ARLINGTON, Va.–(BUSINESS WIRE)–CoStar, the leading global provider of online real estate marketplaces, information and analytics in the property markets, today released the three key trends that will likely shape Canada’s real estate market outlook in 2026.

An economy in structural transition

In 2025, Canada’s economy outperformed expectations, with strong domestic spending helping avoid a recession. The 2026 outlook, however, may be less optimistic.

“Population growth is poised to decline due to new federal government rules restricting immigration for non-permanent residents,” said Carl Gomez, Chief Economist for Canada at CoStar Group. “With households still reeling from significant affordability concerns and an elevated cost of living, Canada’s domestic economy is likely to struggle replicating its 2025 standout performance, resulting in a demand-side drag for some household-driven property types.”

A cyclical housing supply overhang

Canada has seen a growing inventory of for-sale condos, with the excess inventory expected to clear in the next six to nine years.

“Developers have shifted their focus to purpose-built rental apartments in recent years, resulting in the highest number of rental apartment units currently under construction in the last 50 years,” said Gomez. “Given high development costs, the average unit rent is considerably high, leaving many of the recently completed units vacant due to affordability constraints.”

Average home prices and apartment rents are expected to continue declining in the upcoming year, with an equilibrium unlikely to return until 2027.

Capital market reset

As inflation remains elevated and government debt continues to rise, long-term interest and mortgage rates have not dropped in response to central bank policy cuts over the past two years.

“Capital market conditions are unlikely to be a continued tailwind for the sector,” said Gomez. “Distress-driven transactions, especially those involving land and development assets, are likely to continue to increase and prevent a meaningful improvement to overall deal activity in 2026.”

Real estate capital stack is likely to continue evolving in 2026 as new sources, including private real estate investment trusts, family offices, infrastructure funds, and private debt, help to narrow the existing gap between buyer and seller expectations over the longer term.

The full analysis can be found here.

For more information about the company and its products and services, please visit costargroup.com.

About CoStar Group

CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.

CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible; STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.

CoStar Group’s websites attracted over 143 million average monthly unique visitors in the third quarter of 2025, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

This news release includes “forward-looking statements” including, without limitation, statements regarding CoStar’s expectations or beliefs regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that domestic economic conditions in Canada, such as increased cost of living does not drive down consumer spending, does not occur or does not negatively impact the household property market as expected across supply and demand; the risk that Canadian capital market conditions and transaction activity is not impacted as expected by macroeconomic conditions. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar’s filings from time to time with the Securities and Exchange Commission, including in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2024 and Forms 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025, and September 30, 2025, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, as well as CoStar’s other filings with the SEC available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

News Media Contacts
Haley Luther

Senior Communications Manager

(216) 278-0627

hluther@costar.com

LADERA RANCH, Calif.–(BUSINESS WIRE)–SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced the acquisition of a 1.78-acre land parcel in Toronto, Ontario, for the planned development of a Class A self-storage facility. SmartStop will undertake the development in partnership with SmartCentres (TSX: SRU.UN).

The site at 1125 Finch Ave is located approximately nine miles north of downtown Toronto and one mile southeast of York University, placing it squarely within one of the most densely populated and supply-constrained trade areas in the city. An estimated 1 million residents live within a five-mile radius, supported by sustained residential density and limited availability of modern self-storage facilities. These fundamentals underpin durable, long-term demand and create a significant barrier to entry for new competitors.

The proposed development will consist of a four-story, state-of-the-art self-storage facility totaling approximately 100,000 net rentable square feet, comprising approximately 1,100 climate-controlled units. The facility is designed to capture unmet demand in a market characterized by strong absorption, constrained land availability, and high replacement costs.

Construction is scheduled to commence in the fourth quarter of 2026, with a planned soft opening in the fourth quarter of 2027. Upon completion, the facility will serve the established neighborhoods of York University Heights, Downsview, Black Creek, Humbermede, Glen Park, and Emery, further solidifying SmartStop’s position as a dominant self-storage operator in the Greater Toronto Area.

“This acquisition underscores our commitment to disciplined growth in supply-constrained, top-tier urban markets with compelling demographic trends,” said H. Michael Schwartz, Chief Executive Officer of SmartStop Self Storage REIT, Inc. “By partnering with SmartCentres, we are advancing a premier self-storage development that expands our Canadian footprint and positions us to capture long-term value in a high-growth market.”

About SmartStop Self Storage REIT, Inc. (SmartStop):

SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of more than 1,000 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs, and through its indirect subsidiary Argus Professional Storage Management, LLC, offers third-party management services in the U.S. and Canada. As of December 23, 2025, SmartStop has an owned or managed portfolio of more than 460 operating properties in 35 states, Washington D.C., and Canada, comprising approximately 270,000 units and more than 35 million rentable square feet. SmartStop and its affiliates own or manage 49 operating self-storage properties in Canada, which total approximately 42,200 units and 4.3 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.

Contacts

David Corak
Senior VP of Corporate Finance and Strategy

SmartStop Self Storage REIT, Inc.

IR@smartstop.com

TORONTO–(BUSINESS WIRE)–Inovalis Real Estate Investment Trust (the “REIT”) (TSX: INO.UN) today announced the closing of the sale of the Baldi property for €14.0 million ($22.9 million). The 124,000 square foot office and mixed-use property comprised of four buildings around a central courtyard, is located near the Paris ring road in Saint-Ouen, France.

“This closing represents our second completed disposition in 2025, together generating approximately $23 million in cash for the REIT,” said Stéphane Amine, President and Chief Executive Officer of Inovalis REIT. “These transactions reflect our continued focus on asset recycling and balance sheet strength, while enhancing our financial flexibility to advance the REIT’s strategic priorities.”

The net proceeds from this transaction after the full repayment of bank debt related to the property and disposition costs is expected to be approximately €11.2 million ($18.3 million) and will be used for capital expenditures relating to the re-positioning and/or re-development of currently owned properties and further reducing the REIT’s indebtedness.

FORWARD-LOOKING INFORMATION

About Inovalis REIT

Inovalis REIT is a real estate investment trust listed on the Toronto Stock Exchange in Canada. It was founded in 2013 by Inovalis and invests in office properties in primary markets of France, Germany and Spain. It holds 11 assets. Inovalis REIT acquires (indirectly) real estate properties via CanCorpEurope, authorized Alternative Investment Fund (AIF) by the CSSF in Luxemburg, and managed by Inovalis S.A.

About Inovalis Group

Inovalis S.A. is a French Alternative Investment fund manager, authorized by the French Securities and Markets Authority (AMF) under AIFM laws. Inovalis S.A. and its subsidiaries (Advenis S.A., Advenis REIM) invest in and manage Real Estate Investment Trusts such as Inovalis REIT, open ended funds (SCPI) with stable real estate focus such as Eurovalys (for Germany) and Elialys (Southern Europe), Private Thematic Funds raised with Inovalis partners to invest in defined real estate strategies and direct Co-investments on specific assets

Inovalis Group (www.inovalis.com), founded in 1998 by Inovalis SA, is an established pan European real estate investment player with EUR 7 billion of AuM and with offices in all the world’s major financial and economic centers in Paris, Luxembourg, Madrid, Frankfurt, Toronto and Dubai. The group is comprised of 300 professionals, providing Advisory, Fund, Asset and Property Management services in Real Estate as well as Wealth Management services.

Contacts

Stephane Amine, President and Chief Executive Officer
Inovalis Real Estate Investment Trust

Tel: +33 1 5643 3315

stephane.amine@inovalis.com

Khalil Hankach, Chief Financial Officer
Inovalis Real Estate Investment Trust

Tel: +33 1 5643 3313

khalil.hankach@inovalis.com

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “REIT”) (TSX: PMZ.UN) announced today progress on its disposition program that supports its capital recycling objectives.

Northland Disposition

On December 19, 2025, Primaris completed the sale of Northland Village and Northland Professional Centre (“Northland”) in Calgary, Alberta, for $154.0 million, to a Canadian institutional investor. Northland Village, a recently redeveloped, high quality, open air centre, is anchored by Walmart, Winners, Best Buy, GoodLife, Dollarama, and Spinelli Italian Centre Shop, a specialty grocery store and restaurant. Situated in an affluent trade area in northwest Calgary, Northland attracted strong interest from a broad pool of buyers.

“Primaris is very pleased to close out the year with the strategic disposition of Northland, continuing to demonstrate our track record of disciplined capital allocation and capital recycling,” said Alex Avery, Chief Executive Officer. “Executing $400 million of non-core asset sales in 2025 underscores Primaris’ commitment to maintain a best-in-class balance sheet while continuing to leverage the competitive advantage our management platform provides, for acquiring, owning, and managing market leading Canadian malls.”

Northland was sold at IFRS fair value, with proceeds allocated to the repayment of debt, repurchase, and cancellation of units under the REIT’s normal course issuer bid, and general trust purposes.

Northland Village and Northland Professional Centre were both unencumbered at the time of sale.

Primaris maintains its 2025 and 2026 guidance, as this disposition was fully anticipated.

The below table summarizes the REIT’s dispositions year to date.

Property Name	Location	Type	Gross Leasable Area	In-place Occupancy		Disposition Price1 ($ millions)			Closing Date
4 acres	Medicine Hat, AB	Excess land	n/a	n/a		2.0			February 21, 2025
Sherwood Park Mall and Sherwood Park Professional Centre2	Sherwood Park, AB	Enclosed shopping centre and professional centre	415,237	94.7 %		107.0			February 28, 2025
St. Albert Centre3	St. Albert, AB	Enclosed shopping centre	352,812	97.3 %		60.0			March 31, 2025
Lansdowne Industrial	Peterborough, ON	Industrial Centre	265,076	87.3 %		9.9			May 30, 2025
Carry Drive, Dunmore Plaza and Park Plaza	Medicine Hat, AB	Strip plazas	93,914	74.2 %		12.7			July 21, 2025
Northpointe Town Centre	Calgary, AB	Open air plaza	200,582	100.0 %		54.5			July 23, 2025
Northland Village and Northland Professional Centre	Calgary, AB	Open air and professional centre	416,909	94.0 %		154			December 19, 2025
		2025 Dispositions	1,744,530			$ 400.1

1 Before transactions costs.

2 Disposition consideration included a $4.1 million 5-year vendor take-back note with an annual interest rate of 6.0%.

3 Disposition consideration included a $10.0 million 1-year vendor take-back note with an annual interest rate of 6.0%.

Financing Update

Primaris used a portion of the net proceeds of the Northland disposition to fully repay its $100 million unsecured bilateral non-revolving term facility, and concurrently unwound the associated $50 million hedge.

In addition, Primaris extended the term of its $600 million unsecured revolving credit facility by one year to January 4, 2029, and achieved a 0.15% reduction in the variable interest rate on the facility from either: (i) 0.35% over Prime to 0.20% over Prime, or (ii) 1.35% over Adjusted Canadian Overnight Repo Rate Average (“CORRA”) to 1.20% over Adjusted CORRA.

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 15.2 million sq.ft., valued at approximately $5.2 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.

Forward-Looking Statements

Certain statements included in this news release constitute ‘‘forward-looking information’’ or “forward-looking statements” within the meaning of applicable securities laws. The words “will”, “expects”, “plans”, “estimates”, “intends” and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements made or implied in this news release include but are not limited to statements regarding: the REIT’s growth strategy, the REIT’s guidance for 2025 and 2026 and the allocation of proceeds from the Northland disposition for debt repayment, unit repurchases under the REIT’s normal course issuer bid, and general trust purposes. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on estimates and assumptions that are inherently subject to risks and uncertainties. Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, actual results, performance or achievements of Primaris may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in the REIT’s Annual MD&A which is available on SEDAR+, and in Primaris’ other materials filed with the Canadian securities regulatory authorities from time to time. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates.

Readers are also urged to examine the REIT’s materials filed with the Canadian securities regulatory authorities from time to time as they may contain discussions on risks and uncertainties which could cause the actual results and performance of Primaris to differ materially from the forward-looking statements contained in this news release. All forward-looking statements in this news release are qualified by these cautionary statements. These forward-looking statements are made as the date of this news release and Primaris, except as required by applicable securities laws, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances.

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

& Sustainability

647-949-3093

cmahaney@primarisreit.com

Timothy Pire

Chair of the Board

chair@primarisreit.com

• $285 million in cash on the balance sheet at close
• Reduces applicable margin for borrowings by fifty basis points
• Aligns actions to support accelerating acquisition strategy

HOUSTON–(BUSINESS WIRE)–#DXPEInvestorRelations—DXP Enterprises, Inc. (NASDAQ: DXPE) today announced that it has closed on refinancing existing Senior Secured Term Loan B (“TLB”) borrowings and raising an incremental $205 million in TLB borrowings. Including the new borrowings, DXP will have $848 million in Senior Secured Term Loan B borrowings. The TLB borrowings mature on October 13, 2030, and are priced at Term SOFR plus an applicable margin of 3.25 percent.

DXP intends to use the proceeds to repay borrowings under DXP’s existing Senior Secured Term Loan B, and the remaining for general corporate purposes, potential acquisitions, and transaction fees and expenses. The transaction provides DXP with continued operational and financial flexibility to reinvest in the business and pursue its organic and acquisition growth strategy.

The Term Loan B borrowings are priced at 3.25 percent over Term SOFR and continue to include a secured leverage covenant ranging from 5.75:1 to 4.75:1. The new loan under the credit agreement is secured by substantially all the company’s consolidated assets.

David R. Little, Chairman and Chief Executive Officer remarked, “We are pleased to complete another successful refinancing, reinforcing DXP’s strong financial foundation. Building on this momentum, we aim to close the year with strength and accelerate growth in 2026. Our capital allocation strategy remains disciplined—prioritizing investments that drive growth, applying excess cash flow to debt reduction when appropriate, and reinvesting in facilities, equipment, and technology to enhance our competitive position. Maintaining liquidity and flexibility will continue to be central as we pursue strategic opportunities and reinvest in the business.”

Kent Yee, Chief Financial Officer added, “We are proud to announce the successful refinancing of $848 million, which includes our existing $643.0 million Term Loan B borrowings and an incremental $205 million. This transaction achieved several key objectives: repricing existing debt to generate an estimated $3.2 million in annual interest savings, enhancing liquidity, and creating flexibility to accelerate growth through acquisitions and strategic reinvestment. DXP’s transformation over the past five years underscores our disciplined approach—sales have grown from $1.0 billion in 2020 to $1.96 billion for the twelve months ended September 30, 2025, while covenant compliance adjusted EBITDA has increased from $64.9 million to over $225 million during the same period. We look forward to starting off 2026 with more acquisitions as we continue to scale DXP. We appreciate the continued support of our advisors and lender group. Following the close of this transaction at the end of Q3, DXP’s pro forma net debt to EBITDA stands at 2.8:1.”

Additional details regarding the refinanced TLB borrowings will be available in DXP’s Current Report on Form 8-K to be filed with the Securities and Exchange Commission by December 22^nd.

About DXP Enterprises, Inc.

DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada, Mexico, and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production (“MROP”) services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP’s breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include but are not limited to; ability to obtain needed capital, dependence on existing management, leverage, and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission.

Contacts

Kent Yee

Senior Vice President CFO

713-996-4700 – www.dxpe.com

TORONTO–(BUSINESS WIRE)–Granite Real Estate Investment Trust (“Granite”) (TSX: GRT.UN / NYSE: GRP.U) expects to announce its financial results for the fourth quarter and year ended December 31, 2025 after the close of markets on Wednesday, February 25, 2026.

Granite will hold a conference call and live audio webcast to discuss its financial results. The conference call will be chaired by Kevan Gorrie, President and Chief Executive Officer.

Conference Call:

Date:	Thursday, February 26, 2026 at 11:00 a.m. (ET)
Telephone:	North America (Toll-Free):	1-800-549-8228
	International (Toll):	1-289-819-1520
Conference ID/Passcode:	56617
Webcast:	To access the live audio webcast in listen-only mode, please visit https://events.q4inc.com/attendee/877169609 or https://granitereit.com/events

ABOUT GRANITE

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 140 investment properties representing approximately 60.9 million square feet of leasable area.

OTHER INFORMATION

Copies of financial data and other publicly filed documents about Granite are available through the internet on the Canadian Securities Administrators’ System for Electronic Data Analysis and Retrieval+ (SEDAR+) which can be accessed at www.sedarplus.ca and on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which can be accessed at www.sec.gov. For further information, please see our website at www.granitereit.com or contact Teresa Neto, Chief Financial Officer, at 647-925-7560 or Andrea Sanelli, Senior Director, Legal & Investor Services, at 647-925-7504.

Contacts

Teresa Neto, Chief Financial Officer

647-925-7560

or

Andrea Sanelli, Senior Director, Legal & Investor Services

647-925-7504

LADERA RANCH, Calif.–(BUSINESS WIRE)–Strategic Storage Growth Trust III, Inc. (“SSGT III”), a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA), announced the acquisition of a three-property self-storage portfolio in Spartanburg County, South Carolina. The portfolio totals approximately 179,900 net rentable square feet and includes approximately 1,580 storage units, the majority of which are climate-controlled, along with approximately 120 parking spaces. These three properties were acquired by SSGT III in Delaware Statutory Trusts.

The facilities are modern assets located in well-populated suburban trade areas benefiting from strong household incomes, solid traffic exposure, and favorable population growth trends.

The Boiling Springs facility, located at 112 McCullugh Road, comprises approximately 53,500 net rentable square feet, 450 storage units and 66 parking spaces. The property offers a mix of interior climate-controlled units and exterior drive-up units and benefits from visibility to approximately 33,000 vehicles per day. The location serves the residential communities of Boiling Springs, Summit Brown Arrow, Fingerville, Mayo, Cherokee Springs, Whitney Heights, Converse, Drayton, Spartanburg, Valley Falls, Willow Wood, Woodfield, Inman, Inman Mills, Woodridge and Woodfin.

The facility at 899 E. Main St. in Spartanburg consists of five one-story buildings, totaling approximately 50,300 net rentable square feet and 410 units. The property offers a mix of climate-controlled and drive-up units, and benefits from its proximity to downtown Spartanburg and surrounding infill development. The East Main Street location serves the nearby residential neighborhoods of Spartanburg, Summit Hills, Zion Hill, Hillbrook, Fernwood, Hillcrest, Converse, Clifton, Glendale, Beaumont Village, Whitney, Whitney Heights and Drayton.

The facility located at 1640 John B. White Sr. Blvd. features a modern three-story building with approximately 76,100 net rentable square feet, 720 climate-controlled storage units and 55 parking spaces. The property will serve the neighborhoods of Spartanburg, Arcadia, Saxon, Woodland Heights, Windsor Forest, Woodwind, Arkwright, Roebuck, Ashley, West Forest, Angelwood, Fairmont Hills and Camelot.

“These acquisitions advance SSGT III’s strategy of investing in high-quality self-storage assets in attractive secondary markets,” said H. Michael Schwartz, CEO of SSGT III. “Spartanburg benefits from strong demographic growth, expanding residential development and favorable demand drivers, positioning this portfolio for continued operational performance and long-term value creation.”

About Strategic Storage Growth Trust III, Inc. (SSGT III):

Strategic Storage Growth Trust III, Inc. (“SSGT III”) is a Maryland corporation that elected to qualify as a REIT for federal income tax purposes. SSGT III’s primary investment strategy is to invest in growth-oriented self-storage facilities and related self-storage real estate investments in the United States and Canada. As of December 18, 2025, SSGT III has a portfolio of ten operating properties in the United States, comprising approximately 7,740 units and 835,175 net rentable square feet; five operating properties in Canada, comprising approximately 3,180 units and 326,190 net rentable square feet; and joint venture interests in three developments in two Canadian provinces (Québec and British Columbia). In addition, Blue Door Asset Management I, a subsidiary of SSGT III, serves as the sponsor of three Delaware Statutory Trusts, which currently own eight operating properties in the United States comprising approximately 5,420 units and 697,400 net rentable square feet.

About SmartStop Self Storage REIT, Inc. (SmartStop):

SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of more than 1,000 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs, and through its indirect subsidiary Argus Professional Storage Management, LLC, offers third-party management services in the U.S. and Canada. As of December 18, 2025, SmartStop has an owned or managed portfolio of more than 460 operating properties in 34 states, Washington D.C., and Canada, comprising approximately 270,000 units and more than 35 million rentable square feet. SmartStop and its affiliates own or manage 49 operating self-storage properties in Canada, which total approximately 42,200 units and 4.3 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.

Contacts

David Corak
Senior VP of Corporate Finance and Strategy

SmartStop Self Storage REIT, Inc.

IR@smartstop.com

TORONTO–(BUSINESS WIRE)–VeriFast, the industry-leading AI-powered Verification-as-a-Service platform, today announced a definitive move to redefine the rental landscape through the acquisition of Opsansa, a San Francisco-based pioneer in automated property management support. This strategic acquisition accelerates VeriFast’s mission to provide a frictionless, end-to-end AI leasing ecosystem for the multifamily and residential sectors.

As part of the acquisition, Rowan Aldean, CEO of Opsansa, will join the VeriFast executive team as VP of Automation. In this new role, Aldean will spearhead the development of Agentic Automation within the VeriFast platform—moving beyond simple task automation toward autonomous AI agents capable of managing complex leasing workflows from end to end.

Fresh off winning the IMN SFR Award for AI Application of the Year, VeriFast is integrating Opsansa’s specialized technology to eliminate the “dead air” in the leasing cycle. By combining VeriFast’s deep expertise in resident screening with Opsansa’s agentic workflow automation, property managers can now move from initial inquiry to approved lease with unprecedented speed and precision.

“This is a massive game-changer for the industry because tasks that used to take hours or days are now happening instantly,” says VeriFast CEO Tim Ray. “By bringing Rowan on board to lead our Agentic Automation strategy, we are ensuring that VeriFast isn’t just a tool, but a fully autonomous engine for property operators. Speed at which we approve qualified residents is the ultimate currency in multifamily leasing, and we are now positioned to help operators and asset owners fill their buildings with qualified residents at scale.”

The integration of Opsansa’s technology and Aldean’s expertise creates a singular, AI-driven powerhouse that automates the most labor-intensive aspects of the multifamily leasing office:

• Autonomous Workflows: Leveraging Agentic AI to manage support operations and applicant communication without manual intervention.
• Fastest Resident Approvals: Instant approval applicants’ identity, income, employment and condition handling for complex credit and background screening conditional requirements across all 50 states; delivering approvals in minutes.
• Reduced Operational Friction: Freeing site teams from administrative burdens to focus on high-value resident engagement and community building.

“VeriFast has already set the standard as the Most Trusted Screening Platform with over 10,000 renter reviews on Trust Pilot and 4.2 stars. We are going to set the standard for how AI actually works for property managers,” said Aldean. “I am thrilled to lead the Agentic Automation frontier here, helping property operators scale their portfolios without scaling their overhead.”

About VeriFast

VeriFast is revolutionizing the applicant verification process for property management companies and lenders. By using proprietary AI to automate identity checks, background screening, and financial validation, VeriFast delivers high-integrity results in minutes. For more information, visit VeriFast.com.

Contacts

Press Contact:

Cameron Thomas for Verifast

Cameron@verbfactory.com
416-660-9801

Real strengthens its Ontario presence with one of Canada’s best-known real estate leaders and a high-performing network of agents with more than $500 million in annual sales

MIAMI–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (NASDAQ: REAX), a leading real estate technology platform redefining the industry through innovation and culture, today announced that Sandy MacKay, one of Canada’s most respected team leaders and real estate investment experts, has brought his 12-agent Found Spaces Realty Group team, averaging $100 million in volume per year over the past eight years, as well as a network of 50 additional top-producing agents across Ontario with $500 million in annual sales to Real.

With 15 years of real estate investment experience, including nearly 12 years as an agent, MacKay has become well-known for his brokerage leadership and real estate investment expertise, helping others build wealth through real estate ownership.

His 12-agent team, Found Spaces Realty Group, has sold more than 2,000 homes over the past eight years. Before becoming a Realtor, he built a successful investing background that shaped his approach to client service and portfolio strategy. He is the co-founder of the Breakthrough Real Estate Investing Podcast, which became the No. 1 real estate investing podcast in Canada, and he leads VIC Capital, one of Ontario’s most active investment communities.

Joining MacKay at Real are four key members of his leadership team. This includes author, speaker, and coach Chris Chopite, founder of Inspired Co., a top-tier real estate coaching company that serves more than 100 agents; Martin Kuev, co-founder of VIC Capital; as well as Ana Marin, Director of Operations, and Mike Johnson, Vice President and Sales Director.

“Sandy represents exactly the kind of forward-thinking leaders who excel at Real,” said Tamir Poleg, Chairman and CEO of Real. “His influence in the investment space, combined with his commitment to coaching, productivity and culture, aligns perfectly with our mission. Sandy brings a strong leadership team and powerful network of top producers who not only strengthen our presence across Ontario, but also expand Real’s leadership in the investment-focused segment of the market.”

MacKay said the decision to join Real was driven by the company’s entrepreneurial model and commitment to agent empowerment.

“Real offers the model of the future,” he said. “Traditional brokerages put a ceiling on how far you can grow. Real gives team leaders and agents the ability to think bigger, expand anywhere and build long-term wealth. The financial model, the technology and the culture of productivity create an environment where ambitious agents can thrive.”

Chopite emphasized Real’s innovation, culture and people-first approach. “Real is the Netflix of real estate,” he said. “Just like Netflix disrupted the way people watched movies, Real is trailblazing a better way for agents to work. This is the age of technology and relationships, and Real is leading both. The innovations around HeyLeo and Real Wallet impressed me immediately, but even more impressive were the people. Everyone here is willing to help. I want to make a major impact on this industry, and I couldn’t think of a better company to align with.”

Their arrival comes as Real continues to grow its agent count, which now exceeds 31,000 and expands its technology ecosystem. The company recently introduced HeyLeo, an industry-leading, voice-interactive, AI-powered consumer search experience. Real also launched major enhancements to Leo CoPilot, its agent-centric AI assistant, including real-time, voice-enabled support across operations, compliance and marketing. In addition, Real unveiled upgrades to Real Wallet, the first-of-its-kind embedded finance platform in the residential brokerage industry.

About Real

Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simpler. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence in all 50 states across the U.S. and Canada, Real supports over 31,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses.

Forward-Looking Statements

Some of the statements in this press release are “forward-looking statements,” as that term is defined in the Private Securities Litigation Reform Act of 1995, including statements regarding agent growth and expected home sales volume. These forward-looking statements are subject to risks, uncertainties and assumptions, including the risk of slowdowns in real estate markets, economic and industry downturns and Real’s ability to attract new agents and retain current agents. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements. They include the risks discussed under the heading “Risk Factors” in the Company’s Annual Information Form dated March 6, 2025, and “Risks and Uncertainties” in the Company’s Quarterly Management’s Discussion and Analysis for the period ended September 30, 2025, copies of which are available under the Company’s SEDAR+ profile at www.sedarplus.ca. It is not possible for management to predict all the possible risks that could affect Real or to assess the impact of all possible risks on Real’s business.

Contacts

Investor inquiries, please contact:
Loren Irwin

Director, Investor Relations and Financial Reporting

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:
Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

press@therealbrokerage.com
201.564.4221

Transaction Highlights

• CPP Investments, Dream Industrial and Dream Asset Management Corporation form new Canadian industrial Joint Venture, with $1.1 billion of allocated equity capital
• The Joint Venture is expected to have approximately $3 billion of acquisition capacity, including leverage, and will target last-mile industrial assets in major Canadian markets
• The Joint Venture has agreed to acquire a 3.6 million square foot Initial Portfolio from Dream Industrial REIT for over $800 million

TORONTO–(BUSINESS WIRE)–Canada Pension Plan Investment Board (“CPP Investments”), Dream Industrial Real Estate Investment Trust (TSX: DIR.UN) (“Dream Industrial”), and Dream Asset Management Corporation (“Dream”) (collectively, the “Partners”) today announced the formation of a joint venture (the “Joint Venture”) to acquire last-mile industrial properties in major markets across Canada.

The Partners have allocated $1.1 billion of equity capital, including $1.0 billion from CPP Investments (90%) and $0.1 billion from Dream Industrial (10%), allowing for the expected acquisition of approximately $3.0 billion of industrial assets strategically located in Canada’s major markets, offering excellent connectivity to population clusters and arterial transport routes.

A subsidiary of Dream will be the asset manager for the Joint Venture and a subsidiary of Dream Industrial will provide property management and leasing services.

As part of this Joint Venture, the Partners have agreed to acquire a portfolio of 12 Canadian industrial assets totaling 3.6 million square feet across Ontario, Quebec, and Alberta (the “Initial Portfolio”) from Dream Industrial. The Joint Venture is acquiring the Initial Portfolio for a purchase price of $805 million.

“The Canadian industrial sector continues to demonstrate resilient demand and meaningful long-term growth drivers, supported by a structurally high need for well-located space as supply chains and logistics continue to evolve,” said Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments. “By partnering with Dream, a leading institutional asset manager and operating platform, we can efficiently scale our exposure in the Canadian market to capture this growth and drive long-term value for the benefit of CPP contributors and beneficiaries.”

“We are excited to partner with CPP Investments to continue to expand our presence in the Canadian industrial market,” said Alex Sannikov, Chief Executive Officer of Dream Industrial REIT. “This new Joint Venture is highly complementary to the strategic direction of Dream Industrial and our existing private capital partnerships. We look forward to growing this partnership with CPP Investments.”

“This new venture with one of the largest and most respected institutional investors globally is a testament to the strength of our platform, our reputation in the sector, and our asset and property management capabilities,” said Michael Cooper, founder and Chief Responsible Officer of Dream. “With this partnership, we expect to surpass $30 billion of assets under management and increase our growth rate as we continue to build out our institutional asset management business.”

The Partners were advised by TD Securities, RBC Capital Markets, Colliers Capital Markets and CBRE. Stikeman Elliott LLP and King & Spalding LLP provided legal advice in connection with establishing the Joint Venture.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2025, the Fund totaled C$777.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About Dream Industrial Real Estate Investment Trust

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

About Dream Asset Management Corporation

Dream Asset Management is the institutional asset management arm of Dream Unlimited Corp. (TSX: DRM) (“Dream Unlimited”) providing investment and asset management services to its publicly listed trusts and institutional partners. As at September 30, 2025, Dream manages $28 billion of assets across four Toronto Stock Exchange (“TSX”) listed entities, private funds and numerous private partnerships. Dream is a leading provider of real estate development, management, investment, and operational services across North America and Europe. For more information, please visit www.dream.ca.

Forward Looking Information

This press release contains forward-looking information within the meaning of applicable securities legislation including statements regarding the anticipated acquisition capacity of the Joint Venture; the expectation that the acquisition of the Initial Portfolio will be completed within the Joint Venture; the expectation that the Joint Venture will acquire approximately $3.0 billion of industrial assets and the geographic mix and benefits thereof; the anticipated provision of services by Dream and Dream Industrial to the Joint Venture; Dream Industrial’s belief that the joint venture is highly complementary to its strategic direction and existing private capital partnerships; expectations regarding Dream Industrial’s ability to grow the Joint Venture; expectations regarding the growth of Dream’s assets under management as a result of the Joint Venture and the impact on Dream’s growth rate. The proposed acquisition of the Initial Portfolio could be modified, restructured or terminated in accordance with its terms. Forward-looking information generally can be identified by the use of forward-looking terminology such as “objective”, “will”, “expect”, “intend”, “believe”, “should”, “plans”, “allow” or “continue”, or similar expressions suggesting future outcomes or events.

This press release contains 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. Forward-looking information is based on a number of assumptions and is subject to risks and uncertainties, many of which are beyond the Partners’ control, which could cause actual results to differ materially from those disclosed or implied. Additional information about these assumptions, risks, and uncertainties is contained in Dream Industrial and Dream Unlimited’s respective filings with securities regulators, including Dream Industrial and Dream Unlimited’s latest annual information form and MD&A, available at www.dreamindustrialreit.ca and www.dream.ca, respectively.

Contacts

For further information, please contact:

CPP Investments
Frank Switzer

Public Affairs & Communications

(416) 523-8039

fswitzer@cppib.com

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

Dream Unlimited Corp.
Meaghan Peloso

Chief Financial Officer

(416) 365-6322

mpeloso@dream.ca

Kim Lefever

Director, Investor Relations

(416) 365-6339

klefever@dream.ca

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