TORONTO–(BUSINESS WIRE)–DREAM INDUSTRIAL REIT (TSX: DIR.UN) (the “Trust”) announced today its November 2025 monthly distribution in the amount of 5.833 cents per Unit (70 cents annualized). The November distribution will be payable on December 15, 2025 to unitholders of record as at November 28, 2025.

Dream Industrial REIT is an owner, manager, and operator of a global portfolio of well-located, diversified industrial properties. As at September 30, 2025, Dream Industrial 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. Dream Industrial 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 our website at www.dreamindustrialreit.ca.

Contacts

For further information, please contact:

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

TORONTO–(BUSINESS WIRE)–DREAM OFFICE REIT (TSX: D.UN) (“Dream Office” or the “Trust”) today announced its November 2025 monthly distribution of 8.333 cents ($1.00 annualized) per REIT Unit, Series A (“REIT A Units”). The November distribution will be payable on December 15, 2025 to unitholders of record as at November 28, 2025.

Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 4.0 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world. For more information, please visit our website at www.dreamofficereit.ca.

Contacts

For further information, please contact:

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

NORTH ANDOVER, Mass.–(BUSINESS WIRE)–Watts Water Technologies, Inc. (NYSE: WTS) today announced that Ryan Lada, Chief Financial Officer, is leaving the Company to pursue a new opportunity.

Diane McClintock has been appointed as Chief Financial Officer of the Company, effective immediately. Ms. McClintock has been with Watts since 2010, most recently serving as Senior Vice President of FP&A and Investor Relations. She brings a wealth of financial and accounting expertise, as well as business familiarity to the role, providing financial, operational and strategic continuity.

“I am extremely pleased to announce the promotion of Diane McClintock to be our new Chief Financial Officer,” said Robert J. Pagano, Jr., President and Chief Executive Officer. “Diane has been instrumental to our growth and strong financial performance over the past 15 years. Her deep understanding of our business and strategy, coupled with her strong track record of delivering impactful results, make her the ideal candidate to lead the Company’s global finance organization.”

“I am honored and excited to take on the role of Chief Financial Officer,” said Ms. McClintock. “In this capacity, I look forward to continuing to execute our profitable growth strategy to build on Watts’ long track record of delivering shareholder value. Thank you to Bob and our board for the opportunity to serve in this leadership position. I am committed to ensuring a smooth transition and driving positive impact across our culture and organization.”

Diane McClintock originally joined Watts in 2010 and most recently served as Senior Vice President of FP&A and Investor Relations. Her prior responsibilities included external communications with investors and analysts, acquisition valuation, due diligence and integration, financial planning and analysis, and treasury. Prior to Watts, Ms. McClintock was Chief Accounting Officer and Treasurer at AutoImmune, Inc.; Director, Transaction Services Practice at PwC; and Audit Manager at EY. She holds a B.A. in Accounting from the University of New Hampshire.

Mr. Lada’s departure is for personal reasons and not the result of any matters relating to the Company’s business, accounting practices or financial statements.

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 companies and brands offer innovative plumbing, heating, and water quality solutions for commercial, residential, and industrial applications. For more information, visit www.wattswater.com.

Contacts

Watts Water Technologies, Inc.

Diane McClintock

Chief Financial Officer

Email:  investorrelations@wattswater.com

TORONTO–(BUSINESS WIRE)–$KNR #esg—Kontrol Technologies Corp. (Cboe.ca:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol Technologies” or “Kontrol” or “Company”) announces its results for the three months and year to date ended September 30, 2025. A complete set of the Financial Statements and Management’s Discussion & Analysis have been filed on SEDAR (www.sedarplus.ca).

Q3 2025 and Year to Date Highlights

In Q2 2024, the Company completed the sale of the operational net assets of CEM Specialties Inc. and as such year to date 2025 revenue and earnings are lower compared to the same period in the prior year.

• Revenues for the three months ended September 30, 2025 were $1.3 million, compared to $1.7 million for the same quarter in the prior year; Revenues for the nine months ended September 30, 2025 were $4.1 million, compared to $9.2 million for the same period in the prior year.
• Gross margin for the nine months ended September 30, 2025 was 57%, and unchanged compared to the same period in the prior year.
• Net income (loss) for the three months ended September 30, 2025 was $706,378 compared to $(931,032) for the same quarter in the prior year; Net income (loss) for the nine months ended September 30, 2025 was $(208,862) compared to $11.9 million for the same period in the prior year. Net income (loss) in 2025 includes income from revaluation of marketable securities. Net income in 2024 includes gain on sale of the CEMSI net assets which occurred in Q2 2024.
• Adjusted EBITDA for the nine months ended September 30, 2025 was negative $(666,334) compared to $(235,315) for the same period in the prior year.
• The Company had no outstanding interest-bearing bank debt at September 30, 2025.
• As at September 30, 2025 the Company’s aggregate cash and marketable securities balance was $12.4 million.

Normal Course Issuer Bid

During the nine months ended September 30, 2025, the Company repurchased 1,930,500 common shares for a total of $320,530. Pursuant to the Normal Course Issuer Bid approved by Cboe Canada, Kontrol may purchase, from time to time, over a period of 12 months starting April 14th, 2025, and ending April 13th, 2026, up to 2,757,858 common shares. The Company has 53,960,669 shares outstanding as at September 30, 2025.

Q3 2025 and Year to Date Financial Summary

Financial Results	Three months ended					Nine months ended
(Unaudited)	Sept 30, 2025		Sept 30, 2024			Sept 30, 2025		Sept 30, 2024
Revenue	$1,339,508		$1,737,947			$4,090,315		$9,179,006
Gross profit	$774,627		$924,580			$2,322,055		$5,277,181
Net income (loss)	$706,378		$(931,032	)		$(208,862	)	$11,923,470
Basic and diluted EPS	$0.01		$(0.01	)		$0.00		$0.21
Add/Deduct for Adjusted EBITDA reconciliation:
Amortization and depreciation	$156,690		$164,514			$469,523		$615,231
Net finance expense (income)	$(44,466	)	$(43,800	)		$(106,829	)	$206,829
Gain on sale of assets	–		$(40,407	)		–		$(13,281,812	)
Revaluation of marketable securities	$(935,856	)	$125,588			$(965,585	)	$125,588
Share based compensation	$48,473		$49,785			$145,419		$175,379
Adjusted EBITDA	$(68,781	)	$(675,352	)		$(666,334	)	$(235,315	)

Adjusted EBITDA is a non-International Financial Reporting Standards (“IFRS”) measure used by management that is not defined by IFRS. Adjusted EBITDA does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that Adjusted EBITDA provides meaningful and useful financial information as these measures demonstrate the operating performance of the business excluding non-cash charges.

“Adjusted EBITDA” is calculated as net income or loss before interest, income taxes, amortization, and depreciation, share based compensation, acquisition related expenses, listing expense, gain or loss on sale of assets, revaluation and impairment of assets.

Readers are cautioned that Adjusted EBITDA should not be construed as an alternative to net income as determined under IFRS; nor as an indicator of financial performance as determined by IFRS; nor a calculation of cash flow from operating activities as determined under IFRS; nor as a measure of liquidity and cash flow under IFRS. The Company’s method of calculating Adjusted EBITDA may differ from methods used by other companies and, accordingly, the Company’s Adjusted EBITDA may not be comparable to similar measures used by any other company.

Kontrol Technologies Corp.

Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides solutions and services to its customers to improve energy management and accelerate the sustainability of all buildings. Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedarplus.ca.

Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.

Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that sufficient capital will be available to the Company and that technology will be as effective as anticipated.

However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, that sufficient capital and financing cannot be obtained on reasonable terms, or at all; that those technologies will not prove as effective as expected; those customers and potential customers will not be as accepting of the Company’s product and service offering as expected; and government and regulatory factors impacting the energy conservation industry.

Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.

Contacts

Kontrol Technologies Corp.
Paul Ghezzi, CEO

info@kontrolcorp.com
11 Cidermill Avenue, Suite 201

Vaughan, ON L4K 4B6

Tel: (905) 766.0400

WINONA, Minn.–(BUSINESS WIRE)–Fastenal Company (Nasdaq: FAST), a global leader in supply chain solutions and industrial distribution, has entered into an agreement to form a multi-year partnership with the Edmonton Oilers. The agreement makes Fastenal the preferred MRO (maintenance, repair, and operations) supply partner of Rogers Place, reflecting Fastenal’s growing partnership with the NHL and its Clubs.

Fastenal has been working with the Oilers at Rogers Place since 2024. With the new agreement, they will supply the arena with a broad range of MRO products needed to maintain a world-class fan experience – from tools and fasteners to janitorial and sanitation supplies. Fastenal is also implementing additional Fastenal Managed Inventory Technology (FMIT), including cloud-connected FASTVend^® and FASTBin^® devices, to help the arena’s maintenance and janitorial staff operate more efficiently.

As part of the agreement, Fastenal will have an enhanced presence during Oilers television broadcasts, as well as a dasherboard at Rogers Place during Oilers games.

“As the official MRO sponsor of the NHL, we’re able to take a strategic approach with inventory demand, ensuring arena readiness and operational excellence,” says Greg Mees, Fastenal’s regional vice president overseeing Western Canada. “We’re thrilled to bring this expertise to Rogers Place.”

“They have an amazing facility, and we’re excited to outfit it with state-of-the-art Fastenal solutions and services,” added Dmitriy Lipes, Fastenal’s local district manager. “Being located in Edmonton, we take a lot of pride in serving such a historic team. We’re proud to partner on and off the ice.”

Through Fastenal’s national sponsorship of the NHL, the League, its Clubs, and arenas can all take advantage of FMIT, digital solutions, and our branch network to strengthen the supply chain and streamline their operations.

About Fastenal

With approximately 1,600 branch locations spanning 25 countries, Fastenal supplies a broad offering of fasteners, safety products, metal cutting products, and other industrial supplies to customers engaged in manufacturing, construction, warehouse and storage, data centers, wholesale, and federal, state, and local government. By investing in local experts and inventory, customer-facing technology, wide-ranging services, and best-in-class sourcing and logistics, we offer a unique combination of capabilities to help our customers reduce cost, risk, and scalability constraints in their global supply chains. This “high-touch, high-tech” approach is reflected in our tagline, Where Industry Meets Innovation™.

Additional information regarding Fastenal is available on our website at www.fastenal.com.

Cautionary Note Regarding Forward-Looking Statements

This release includes forward-looking statements, which are subject to risks and uncertainties. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the use of terminology such as anticipate, believe, should, estimate, expect, intend, may, will, plan, goal, project, hope, trend, target, opportunity, and similar words or expressions, or by references to typical outcomes. Fastenal’s operational goals, partnerships, projects, plans, pace, aspirations, commitments, and strategies are long-term and aspirational and by their nature include forward-looking statements. As such, no forward looking statement can be guaranteed and actual results may differ materially from those set forth in the forward-looking statements due to a variety of factors, including those described in Fastenal’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Fastenal undertakes no obligation to update or revise any forward-looking statements

FAST-G

Contacts

MEDIA CONTACT:

Jennifer Harnisch

Marketing Strategist

507.453.8259

INVESTOR CONTACT:

Dray Schreiber

Accounting Manager

507.313.7324

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

TORONTO–(BUSINESS WIRE)–$SRU.UN #CapitalMarkets–SmartCentres Real Estate Investment Trust (“SmartCentres” or the “Trust”) (TSX:SRU.UN) announced today that it has closed its previously announced private placement of $250 million aggregate principal amount of 3.599% Series AC senior unsecured debentures and $250 million aggregate principal amount of 4.318% Series AD senior unsecured debentures. The Series AC debentures will mature on June 12, 2029 and the Series AD debentures will mature on June 12, 2032. The debentures were offered on an agency basis by a syndicate of agents led by Scotiabank, CIBC Capital Markets, Desjardins Securities, RBC Capital Markets and TD Securities as joint bookrunners, and National Bank Financial, Mizuho Securities, BMO Capital Markets and Beacon Securities as co-managers. Morningstar DBRS has provided SmartCentres with a credit rating of BBB with a stable trend relating to the debentures.

The net proceeds to SmartCentres from the sale of the Series AC debentures and Series AD debentures will be used to refinance existing debt, including the repayment of its $350 million Series X senior unsecured debentures due December 16, 2025, the repayment of its revolving credit line and certain mortgages, and for general corporate purposes.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The debentures offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.

About SmartCentres

SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country. SmartCentres has approximately $12.0 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.6 million square feet of leasable space with 98.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.

Certain statements in this Press Release are “forward-looking statements” that reflect management’s expectations regarding the Trust’s future growth, results of operations, performance and business prospects and opportunities. More specifically, certain statements including, but not limited to, statements related to the anticipated use of proceeds of the offering, and statements that contain words such as “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may” and similar expressions and statements relating to matters that are not historical facts, constitute “forward-looking statements”. These forward-looking statements are presented for the purpose of assisting the Trust’s Unitholders and financial analysts in understanding the Trust’s operating environment and may not be appropriate for other purposes. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management.

However, such forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with potential acquisitions not being completed or not being completed on the contemplated terms, public health crises, real property ownership and development, debt and equity financing for development, interest and financing costs, construction and development risks, and the ability to obtain commercial and municipal consents for development. These risks and others are more fully discussed under the heading “Risks and Uncertainties” and elsewhere in SmartCentres’ most recent Management’s Discussion and Analysis, as well as under the heading “Risk Factors” in SmartCentres’ most recent annual information form. Although the forward-looking statements contained in this Press Release are based on what management believes to be reasonable assumptions, SmartCentres cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Press Release and SmartCentres assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.

Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a stable retail environment; a continuing trend toward land use intensification, including residential development in urban markets and continued growth along transportation nodes; access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and to enable our refinancing of debts as they mature; that requisite consents for development will be obtained in the ordinary course, construction and permitting costs consistent with the past year and recent inflation trends.

Contacts

For more information, please visit www.smartcentres.com or contact:

Mitchell Goldhar

Executive Chairman and CEO

(905) 326-6400 ext. 7674

mgoldhar@smartcentres.com

Peter Slan

Chief Financial Officer

(905) 326-6400 ext. 7571

pslan@smartcentres.com

• MSREI and GSA partnership secures one of the largest student housing transactions globally this year, aligning with the partnership’s growth strategy in the United States.

• A unique off-market portfolio acquisition consisting of 6,200 beds across eight assets near top-ranking universities.
• Strengthens the partnership’s market position in the United States, now with a portfolio of 50 properties across 23 states and nearly 24,000 beds.
• Yugo appointed as manager – adding value through operational scale, expertise and unparalleled student experiences.

NEW YORK & LONDON–(BUSINESS WIRE)–Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing (“MSREI”), and Global Student Accommodation (“GSA”), the global leader in student housing, have completed the acquisition of a portfolio of eight student housing assets in Tier 1 U.S. university markets from a joint venture between a wholly owned subsidiary of Abu Dhabi Investment Authority (“ADIA”) and Landmark Properties (“Landmark”). This transaction is valued at more than $1 billion.

This unique opportunity was off-market and is one of the year’s largest single transactions in the sector in the U.S. and globally. It is a strategic move for the MSREI and GSA partnership, to further curate a diverse portfolio of high-quality assets across the United States, the world’s largest student university market with 20 million students.

The acquired assets are located in prime university cities across seven states and cater to students at top ranked universities including, the University of Virginia, University of Florida, Texas A&M, and Penn State University. The quality of the assets and their proximity to campus is unrivalled and is reflected in nearly 100% occupancy across the 6,200-bed portfolio.

The acquisition also marks the MSREI and GSA partnership entering new markets in Virginia, Georgia, and Pennsylvania, while significantly expanding its presence in established markets such as Texas, Florida, Oregon, and North Carolina. Through its partnership MSREI’s and GSA’s U.S. portfolio now extends to 50 properties across 36 cities in 23 states and nearly 24,000 beds.

Nicholas Porter, Chief Executive Officer at The Dot Group, commented:

“GSA, as part of the Dot Group, further expands its market position with its partner Morgan Stanley Real Estate Investing (“MSREI”), representing another pivotal step forward in its U.S. strategy.

This acquisition is testament to the depth of our global teams, our access to unique opportunities and the strength of our institutional relationships in the United States and globally. An off-market portfolio of this size and quality is rare and demonstrates our experience and expertise in the student housing market.

Yugo, the leading U.S. and global student housing operator, will manage and rebrand the newly acquired assets, creating further scale and operational excellence with enhanced student experiences across the portfolio.”

Will Milam, Head of U.S. Investments at Morgan Stanley Real Estate Investing commented:

“This student housing portfolio fully aligns with our strategy to acquire high-quality, resilient assets in prime locations. We are pleased to partner with GSA to strengthen our market position to capture the ongoing demand for student housing in some of the country’s top university markets.”

About Global Student Accommodation

Global Student Accommodation (GSA) is a leader in real estate asset management within the student housing sector. GSA has an unrivalled international presence, which stretches across 11 countries with assets in over 80 of the world’s leading educational cities. It manages $8 billion of AUM and has flagship offices in New York and London.

GSA is part of The Dot Group (“Dot”), the global leader in student living. Dot invests, develops, owns, manages and digitally connects students world-wide and is here to shape a better future for students. Since creating a new vision for student living over 35 years ago, Dot has been continuously evolving through its pioneering, purposeful and positive approach.

For further information please visit: www.gsagroup.com

About Morgan Stanley Real Estate Investing

Morgan Stanley Real Estate Investing (MSREI) is the global private real estate investment management business of Morgan Stanley. One of the most active property investors in the world for over three decades, MSREI employs a patient, disciplined approach through global value-add / opportunistic and regional core / core-plus real estate investment strategies. With 17 offices throughout the U.S., Europe and Asia, regional teams of dedicated real estate professionals combine a unique global perspective with local presence and significant transaction execution expertise. MSREI currently manages $54 billion of gross real estate assets worldwide on behalf of its clients.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has approximately 1,400 investment professionals around the world and $1.8 trillion in assets under management or supervision as of September 30, 2025. Morgan Stanley Investment Management strives to provide strong long-term investment performance, outstanding service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.

For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

About Yugo

Yugo is the first global student housing brand and operator redefining student living on a global scale and bringing next-level experiences to student life and beyond. We’re not just about housing — we’re about creating vibrant, sustainable, and supportive spaces where students can thrive.

Yugo’s leading management approach draws on over 30 years of experience to efficiently operate student spaces at scale, expand into new markets, and create value for our partners through enhanced student experiences. Yugo forms part of The Dot Group and includes over 280 student living spaces in 14 countries, and has nearly 160,000 students calling Yugo home in 2025 in more than 120 of the world’s top educational cities.

For further information please visit: www.yugo.com

Contacts

Media contacts:
Alyson Barnes – Morgan Stanley
+1 212 762-0514

alyson.barnes@morganstanley.com

Sorrel Basher – Global Student Accommodation (GSA)
+44 7494 771 051

sorrel.basher@gsagroup.com

Jana Flanagan – The Dot Group
+971 5699 11999

jflanagan@thedotgroup.com

SANTA ANA, Calif.–(BUSINESS WIRE)–First American Financial Corporation (NYSE: FAF), a premier provider of title, settlement and risk solutions for real estate transactions and the leader in the digital transformation of its industry, announced today the company has earned the 2026 Military Friendly^® Employer award, which celebrates an organization’s comprehensive efforts in creating an inclusive workplace environment and providing meaningful opportunities for military-affiliated individuals to thrive and succeed.

“Hiring and supporting the careers of service members, veterans and their family members is a core element of how we find talented, driven people,” said Mark Seaton, chief executive officer of First American Financial Corporation. “We have the utmost respect for their military service and find their experience prepares them well to contribute to our world-class culture and help us deliver for our customers.”

Institutions earning the Military Friendly Employer designation were evaluated using both public data sources and responses from a proprietary survey of more than 1,200 companies. Final ratings were determined by combining an organization’s survey score with an assessment of its ability to meet thresholds for recruitment, new-hire retention, employee turnover, and promotion and advancement of veterans and military employees.

“Earning the Military Friendly designation is more than a badge; it’s a reflection of deep-rooted values and strategic foresight. These organizations don’t just open doors for veterans, spouses, and service members; they build pathways for lasting impact,” Kayla Lopez, vice president of memberships at Military Friendly. “Their commitment isn’t performative; it’s transformative. It’s proof that honoring military talent is not only the right thing to do, it’s the smart thing to do.”

Additional Workplace Culture Recognition

Earlier this year, First American was named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune Magazine for the tenth consecutive year, and recognized as one of the 2025 PEOPLE^® Companies that Care. In October, First American marked a decade as one of the Fortune Best Workplaces for Women™. First American was also named one of the Best Workplaces in Financial Services & Insurance™ by Great Place to Work and Fortune for the ninth year in a row in September. Additionally, First American earned a top score of 100 on the 2023-2024 Human Rights Campaign Foundation’s Corporate Equality Index (CEI) for LGBTQ+ workplace equality, marking the sixth time First American has earned top marks in the CEI.

The company’s Canadian subsidiary, FCT, has been named by Great Place to Work to the “Best Workplaces™ in Canada – 1000+ Employees” list for the past 11 years. In 2024, the company was also recognized on the list of Best Workplaces™ for Women for the sixth time.

In 2024, First American’s Indian subsidiary, FAI, was named one of India’s Best Companies to Work for the third consecutive year and earned a spot on India’s Best Workplaces for Women list (large companies) for the fifth year in a row.

About First American

First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 135 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $6.1 billion in 2024, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2025, First American was named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune Magazine for the tenth consecutive year. More information about the company can be found at www.firstam.com.

About Military Friendly^®

Military Friendly is the standard that measures an organization’s commitment, effort, and success in creating sustainable and meaningful benefits for the military community. Over 2,900 organizations compete annually for Military Friendly designation annually. Military Friendly, a service-disabled, veteran-owned small business. Military Friendly is not affiliated with or endorsed by the U.S. Department of Defense or the federal government. Results are produced via a rules-based algorithm. The data-driven Military Friendly lists and methodology can be found at https://www.militaryfriendly.com/mfcguide/.

Contacts

Media Contact:
Marcus Ginnaty

Corporate Communications

First American Financial Corporation

714-250-3298

Investor Contact:
Craig Barberio

Investor Relations

First American Financial Corporation

714-250-5214

ST. CATHARINES, Ontario–(BUSINESS WIRE)–Bin There Dump That Niagara Region is proud to announce that it has been awarded the Silver in the Waste Bin Rental – Home, Builders & Contractors category in the 2025 CommunityVotes Niagara Region Awards.

This recognition underscores the company’s commitment to delivering exceptional dumpster rental solutions, backed by Residential Friendly service and a trusted local presence. The Bin There Dump That team serves homeowners, contractors and builders across the Niagara Region.

This accolade reflects the local community’s confidence in Bin There Dump That’s ability to provide a hassle-free, reliable rental experience. From driveway-friendly dumpster placement and same-day drop-off to transparent pricing and friendly service, the Silver award is a testament to the consistent performance and customer-centric approach the company takes.

A Message from the Team

“We are honoured to be recognized by our community in the CommunityVotes 2025 program,” said Tom Davies, Franchise Owner of Bin There Dump That Niagara Region. “This award isn’t just about us, it’s a thank-you to the homeowners, contractors and builders who trust us with their clean-ups, renovations and projects big and small. We’ll continue to raise the bar, offering convenient, driveway-friendly dumpsters with a smile and paying attention to the local needs of the Niagara Region.”

About Bin There Dump That Niagara

Bin There Dump That is renowned for its Residential Friendly dumpster rental service, designed for driveways, neighbourhoods and home renovation projects. The Niagara Region location offers reliable, fast drop-offs, clean and well-maintained bins, and a customer-first approach for homeowners, builders and contractors alike. For more information, visit www.bintheredumpthat.com/niagara-region-bin-rentals.

Contacts

Tom Davies

Bin There Dump That – Niagara Region

Phone: 289-271-1827

Email: niagara@bintheredumpthat.com
Website: www.bintheredumpthat.com/niagara-region-bin-rentals

STACKT’s sixth annual Holiday Hills returns bigger than ever – with larger-than-life installations, Santa Claus programming, a towering Christmas tree, new winter patio pop-ups, and 38 days of nostalgic holiday magic – all free to experience.

TORONTO–(BUSINESS WIRE)–Holiday Hills returns to STACKT market from November 14 to December 28, transforming two city blocks into a nostalgic winter wonderland. More than 250,000 guests will rediscover holiday traditions, spark new memories, and experience festive magic in the heart of downtown Toronto.

Holiday Hills will debut a refreshed look inspired by the charm of holiday traditions. From nostalgic treats, to vintage-inspired cocktails, and classic movies, the market will be transformed into a winter wonderland where your favourite holiday traditions come alive.

Holiday Hills 2025 Highlights:

• Holiday Installations & Signature Moments: Step into a larger than life festive scene at Holiday Hills, where nostalgic-inspired displays, oversized inflatable installations, and sparkling evergreen moments set the stage. From twinkling heritage-style décor, to a 120 foot immersive light tunnel and storybook patios to the nostalgic scent of chestnuts roasting on-site, Holiday Hills transforms STACKT into a real-life holiday postcard.
• Festive Eats & Mixology Experiences: Warm up with signature seasonal cocktails, winter patio pop-ups, and festive menu moments highlighted by the first-ever Speakeasy Espresso Martini Bar. Across the site, expect comfort favourites from STACKT’s residents including handmade pasta from Sundays Pasta Lab, empanadas from the newest food resident Las Muns, and timeless sliders from Mondays Off, plus share-worthy hot-chocolate flights made for peak holiday socials.
• Immersive Programming: The festival launches with collaborative programming alongside The Original Santa Claus Parade including Santa himself onsite opening weekend and a festive pre-parade celebration featuring marching bands and holiday performances in November. From there, six weeks of daily programming bring Holiday Hills to life: a large outdoor curling zone, oversized holiday photo moments, Community Days every Wednesday, Family Funday Sundays, and Live Festive Fridays with seasonal sounds and performances. Guests can enjoy gingerbread workshops, nostalgic game nights, hands-on workshops, surprise Elf-on-the-Shelf contests, and more pop-up experiences all with the goal of delivering joyful, accessible experiences.
• Holiday Market & Brand Pop-Ups: Over the course of the festival, 100+ businesses will pop up at Holiday Hills, blending beloved local shops, small-batch makers, seasonal pop-ups, and standout brand activations. Guests can shop for handcrafted gifts, enjoy exclusive holiday drops, sample the latest from brands, and explore a rotating lineup of creative storefronts and sponsor experiences.

“At STACKT, the magic happens when small businesses and major brands share the same stage,” said Jessica Lynch, Vice President at STACKT. “Our goal for Holiday Hills is to bring people together through experiences that spark joy, build community, and drive real economic impact. With more than 75% of our programming free to the public, we’re creating an environment where local entrepreneurs can grow, global brands can connect authentically, and everyone is invited to explore, shop, and celebrate without barriers this holiday season.”

Key Festival Details:

• Where: STACKT market, 28 Bathurst Street, Toronto
• When: November 14th – December 28th (closed on Mondays)
• Admission: FREE
• Festival Hours: 12:00 PM to 10:00 PM. Officially opens to the public at 4:00 PM on November 14th.

For more information, visit http://www.stacktmarket.com/holiday-hills or follow on Instagram @stacktmarket.

ABOUT STACKT

STACKT creates award-winning and innovative ecosystems that drive a new way of thinking. From large-scale public spaces to satellite pop-ups, STACKT designs concepts that provide inspiration, opportunity and connection. The community is made up of innovators, entrepreneurs, creators, collaborators, and consumers alike. STACKT’s award-winning Toronto flagship, STACKT market, animates 100,000 square feet with art, retail, events and public space. The dynamic space shifts alongside the brands and experiences within it. More than a market, STACKT is a SPACE FOR US. For more information, visit www.stacktmarket.com.

Contacts

For media inquiries:
Amy Sarkany

Account Manager

Category Communications

amy@categorycomms.com

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 U.S. dollars.

TORONTO–(BUSINESS WIRE)–DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U, TSX: DRR.UN) (“Dream Residential REIT” or the “REIT” or “we” or “us”) today announced its financial results for the three and nine months ended September 30, 2025 (“Q3 2025”).

HIGHLIGHTS

• Comparative properties net operating income (“comparative properties NOI”)¹ was $6.4 million in Q3 2025, a 4.5% increase from Q3 2024, mainly driven by increased investment properties revenue, which increased 3.0% from Q3 2024. Net rental income was $7.8 million in Q3 2025, consistent with the prior year comparative quarter.

• Diluted funds from operations (“FFO”) per Unit² was $0.18 for Q3 2025, consistent with Q3 2024, due to an increase in comparative properties NOI largely offset by an increase in general and administrative expenses and interest expense on debt.

• Portfolio occupancy was 93.7% as at September 30, 2025 compared to 95.2% at the end of Q2 2025, with Greater Oklahoma City region at 94.7%, Greater Dallas–Fort Worth region and Greater Cincinnati region, both at 93.0%. During the quarter, renovations were completed on 13 units in the Greater Cincinnati region.

• Average monthly rent at September 30, 2025 was $1,195 per unit compared to $1,186 per unit at June 30, 2025.

• Blended lease trade-outs averaged 3.0% for Q3 2025, compared to 1.5% at June 30, 2025. Lease trade-outs on renewals remain strong at 4.7% for Q3 2025, compared to 3.7% for Q2 2025. New lease rates improved to 0.3% for Q3 2025 compared to (1.3%) in Q2 2025.

• Completion of the Strategic Review. The REIT’s strategic review process (the “Strategic Review”) concluded on August 21, 2025, concurrent with the REIT’s announcement that it had entered into an agreement to be acquired by Morgan Properties, LP (“Morgan Properties”). On August 21, 2025, the REIT entered into an arrangement agreement (the “Arrangement Agreement”) with an affiliate of Morgan Properties, providing for a statutory plan of arrangement under the provisions of the Business Corporations Act (Ontario) pursuant to which, among other matters, Morgan Properties will acquire the REIT in an all-cash transaction (the “Transaction”). Under the terms of the Arrangement Agreement, unitholders of the REIT and DRR Holdings LLC Class B unitholders (collectively, the “Unitholders”) will each receive cash consideration of US$10.80 per unit of the REIT (“Trust Unit”) and per Class B unit of DRR Holdings LLC (“Class B Unit” and together with the Trust Units, the “Units”), less applicable withholdings. The Arrangement was approved by unitholders at a special meeting of unitholders held on October 16, 2025 and received court approval on October 21, 2025. The closing of the Arrangement remains subject to the satisfaction or waiver of other customary closing conditions. The Transaction is expected to close in late 2025 following satisfaction of all conditions to closing.

______________________________________________

1 Comparative properties NOI is a non-GAAP financial measure. The tables included in the Appendices section of this press release reconcile comparative properties NOI to net rental income for the three months ended September 30, 2025 and September 30, 2024. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

2 Diluted FFO per Unit is a non-GAAP ratio. Diluted FFO per Unit comprises FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

• Q3 2025 net loss for the three months ended September 30, 2025 was $(55.5) million, which comprises net rental income of $7.8 million, remeasurement losses on investment properties of $(40.9) million due to the Transaction and fair value adjustments to financial instruments of $(5.5) million, primarily from the revaluation of Class B Units to the Transaction price of $10.80 per Unit. Net loss also comprised acceleration of deferred financing costs and fair value discount on acquired mortgages and debt settlement costs of $(5.9) million and Strategic Review and transaction costs of $(7.3) million. Other income and expenses totalled $(3.7) million.
• Total equity (per condensed consolidated financial statements) was $172.8 million as at September 30, 2025, compared to $240.5 million as at December 31, 2024, due to the remeasurement losses on investment properties, acceleration of deferred financing costs and fair value discount on acquired mortgages and debt settlement costs, and transaction costs recognized in Q3 2025 pursuant to the Transaction.
• Net asset value (“NAV”)³ per Unit was $10.80 as at September 30, 2025, compared to $13.39 as at December 31, 2024.
• The REIT declared distributions totalling $0.105 per Unit during Q3 2025.

FINANCIAL HIGHLIGHTS

		Three months ended September 30,				Nine months ended September 30,
(in thousands unless otherwise stated)		2025		2024		2025		2024
Operating results
Net income (loss)	$	(55,538)	$	(2,023)	$	(62,746)	$	2,139
FFO(1)		3,584		3,483		10,487		10,446
Net rental income		7,788		7,839		22,205		22,456
Comparative properties NOI(10)		6,401		6,127		18,967		18,570
Comparative properties NOI margin(11)		51.8%		51.1%		51.6%		51.4%
Per Unit amounts
Distribution rate per Trust Unit	$	0.105	$	0.105	$	0.315	$	0.315
Diluted FFO per Unit(2)(3)		0.18		0.18		0.53		0.53
See footnotes at end

FFO for Q3 2025 was $3.6 million, representing a $0.1 million increase from Q2 2025. Q3 2025 diluted FFO per Unit was $0.18, consistent with the prior year comparative quarter. Net income (loss) for Q3 2025 was $(55.5) million, compared to $(2.0) million in Q3 2024 and comprises remeasurement losses on investment properties of $(40.9) million and fair value adjustments to financial instruments of $(5.5) million. For the three months ended September 30, 2025, the REIT recognized $(5.9) million of acceleration of deferred financing costs and fair value discount on acquired mortgages and debt settlement costs, as a result of revaluing the mortgages at their principal along with any prepayment fees applicable upon repayment, as well as $(7.3) million in transaction costs.

______________________________________________

3 NAV per Unit is a non-GAAP ratio. NAV per Unit comprises total equity (including Class B Units) (a non-GAAP financial measure) divided by the number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

Net rental income for Q3 2025 was $7.8 million and was consistent with the comparative quarter. Comparative properties NOI for Q3 2025 was $6.4 million, compared to $6.1 million in Q3 2024. Comparative properties NOI margin for Q3 2025 was 51.8%, compared to 51.1% in the comparative quarter. Q3 2025 comparative properties NOI includes comparative investment properties revenue of $12.4 million, which increased by $0.4 million from the comparative quarter driven by positive blended lease trade-outs and rental premiums from our value-add program. Investment properties operating expenses were $6.0 million for Q3 2025, and $5.9 million for the comparative quarter when excluding the impact of IFRIC 21, “Levies” (“IFRIC 21”). The increase was a result of higher utilities and repairs and maintenance, partially offset by lower property taxes.

PORTFOLIO INFORMATION						As at
		September 30, 2025		June 30, 2025		September 30, 2024
Total portfolio
Number of assets		15		15		15
Investment properties fair value (in thousands)	$	359,942	$	399,093	$	396,390
Units		3,300		3,300		3,300
Occupancy rate – in place (period-end)		93.7%		95.2%		93.3%
Average in-place base rent per month per unit	$	1,195	$	1,186	$	1,175
Estimated market rent to in-place base rent spread (%) (period-end)		3.7%		4.1%		7.7%
Tenant retention ratio(12)		59.9%		57.4%		53.8%
See footnotes at end

ORGANIC GROWTH

Weighted average monthly rent as at September 30, 2025 was $1,195 per unit, compared to $1,186 per unit at June 30, 2025. Rental rates increased 1.4% in the Greater Cincinnati region, 0.2% in the Greater Dallas–Fort Worth region and 0.9% in the Greater Oklahoma City region since June 30, 2025.

During Q3 2025, blended lease trade-outs averaged 3.0% compared to 1.5% in Q2 2025. This comprises an average increase on renewals of approximately 4.7% (June 30, 2025 – increase of 3.7%) and an average increase on new leases of approximately 0.3% (June 30, 2025 – decrease of 1.3%). As at September 30, 2025, estimated market rents were $1,239 per unit, or an average gain-to-lease for the portfolio of 3.7%. The retention ratio for the quarter ended September 30, 2025 was 59.9% compared to 57.4% for the three months ended June 30, 2025.

Value-add initiatives

During Q3 2025, renovations were completed on 13 suites in the Greater Cincinnati region. There were no suites under renovation as at September 30, 2025. For the three months ended September 30, 2025, the average new lease trade-out on renovated suites was $232 per unit higher than expiring leases, or a lease trade-out of 21.0%.

FINANCING AND CAPITAL INFORMATION

				As at
(unaudited) (dollar amounts presented in thousands, except for per Unit amounts)		September 30, 2025		December 31, 2024
Financing
Net total debt-to-net total assets(4)		38.2%		33.0%
Average term to maturity on debt (years)		4.0		4.8
Interest coverage ratio (times)(5)		2.9		2.9
Undrawn credit facility	$	54,000	$	55,000
Available liquidity(6)	$	61,643	$	60,382
Capital
Total equity	$	172,848	$	240,489
Total equity (including Class B Units)(7)	$	212,723	$	263,528
Total number of Trust Units and Class B Units(8)		19,696,492		19,678,695
Net asset value (NAV) per Unit(9)	$	10.80	$	13.39
Trust Unit price	$	10.55	$	6.24
See footnotes at end

As at September 30, 2025, net total debt-to-net total assets⁽⁴⁾ was 38.2%, total debt was $146.5 million and total assets were $371.7 million. The REIT ended Q3 2025 with total available liquidity⁽⁶⁾ of approximately $61.6 million, comprising $7.6 million of cash and cash equivalents and $54.0 million available on its undrawn revolving credit facility.

Total equity of $172.8 million decreased from December 31, 2024 by $67.6 million, primarily due to year-to-date net loss and distribution paid and payable. As at September 30, 2025, there were approximately 16.0 million Trust Units and 3.7 million Class B Units.

NAV per Unit as at September 30, 2025 was $10.80 compared to $13.39 as at December 31, 2024.

OTHER INFORMATION

Information appearing in this press release is a select summary of financial results. The condensed consolidated financial statements and management’s discussion and analysis for the REIT will be available at www.dreamresidentialreit.ca and under the REIT’s profile on www.sedarplus.com.

Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns a portfolio of garden-style multi-residential properties, primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit www.dreamresidentialreit.ca.

Non-GAAP financial measures, ratios and supplementary financial measures

The REIT’s condensed consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). In this press release, as a complement to results provided in accordance with IFRS, the REIT discloses and discusses certain non-GAAP financial measures and ratios, including FFO, diluted FFO per Unit, comparative properties NOI, comparative investment properties revenue, NOI, comparative properties NOI margin, net total debt-to-net total assets ratio, net total debt, net total assets, adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments (“Adjusted EBITDAFV”), trailing 12-month adjusted EBITDAFV, trailing 12-month interest expense on debt, interest coverage ratio (times), available liquidity, total equity (including Class B Units) and NAV per Unit as well as other measures discussed elsewhere in this press release. These non-GAAP financial measures and ratios are not defined by or recognized under IFRS Accounting Standards and do not have a standardized meaning under IFRS Accounting Standards. The REIT’s method of calculating these non-GAAP financial measures and ratios may differ from other issuers and may not be comparable with similar measures presented by other issuers. The REIT has presented such non-GAAP financial measures and ratios as management believes they are relevant measures of the REIT’s underlying operating and financial performance. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release are expressly incorporated by reference from Management’s Discussion and Analysis of the financial condition and results of operations of the REIT as at and for the three and nine months ended September 30, 2025, dated November 5, 2025 (the “Q3 2025 MD&A”) and can be found under the section “Non-GAAP Financial Measures and Ratios” and respective sub-headings labelled “FFO and diluted FFO per Unit”, “NAV per Unit”, “Comparative properties NOI and comparative properties NOI margin”, “Adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments (Adjusted EBITDAFV)”, “Trailing 12-month adjusted EBITDAFV”, “Trailing 12-month interest expense on debt”, “Available liquidity”, “Total equity (including Class B Units)”, “Interest coverage ratio (times)” and “Net total debt-to-net total assets”. In this press release, the REIT also discloses and discusses certain supplementary financial measures, including tenant retention ratio and weighted average number of Units. The composition of supplementary financial measures included in this press release is expressly incorporated by reference from the Q3 2025 MD&A and can be found in the section “Supplementary Financial Measures and Other Disclosures”. The Q3 2025 MD&A is available on SEDAR+ at www.sedarplus.com under the REIT’s profile and on the REIT’s website at www.dreamresidentialreit.ca under the Investors section. Non-GAAP financial measures and ratios should not be considered as alternatives to net income, net rental income, investment properties revenue, cash flows generated from (utilized in) operating activities, cash and cash equivalents, total assets, non-current debt, total equity, or comparable metrics determined in accordance with IFRS Accounting Standards as indicators of the REIT’s performance, liquidity, cash flow and profitability.

Forward-looking information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes statements regarding future market conditions; our expectations regarding the Transaction and the structure, terms, timing, and risks and uncertainties; that we will continue to make incremental gains by growing rents and net operating income; our ability to operate the portfolio with a focus on prudent capital allocation, operational efficiency and maintain a conservative balance sheet; our ability to complete suites under renovation, including in the Greater Cincinnati region; and our expectations regarding leasing momentum and expected results thereof. Forward-looking information generally can be identified by the use of forward-looking terminology such as “will”, “expect”, “believe”, “plan” or “continue”, or similar expressions suggesting future outcomes or events. 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 Dream Residential REIT’s control and 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, risks inherent in the real estate industry; financing risks; inflation, interest and currency rate fluctuations; global and local economic and business conditions; risks associated with unexpected or ongoing geopolitical events; changes in law; tax risks; competition; environmental and climate change risks; insurance risks; cyber security; risks related to the imposition of duties, tariffs and other trade restrictions and their impacts; and uncertainties surrounding public health crises and epidemics. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable; that there are no unforeseen changes in the legislative and operating framework for our business; that we will have access to adequate capital to fund our future projects and plans and that we will receive financing on acceptable terms; that inflation and interest rates will not materially increase beyond current market expectations; 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. All forward-looking information in this press release speaks as of the date of this press release. Dream Residential REIT 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, risks and uncertainties is contained in Dream Residential REIT’s filings with securities regulators, including its latest Annual Information Form and Management’s Discussion and Analysis. These filings are also available on the REIT’s website at www.dreamresidentialreit.ca.

FOOTNOTES
(1)	FFO is a non-GAAP financial measure. The most directly comparable financial measure to FFO is net income. For further information on this non-GAAP measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. The table included in the Appendices section of this press release reconciles FFO for the three and nine months ended September 30, 2025 and September 30, 2024 to net income.
(2)	Diluted FFO per Unit is a non-GAAP ratio. Diluted FFO per Unit comprises FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(3)	A description of the determination of diluted amounts per Unit can be found in the REIT’s Q3 2025 MD&A in the section “Supplementary Financial Measures and Other Disclosures”, under the heading “Weighted average number of Units”.
(4)	Net total debt-to-net total assets is a non-GAAP ratio. Net total debt-to-net total assets comprises net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). The most directly comparable financial measure to net total debt is mortgages payable, and the most directly comparable financial measure to net total assets is total assets. For further information on this non-GAAP ratio and these non-GAAP financial measures, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(5)	Interest coverage ratio (times) is a non-GAAP ratio. Interest coverage ratio comprises trailing 12-month adjusted EBITDAFV (a non-GAAP financial measure) divided by trailing 12-month interest expense on debt (a non-GAAP financial measure). The most directly comparable financial measure to adjusted EBITDAFV is net income. The table included in the Appendices section of this press release reconciles adjusted EBITDAFV to net income and trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense on debt to adjusted EBITDAFV and interest expense on debt, respectively, for the trailing 12-month period ended September 30, 2025. For further information on this non-GAAP ratio and non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(6)	Available liquidity is a non-GAAP financial measure. The most directly comparable financial measure to available liquidity is the undrawn credit facility. The table included in the Appendices section of this press release reconciles available liquidity to the undrawn credit facility as at September 30, 2025 and December 31, 2024. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(7)	Total equity (including Class B Units) is a non-GAAP financial measure. The most directly comparable financial measure to total equity (including Class B Units) is total equity. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. The table included in the Appendices section of this press release reconciles total equity (including Class B Units) to total equity (per the condensed consolidated financial statements) as at September 30, 2025 and December 31, 2024.
(8)	Total number of Units includes 16,004,408 Trust Units and 3,692,084 Class B Units which are classified as a liability under IFRS Accounting Standards.
(9)	NAV per Unit is a non-GAAP ratio. NAV per Unit comprises total equity (including Class B Units) (a non-GAAP financial measure) divided by the total number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(10)	Comparative properties NOI is a non-GAAP financial measure. The most directly comparable financial measure to comparative properties NOI is net rental income. The table included in the Appendices section of this press release reconciles comparative properties NOI for the three and nine months ended September 30, 2025 and September 30, 2024 to net rental income. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(11)	Comparative properties NOI margin is a non-GAAP ratio. Comparative properties NOI margin is defined as Comparative properties NOI (a non-GAAP financial measure) divided by comparative investment properties revenue, as a percentage. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(12)	Tenant retention ratio is defined as the number of renewed leases divided by the total number of leases signed during the period. Tenant retention ratio is a supplementary financial measure.

Contacts

For further information, please contact:

Dream Residential REIT

Brian Pauls
Chief Executive Officer

(416) 365-2365

bpauls@dream.ca

Derrick Lau
Chief Financial Officer

(416) 365-2364

dlau@dream.ca

Scott Schoeman
Chief Operating Officer

(303) 519-3020

sschoeman@dream.ca

Read full story here

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 in our tables are presented in thousands of Canadian dollars, except unit and per unit amounts, unless otherwise stated.

TORONTO–(BUSINESS WIRE)–DREAM IMPACT TRUST (TSX: MPCT.UN) (“Dream Impact”, “we”, “our” or the “Trust”) today reported its financial results for the three and nine months ended September 30, 2025 (“third quarter”).

“Over the last 90 days, we have completed the extension of the Fairfax convertible debentures now maturing in 2031, established a secured loan from Dream for $15 million demonstrating its continued support to the Trust, as well as renewed or paid down over $100 million of loans,” said Michael Cooper, Portfolio Manager. “We have seen strong leasing in our new apartment buildings and we have made progress on commencing development of 49 Ontario St this quarter and working towards commencing development of Quayside in the second half of 2026. Despite difficult conditions in the housing market, we are advancing projects, leasing apartments and securing financing. We are pleased with our continued progress.”

As of October 31, 2025, the Trust’s purpose-built rental assets currently in lease-up have reached over 90% occupancy, representing a 15% increase since June 30, 2025. These assets which include Birch House, Maple House, Aalto II and Voda, comprising 1,344 units (420 units at share), are approaching stabilization and are expected to contribute to increased recurring earnings for the Trust over the next year. Demolition at 49 Ontario St is expected to commence later this month, with draws on the previously announced $647.6 million government-affiliated construction loan to begin shortly thereafter. Upon completion, 49 Ontario St will deliver two multi-family buildings with 1,226 units (1,103 units at share). The Trust is also making progress on the Quayside development with further updates to be provided as certain milestones are achieved. Upon completion, these assets are expected to meaningfully contribute to the Trust’s recurring income portfolio and drive sustained growth.

The Trust continues to make progress in addressing its near-term liquidity requirements. In the third quarter, the Trust reduced its land loan exposure in 2025 by over $100 million. This included the extension of the Zibi and Brightwater land loans with no repayment requirement. As previously announced, the Trust has reached an agreement with Fairfax Financial Holdings Limited (collectively, “Fairfax”) to extend the $30 million convertible debenture maturing in 2026 to 2031, subject to unitholder approval and customary close conditions. Subsequent to the third quarter, the Trust entered into an agreement with Dream Asset Management Corporation (“DAM’) to draw up to $15.0 million in financing. The facility is secured by a pledge on certain equity accounted investments, bears an effective interest rate of 10% and matures in five years. As of November 3, 2025, $2.0 million has been drawn. This facility demonstrates DAM’s continued support of the Trust and provides it with increased financial flexibility. The Trust and DAM are in discussions to expand the facility in the fourth quarter.

Selected financial and operating metrics for the three and nine months ended September 30, 2025 are summarized below:

	Three months ended September 30,					Nine months ended September 30,
(in thousands of dollars, except per Unit amounts)		2025		2024			2025		2024
Condensed consolidated results of operations
Net loss	$	(10,297)	$	(7,550)		$	(30,582)	$	(17,728)
NOI – recurring income(1)		4,425		4,213			12,942		14,412
NOI – multi-family rental(1)		2,305		2,044			7,668		5,202
Net loss per unit(1)		(0.56)		(0.42)			(1.63)		(0.99)
Units outstanding – end of period		18,416,970		18,110,940			18,416,970		18,110,940
Units outstanding – weighted average		18,412,465		18,106,406			18,711,510		17,891,403

As at	September 30, 2025		December 31, 2024
Condensed consolidated financial position
Total assets	$	656,890	$	684,421
Total liabilities		286,684		283,180
Total unitholders’ equity		370,206		401,241
Total unitholders’ equity per unit(1)		20.10		21.99

During the third quarter, the Trust reported a net loss of $10.3 million compared to $7.6 million in the prior year. The change in earnings was primarily attributable to the deferred tax recovery, timing of condo occupancies, the composition of fair value adjustments in each period and a non-recurring property tax assessment on recently completed multi-family assets at Zibi. This was partially offset by the sale of two income properties in the prior year and NOI growth from multi-family assets in lease-up.

Recurring Income

During the third quarter, the recurring income segment generated a net loss of $6.1 million compared to $7.0 million in the prior year. The year-over-year change is primarily driven by fair value adjustments and transaction costs from the prior year commercial asset sales. In addition, the Trust recognized higher NOI from the multi-family assets in lease-up, partially offset by the related interest expense based on timing of when these assets were transferred to the recurring income segment.

Multi-family rental properties

In the third quarter, same property NOI⁽¹⁾ was $1.7 million, consistent with the prior year with occupancy remaining stable. In the third quarter, NOI⁽¹⁾ from multi family assets in lease-up was $0.6 million compared to $0.3 million in the prior year. The increase was primarily driven by leasing activity at Maple House, Birch House and Voda. As of September 30, 2025, Birch House and Voda were each over 80% leased (committed occupancy as of June 30, 2025 – 43% and 67%, respectively) and Maple House at 92%.

As at September 30, 2025, our multi-family portfolio comprised 2,973 units (at 100% asset level or 1,037 units at share) across the GTA and Ottawa/Gatineau region and were 92% leased. This includes over 1,300 units in the lease-up phase, comprised of Maple House, Voda, Aalto II and Birch House which are expected to make meaningful contributions to NOI over time.

Debt from the Trust’s multi-family portfolio presented within this segment carries a weighted average term of 3.9 years at a weighted average interest rate of 2.7%.

Commercial

In the third quarter, NOI from commercial properties⁽¹⁾ was $2.1 million compared to $2.2 million in the prior year. The year-over-year change in NOI was primarily attributable to timing of asset sales in the prior year and tenant support measures for a co-working tenant at Zibi. This was partially offset by modest improvements in leasing activity across the GTA commercial assets.

Development

In the third quarter, the development segment reported a net loss of $1.4 million compared to a nominal net loss in the prior year. The fluctuation in earnings was primarily driven by the composition of fair value adjustments in each period and condo occupancies at Brightwater in the prior year. Partially offsetting this was the decrease in interest expense, less earnings on recently completed development projects that were transferred to recurring income.

At Brightwater Towns, closing of approximately 90% of the 106 units was completed. In combination with Brightwater I and II, nearly 400 units have closed in the past 12 months. The Mason (158 units) is expected to close by the end of the year.

Construction at Cherry House in downtown Toronto and Odenak in Ottawa, continues to progress. Cherry House will comprise 855 units across three blocks (Blocks 3, 4 and 7). Block 7 was completed earlier this year with over 90% of its 68 units leased. Leasing on the remaining blocks is expected to commence in 2026. Odenak, which is adjacent to the Zibi community, is expected to comprise 608 multi-family units upon completion in 2027.

Income from this segment will fluctuate period-to-period and not contribute meaningfully to earnings until development milestones are achieved and/or project inventory is available for occupancy. While mindful of our capital spend and liquidity needs, on a strategic basis we continue to make advancements for select assets in the pre-development stage.

Other

In the third quarter, the other segment reported a net loss of $2.9 million compared to $0.5 million in the prior year. The change in year-over-year earnings was driven by the deferred income tax recovery position recognized in the prior year. This was partially offset by lower asset management fees and deferred compensation expense in the current period.

Liquidity Update

At September 30, 2025, the Trust had total cash on hand of $7.6 million and a debt-to-asset value⁽²⁾ of 41.8%, compared to 41.3% at June 30, 2025. The change was primarily driven by fair value adjustments within the recurring income segment.

At September 30, 2025, the Trust’s debt profile was comprised of $274.5 million of consolidated debt and $889.2 million of debt at its proportionate share from equity accounted investments. Included in the above is $149.0 million of debt within equity accounted investments, at the Trust’s share, which matures in 2025, a decrease of $119.1 million since June 30, 2025. This improvement was primarily a result of the extension of $84.0 million in land loans and the repayment of the $15.4 million construction loan on Brightwater Towns using proceeds from condo closings. The remaining balance included mortgage renewals and activity within passive investments. The Trust continues to actively engage with its lenders and partnerships to work through the remaining debt maturing in 2025.

For further details refer to the “Capital Resources and Liquidity” section of the Trust’s management’s discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2025.

Footnotes
(1)		Net income (loss) per unit, total unitholders’ equity per unit, NOI – recurring income, NOI – multi-family rental, NOI – commercial properties, same property NOI – multi-family rental, are supplementary financial measures. Please refer to the cautionary statements under the heading “Specified Financial Measures and Other Measures” in this press release and the “Specified Financial Measures and Other Disclosures” section of the Trust’s MD&A for the three and nine months ended September 30, 2025.
(2)		Debt-to-asset value is a non-GAAP ratio, which is calculated as total debt payable, a non-GAAP financial measure, divided by the total asset value of the Trust as at the applicable reporting date. The most directly comparable financial measure to total debt payable is total debt.

Conference Call

Senior management will host a conference call on Tuesday November 4, 2025 at 10:00 am (ET). To access the call, please dial 1-800-715-9871 (toll free) or 647-932-3411. To access the conference call via webcast, please go to the Trust’s website at www.dreamimpacttrust.ca and click on Calendar of Events in the News and Events section. A taped replay of the conference call and the webcast will be available for 90 days.

About Dream Impact

Dream Impact is an open-ended trust dedicated to impact investing. Dream Impact’s underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and recurring income, that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of Dream Impact are to create positive and lasting impacts for our stakeholders through our three impact verticals: environmental sustainability and resilience, attainable and affordable housing, and inclusive communities, while generating attractive returns for investors. For more information, please visit: www.dreamimpacttrust.ca.

Specified Financial Measures and Other Measures

The Trust’s condensed consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). In this press release, as a complement to results provided in accordance with IFRS Accounting Standards, the Trust discloses and discusses certain specified financial measures, including total liquidity, total debt payable, net income (loss) per unit, NOI – commercial properties, Same Property NOI – multi-family rental, NOI – multi-family rental, NOI – recurring income, total unitholders’ equity per unit, and debt-to-total asset value, as well as other measures discussed elsewhere in this release. These specified financial measures are not defined by or recognized measures under IFRS Accounting Standards, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such specified financial measures as management believes they are relevant measures of our underlying operating performance. Specified financial measures should not be considered as alternatives to unitholders’ equity, net income, total comprehensive income or cash flows generated from operating activities, or comparable metrics determined in accordance with IFRS Accounting Standards as indicators of the Trust’s performance, liquidity, cash flow and profitability. Certain additional disclosures such as the composition, usefulness and changes as applicable are expressly incorporated by reference from the Trust’s MD&A for the three and nine months ended September 30, 2025, dated November 3, 2025 in the section titled “Specified Financial Measures and Other Disclosures”, subsection “Non-GAAP Ratios”, heading “Debt-to-asset value”, subsection “Supplementary Financial Measures and Other Measures”, headings “Net income (loss) per unit”, “NOI — commercial properties”, “NOI – multi-family rental”, “NOI – recurring income”, “total unitholders’ equity per unit” and “Same Property NOI – multi-family rental” and subsection “Non-GAAP Financial Measures”, heading “Total debt payable”, which has been filed and is available on SEDAR+ under the Trust’s profile.

“Total debt payable” is defined by the Trust as the balance due at maturity for its debt instruments. Total debt payable is a non-GAAP measure and is included as part of the definition of debt-to-asset value, a non-GAAP ratio. Total debt payable is an important measure used by the Trust in evaluating the amount of debt leverage; however, it is not defined by IFRS Accounting Standards, does not have a standardized meaning and may not be comparable with similar measures presented by other issuers. Total debt payable is reconciled to total debt, the most directly comparable financial measure, below.

As at	September 30, 2025		December 31, 2024
Total debt	$	273,045	$	272,664
Unamortized discount on host instrument of convertible debentures		353		554
Unamortized balance of deferred financing costs		1,139		1,629
Total debt payable	$	274,537	$	274,847

Forward-Looking Information

This press 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”, “would”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “timeline”, “potential”, “strategy”, “targets”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events.

Some of the specific forward-looking information in this press release may include, among other things, statements relating to the Trust’s objectives and strategies to achieve those objectives; the Trust’s leasing activities and the expected timing and results thereof; expectations regarding the Trust’s multi-family portfolio including segment growth, continued margin growth, and number of units available for occupancy and lease-up and timelines thereof; expectations regarding the Trust’s near-term construction starts; expectations regarding 49 Ontario St. and Quayside, including timelines, units delivered upon completion, financing and construction commencement; the Trust’s ability to create liquidity and advance developments in the current market and our expectations regarding the Trust’s ability to address its near-term liquidity goals; the Trust’s expectations regarding its purpose-built rental assets including stabilization timelines and such assets ability to contribute to increased earnings; the Trust’s progress on strengthening liquidity and its strategic initiatives and focus on assets that deliver recurring income; the Trust’s ability to secure construction financing and partnership opportunities for certain developments; the expectation regarding development, completion and lease-up of rental units at Birch House at Canary Landing, Maple House at Canary Landing, Cherry House at Canary Landing, Odenak, Voda and Aalto II, including number of units and timing; the Trust’s advancements for select assets in the pre-development stage; the Trust’s expectations regarding upcoming debt maturities and the expectations of repayment, extension and/or renewal of debt and timing thereof; the Trust’s ability to realize unit closings including at the Mason, and timing thereof; the status of the Trust’s ongoing active development projects and the projected construction start and completion dates; the Trust’s expectations regarding the impacts of advancing construction at certain developments and the related impact on debt exposure and project risk; the Trust’s ability to reduce overall exposure to land loans; and the Trust’s plans and proposals for current and future development and redevelopment projects, including construction initiation, completion and occupancy/stabilization dates/timing and number of units. 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: adverse changes in general economic and market conditions; liquidity risk; financing and risks relating to access to capital; interest rate risks; public health risks; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, and international sanctions; inflation; risks related to the imposition of duties, tariffs and other trade restrictions and their impacts; the disruption of free movement of goods and services across jurisdictions; the risk of adverse global market, economic and political conditions and health crises; risks inherent in the real estate industry; risks relating to investment in development projects; impact investing strategy risk; risks relating to geographic concentration; risks inherent in investments in real estate, mortgages and other loans and development and investment holdings; credit risk and counterparty risk; competition risks; environmental and climate change risks; risks relating to access to capital; interest rate risk; the risk of changes in governmental laws and regulations; tax risks; foreign exchange risk; the risk that corporate activities and reviews will not have the desired impact; acquisitions risk; and leasing risks. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable; the gradual recovery and growth of the general economy in 2025; that no unforeseen changes in the legislative and operating framework for our business will occur; that there will be no material change to environmental regulations that may adversely impact our business; that we will meet our future objectives, priorities and growth targets; that we receive the licenses, permits or approvals necessary in connection with our projects; that we will have access to adequate capital to fund our future projects, plans and any potential acquisitions; that we are able to identify high-quality investment opportunities and find suitable partners with which to enter into joint ventures or partnerships; that we do not incur any material environmental liabilities; there will not be a material change in foreign exchange rates; that the impact of the current economic climate and global financial conditions on our operations will remain consistent with our current expectations and that inflation and interest rates will not materially increase beyond current market expectations; that no duties, tariffs or other trade restrictions will negatively impact us; our expectations regarding the availability and competition for acquisitions remains consistent with the current climate.

All forward-looking information in this press release speaks as of November 3, 2025, unless otherwise noted. 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 disclosed in the Trust’s filings with securities regulators filed on the System for Electronic Document Analysis and Retrieval+ (www.sedarplus.com), including its latest annual information form and MD&A. These filings are also available at the Trust’s website at www.dreamimpacttrust.ca.

Contacts

For further information, please contact:

Derrick Lau
Chief Financial Officer

416 365-2364

dlau@dream.ca

Kimberly Lefever
Director, Investor Relations

416 365-6339

klefever@dream.ca