NEW YORK–(BUSINESS WIRE)–VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the “Company”) announced today that it has entered into an amendment and consented to the assignment of the master lease agreement with PURE Canadian Gaming Corp. (“PURE”) to an affiliate of Indigenous Gaming Partners Inc. (“IGP”), in connection with the acquisition of the operating assets of PURE by an affiliate of IGP.

IGP is a partnership of five institutional First Nations established to acquire gaming assets in North America. IGP has partnered with Sonco Gaming, one of Canada’s most experienced casino developers and managers, who will assist in the sourcing and execution of casino gaming investments, as well as management oversight of IGP’s portfolio.

Danny Valoy, Vice President of Business Development and Acquisitions, said, “This transaction demonstrates VICI’s ability to collaboratively work with existing partners while building new relationships with highly experienced operators and First Nations in international jurisdictions. We are pleased to welcome IGP as a new partner, and we look forward to expanding our relationship with IGP and Sonco as they pursue additional growth opportunities in the future.”

Anthony Novac, CEO of Sonco, said, “We are excited to work with VICI, an established partner in providing financial solutions to the gaming industry. We believe having a partner like VICI will give us a competitive advantage as we seek growth opportunities in the Canadian market.”

In connection with entering into the amendment to the PURE Canadian master lease, VICI received a 5-year right of first offer (“ROFO”) on future sale-leaseback transactions. Any additional properties acquired pursuant to the ROFO will be added to the master lease.

The annual base rent of C$22.0 million (US$15.5 million based on the CAD:USD exchange rate as of December 9, 2024) and other economic terms of the PURE Canadian master lease will remain unchanged, including a base term of 25-years with four 5-year tenant renewal options, escalation of 1.25% per annum in lease year 3, with escalation equal to the greater of 1.5% and Canadian CPI (capped at 2.5%) starting in lease year 4, and a minimum capital expenditure requirement equal to 1.0% of annual net revenue. The lease, currently in lease year 2 and escalating on February 1 of each year, encompasses the following assets in Alberta, Canada: PURE Casino Edmonton, PURE Casino Yellowhead, PURE Casino Calgary and PURE Casino Lethbridge.

About VICI Properties

VICI Properties Inc. is an S&P 500^® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Bowlero, Cabot, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield and Kalahari Resorts. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com.

About IGP

Indigenous Gaming Partners Inc. is a newly established gaming company focused on developing a portfolio of high-quality, market-leading casinos through strategic acquisitions and operational excellence. The partnership is comprised of five institutional First Nations including Glooscap First Nation, Millbrook First Nation, Annapolis Valley First Nation, We’koqma’q L’nue’kati, and Paqtnkek Mi’kmaw Nation. With a mission to create meaningful economic opportunities for Indigenous communities, IGP partners with exceptional management teams to deliver outstanding entertainment experiences while driving sustainable growth and long-term value for our stakeholders. Guided by disciplined investment strategies, hands-on operational expertise, and backing from visionary investors, IGP is dedicated to setting new standards in the gaming industry while fostering prosperity for its Indigenous communities, charitable partners, and provincial stakeholders. For more information, visit www.indigenousgamingpartners.com.

About Sonco Gaming Inc.

Sonco Gaming Inc. is part of the Sonco Group of Companies, which focuses on real estate and gaming development and management. Sonco has developed and/or managed some of the country’s most successful Indigenous gaming projects, including The Great Blue Heron Casino on Mississaugas of Scugog Island First Nation in Ontario, and The Grey Eagle Resort & Casino on the lands of Tsuut’ina First Nation outside of Calgary, AB. For more information, visit www.sonco.ca.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “will,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond VICI’s control and could materially affect actual results, performance, or achievements. Among those risks, uncertainties and other factors are risks that VICI may not achieve the benefits contemplated by the transaction described herein, including with respect to entry into any future sale leaseback or other transactions between VICI and IGP, including pursuant to VICI’s right of first offer, or the anticipated benefits thereof. Additional important risk factors that may affect VICI’s business, results of operations and financial position are detailed from time to time in VICI’s filings with the Securities and Exchange Commission. VICI does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.

Contacts

Investor Contacts:
Investors@viciproperties.com
(646) 949-4631

Or

David Kieske

EVP, Chief Financial Officer

DKieske@viciproperties.com

Moira McCloskey

SVP, Capital Markets

MMcCloskey@viciproperties.com

LinkedIn:

www.linkedin.com/company/vici-properties-inc

VANCOUVER, British Columbia–(BUSINESS WIRE)–Metrie^®, North America’s largest manufacturer and distributor of millwork solutions, today completed its acquisition of eden Inc. (“eden”), a leading producer of pre-finished millwork products, including mouldings, pre-hung doors and specialty items for the manufactured housing industry, based in Knox, Pennsylvania, US.

This acquisition, Metrie’s seventh in the last 5 years, enhances Metrie’s integrated millwork portfolio, offering a wider range of pre-finished moulding and door products that can meet the needs of current and future customers. The acquisition is another step in the pursuit of Metrie’s growth strategy – to be North America’s most trusted millwork supplier.

“The acquisition of eden further develops the ways we can strategically support our customers across the US, as we continue to build the best millwork supply chain solutions in the industry,” commented Kent Bowie, President & CEO, Metrie. “Our pre-finished products are excellent for modular home builders, an arena where eden has shown itself to be the leading supplier of millwork solutions. Together, we are ready to grow.”

“Over the last few years of business success, the ownership team at eden has been looking for the right kind of team and brand that can support further growth of the company and our service offering,” commented Dan Hurrelbrink, Vice President and Chief Operating Officer, eden. “Metrie was our number one choice to join with. Their culture and customer-focused vision align perfectly with our own here at eden. I am excited to stay on and be a part of the leadership team at Metrie and continue to serve our manufactured housing and distribution customers.”

“Dan will be joining a Metrie manufacturing leadership team that is excited to offer more and deeper solutions for our customers. Together, we will leverage our pre-finished leadership position in the marketplace, using the “Eden Millwork” brand as we continue to serve the modular housing segment,” added Bill Geofroy, VP, Manufacturing. “Eden’s finishing capabilities, particularly in doors and accessory millwork products, will augment the Metrie Complete^® suite of pre-finished solutions that has enjoyed tremendous success with home builders across the US.”

ABOUT METRIE

For nearly 100 years, Metrie has helped people transform their homes with high-quality millwork products. The Metrie story began in 1926 as a small, family-owned and -operated business in Vancouver, B.C. Since then, Metrie’s commitment to innovation and customer experience has helped the company expand operations to include seven domestic millwork manufacturing sites producing solid wood and MDF mouldings with pre-finishing capabilities for both mouldings and doors, plus 26 distribution centers in the U.S. and Canada.

Metrie has grown over the last nine decades to become the largest MDF moulding manufacturer in North America. For more information, please visit www.Metrie.com or visit us on social media: LinkedIn, Facebook, Instagram, Twitter, Pinterest, YouTube and Houzz.

Contacts

For more information, contact: Jonathan Anthony, Director, Corp. Communications | Jonathan.Anthony@metrie.com | 604-630-3262

DEERFIELD BEACH, Fla.–(BUSINESS WIRE)–#Diversity–Prosegur, a leader in the private security sector, is honored to announce its inclusion in the Financial Times’ prestigious ‘Diversity Leaders’ ranking for 2025. Achieving seventh place in the ‘Business Services and Supplies’ category, Prosegur has distinguished itself as a leader in diversity and inclusion within the private security sector, climbing from ninth place the previous year.

This recognition highlights Prosegur’s commitment to fostering an inclusive workplace and supporting a diverse workforce across its global operations, including the United States. Prosegur Security USA continues to prioritize initiatives that promote equity, innovation, and representation, aligning with the company’s global mission to reflect the communities it serves.

A Workforce That Reflects the Communities We Serve

The Financial Times ranking was determined through a survey of over 100,000 employees from various industries. Companies were evaluated based on diversity and inclusion policies, employee perceptions, and metrics such as the representation of women in leadership roles and pro-diversity initiatives.

Prosegur takes pride in its diverse workforce:

• 33% of employees are women, significantly exceeding the industry average.
• 65% of employees identify as minorities, underscoring Prosegur’s commitment to representation.

“Diversity and inclusion are core to who we are at Prosegur,” said Ty Stafford, CEO of Prosegur Security USA. “We believe that building a diverse team strengthens our ability to innovate and deliver exceptional security solutions. This recognition is a testament to the incredible contributions of our team and our commitment to fostering an equitable workplace.”

Leading the Way in the U.S. Security Sector

Prosegur Security USA drives inclusion through comprehensive career development programs, targeted recruitment efforts, and partnerships with organizations dedicated to advancing diversity within the private security industry. These initiatives support underrepresented groups and ensure that Prosegur’s workforce reflects the rich diversity of the communities it serves.

About Prosegur:

Founded in 1976, Prosegur is a global leader in security delivering cutting-edge technology and customized guarding solutions that meet the evolving needs of businesses across various industries. Prosegur provides innovative security services that integrates human expertise with advanced technology for optimal protection.

Prosegur’s innovative solutions, trusted professionals, and operational excellence has established the company as a global market leader in the security services industry. Prosegur is publicly listed on the Spanish stock exchange and generated €4.31 billion in revenue in 2023. With approximately 175,000 employees, Prosegur continues to build trusted partnerships with clients while setting new standards for security solutions across the globe.

For more information about Prosegur and its tailored security solutions for the U.S. market, please visit www.prosegur.us.

Contacts

Rya Manners, Vice President of Marketing – North America

Email: rya.manners@prosegur.com

Dave Renner, a long-tenured executive at the company, will retire at year end

DENVER–(BUSINESS WIRE)–Vantage Data Centers, a leading global provider of hyperscale data center campuses, today announced the appointment of Christophe Strauven as chief financial officer, North America.

Strauven, formerly senior vice president, capital markets, previously oversaw the development and execution of the company’s global capital-raising strategy through debt financing and financial risk management. Now as CFO, North America, assuming the role from Dave Renner, Strauven will lead the finance, financial planning and analysis, accounting and tax functions across the United States and Canada.

Succeeding Strauven as senior vice president of capital markets is Rich Cosgray. Cosgray brings more than 16 years of TMT banking and finance experience to the Vantage team. He joins the company from Truist Securities where he most recently served as managing director and head of TMT leveraged finance. With a specialization in digital infrastructure financings across data centers, fiber networks, broadband providers and towers, Cosgray executed more than $100 billion in debt financing during his tenure at Truist. He is based at Vantage’s corporate headquarters in Denver, reporting to Sharif Metwalli, the company’s global CFO.

“Christophe’s nearly 30 years of proven experience developing and executing growth strategies and navigating complex investment opportunities makes him an ideal fit to be our next CFO of North America. I am looking forward to working alongside Christophe in his new role to continue driving value for our North America business as we enter 2025 poised for phenomenal growth,” said Metwalli. “I’m also pleased to welcome Rich to our team. He has a long track record of success and will be instrumental in leading our capital markets effort around the world.

“In addition, I’d like to express my sincere appreciation to Dave for his many contributions to the company. Since joining Vantage in 2014, Dave has been instrumental in growing our business from a regional data center operator to one of the world’s leading global providers today, serving in a variety of capacities, from CFO, North America to chief administrative officer. We thank Dave for his lasting impact, and we wish him well in his retirement.”

About Vantage Data Centers

Vantage Data Centers powers, cools, protects and connects the technology of the world’s well-known hyperscalers, cloud providers and large enterprises. Developing and operating across five continents in North America, EMEA and Asia Pacific, Vantage has evolved data center design in innovative ways to deliver dramatic gains in reliability, efficiency and sustainability in flexible environments that can scale as quickly as the market demands.

For more information, visit http://www.vantage-dc.com.

Contacts

Mark Freeman

Vantage Data Centers

mfreeman@vantage-dc.com
+1-202-680-4243

Robin Bectel

REQ for Vantage Data Centers

vdc@req.co
+1-202-936-6335

CALGARY, Alberta–(BUSINESS WIRE)–In FY 2024, Mainstreet posted double-digit, year-over-year growth across all key operating metrics, with funds from operations (“FFO”) before current income tax increasing 33%, FFO increasing 23%, net operating income (“NOI”) rising 22% and rental revenues increasing 19%. We also achieved our 12th consecutive quarter of double-digit growth in Q4, with major gains in FFO (27%), NOI (24%) and rental revenues (20%). Annual margins increased from 63% to 64%, and from 63% to 66% on a same-asset basis.

Bob Dhillon, Founder and Chief Executive Officer of Mainstreet, said, “Through our unique portfolio of more than 18,000 centrally-located apartment units, Mainstreet has continued to demonstrate the ability to generate non-dilutive growth and create value for shareholders. With an average rent of approximately $1,200, we remain a critical supplier of affordable, quality housing for middle-income Canadians at a time when the broader rental market is structurally undersupplied.”

Key metrics | FY 2024 Performance Highlights
Rental Revenue
From Operations	Up 19% to $249.8M (vs. $210.0M in FY 2023)
From same asset properties	Up 12% to $224.2M (vs. $199.8M in FY 2023)
Net Operating Income (NOI)
From Operations	Up 22% to $160.4M (vs. $131.3M in FY 2023)
From same Asset Properties	Up 18% to $147.8M (vs. $125.7M in FY 2023)
Funds from Operations (FFO) 1
FFO – before current income tax	Up 33% to $91.6M (vs. $68.7M in FY 2023)
FFO – per basic share-before current income tax	Up 33% to $9.83 (vs. $7.37 in FY 2023)
FFO – after current income tax	Up 23% to $84.7M (vs. $68.7M in FY 2023)
FFO – per basic share-after current income tax	Up 23% to $9.09 (vs. $7.37 in FY 2023)
Operating Margin
From Operations	64% (vs. 63% in FY 2023)
From same asset properties	66% (vs. 63% in FY 2023)
Net Profit
Net Profit Per Basic Income	$199.9M (vs. $109.4M in FY 2023) including changes in fair value of $144.9M in FY 2024 vs $69.5M in FY 2023 and future income tax expense of $31.0M in FY 2024 vs $28.5M in FY 2023
Total Capital Expenditure	$31.1M (vs. $25.5M in FY 2023)
Total Capital Expenditure (unstabilized assets)	$3.7M (vs. $3.3M in FY 2023)
Total Capital Expenditure (stabilized assets)	$27.4M (vs. $22.2M in FY 2023)
Stabilized units	420 Properties (15,760 units) out of 478 properties (18,345 units)
Vacancy rate
From operations	3.2% (vs. 4.5% in FY 2023)
From same asset properties	3.1% (vs. 4.2% in FY 2023)
Vacancy rate as of 2nd December 2024	3.9% excluding unrentable units
Total Acquisition
During FY 2024	$178M 1,296 units (vs. $136M 1,145 units in FY 2023)
Subsequent to FY 2024	68 units ($12M) in Alberta and British Columbia
Total YTD Acquisition 2024	1,364 units ($190M)
Total units
As of September 30, 2024	18,398 units 2
As of December 2nd, 2024	18,455 units 2
Fair Market Value	Up 12% to $3.41B (vs. $3.05B in 2023)
Liquidity Position	$400M

Key metrics | Q4 2024 Performance Highlights
Rental Revenue
From Operations	Up 20% to $66.9M (vs. $55.7M in Q4 2023)
From same asset properties	Up 12% to $58.4M (vs. $52.0M in Q4 2023)
Net Operating Income (NOI)
From Operations	Up 24% to $45.7M (vs. $36.8M in Q4 2023)
From same Asset Properties	Up 16% to $40.6M (vs. $34.9M in Q4 2023)
Funds from Operations (FFO) 1
FFO – before current income tax	Up 27% to $26.8M (vs. $21.1M in Q4 2023)
FFO – per basic share-before current income tax	Up 27% to $2.88 (vs. $2.26 in Q4 2023)
FFO – after current income tax	Up 15% to $24.2M (vs. $21.1M in Q4 2023)
FFO – per basic share-after current income tax	Up 15% to $2.60 (vs. $2.26 in Q4 2023)
Operating Margin
From Operations	68% (vs. 66% in Q4 2023)
From same asset properties	70% (vs. 67% in Q4 2023)
Vacancy rate
From operations	3.4% (vs. 4.3% in Q4 2023)
*1 See “Non-IFRS Measures” and Note (1) in MANAGEMENT’S DISCUSSION AND ANALYSIS to the table titled “Summary of Financial Results” for additional information regarding FFO and a reconciliation of FFO to net profit, the most directly comparable IFRS measurement.
*2 Including 53 condo units acquired and held for resale.
*3 Including: (i) $49 million cash-on-hand, (ii) estimated $221 million expected funds to be raised through up-financing of maturing mortgages and financing of clear titled assets after stabilization and, (iii) a $130 million line of credit.

The Mainstreet advantage

Mainstreet’s financial achievements in FY 2024 illustrate the long-term success of our value-add business model and nimble management style, which has allowed us to generate compounding shareholder returns no matter where we are in the economic cycle. As part of our operating strategy, Mainstreet has continued to aggressively acquire apartment buildings at opportunistic cost while also leveraging low-cost, CMHC-insured mortgages to create liquidity for future organic growth. Once properties are acquired, we derive additional value by improving the life of middle-class Canadians through renovating apartment buildings to a consistent standard and then putting them back on the rental market at competitive yet highly affordable rental rates.

This emphasis on tangible assets gives Mainstreet a unique position in the real estate market, where we enjoy a geographically diverse portfolio of more than 18,000 apartment units clustered around key urban hubs in Western Canada. Since Mainstreet started trading on the TSX in 2000, we have built up an asset base of $3.4 billion without creating any significant dilution. Today, Mainstreet shares trade at more than $200, while our total number of shares outstanding total approximately 9.3 million, hardly more than the 8.9 million shares that were in circulation when we made our stock market debut.

A structurally undersupplied rental market

Adding to Mainstreet’s internal advantages, a structural supply-demand imbalance continues to persist across Canada’s rental market. In the last 10 years, Canada’s population has grown by 5.85 million, according to Statistics Canada. Over that same period, new supply of purpose-built rental apartment units totalled just 390,917, illustrating the magnitude of the rental market’s supply shortage. The vast majority of recent population growth came from permanent residents, foreign students and temporary workers, most of whom tend to be renters. As of the end of 2023, there were 2.55 million foreign students and temporary workers living in Canada, according to Government of Canada data. (By comparison, Canada’s entire rental universe is currently 2.3 million apartment units, according to CMHC data). That rapid population growth, combined with compounding lack of supply, has thus pushed rental market vacancy rates to a near-record low of 1.5%, according to CMHC data.

The federal government has recently announced plans to curb immigration, reducing the number of new permanent residents by 21% and foreign students by 10%. However, even after the federal government’s planned immigration curbs, Canada’s total number of foreign students and temporary workers is projected to remain relatively stable at 2.09 million in 2027 according to Statistics Canada, suggesting the supply gap underlying the rental space will persist for years to come. In 2025 alone, for example, the country expects to accept 395,000 new permanent residents and 437,000 foreign students after accounting for the reductions—well higher than previous averages.

Tailwinds continue in 2025

As we enter the next fiscal year, Mainstreet’s management team expects that today’s positive macroeconomic trends will carry over into 2025, amplifying Mainstreet’s inherent strategic advantages. Interest rates are expected to fall, which should provide Mainstreet with additional refinancing opportunities.

Our estimated $400¹ million liquidity position will offer ample room for further acquisitions following a record year in fiscal 2024. Rental rates in Mainstreet’s core markets of Calgary, Edmonton, Vancouver/Lower Mainland, Regina and Saskatoon are projected to climb higher in 2025. Crucially, Mainstreet maintains an average rental rate of just $1,200, which puts us at a competitive advantage in Western Canada’s undersupplied rental market, and offers plenty of opportunity to further boost NOI while reinforcing Mainstreet’s position as a provider of affordable, quality housing for middle-class Canadians.

Another milestone year for Mainstreet

Overall, FY 2024 was a highly successful period for Mainstreet, as evidenced by the following achievements:

• Improved rental revenues (19%) NOI (22%) and same-store NOI (18%) and FFO before income tax (33%) and FFO (23%)
• Drove Mainstreet’s share price exceeded $200 for the first time
• Acquired a record 1,296 units for $178 million, of which around 50% were in B.C.
• Diversified into a new market: Victoria, British Columbia
• Maintained a sizable runway of $52 million for future non-dilutive growth, creating potential for substantial same-store NOI catchup
• Implemented a prudent dividend policy for expanding our potential investor basis without affecting growth

Mainstreet believes these achievements and financial performance speak to the inherent stability of the rental market space in Canada. Aided by favourable macroeconomic tailwinds, Mainstreet will continue leveraging the unique nature of our capital structure, Asian supply chain connections and competitive price point to lower costs, improve customer service and create shareholder value into 2025 and beyond.

CHALLENGES

Inflation and cost pressures

Despite an overall favourable operating environment, rising costs continue to pose a challenge to Mainstreet. Additionally, higher interest rates increase the cost of Mainstreet debt, our single-largest expense. (Mainstreet has locked in 99% of our debt into CMHC-insured mortgages at an average interest rate of 2.97%, maturing in 4.8 years, to protect against any further interest rate increases—see Outlook section below.

Inflation also increases major operating expenses like labour, utilities and materials. Carbon taxes increased to $80 per tonne this year, and are scheduled to rise to $95 per tonne in April 2025. Municipal property taxes in Vancouver/Lower Mainland, Calgary, Edmonton, Regina and Saskatoon are all set to rise sharply in coming years.

Additionally, Mainstreet is now liable for corporate taxes for one of the first times in our history due to our sustained growth and solid financial performance in recent years. We view our performance as an unmitigated success, and do not expect corporate taxes to have a material impact on Mainstreet’s overall growth and performance going forward.

Defending against higher expenses

Mainstreet works constantly and on multiple fronts to counteract rising expenses. By securing longer-term natural gas contracts, we substantially reduced energy costs across a large portion of Mainstreet buildings. We also managed to reduce our insurance costs—a sizable Mainstreet expense—by more than 14% for fiscal 2024 by obtaining improved premium rates and coverage.

Despite our best efforts to control costs where possible, inflationary pressures nonetheless introduce added financial burdens that will, in some cases, be passed onto tenants through soft rent increases over an extended period of time.

OUTLOOK

Putting the S in ESG

We believe that the tight housing market emphasizes Mainstreet’s position as an important provider of affordable housing in Canada. As a corporation dedicated to social responsibility, Mainstreet believes our highly competitive rental options are a crucial service at a time when an inflation-driven affordability crisis has priced many lower income Canadians out of the market.

Hedging our debts

Mainstreet continues to take an adaptive approach to our mortgage positions. When interest rates were lower, Mainstreet locked in its mortgages at longer-term, 10-year maturities to maximize savings. As rates increased, we shifted toward shorter-term debts. As rates once again come down, we will continue to modify our refinancing approach to align with monetary policy trends.

Strong performance across core markets

Mainstreet continues to benefit from an increasingly diversified portfolio, where each of our core markets have contributed solid results. Nearly half (48%) of Mainstreet’s acquisitions in fiscal 2024 were in British Columbia. The region, which accounts for 43% of our estimated net asset value (“NAV”) based on appraised value, is one of our primary candidates for future NOI growth. Due to government-imposed rental rate caps in the province, we have identified a large mark-to-market gap in the BC market (see Runway section below), built on vacancy rates that remain among the lowest in the province.

Alberta’s net migration, meanwhile, hit historic highs with more than 200,000 new residents entering the province in the year ended mid-2024, according to Government of Alberta. Migration into Saskatchewan and Manitoba remains solid, which we expect will keep vacancy rates low while nudging rental rates higher.

Turning intangibles to tangibles

Mainstreet’s portfolio of more than 800 low-density buildings, including buildings with subdividable residual lands, creates substantial opportunity to extract added value out of existing assets and additional lands at little cost. We view this opportunity in the context of the ongoing housing shortage, under which Canadian municipalities increasingly aim to promote density through rezoning efforts. Management has developed a three-point plan comprised of the following to improve the density of Mainstreet’s portfolio:

• Turning unused or residual space within existing buildings into new units
• Exploring zoning and density relaxations to potentially build new capacity within existing land footprints
• Subdividing residual lands for future developments.

We view this strategy as one of the major potential drivers of future growth in the longer-term, and further evidence of Mainstreet’s inherent intangible value.

Raising Mainstreet’s nominal dividend

Mainstreet started offering a nominal dividend ($0.11 per share annually) beginning Q1 2024. Given the apparent success of the nominal dividend based on early-stage performance, our management team now plans to raise the dividend by 45% (to $0.16 per common share annually, or $0.04 per common share quarterly) beginning Q1 2025. Due to Mainstreet’s solid free cash flow, we determined we were well placed to establish a nominal dividend to help widen our shareholder base, increase trading volume and elevate our market capitalization without negatively impacting liquidity for future non-dilutive growth. As always, Mainstreet will continue to derive growth in a way that is 100% organic and non-dilutive, pursuing acquisitions funded by low-cost capital.

RUNWAY ON EXISTING PORTFOLIO

1. Expanding our portfolio: Using our liquidity position, estimated at $400 million, we believe there is significant opportunity to continue acquiring underperforming assets at attractive valuations.
2. Closing the NOI gap: As of the end of fiscal 2024, 14% of Mainstreet’s portfolio was going through the stabilization process due largely to high levels of add-value acquisitions. Our management team believes vacancy rates, NOI and FFO will be meaningfully improved as we continue to stabilize units. In the BC market alone, we estimate that the potential upside based on mark-to-market gaps for NOI growth is approximately $30 million, based on an estimated average monthly mark-to-market gap of $650 per suite per month. Alberta and Saskatchewan markets also have substantial room for mark-to-market catch up.
3. Buying back shares: We believe MEQ shares continue to trade below their true NAV, and that ongoing macroeconomic volatility could intensify that trend. Management will continue to buy back shares on an opportunistic basis under the corporation’s normal course issuer bid.
4. Creating value from existing footprints: While our efforts to identify opportunities for subdivisions, zoning relaxations, and improved use of residual space remains in the very early stages, Mainstreet has created a ledger detailing excess lands in our potential subdividable properties across our portfolio.

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 future acquisitions, dispositions and capital expenditures, increase or reduction of vacancy rates, increase or decrease of rental rates and rental revenue, future income and profitability, timing of refinancing of debt and completion, timing and costs of renovations, increased or decreased funds from operations and cash flow, the Corporation’s liquidity and financial capacity, improved rental conditions, future environmental impact the Corporation’s goals and the steps it will take to achieve them the Corporation’s anticipated funding sources to meet various operating and capital obligations and other factors and events described in this document should be viewed as forward-looking statements to the extent that they involve estimates thereof. 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 “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” or “will” be taken, occur or be achieved) 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 this Annual Information Form 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, costs and timing of the development of existing properties, availability of capital to fund stabilization programs, other issues associated with the real estate industry including availability but without limitation of labour and costs of renovations, fluctuations in vacancy rates, unoccupied units during renovations, rent control, fluctuations in utility and energy costs, credit risks of tenants, fluctuations in interest rates and availability of capital, and other such business risks as discussed herein. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements include, among others, the rental environment compared to several years ago, relatively stable interest costs, access to equity and debt capital markets to fund (at acceptable costs) and the availability of purchase opportunities for growth in Canada. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein.

Forward-looking statements are based on Management’s beliefs, estimates and opinions on the date the statements are made, and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions should change except as required by applicable securities laws or as otherwise described therein.

Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding the Corporations reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

__________________________________

¹ Including $49 million cash-on-hand, $221 million being management’s estimated funds that may be available through up-financing of maturing mortgages and financing of clear titled assets after stabilization and a $130 million line of credit.

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

MT. PLEASANT, Pa.–(BUSINESS WIRE)–WATT Fuel Cell Corp has completed a full integration of its WATT REMOTE™ solid oxide fuel cell (SOFC) product into ClearView Asset Protection’s patented SmartTower™. The SmartTower now leverages the WATT REMOTE system to maximize power reliability for ClearView across its customer applications.

ClearView Asset Protection gives users round-the-clock remote video access to locations in need of critical monitoring, no matter the time, temperature or weather. Clearview’s SmartTower technology is a durable, compact, lightweight trailer platform that can provide stand-alone power via multiple power solutions to include solar and the WATT REMOTE fuel cell system. SmartTower technology can be used for a wide variety of applications including surveillance systems, communications, radar, WIFI and more, to support operational needs in remote off-grid areas limited by a power source.

“Integrating the WATT REMOTE system into our SmartTower technology further advances our reliability to our customers,” said Lance Thomas, President of ClearView Asset Protection. “ClearView is happy to be working with WATT, another cutting-edge Pennsylvania-based company, to provide a scalable solution to enhance public safety with superior connectivity and dependability.”

WATT is a developer and manufacturer of fuel cell systems that operate on common fuels such as propane and pair with renewable power and energy storage using WATT’s innovative hybrid power management system. WATT REMOTE technology can enable off-grid solutions like the smart tower to operate for months in field without the need for refueling and maintenance.

“ClearView supports a wide variety of applications where remote monitoring and power availability are essential,” said Danielle Ramaley, WATT’s VP of Sales and Marketing. “WATT’s collaboration with ClearView is a great opportunity to pair our resilient WATT REMOTE hybrid power system with critical surveillance and communication equipment ensuring reliable, quiet and clean off-grid power when and where it’s needed most.”

This successful initial deployment will drive numerous integrated applications across Pennsylvania and other states.

About WATT Fuel Cell: WATT Fuel Cell (www.wattfuelcell.com) is a manufacturer and developer of Solid Oxide Fuel Cell (“SOFC”) stacks and systems that operate on common, readily available fuels such as propane and natural gas. WATT’s proprietary, patented additive manufacturing process (AMP) has allowed it to produce commercially viable SOFC products for small-scale and remote power applications. WATT’s Hybrid Power Management system works in tandem with renewable power sources (solar and wind) and energy storage to provide quiet, efficient, affordable, and environmentally responsible energy solutions prioritizing a return on investment for customers across the globe.

About ClearView Asset Protection

ClearView Asset Protection gives users round-the-clock remote video access to your location, no matter the time, temperature or weather. We customize systems to fit user needs. State-of-the-art features include 360-degree site coverage, auto tracking, infrared, pan-tilt-zoom, heat-seeking, facial detection, license plate readers, and more.

Contacts

Danielle Ramaley

VP, Sales & Marketing

WATT Fuel Cell

Danielle.ramaley@wattfuelcell.com I 724.882.6645

Alex Oltmanns

Senior Public Relations Strategist

Pipitone

aoltmanns@pipitone.com I 412.321.0879

Inc. 5000-ranked independent brokerage brings 150 agents and $2 billion in career home sales; Real now exceeds 23,000 agents

TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (NASDAQ: REAX), a technology platform reshaping real estate for agents, home buyers and sellers, today announced that ROVI Homes, led by industry veteran Steve Rovithis, has joined Real. The addition brings 150 agents, strengthening Real’s presence in New England and along Florida’s Southwest Coast. Real’s agent base now exceeds 23,000.

After seven years as a brokerage franchise owner, Rovithis founded ROVI Homes in 2015 to provide agents and their clients with an alternative to traditional franchise models. Under his leadership, the independent brokerage has grown from just three agents to 150, closing more than $2 billion in home sales. The brokerage earned a place on the Inc. 5000 list of fastest-growing privately owned businesses in 2020 and 2021.

“Since our founding, we’ve been focused on creating a culture that supports our agents and provides the technology and training they need to succeed. This will become even more important as the industry evolves, and we believe that Real is doing it all better than anyone,” Rovithis said. “Real’s culture, technology platform, comprehensive training program and commitment to ensuring that agents have long-term wealth building opportunities completely aligns with who we are and what we’ve built.”

Beyond its agent-first philosophy, ROVI Homes has earned a reputation as a pioneer in adopting innovative solutions that later become best practices across the New England real market. These include high-end property marketing and specialty agent services such as listing and the transaction coordinator roles. Underscoring its commitment to the western Massachusetts, Connecticut, Rhode Island and Sarasota, Fla., markets it serves, ROVI Homes has made a charitable donation to a local organization for each of the more than 7,500 transactions it has closed over the past decade.

“ROVI Homes represents everything we value at Real—an innovative approach, an outstanding track record and a collaborative culture. Steve and his team are exactly the kind of professionals we want on our team as we continue to grow,” said Real President Sharran Srivatsaa. “With ROVI Homes now part of Real’s innovative ecosystem, we’re set to elevate the industry standard and create unmatched opportunities for agents and clients alike.”

About Real

Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. 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 throughout the U.S. and Canada, Real supports more than 23,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as of the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, expectations regarding Real’s ability to continue to attract agents.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. Important factors that could cause such differences include, but are not limited to, slowdowns in real estate markets, economic and industry downturns, Real’s ability to attract new agents and retain current agents and those risk factors discussed under the heading “Risk Factors” in the Company’s Annual Information Form dated March 14, 2024, a copy of which is available under the Company’s SEDAR+ profile at www.sedarplus.ca. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Contacts

Investor inquiries, please contact:

Ravi Jani

Vice President, Investor Relations and Financial Planning & Analysis

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

elisabeth@therealbrokerage.com
201.564.4221

TORONTO–(BUSINESS WIRE)–Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that it submitted to the Greenland Minerals Licenses and Safety Authority an updated version of the Environmental Impact Assessment (the “EIA”) for the Malmbjerg Molybdenum Project in east Greenland (the “Project”) authored by WSP Danmark A/S.

The updated EIA incorporates the new legal provisions set under the Mining Act that came into effect in January 1, 2024 as well as numerous current studies and empirical results highlighted below. Although the EIA is not part of the requirements to obtain an exploitation license under the new Mining Act (where the Company expects positive news soon), it remains an important regulatory and industry requirement to advance towards production.

Executive Chairman Dr. Ruben Shiffman noted, “We have invested a great deal of care in the environmental aspects of our mine design. While most of the existing mines are old and have large environmental bonds posted with regulators due to more stringent current environmental rules than in the past; offer lower quality product and are far away from the EU (the 2nd largest Mo and Mg user where EU has no extraction), our Project offers high quality product, a new mine design, no environmental liabilities, and high sustainability with lower CO₂ vs existing mines in a like-minded EU associate country”.

Highlights of the updated version include:

• On environmental impacts of the Project, using an assessment risk scale of very low, low, medium and high, sixteen out of nineteen environmental impacts analyzed are assessed to be low or very low and four medium. On environmental risks due to accidents and natural disasters, all three risks analyzed which include risk of tailings disposal from the Tailings Management Facility (TMF), contamination of land and fresh water and contamination of the sea due to shipping accidents are assessed to be of low environmental risk.
• Results from an updated independent TMF feasibility study (2024) that among others, determine the dam classification risk factor under the Canadian Dam Association (CDA) guidelines. CDA guidelines rank in severity from Low, Significant, High, Very High to Extreme potential losses, including catastrophic scenarios, under four areas (population, life, environmental and cultural, infrastructure and economics). The proposed contained TMF was assigned a Low Dam Classification risk in all four areas under CDA.
• Conclusions of a six-month study on saturated columns testing and water quality predictions studies for the TMF supernatant concentrations (from the concentrator to before the discharge into the TMF, while in the TMF and in any potential dilution zone) over the life of mine to be below water quality guidelines.
• A prefeasibility study on renewable energy generation to power a significant part of the energy required in the Project using wind and solar energy. This adds to the significant decarbonization achieved with the proposed aerial conveyor that transports downhill 35,000 tonnes per day of ore from the mine to the concentrator, producing no CO₂ and generating electricity through regenerative braking.
• Results from the Project’s sustainability report published in 2024 that among others estimates the Scope 1 and 2 greenhouse gas emissions of the Project ranking it 35% lower of CO₂-eq/lb Mo emissions vs comparable mines under the current NI 43-101 Feasibility Study scenario and 73% lower CO₂-eq/lb Mo emissions using the renewable scenario of wind and solar energy.
• Results of a technical report on a Malmbjerg dust dispersion model showing that Total Suspended Particulate concentrations for regulated metals using geostatistical methods and a 90th percentile confidence interval scaling method within a 10km project area radius, to be below the regulatory metal criteria concentrations.
• Estimations of salinities and fresh water supply in the project area; an updated closure plan; a mitigation plan for rock storage facilities a review of various alternative TMF options and locations and conclusions on the preferred TMF.

Qualified Person Statement

The news release has been reviewed and approved by Mr. Jim Steel, P.Geo., M.B.A. a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects”.

Greenland Resources Inc.

Greenland Resources is a Canadian public company with the Ontario Securities Commission as its principal regulator and is focused on the development of its 100% owned Climax type primary molybdenum deposit located in central east Greenland. The Project has copper and also magnesium, a market dominated 98% by China. The Malmbjerg molybdenum project is an open pit operation with an environmentally friendly mine design focused on reduced water usage, low aquatic disturbance and low footprint due to modularized infrastructure. The Malmbjerg project benefits from an NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with an US$820 million capex and a levered after-tax IRR of 33.8% and payback of 2.4 years, using US$18 per pound molybdenum price. The Proven and Probable Reserves are 245 million tonnes at 0.176% MoS₂, for 571 million pounds of contained molybdenum metal. As the high-grade molybdenum is mined for the first half of the mine life, the average annual production for years one to ten is 32.8 million pounds per year of contained molybdenum metal at an average grade of 0.23% MoS₂, approximately 25% of EU total yearly consumption. The project had a previous exploitation license granted in 2009. With offices in Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets. For further details, please refer to our web site (www.greenlandresources.ca) and our Canadian regulatory filings on Greenland Resources’ profile at www.sedarplus.com.

The Project is supported by the European Raw Materials Alliance (ERMA). ERMA is managed by EIT RawMaterials, an organization within the EIT, a body of the European Union.

About Molybdenum and the European Union

Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition. When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021 where the European Union (“EU”) as the second largest steel producer in the world used approximately 24% of global molybdenum supply and has no domestic molybdenum production. To a greater degree, the EU steel dependent industries like the automotive, construction, and engineering, represent around 18% of the EU’s ≈ US$16 trillion GDP. Greenland Resources strategically located Malmbjerg molybdenum project has the potential to supply in and for the EU approximately 25% of the EU consumption, of environmentally friendly high-quality molybdenum from a responsible EU Associate country, for decades to come. The high quality of the Malmbjerg ore, having low impurity content in phosphorus, tin, antimony, and arsenic, makes it an ideal source of molybdenum for the high-performance steel industry lead worldwide by Europe, specifically the Scandinavian countries and Germany.

Forward Looking Statements

This news release contains “forward-looking information” (also referred to as “forward looking statements”), which relate to future events or future performance and reflect management’s current expectations and assumptions. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “hopes”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the Company’s objectives, goals or future plans; planned capex financing and outcomes of due diligence reviews; construction and engineering initiatives for the Malmbjerg molybdenum project; statements, exploration results, potential mineralization, the estimation of mineral resources and reserves, and their valuation, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions.

These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: future planned development and other activities on the Project; favourable outcomes of due diligence reviews; planned energy requirements of the Project; obtaining the permitting on the Project in a timely manner; no adverse changes to the planned operations of the Project; continued favourable relationships with local communities; current EU and other initiatives remaining in place into the future; expected demand for molybdenum in the EU and abroad, including by companies that expressed an interest in purchasing molybdenum; our mineral reserve estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the technical studies; estimated valuation and probability of success of the Company’s projects, including the Malmbjerg molybdenum project; prices for molybdenum remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company’s projects; capital decommissioning and reclamation estimates; mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner or at all; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information include known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the favourable results of the SIA (Social Impact Assessment) and EIA (Environmental Impact Assessment); favourable local community support for the Project’s development; the projected demand for molybdenum both in the EU and elsewhere, including by companies that expressed an interest in purchasing molybdenum; the current initiatives and programs for resource development in the EU and abroad; the projected and actual status of supply chains, labour market, currency and commodity prices interest rates and inflation; the projected and actual status of the global and Canadian capital markets, fluctuations in molybdenum and commodity prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar versus the Euro); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structure formations, cave-ins, flooding and severe weather); inadequate insurance, or the inability to obtain insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in Greenland, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry for equipment and qualified personnel; the availability of additional capital; title matters and the additional risks identified in our filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information. Neither the Cboe Canada Exchange nor its regulation services provider accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contacts

For further information please contact:

Ruben Shiffman, PhD Chairman, President

Keith Minty, P.Eng, MBA Engineering and Project Management

Jim Steel, P.Geo, MBA Exploration and Mining Geology

Nauja Bianco, M.Pol.Sci. Public and Community Relations

Gary Anstey Investor Relations

Eric Grossman, CPA, CGA Chief Financial Officer

Corporate office Suite 1810, 25 York Street, Toronto, Ontario, Canada M5J 2V5

Telephone 1-844-252-0532

Email info@greenlandresourcesinc.com
Web www.greenlandresources.ca

WINCHESTER, Va. & ALEXANDRIA, Ont.–(BUSINESS WIRE)–Trex Company, Inc. [NYSE: TREX], the world’s largest manufacturer of high-performance, wood-alternative decking and railing, and a leading brand of outdoor living products, has announced the expansion of its distribution network in Canada with Alexandria Moulding. The leading North American manufacturer and distributor of mouldings, millwork and decorative building products, will bring the brand’s premium decking and railing products to a broader range of Canadian retailers, homeowners and contractors.

Alexandria Moulding, a Specialty Building Products (SBP) brand, brings a wealth of sales, marketing and supply chain expertise to the partnership. SBP is a leading provider of building materials in North America, with a deep understanding of the market and a commitment to delivering high-quality products.

“We are excited to team with Alexandria Moulding to bring Trex’s innovative products to a wider audience in Canada,” said Bret Martz, Group Vice President, North American Professional Sales for Trex Company. “Alexandria Moulding’s strong reputation and extensive distribution network will help us expand our reach of innovative decking and railing products to more consumers and we look forward to a successful partnership.”

“We are thrilled to expand our relationship with Trex,” said Chris Gerhard, Executive Vice President of SBP. “By combining Trex’s high-quality products with our strong distribution network, we can provide more coverage to the Canadian market with the best possible outdoor living solutions.”

This move marks a significant step forward for Trex as it continues to expand its presence in the Canadian market. By working with Alexandria Moulding, Trex is able to offer a wider range of products and services, making it easier than ever to create beautiful, low-maintenance outdoor living spaces.

Trex boasts the industry’s strongest distribution network with products sold through more than 6,700 retail outlets across six continents. For more information, visit Trex.com. To learn more about Alexandria Moulding, go to AlexandriaMoulding.com.

About Trex Company

For more than 30 years, Trex Company [NYSE: TREX] has invented, reinvented and defined the composite decking category. Today, the company is the world’s #1 brand of sustainably made, wood-alternative decking and deck railing, and a leader in high performance, low-maintenance outdoor living products. The undisputed global leader, Trex boasts the industry’s strongest distribution network with products sold through more than 6,700 retail outlets across six continents. Through strategic licensing agreements, the company offers a comprehensive outdoor living portfolio that includes deck drainage, flashing tapes, LED lighting, outdoor kitchen components, pergolas, spiral stairs, fencing, lattice, cornhole and outdoor furniture – all marketed under the Trex^® brand. Based in Winchester, Va., Trex is proud to have been named America’s Most Trusted^® Outdoor Decking 4 Years in a Row (2021-2024). The company was also recently included on Barron’s list of the 100 Most Sustainable U.S. Companies 2024, named one of America’s Most Responsible Companies 2024 by Newsweek and ranked as one of the 100 Best ESG Companies for 2023 by Investor’s Business Daily. For more information, visit Trex.com. You may also follow Trex on Facebook (trexcompany), Instagram (trexcompany), X (Trex_Company), LinkedIn (trex-company), TikTok (trexcompany), Pinterest (trexcompany) and Houzz (trex-company-inc), or view product and demonstration videos on the brand’s YouTube channel (TheTrexCo).

About Alexandria Moulding

Alexandria Moulding is a leading North American manufacturer and distributor of mouldings, millwork and decorative building products. With a wide range of products and a strong commitment to quality, Alexandria Moulding is a trusted partner for retailers, homeowners and contractors. For more information, visit alexandriamoulding.com.

Contacts

Trex Company: Corinne Racine or Abigail Cox

cracine@lcwa.com or acox@lcwa.com
Alexandria Moulding: Travis Brady

travisbrady@sbp.com

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Westphalia Dev. Corp. (the “Corporation”) announced today its results for the third quarter ending September 30, 2024. The Corporation was formed in March 2012, for the development of a 310-acre Westphalia property located in Prince George’s County, Maryland, United States. The Corporation is managed by Walton Global (the “Manager”).

Material Event:

• There is material going concern uncertainty as the Manager has informed the Board that it will not fund on a go forward basis, unless a plan is put in place to address the liquidity of the Corporation and to make a definitive plan to pay the outstanding debt, unsecured creditors, and the Manager.
• The Board and the Manager have made a commitment to construct and implement a plan as soon as possible to deal with these matters, which will include a restructuring of the Corporation.
• The Manager (and its affiliates) are owed ~$10,000,000+ and has not been paid a management fee since 2016.

Financial Results

• Operating expenses for this quarter remained consistent with Q2 2024.
• On August 27, 2024, the Corporation signed the First Amendment to the Amended New Loan Program which extends the maturity date of the loan to July 31, 2025.
• On August 27, 2024, The Corporation also signed the First Amendment to the WTCF Loan which provides a second advance of $6,761,678 USD, with a maturity date of June 30, 2025.
• On November 19, 2024, The Corporation exercised their option to extend the maturity date of the first WTCF Loan advance to December 31, 2025.
• The Manager and its affiliates continue to fund monetary shortfalls.

Development and Sales Activities

• The Westphalia Interchange TIF project located at the intersection of Pennsylvania Avenue (Route 4) and Woodyard Route (Route 223) is substantially complete. The General Contractor is preparing to finish the remaining State Highway Administration punch list items by Q2 2025.
• The Presidential Parkway East TIF project is substantially complete. We are in discussions with the local County for final acceptance. A contract to complete the final punch out landscaping is being finalized with anticipated completion in Q4 2024/Q1 2025.
• The Presidential Parkway West TIF project has work remaining. Management has a plan to complete all work, except utility dependent work, by the end of Q2 2025.
• The Manager has received multiple purchase offers for Parcels A & B from best-in-class retail developers to build a first-class mixed-use commercial development. Deal terms are currently being negotiated and we expect to have an agreement in place within 90 days.
• The Manager has completed Purchase and Sale Agreements for Parcels F, N, and M totaling approximately 50 acres. Settlements are anticipated to occur between Q1 and Q3 2025.
• The Manager received unanimous approval of our Detailed Site Plan (DSP Infrastructure) from The Maryland-National Capital Park and Planning Commission for Parcels A & B. This plan approval streamlines and accelerates the approval timeline for the future mixed-use development to be located on these parcels.
• The Manager has hired a best-in-class engineering and planning firm to complete the entitlements for the remaining approximately 96 acres, which includes the adjacent land to the north owned by a related party. The expectation is that this work will take 2 to 3 years to complete and receive full approval.

The Corporation’s unaudited interim consolidated financial statements and management’s discussion and analysis for the third quarter ended September 30, 2024, are available under the Corporation’s SEDAR profile at www.sedar.com.

Walton Global is a privately-owned, leading land asset management and global real estate investment company that concentrates on the research, acquisition, administration, planning, and development of land. With more than 45 years of experience, Walton has a proven track record of administering land investment projects within the fastest growing metropolitan areas in North America. The company manages and administers US$4.37 billion in assets on behalf of its global investors, builders and developer clients and industry business partners. Walton has more than 90,000 acres of land under ownership, management and administration in the United States and Canada with business lines ranging from exit-focused pre-development land investments, builder land financing and build-to-rent. For more information visit walton.com.

This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. Forward-looking information is based on the current expectations, estimates and projections of the Corporation at the time the statements are made. They involve a number of known and unknown risks and uncertainties which would cause actual results or events to differ materially from those presently anticipated. The risks, uncertainties and other factors that could cause the Corporation’s actual results and performance in future periods to differ materially from the forward looking information contained in this news release include, among other things, the development of Westphalia Town Center, general economic and market factors, including interest rates, a decline in the real estate market, changes in government policies and regulations or in tax laws, changes in municipal planning strategies and whether certain development approvals are obtained and changes in the Canadian/U.S. dollar exchange rate, in addition to those factors discussed or referenced in documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.

Except as otherwise noted, all amounts are in Canadian dollars, and are based on unaudited condensed interim consolidated financial statements for the nine months ended September 30, 2024, and related notes, prepared in accordance with International Financial Reporting Standards.

Contacts

Allison+Partners

waltonglobal@allisonpr.com

LONDON–(BUSINESS WIRE)–Slate Asset Management (“Slate” or the “Firm”), a global investor and manager focused on essential real estate and infrastructure assets, today announced that it has entered into an agreement to acquire the Morrisons Regional Distribution Center (the “Center”) in Bridgwater, United Kingdom (“UK”) from Aviva Investors. The Center is a high-quality, 780,000 square foot distribution facility that is fully leased by Morrisons, a leading UK grocer, on an index-linked and triple-net basis.

The Center is Morrisons’ only distribution facility in the Southwest UK and is strategically located on the most important motorway axis in the region with excellent transport connections to South England and South Wales. The Center is essential to Morrisons’ supply chain, operating 24 hours a day, seven days a week to serve nearly 20% of Morrisons’ supermarket locations.

The Center benefits from strong ESG credentials, with over 4,000 rooftop solar panels, rainwater harvesting systems, and on-site recycling. Morrisons also continues to actively invest in upgrades and technologies that are further improving the sustainability and operational resiliency of the Center.

“This property meets all the key criteria we look for in income-generating essential real estate investments,” said Brady Welch, Co-Founding Partner at Slate. “It’s a modern, sustainably built facility underpinned by a leading national grocer. The property’s strategic location makes it uniquely well positioned to efficiently distribute everyday goods to millions of consumers. It’s an exciting acquisition for us in the UK, where we continue to actively evaluate opportunities across the essential real estate sector.”

Slate has been an active investor in the European real estate market since 2016. To date, the Firm has transacted on approximately 1,000 commercial properties across 7 countries in the region. Slate’s focus on European essential real estate spans the risk spectrum, with value creation and income strategies, targeting grocery, pharmacy, food logistics, and other assets that support the non-discretionary needs of day-to-day life.

Cushman & Wakefield, Gowling WLG, and KPMG advised Slate on this transaction, which is expected to close in December 2024 subject to customary closing conditions.

About Slate Asset Management

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

Contacts

Karolina Kmiecik

Head of Communications

Karolina@slateam.com

TORONTO–(BUSINESS WIRE)–APOLLO Insurance, a Canadian digital insurance provider and leading innovator in the emerging embedded finance sector, has partnered with Zen Residential as their exclusive provider of tenant insurance.

APOLLO’s digital platform launched in 2019 and began serving Canadian consumers with fully digital insurance products. Since then, APOLLO has partnered with leading REITs, property management companies, proptechs, and other organizations to embed insurance products into their existing workflows. For property managers, the insurance purchase experience is embedded directly into the leasing and renewal workflows.

“APOLLO and Zen Residential are both committed to improving the tenant experience through technology and innovation,” said Jeff McCann, APOLLO Founder and CEO. “Zen Residential has set the standard for resident care and property management excellence, and this partnership will elevate their service even further by making tenant insurance more accessible.”

Zen Residential has established itself as a leading property and asset management company across Alberta, known for its dedication to creating exceptional living environments. By leveraging APOLLO’s cutting-edge platform, Zen Residential will provide their tenants with an easy, digital-first way to purchase tenant insurance, while also reducing administrative work for property managers and ensuring compliance.

“We’re thrilled about this exclusive partnership with APOLLO Insurance,” said AJ Slivinski, Zen Residential CEO. “Their digital-first approach aligns perfectly with our commitment to leveraging technology to enhance the resident experience. With APOLLO, we can offer our tenants a seamless and convenient insurance solution.”

In 2022, APOLLO became the only Insurance provider in Canada to integrate with Yardi Systems to enable instant insurance transactions and automate compliance, with real time tracking and alerts for property managers. Earlier this year, APOLLO launched FinShore, a wholly owned buy now, pay later (BNPL) subsidiary, to provide a fully embedded monthly payment option to their customers.

Visit https://apollocover.com/partnerships for more information.

About APOLLO Insurance

APOLLO Insurance (“Apollo Insurance Solutions Ltd. and its subsidiaries”) is Canada’s leading online insurance provider. Our proprietary platform allows insurance agents and their customers to purchase their policy immediately, from anywhere, on any device, 24/7. Unlike traditional paper-based processes, APOLLO leverages extensive data and sophisticated algorithms to quote, collect a payment, and issue policies without human intervention.

Through traditional agents and embedded finance partnerships, APOLLO is redefining the distribution of insurance. For more information visit https://apollocover.com/.

About Zen Residential Management Services

At Zen Residential, we provide unparalleled, high-grade asset and property management solutions to rental property proprietors in Edmonton, Calgary, and the neighboring regions. Our core emphasis lies in harmonizing lifestyles and dwellings, benefiting both proprietors and occupants. We are a comprehensive management company that handles every aspect, starting from the inception of a project. Our expertise encompasses early-stage consulting, marketing strategy, and asset management, offering a “cradle to grave” approach.

Contacts

For media inquiries, please contact:
David Dyck, Chief Marketing Officer

APOLLO

Email: david@apollocover.com
LinkedIn: APOLLO