, he has contributed significantly to the growth of Slate’s European platform. He plays a key role in the management of Slate’s expanding regional team in Europe, is the Portfolio Manager for Slate’s European open-ended core real estate fund, and oversees the expansion of new capital partnerships in the Middle Eastern market. Prior to Slate, Sayed spent six years on the North American real estate investments team at the Canada Pension Plan Investment Board. He holds a Bachelor of Science degree in Actuarial Science and Economics from the University of Toronto.

About Slate Asset Management

Slate Asset Management is a global investor and manager focused on essential real estate and infrastructure assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners across the real assets space. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more, and follow Slate Asset Management on LinkedIn, X (Twitter), and Instagram.

Contacts

Media
Slate Asset Management

Karolina Kmiecik

karolina@slateam.com

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) announced today that its Board of Trustees has declared a distribution of $0.07333 per unit for the month of December 2025, representing $0.88 per unit on an annualized basis. The distribution will be payable on January 15, 2026 to unitholders of record on December 31, 2025.

About Primaris Real Estate Investment Trust

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. The current portfolio totals 15.6 million square feet, valued at approximately $5.4 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

For more information:

TSX: PMZ.UN

www.primarisreit.com

www.sedarplus.ca

 

Contacts

Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

Claire Mahaney

VP, Investor Relations & ESG

647-949-3093

cmahaney@primarisreit.com

Timothy Pire

Chair of the Board

chair@primarisreit.com

– Third Year of Recognition –

NORTH ANDOVER, Mass.–(BUSINESS WIRE)–Watts Water Technologies, Inc. (NYSE: WTS) (“Watts”) – has been named one of the Top Places to Work in Massachusetts by The Boston Globe for the third consecutive year.

Top Places to Work recognizes the most admired workplaces in the state, voted on by the people who know them best — their employees. This distinction is based on employee feedback regarding company direction, execution, management, compensation, benefits, and engagement.

“Our teams’ passion, dedication and strong work ethic are central to our continued success,” said Robert J. Pagano, Jr., CEO, President and Chairperson of the Board. “We remain committed to providing a meaningful employee experience, career development, and competitive benefits, making Watts an employer of choice. Every voice matters and we are honored to be named a Top Place to Work for the third year in a row.”

The rankings in Top Places to Work are based on confidential survey information collected by Energage, an independent company specializing in employee engagement and retention, from nearly 120,000 employees at 314 Massachusetts organizations. Watts team members reporting in to Watts’ Andover and North Andover, MA, USA locations participated in the survey earlier this year.

Chief Human Resources Officer Monica Barry added, “We are grateful to our colleagues who continue to share their feedback about what it means to work for Watts. This recognition reflects our ongoing efforts to foster a positive workplace culture and people-first strategy. Employee feedback helps us to continually enhance the experience for all team members.”

The Top Places to Work issue publishes on Sunday, December 7 in Globe Magazine.

Watts Water Technologies, Inc., through its family of companies, is a global manufacturer headquartered in the USA that provides one of the broadest plumbing, heating, and water quality product lines in the world. Watts Water companies and brands offer innovative plumbing, heating, and water quality solutions to control the efficiency, safety, and quality of water within commercial, residential, and industrial applications. To learn more about our career opportunities, go to our careers page. For more information, visit www.watts.com.

Contacts

Watts Water Technologies, Inc.

Diane McClintock

Chief Financial Officer

Telephone: 978-689-6153

Email: investorrelations@wattswater.com

WATERLOO, Ontario–(BUSINESS WIRE)–iGUIDE, a leading provider of property documentation technology, is proud to announce a new partnership with professional builder, contractor, and HGTV television host Mike Holmes to raise awareness about the critical role accurate property data plays in improving outcomes for builders, inspectors, designers, and homeowners.

Holmes is known for his commitment to quality, transparency, and “making it right.” For decades, he has shown that many construction issues stem from bad or incomplete information—missing photos, inaccurate measurements, and undocumented changes that lead to costly surprises.

Miscommunication drives roughly 26% of all construction rework, while bad or inaccurate data fuels another 14-22%.¹ It adds up fast. Rework remains one of the industry’s most costly and persistent issues, regularly eating 5–10% of total project spend, and in many cases, far more.²

iGUIDE delivers a multi-faceted solution to this industry-wide challenge with its proprietary PLANIX R1 camera system and project deliverables. The PLANIX R1 combines a 360° camera with LiDAR (Light Detection and Ranging) measurements to capture thousands of measurements and 360° panoramic images in minutes, producing a complete and verifiable dataset. From this dataset, it generates floor plans, immersive 3D walkthroughs, CAD-ready outputs and rich property data.

iGUIDE provided Mike Holmes with a PLANIX camera system to share his opinion on the technology. Since then, the Holmes team has relied on it for complex renovation projects.

“You can’t make it right without accurate data,” Holmes said. “I’ve talked for years about building better and building smarter. Technology just caught up. Now builders, inspectors, and homeowners have a tool that measures, documents, and photographs all at once with iGUIDE’s incredible level of precision. I can honestly say this is an amazing product. It blew my mind – it’s easy to use, easy to learn, and my team and trade partners love the results.”

Additionally, it improves homeowner confidence with verifiable data about projects. When builders use iGUIDE to document every stage of a project, clients have a clear record of their property—from pre-existing conditions to final project close-out.

Reliance on traditional methods, such as manual tape measurements, hand sketches, and rough estimates, can result in inaccurate data that leads to cost overruns and rework. iGUIDE eliminates these risks by providing:

• Highly accurate, LiDAR-based measurements
• High-resolution 360° imagery
• Immersive 3D walkthroughs
• CAD-ready exports (DWG & RVT)
• Quick delivery—within 48–72 hours

Recently, the Holmes team used the iGUIDE to document a cottage renovation and were impressed by the fast capture workflow and the quality of the deliverables. The system is now supporting them across the full lifecycle of the project, from initial documentation to ongoing progress tracking.

“Since we’ve started using iGUIDE it has saved the Holmes team multiple hours in the renovation process,” says Mike Holmes.

Through this partnership, iGUIDE joins the Holmes Approved Products family, a program designed to help consumers and professionals choose products that support quality, safety, and long-term durability.

“Whether you’re documenting pre-drywall plumbing and wiring, settling square footage disputes, or creating a homeowner handoff package, iGUIDE gives you one complete, accurate dataset for everything,” said Skylar Lawrence-LeBel, VP, Marketing and Customer Experience at iGUIDE. “Mike’s commitment to quality aligns with our mission perfectly, and we’re thrilled to partner with him.”

About iGUIDE

iGUIDE is an end-to-end property data solution that helps construction, inspection and design professionals work faster and smarter. Powered by the PLANIX R1 camera system, iGUIDE delivers accurate floor plans, immersive 3D walkthroughs, high-resolution images and CAD-ready outputs from a single, efficient site scan. Developed proudly in Canada, iGUIDE helps professionals reduce errors, eliminate unnecessary site visits and ensure every project starts with reliable, trusted data. Learn more at www.goiguide.com.

About Mike Holmes

Mike Holmes is a professional contractor and the host and creator of the hit TV series Holmes on Homes, Holmes Makes It Right, Holmes Inspection, Holmes Family Rescue and Holmes on Homes: Building a Legacy. Recognized as one of the most trusted names in North America, Holmes has built his career advocating for quality construction, consumer education and safer building practices. More information is available at www.makeitright.ca.

¹ https://pg.plangrid.com/rs/572-JSV-775/images/Construction_Disconnected.pdf

² https://planradar-website.s3.amazonaws.com/production/uploads/2025/10/PlanRadar-Survey-The-Cost-of-Rework-in-Global-Construction.pdf

Contacts

Planitar Inc. Media Contact

Skylar Lawrence-LeBel

647-455-0585

skylar@planitar.com

ROSEMONT, Ill.–(BUSINESS WIRE)–Astro Shapes, a leading manufacturer of custom aluminum extrusions, and a portfolio company of Wynnchurch Capital, L.P. (“Wynnchurch”), today announced the appointment of Carol Jackson as Chief Executive Officer.

Ms. Jackson brings extensive executive experience and a proven track record of driving growth and operational excellence. She previously served as President, Chairman, and CEO of HarbisonWalker International (HWI), now part of Calderys. Prior to joining HWI in 2014, she was Vice President of the bar, wire, and strip business units at Carpenter Technology Corporation (NYSE: CRS). Earlier in her career, she spent over 12 years at PPG Industries (NYSE: PPG), where she held numerous leadership positions across sales, strategy, and business unit management, culminating in her role leading PPG’s global raw materials procurement organization.

In addition to her executive leadership, Ms. Jackson currently serves on the Board of Directors of AZZ Inc. (NYSE: AZZ), where she is Chair of the Nominating and Governance Committee and a member of the Compensation Committee. She also serves on the Board of Directors of Sensient Technologies Corporation (NYSE: SXT), contributing as a member of the Audit Committee and the Nominating and Governance Committee.

A licensed attorney in Pennsylvania, Ms. Jackson holds a Juris Doctor from the University of Pittsburgh, a Master’s degree from Carnegie Mellon University’s Tepper School of Business, and a Bachelor’s degree from Duquesne University. An active community leader, she is an alumna and former board member of Junior Achievement of Western Pennsylvania, where she chaired the organization’s BizTown Capital Campaign.

“We are excited to welcome Carol to Astro Shapes,” said Carl Howe, Managing Director at Wynnchurch Capital. “Her leadership experience and strategic insight make her uniquely qualified to guide Astro Shapes as we continue to execute our growth initiatives and build upon the company’s strong legacy of quality and customer commitment.”

About Astro Shapes:

Founded in 1971 and headquartered in Struthers, Ohio, Astro Shapes is a leading manufacturer of custom aluminum extrusions serving customers across the Midwest and Northeast United States. Astro’s products are essential components in residential and commercial building products, recreational vehicles, and various industrial applications. For more information, please visit www.astroshapes.com.

About Wynnchurch Capital:

Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with an affiliate in Canada, was founded in 1999 and is a leading middle-market private equity investment firm. Wynnchurch’s strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement.

Wynnchurch manages a number of private equity funds with $8.6 billion of regulatory assets under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs, and restructurings. Recently, Wynnchurch acquired Charter Industries, a leading provider of edgebanding and complementary products. Other recent investments include: Astro Shapes, a leading manufacturer of custom aluminum extrusions; Principal Industries, a leading provider of LED components and engineered assemblies; and ORS Nasco, North America’s largest pure wholesaler of industrial MRO supplies. For more information, please visit: http://www.wynnchurch.com or follow us on LinkedIn.

Contacts

For new investment opportunities, please contact:
Mike Teplitsky

Partner

mteplitsky@wynnchurch.com

Scott Fitch

Partner

sfitch@wynnchurch.com

TORONTO–(BUSINESS WIRE)–RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) today announced the completion of a comprehensive request for proposal (“RFP”) process for external audit services. Following this process, RioCan’s Board of Trustees has approved the appointment of PricewaterhouseCoopers LLP (“PwC”) as the Trust’s external auditor for fiscal 2026. Ernst & Young LLP (“EY”) will continue in its role as external auditor through the financial year ending December 31, 2025.

In alignment with RioCan’s commitment to strong governance and oversight, the Audit Committee initiated the RFP in recognition of EY’s long tenure as the Trust’s external auditor. After a thorough evaluation, the Board of Trustees, on the recommendation of the Audit Committee, selected PwC based on its depth of expertise, qualifications, and independence. RioCan extends its sincere appreciation to EY for its nearly 20 years of service, during which it has provided valuable insight and professional stewardship.

At the Trust’s request, EY will resign as external auditor effective on the first business day following the filing of the Trust’s audited consolidated financial statements for the year ending December 31, 2025 and EY’s auditor’s report thereon. PwC will be appointed the same day to fill the resulting vacancy and will serve until the Trust’s 2026 annual meeting of unitholders. At that meeting, RioCan intends to propose PwC’s appointment as external auditor for the ensuing year.

About RioCan

RioCan meets the everyday shopping needs of Canadians through the ownership, management and development of necessity-based and mixed-use properties in densely populated communities. As at September 30, 2025, our portfolio is comprised of 173 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan’s interest). To learn more about us, please visit www.riocan.com.

Contacts

Contact Information
Investor Relations Inquiries

Email: ir@riocan.com

Media Inquiries

Email: media@riocan.com

TORONTO–(BUSINESS WIRE)–DREAM INDUSTRIAL REIT (TSX: DIR.UN) or (the “Trust”) and DREAM OFFICE REIT (TSX: D.UN) or (“Dream Office”) are pleased to announce the appointment of Mr. Gord Wadley as the Trust’s Chief Operating Officer effective January 1, 2026. In his new role with the Trust, Mr. Wadley will be responsible for all aspects of portfolio operations including property management and leasing.

Mr. Wadley is currently the Chief Operating Officer of Dream Office REIT. He joined the company in 2011 and has held progressively senior positions including Vice President, Leasing and Senior Vice President, Commercial Properties. Prior to joining Dream Office, Mr. Wadley worked in commercial brokerage for CB Richard Ellis providing commercial representation to corporate clients both domestic and international. Mr. Wadley earned a degree from Acadia University and earned his MBA in Real Estate Leadership from the University of Fredericton, New Brunswick.

“We are excited to have Gord Wadley join the Dream Industrial team as Chief Operating Officer,” said Alexander Sannikov, President and Chief Executive Officer of Dream Industrial REIT. “Gord brings a proven track record of operational excellence, strategic leadership and effective execution over many years at Dream that will further strengthen our robust operating platform across our key markets. As we continue to grow our platform and portfolio, Gord’s experience and insight will be instrumental in driving efficiencies and delivering value to our shareholders, employees and customers.”

“On behalf of Dream Office REIT, I want to express our deep gratitude to Gord for fifteen years of exceptional leadership and commitment,” said Michael Cooper, Chairman and Chief Executive Officer of Dream Office REIT. “Gord played an instrumental role in shaping our strategy, strengthening our operations, and building trusted relationships that have been central to our success. We are pleased to see Gord assume a great growth opportunity within the Dream Group so that he can continue taking on increasing contributions to the organization and provide seamless transition for Dream Office to the many talented leaders ready to take on more responsibility.”

About Dream Industrial REIT

Dream Industrial REIT is an owner, manager and operator of a global portfolio of well-located, diversified industrial properties. As at September 30, 2025, the REIT has an interest in and manages a portfolio which comprises 340 industrial assets (552 buildings) totalling approximately 73.2 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. The REIT’s objective is to deliver strong total returns to its unitholders through secure distributions as well as growth in net asset value and cash flow per unit underpinned by its high-quality portfolio and an investment grade balance sheet. Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. For more information, please visit www.dreamindustrialreit.ca.

About Dream Office REIT

Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT owns a carefully curated portfolio of office properties totalling approximately 4.8 million square feet, predominantly in well located, central business locations within downtown Toronto. For more information, please visit www.dreamofficereit.ca.

Contacts

Dream Industrial REIT

Alexander Sannikov

President and Chief Executive Officer

(416) 365-4106

asannikov@dream.ca

Lenis Quan

Chief Financial Officer

(416) 365-2353

lquan@dream.ca

Dream Office REIT

Michael J. Cooper

Chairman and Chief Executive Officer

(416) 365-5145

mcooper@dream.ca

Jay Jiang

Chief Financial Officer

(416) 365-6638

jjiang@dream.ca

Where Design Meets Durability, Flooring Built For Real-World Performance

VANCOUVER, British Columbia–(BUSINESS WIRE)–Metropolitan Floors is welcoming the season with the launch of its Foundations of Fall collection, celebrating flooring that combines style, durability, and warmth. Designed to transform spaces into cosy, functional havens, Metropolitan Floors’ collection provides the perfect foundation for fall, from crisp mornings to festive evenings, and everything in between.

“Flooring is one of the most impactful design choices you can make in a home. It’s the foundation that everything else builds upon—the backdrop to your furniture, art, and daily life,” said Karin Bennett, Principal Designer at Karin Bennett Designs. “Metropolitan Floors offers a range of tones and finishes that make it easy to set the perfect foundation for any design style.”

Where Function Meets Warmth

Whether hosting holiday gatherings, preparing family dinners, or simply nesting, Metropolitan Floors’ products combine everyday functionality with timeless style. Thoughtfully crafted to withstand foot traffic, spills, and real-life wear, each collection provides a versatile backdrop that complements fall décor, textures, and tones, creating spaces that are warm, inviting, and enduring.

“I always encourage clients to choose flooring that feels timeless rather than trendy. Design should evolve, but your floors should stand the test of time in both durability and aesthetic,” added Bennett. “Metropolitan Floors’ collections are thoughtfully crafted to age beautifully, allowing a home’s story to unfold gracefully over the years.”

Featured Fall Collection

Metropolitan Floors showcases a curated selection of collections designed to combine timeless style with everyday functionality.

• Kentwood, Hickory Hometown – Rooted in authenticity. The Hickory Hometown collection features distinctive grain and natural variation that bring depth and originality to every space. Its warm, grounded hues pair effortlessly with the textures and tones of fall — from woven throws to weathered woods and soft ambient light. Crafted from genuine hardwood, it offers a foundation that feels familiar, timeless, and deeply inviting.
• Evoke, Summit – Style that supports everyday life. Summit delivers the approachable, natural wood look you love — with resilience built in. Comfortable underfoot and easy to maintain, it’s made for homes where people live, gather, and move. Its versatile tones create a welcoming base that works across styles, from relaxed to refined.
• Evoke, Astoria – Softly modern and endlessly versatile. Astoria brings gentle wood grain patterns and balanced, contemporary tones that adapt beautifully to the season. Warm, calm, and cohesive, it creates a backdrop that supports the way you live — evolving naturally through décor, cycles, and gatherings. Designed for real-life durability with a look that always feels considered.

Design Leadership and Industry Trust

Metropolitan Floors continues to reinforce its reputation as a leader in quality, innovation, and design, trusted across multiple sectors. Collaborations with celebrity design duo Colin & Justin bring star appeal while highlighting expertise in home renovation and design. The brand’s cross-sector versatility is evident in installations across hospitality (Asher Adams Hotel), financial services (Scotiabank), and residential developments, showcasing both flexibility and reliability.

“As designers, we’re not just creating beautiful spaces, we’re curating experiences. The look, feel, and even sound of a room change depending on the flooring beneath you. Metropolitan Floors captures that authenticity with its natural hardwood collections, bringing warmth and a sense of connection to every home,” said Bennett.

Projects spanning Salt Lake City, Toronto, and cottage country further highlight Metropolitan’s expanding geographic reach and operational capacity. By combining thoughtful design, durability, and expansive industry experience, the Foundations of Fall collection reinforces Metropolitan Floors’ commitment to providing products that support life, style, and connection all year long.

View the Foundations of Fall collection here and order samples by visiting metrofloors.com.

About Metropolitan Hardwood Floors Inc.

Metropolitan Floors is a manufacturer and distributor of premium Kentwood-engineered hardwood and Evoke luxury vinyl, laminate, rigid core, and Surge® flooring. Founded as a hardwood flooring retailer in 1992, the company has grown to become a leading manufacturer and distributor of specialty flooring products and an end-to-end flooring solution provider. Metropolitan services Canada and the US from its North American design studios, warehouses, and distribution centers. Visit metrofloors.com for more information.

Contacts

For further information or interview requests please contact:

Marissa Themeles, Account Manager

ELEVATOR COMMUNICATIONS INC.

Marissa@elevatorinc.com
416-258-7595

This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts are in Canadian dollars unless otherwise indicated.

TORONTO–(BUSINESS WIRE)–Dream Industrial Real Estate Investment Trust (DIR.UN-TSX) (the “Trust” or “Dream Industrial REIT” or “Dream Industrial” or “we” or “us”) today announced receipt of its issuer rating and senior unsecured debentures credit rating upgrade to BBB (high) with Stable trends, from BBB, assigned by Morningstar DBRS (“DBRS”).

“We are proud to announce an upgrade in our credit rating to BBB (high),” said Alexander Sannikov, President & Chief Executive Officer of Dream Industrial REIT. “This rating upgrade reflects the strength of our urban industrial portfolio and ongoing resilience of our business. We remain firmly committed to disciplined capital allocation, maintaining a conservative balance sheet while pursuing accretive opportunities that maximize long-term value for our Unitholders.”

Following the upgrade, the Trust expects to achieve a reduction in the cost of borrowing on its existing $750 million unsecured syndicated revolving credit facility, its existing US$250 million unsecured term loan and €153 million unsecured term loan, effective upon the next drawdown. The rate of reduction in the cost of borrowing will vary by facility up to 25 basis points (“bps”) per annum in addition to an immediate 5 bps reduction in its standby fee pricing on the revolving credit facility.

“Representing one of the highest credit ratings currently granted within the Canadian REIT universe by DBRS, this upgrade is recognition of and reinforces confidence in the REIT’s balance sheet strength and credit quality, which we expect will translate into lower borrowing costs going forward,” said Lenis Quan, Chief Financial Officer of Dream Industrial REIT. “As we look to refinance our upcoming debt maturities, we expect the lower cost of debt to positively impact our annualized FFO per unit on a pro forma basis.”

About Dream Industrial Real Estate Investment Trust

Dream Industrial REIT is an owner, manager and operator of a global portfolio of well-located, diversified industrial properties. As at September 30, 2025, the REIT has an interest in and manages a portfolio which comprises 340 industrial assets (552 buildings) totalling approximately 73.2 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. The REIT’s objective is to deliver strong total returns to its unitholders through secure distributions as well as growth in net asset value and cash flow per unit underpinned by its high-quality portfolio and an investment grade balance sheet. Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. For more information, please visit www.dreamindustrialreit.ca.

Forward looking information

This news release may contain forward-looking information within the meaning of applicable securities legislation. Forward looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events. Some of the specific forward-looking information in this news release may include, among other things, the Trust’s capital allocation including results on Unitholder value; the Trust’s expected cost of debt on a go-forward basis and timing of any reductions thereto; the Trust’s expectations regarding the decrease of its interest rate margins; and the Trust’s ability to re-finance upcoming debt maturities at decreased costs and the related impact on annualized FFO per unit. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; employment levels; mortgage and interest rates and regulations; inflation; risks related to a potential economic slowdown in certain of the jurisdictions in which the Trust operates and the effect inflation and any such economic slowdown may have on market conditions and lease rates; risks that the Trust’s operations may be affected by adverse global market, economic and political conditions and other events beyond our control, including risks related to the imposition of duties, tariffs and other trade restrictions and their impacts; uncertainties around the timing and amount of future financings; geopolitical events, including disputes between nations, war and international sanctions; the financial condition of tenants; leasing risks, including those associated with the ability to lease vacant space; rental rates and the strength of rental rate growth on future leasing; and interest and currency rate fluctuations. Our objectives and forward-looking statements are based on certain assumptions with respect to each of our markets, including that the general economy remains stable, including that future market and economic conditions will occur as expected and that geopolitical events, including disputes between nations or the imposition of duties, tariffs, quotas, embargoes or other trade restrictions (including any retaliation to such measures), will not disrupt global economies; inflation and interest rates will not materially increase beyond current market expectations; conditions within the real estate market remain consistent; competition for acquisitions remains consistent with the current climate; and the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this news release speaks as of the date of this news release. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the Trust’s filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at the Trust’s website at www.dreamindustrialreit.ca.

Contacts

For further information, please contact:

Dream Industrial REIT


Alexander Sannikov
President & Chief Executive Officer

(416) 365-4106

asannikov@dream.ca

Lenis Quan
Chief Financial Officer

(416) 365-2353

lquan@dream.ca