TORONTO–(BUSINESS WIRE)–DREAM OFFICE REIT (TSX: D.UN) (“Dream Office” or the “Trust”) today announced its May 2025 monthly distribution of 8.333 cents ($1.00 annualized) per REIT Unit, Series A (“REIT A Units”). The May distribution will be payable on June 13, 2025 to unitholders of record as at May 30, 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 3.5 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

CAMPBELL, Calif. & CLEVELAND–(BUSINESS WIRE)–ChargePoint (NYSE: CHPT), a leading provider of EV charging solutions, and intelligent power management company Eaton, today announced a collaboration to accelerate and simplify the deployment of EV charging infrastructure in the U.S., Canada and Europe. The companies will integrate EV charging and infrastructure solutions, co-developing new technologies to advance bidirectional power flow and vehicle-to-everything (V2X) capabilities—enabling EVs to act as a power source for homes, buildings and more.

Providing a one-stop shop for the EV charging ecosystem, the companies will deliver EV chargers, electrical infrastructure and engineering services as turnkey offerings enabling the electrification of transportation, from vehicles to chargers to the grid. ChargePoint and Eaton will streamline the purchase, design and deployment of EV charging projects, offering joint solutions that will help customers effectively manage site power requirements, optimize infrastructure and enhance reliability at a reduced cost.

“ChargePoint’s partnership with Eaton will deliver innovation that addresses the biggest barriers to electrified transportation,” said Rick Wilmer, CEO of ChargePoint. “Together with Eaton we will create unprecedented value for institutions that deploy EV charging, accelerating electrification, and decarbonizing the planet in parallel.”

With Eaton’s collaboration, ChargePoint now elevates its strategic position as an end-to-end enabler of the EV ecosystem, from grid to vehicle. As EV charging infrastructure matures, core components like chargers and infrastructure must integrate at scale to realize their fullest potential. ChargePoint’s work with Eaton and numerous automotive OEMs will enable the seamless integration of chargers, infrastructure and EVs, managed with ease on the ChargePoint cloud software platform.

Paul Ryan, general manager, energy transition at Eaton, said: “Customers rely on Eaton to solve their toughest power management challenges. This game-changing partnership will help do just that for vehicle charging—bringing together trusted power distribution and EV charging solutions to simplify electrification at scale.”

Information regarding available EV charging and infrastructure solutions, which address every charging scenario, including fleet, workplace, commercial real estate, fueling and convenience, multifamily, residential and public transportation charging needs, is available online.

ChargePoint and the ChargePoint logo are trademarks of ChargePoint, Inc. in the United States and in jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners.

About ChargePoint Holdings, Inc.

ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds of thousands of places to charge in North America and Europe. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact the ChargePoint North American press office, or Investor Relations.

About Eaton

Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.

Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of our stakeholders. With revenues of nearly $25 billion in 2024, the company serves customers in more than 160 countries. For more information, visit www.eaton.com. Follow us on LinkedIn.

CHPT-IR

Contacts

ChargePoint
John Paolo Canton

Vice President, Communications

JP.Canton@chargepoint.com

AJ Gosselin

Director, Corporate Communications

AJ.Gosselin@chargepoint.com
media@chargepoint.com

Eaton
Kristin Somers

+1.919.345.3714

Kristincsomers@eaton.com

Regina Parundik

Cobblestone Communications

+1.412.559.1614

Regina@cobblecreative.com

TORONTO–(BUSINESS WIRE)–CIBC Innovation Banking announced today that it recently acted as the lead arranger and administrative agent of credit facilities for Rentsync. The funding provided financing for future capital to support the company’s growth.

Rentsync is a leading software and data company based in Toronto, specializing in serving the Canadian rental housing industry.

“We are thrilled to support Silversmith Capital Partners and the Rentsync team as they continue their leadership and growth in the rental property management space,” said Adam Weiers, Executive Director, CIBC Innovation Banking. “Rentsync is a trusted partner to its rental property management clients, and its platform continues to transform the industry landscape.”

About CIBC Innovation Banking

CIBC Innovation Banking has 25 years of specialized experience in growth-stage tech and life science companies across North America – a longer track record than most banks. CIBC Innovation Banking now has over $11 billion in funds managed including life sciences, health care, cleantech companies, investors, and entrepreneurs, and has assisted over 700 venture and private equity-backed businesses over the past six and a half years. The bank operates out of 14 global locations in San Francisco, Menlo Park, New York, Toronto, London, Austin, Boston, Chicago, Seattle, Vancouver, Montreal, Atlanta, Reston, and Durham. Connect with us today to start the conversation. www.innovationbanking.cibc.com

About Rentsync

Based in Toronto, Rentsync is a leading software and data company, specializing in serving the Canadian rental housing industry. Rentsync offers a range of innovative products and services designed to streamline rental property marketing, leasing, and property management. It also owns and operates the Rentals.ca Network, the leading online marketplace for rental housing in Canada. Its commitment to professionalism, innovation, and accessibility has made it a trusted leading partner for rental housing marketers, leasing agents, and renters.

About Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $3.3 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Apryse, DistroKid, impact.com, Iodine Software, LifeStance Health, Onbe, and Webflow. For more information, including a full list of portfolio investments, visit www.silversmith.com.

Contacts

Katarina Milicevic, katarina.milicevic@cibc.com, 416-784-6108

TORONTO–(BUSINESS WIRE)–RioCan Real Estate Investment Trust (“RioCan”) (TSX: REI.UN) today announced a distribution of 9.65 cents per unit for the month of May. The distribution will be payable on June 6, 2025, to unitholders of record as at May 30, 2025.

About RioCan

RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at March 31, 2025, our portfolio is comprised of 177 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan’s interest). To learn more about us, please visit www.riocan.com.

Contacts

RioCan Real Estate Investment Trust

Dennis Blasutti

Chief Financial Officer

416-866-3033 | www.riocan.com

TORONTO–(BUSINESS WIRE)–First paragraph, second sentence of release dated May 7, 2025, should read: The distribution will be payable on June 16, 2025 to unitholders of record on May 30, 2025 (instead of The distribution will be payable on June 16, 2025 to unitholders of record on May 31, 2025). 

The updated release reads: 

PRIMARIS REIT ANNOUNCES DISTRIBUTION FOR MAY 2025

Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) announced today that its Board of Trustees has declared a distribution of $0.0717 per unit for the month of May 2025, representing $0.86 per unit on an annualized basis. The distribution will be payable on June 16, 2025 to unitholders of record on May 30, 2025.

About Primaris Real Estate Investment Trust

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. The current portfolio totals 14.2 million square feet, valued at approximately $4.5 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

For more information:      TSX: PMZ.UN      www.primarisreit.com      www.sedarplus.ca

Contacts

Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

Claire Mahaney

VP, Investor Relations & ESG

647-949-3093

cmahaney@primarisreit.com

Timothy Pire

Chair of the Board

chair@primarisreit.com

TORONTO–(BUSINESS WIRE)–Slate Grocery REIT (TSX: SGR.U) (TSX: SGR.UN) (the “REIT”), an owner and operator of U.S. grocery-anchored real estate, announced today that the Board of Trustees has declared a distribution for the month of May 2025 of U.S.$0.072 per class U unit of the REIT (“Class U Units”), or U.S.$0.864 on an annualized basis.

Holders of Class U Units may elect to receive their distribution in Canadian dollars and should contact their broker to make such an election.

Holders of class A units of the REIT (“Class A Units”) will receive a distribution equal to the Canadian dollar equivalent (based on the U.S./Canadian dollar exchange rate at the time of payment of the distribution) of U.S.$0.072 per Class A Unit, unless the unitholder has elected to receive distributions in U.S. dollars. Holders of class I units of the REIT (“Class I Units”) will receive a distribution of U.S.$0.072 per Class I Unit, unless the unitholder has elected to receive distributions in Canadian dollars. Holders of units of subsidiaries of the REIT that are exchangeable into Class U Units (“Exchangeable Units”) will receive a distribution of U.S.$0.072 per unit.

If a holder of Class U Units or Class I Units elects to receive distributions in Canadian dollars, the holder will receive the Canadian dollar equivalent amount of the distribution being paid on the Class U Units or Class I Units, as applicable, based on the U.S./Canadian dollar exchange rate at the time of payment of the distribution.

Distributions on all unit classes of the REIT, and distributions on Exchangeable Units, will be payable on June 16, 2025, to unitholders of record as of the close of business on May 30, 2025.

About Slate Grocery REIT (TSX: SGR.U / SGR.UN)

Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate. The REIT owns and operates approximately U.S. $2.4 billion of critical real estate infrastructure across major U.S. metro markets that communities rely upon for their daily needs. The REIT’s resilient grocery-anchored portfolio and strong credit tenants are expected to provide unitholders with durable cash flows and the potential for capital appreciation over the longer term. Visit slategroceryreit.com to learn more about the REIT.

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.

Forward-Looking Statements

Certain information herein constitutes “forward-looking information” as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words “plans”, “expects”, “does not expect”, “scheduled”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projects”, “believes”, or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “occur”, “be achieved”, or “continue” and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators.

SGR-Dist

Contacts

For Further Information
Investor Relations

+1 416 644 4264

ir@slateam.com

Versatile new colorway takes inspiration from desert landscapes

HOUSTON–(BUSINESS WIRE)–Westlake Royal Building Products^™ (“Westlake Royal”), a Westlake company (NYSE:WLK), announces the launch of Salt Flat^™, a new colorway from Cultured Stone^®. Available in the Cobblefield^® profile, Salt Flat’s elegant, neutral palette makes it ideal for a variety of architectural applications.

Inspired by the expansive tranquility of vast desert landscapes, Salt Flat blends understated light grays and soft, warm whites with a subtle, shimmering mica overlay, creating a nuanced, versatile neutral that adds sophistication and elegance to any design. Its delicate yet dimensional blend of undertones imbues spaces with brightness and depth, effortlessly harmonizing with a wide range of other colors, textures and design elements.

“Developed in response to customer demand, the introduction of the Salt Flat colorway marks an exciting evolution for the Cultured Stone brand,” said Steve Booz, vice president of marketing and product management at Westlake Royal Building Products. “The new color is more than just a design element—it’s an immersive aesthetic experience that reflects modern trends. By responding to the evolving needs of architects, designers and homeowners, we continue to deliver timely, innovative solutions with exceptional aesthetics and performance.”

Designed to emulate the architecture of rural 19th-century America, Cobblefield’s tailored lines and chiseled-cut surface lend a distinctive sense of craftsmanship to a variety of classic and contemporary designs. Whether used in residential or commercial settings, its rugged refinement strikes the perfect balance between modern elegance and time-weathered tradition, perfect for both interior and exterior applications. When paired with the multilayered tones of Salt Flat, the profile takes on a fresh yet grounded aesthetic that elevates any environment.

Cultured Stone is a brand within the Westlake Royal Building Products portfolio of exterior and interior building products. For more information, visit CulturedStone.com.

About Cultured Stone

Driven by a pioneering spirit, Cultured Stone introduced the world’s first architectural stone veneer, making it possible to feature authentic hues and natural textures of stone and brick in any environment. Nearly 60 years later, Cultured Stone continues to lead the industry by creating the finest stone products for empowering the artist within and bringing incomparable designs to reality. For more information on Cultured Stone’s catalog of products, visit CulturedStone.com.

About Westlake Royal Building Products

Westlake Royal Building Products USA Inc., a Westlake company (NYSE:WLK), is a leader throughout North America in the innovation, design, and production of a broad and diverse range of exterior and interior building products, including Siding and Accessories, Trim and Mouldings, Roofing, Stone, Windows and Outdoor Living. Westlake Royal Building Products manufactures high quality, low maintenance products to meet the specifications and needs of building professionals, homeowners, architects, engineers and distributors, while providing stunning curb appeal with an unmatched array of colors, styles, and accessories.

For more information, please visit WestlakeRoyalBuildingProducts.com. Follow us on LinkedIn and Instagram and “Like” us on Facebook.

Contacts

Media Contacts:

Kelly Nguyen

Planit

KNguyen@planitagency.com
(609) 385-6701

Sarah Lograsso

Westlake Royal Building Products

SLograsso@Westlake.com

TORONTO–(BUSINESS WIRE)–Rentsync, a leading software and data company serving Canada’s rental housing industry, today announced it has raised a significant growth investment led by Silversmith Capital Partners. The partnership with Silversmith will enable the company to further invest in technology, expand its team, and pursue strategic acquisitions as it builds a comprehensive platform of data, software, and analytics to address the challenges of Canada’s rental housing ecosystem.

With a consistent track record of strong growth and profitability, Rentsync serves thousands of customers across Canada, including REITs, property management companies, and property developers. The company offers a range of innovative products and services designed to empower owners and landlords to streamline workflows, engage tenants, and maximize property potential.

“We are thrilled to partner with the team at Silversmith, who bring not only deep sector and operational expertise but also a successful history of backing Canadian growth companies,” said Max Steinman, CEO of Rentsync. “Silversmith’s commitment to building category-leading businesses aligns perfectly with our long-term vision to simplify and optimize the rental housing experience for owners, managers, marketers, and renters alike.”

Silversmith has a long and successful history of investing in, and partnering with, Canadian software companies and entrepreneurs, having led growth investments or supported acquisitions in every major region of the country—including Calgary, Montreal, Toronto, and Vancouver. Notable investments in which Silversmith served as the first institutional investor include Absorb Software and Apryse (fka PDFTron Systems).

“As a firm, we are focused on partnering with growing, profitable businesses led by domain experts, and Rentsync embodies these attributes,” said Jim Quagliaroli, Managing Partner at Silversmith. “We’re excited to support Max and his talented team as their first institutional investor as they continue to grow both organically and through strategic acquisitions.”

“The combination of software and data via its numerous listing sites, sticky workflow software, and data and analytics offerings make Rentsync’s value proposition clear. The best is yet to come for Rentsync and its valued customers,” remarked Matthew Nash, Vice President at Silversmith.

In connection with the investment, Silversmith Senior Advisors Mike Owens, Co-Founder & former CEO of Absorb Software, and Mike Volpe, former CEO of Lola.com (acquired by Capital One) and former CMO of HubSpot (NYSE: HUBS), have joined Rentsync’s Board of Directors alongside Quagliaroli and Nash. The Board also includes CEO Max Steinman and Dan Jauernig, former CEO of Apartments.com and Cars.com (NYSE: CARS).

Stikeman Elliott and Kirkland & Ellis served as legal counsel to Silversmith Capital Partners. Software Equity Group (SEG) and Borden Ladner Gervais (BLG) served as advisors to Rentsync.

About Rentsync

Based in Toronto, Rentsync is a leading software and data company, specializing in serving the Canadian rental housing industry. Rentsync offers a range of innovative products and services designed to streamline rental property marketing, leasing, and property management. It also owns and operates the Rentals.ca Network, the leading online marketplace for rental housing in Canada. Its commitment to professionalism, innovation, and accessibility has made it a trusted leading partner for rental housing marketers, leasing agents, and renters.

About Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $3.3 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Apryse, DistroKid, impact.com, Iodine Software, LifeStance Health, Onbe, and Webflow. For more information, including a full list of portfolio investments, visit www.silversmith.com or follow the firm on LinkedIn.

Contacts

Giacomo Ladas — gladas@rentsync.com

TORONTO–(BUSINESS WIRE)–Total Home Windows and Doors proudly announces the launch of its groundbreaking TotalSeal™ UltraSlim Series—a revolutionary advancement in vinyl window technology that seamlessly combines minimalist aesthetics with superior performance.

Engineered for the discerning homeowner, the UltraSlim Series boasts a sleek 2 7/8-inch frame width and a 4 9/16-inch depth, offering a refined, contemporary look without compromising structural integrity. This is achieved through a multi-chambered internal design that enhances both thermal efficiency and durability.

“The UltraSlim Series is a testament to our commitment to innovation,” says Daniel Klein, Project Manager at Total Home Windows and Doors. “We’ve managed to create a window that not only meets but exceeds expectations in both form and function.”

Key Features of the TotalSeal™ UltraSlim Series:

• Hidden Gasket Technology: Innovative concealed rubber gaskets provide a smooth, uninterrupted surface, enhancing both aesthetics and weather resistance.
• Fusion-Welded Construction: Ensures airtight seals and long-term durability, reducing energy costs and maintenance needs.
• Super Spacer^® Technology: Introduces warm-edge spacers that regulate temperatures, minimizing condensation and enhancing comfort.
• Argon Gas Fill: Fills the space between panes with inert gas, significantly improving insulation and reducing heat transfer.

The TotalSeal™ UltraSlim Series is now available to trade professionals, with volume pricing offered for qualified builders, contractors, and developers working on large-scale or multi-unit projects.

With a reputation built on quality and customer satisfaction since 2007, Total Home Windows and Doors continues to lead the industry with innovative solutions tailored to the unique demands of the Canadian climate.

For more information or to schedule a free consultation, visit thwindowsdoors.com or call 416-661-6666.

Contacts

Media Contact:
Vitaly Shapiro

Vice President of Sales

Total Home Windows and Doors

Email: info@thwindowsdoors.com
Phone: 416-661-6666

LPT Holdings Debuts Aperture Global Real Estate with Commitments from Agents Representing over $1 Billion in Annual Sales

LAKE MARY, Fla.–(BUSINESS WIRE)–LPT Holdings is proud to announce its new global luxury real estate brand, Aperture Global Real Estate, has launched today. As the first independent luxury brokerage to debut with a global launch at inception, Aperture enters the market with a groundbreaking international footprint. The brand is launching in 15 U.S. states and four international cities, including key markets such as Miami, London, New York, Toronto, and Lisbon — with nearly 20 more global locations coming soon.

Following the success of LPT Realty, recognized as the fastest-growing real estate firm in the U.S., founder and CEO Robert Palmer now expands the company’s vision into the global luxury market. Aperture has attracted top industry leaders to its management team, such as Michael Valdes, former Global Vice President of Sotheby’s for 15 years, who joins as Global President of Aperture and CEO of LPT International, and Mercedes Saewitz, former Principal Broker and founding agent at Compass, now Senior Vice President of Operations at Aperture.

“Aperture was born from a clear gap in the global luxury space,” said Palmer. “We are creating a brand that delivers world-class marketing, exceptional client experiences, and personalized service on a global scale.”

Aperture offers an exclusive portfolio of premier homes, estates, and penthouses in the most desirable locations. Its agents deliver bespoke services to meet the needs of discerning buyers and sellers worldwide.

“This is the future of luxury real estate,” said Valdes. “We combine tailored marketing, exclusive media access, and cutting-edge technology to offer a seamless global solution never before available in this space.”

At launch, Aperture already boasts commitments from more than 100 elite brokers representing over $1 billion in annual sales. These industry leaders join from renowned firms like Sotheby’s, Brown Harris Stevens, Douglas Elliman, eXp, Compass, and Keller Williams.

“Our agents are drawn by the opportunity to be part of a bold, global network,” said Saewitz. “Aperture offers access, influence, and innovation that elevate what luxury real estate can be.”

Leveraging proprietary advanced technologies like addressable CTV, which enables precision targeting of qualified, high-intent buyers, Aperture connects clients to prestigious properties more seamlessly than its competition while ensuring maximum visibility on local, national, and international levels.

As part of LPT’s innovative model, Aperture is poised to set a new benchmark in luxury real estate while creating unparalleled opportunities for agents and clients alike.

“Agents are already collaborating across continents, securing exclusive listings, and driving global referrals,” added Palmer. “The vision is alive — and it’s only just beginning.”

Learn more at apertureglobal.com.

About Aperture Global Real Estate

Aperture is a next-generation luxury brokerage backed by LPT Holdings, redefining elite real estate through innovation, influence, and agent empowerment. Launched in 2025 by Robert Palmer, Aperture operates in the U.S., UK, Canada, Portugal, and beyond—delivering global reach, bespoke marketing, and one of the industry’s most lucrative platforms. Learn more at apertureglobal.com.

About Robert Palmer

Robert Palmer is a visionary entrepreneur and founder of several award-winning companies, including LPT Realty. He is recognized for transforming the real estate business and bringing forward-thinking marketing strategies that have redefined industry norms. His career is marked by leveraging cutting-edge technologies to bridge gaps and solve challenges for consumers, agents, and industry professionals. Robert has revolutionized the real estate industry through technological and marketing excellence.

About LPT Holdings

LPT Holdings is a real estate innovation company focused on empowering agents through choice, technology, and opportunity. As the parent company of LPT Realty and Aperture Global Real Estate, LPT Holdings brings together a portfolio of forward-thinking brands redefining how agents grow, operate, and thrive in today’s market. Founded by entrepreneur Robert Palmer, LPT Holdings is committed to delivering agent-centric solutions at scale—combining traditional real estate fundamentals with next-generation tools, equity models, and support systems. With a mission to build a brokerage for life, LPT Holdings is shaping the future of the industry.

Contacts

Media Contact
LPT-Aperture@hundredstoriespr.com
+1 646-258-0026

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 months ended March 31, 2025 (“Q1 2025”). Management will host a conference call to discuss the financial results on May 8, 2025 at 10:00 a.m. (ET).

HIGHLIGHTS

• Comparative properties net operating income (“comparative properties NOI”)¹ was $6.1 million in Q1 2025, a 0.8% increase from Q1 2024. Net rental income was $6.2 million in Q1 2025 or $0.4 million lower than the prior year comparative quarter. The decrease was mainly due to an increase in investment properties operating expenses driven by the timing of certain realty tax bills.

• Diluted funds from operations (“FFO”) per Unit² was $0.17 for Q1 2025, consistent with Q1 2024, comprising a slight increase in comparative properties NOI, offset by a decrease in interest and other income and an increase in general and administrative expenses.

• Portfolio occupancy was 93.3% as at March 31, 2025 and compares to 93.4% at the end of Q4 2024. Occupancy in the Greater Oklahoma City region was 94.2%, Greater Dallas-Fort Worth region was 92.5% and Greater Cincinnati region was 92.9%. During the quarter we completed renovations on nine units in the Greater Cincinnati region.

• Average monthly rent at March 31, 2025 was $1,182 per unit compared to $1,181 per unit at December 31, 2024.

• Maintaining conservative balance sheet and financial flexibility. Net total debt-to-net total assets³ was 33.0% as at March 31, 2025, consistent with December 31, 2024. Total mortgages payable were $124.1 million, consisting of nine fixed rate mortgages with a weighted average contractual interest rate of 4.0%. Total amounts outstanding on the revolving credit facility were $15.0 million. Total assets (per condensed consolidated financial statements) were $408.7 million as at March 31, 2025. Total assets comprised primarily $399.6 million of investment properties and $6.4 million of cash and cash equivalents.

• Strategic Review. On February 12, 2025, the REIT announced that it had commenced a strategic review process (“Strategic Review”) to identify, evaluate and pursue a range of strategic alternatives with the goal of maximizing unitholder value. TD Securities Inc. has been engaged as financial advisor and the Strategic Review is currently underway.

_______________________________________________

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 March 31, 2025 and March 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.

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 Net total debt-to-net total assets is a non-GAAP ratio. 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.

Dream Residential REIT has not established a definitive timeline to complete the Strategic Review process nor any transaction and no decisions have been reached at this time. As such, the process is subject to unknown variables, including the costs, structure, terms, timing and outcome. There can be no assurance that the Strategic Review will result in any transaction or initiative or, if a transaction or initiative is undertaken, the terms or timing of such a transaction or initiative and its impact on the financial condition, liquidity, and results of operations of the REIT. The REIT does not intend to disclose further developments in connection with the review until it is determined that disclosure is necessary or appropriate or required.

“Dream Residential REIT continued to deliver steady financial and operational performance in Q1 2025,” said Brian Pauls, Chief Executive Officer of Dream Residential REIT. “While facing a challenging operating backdrop, we are pleased that the REIT delivered positive year-over-year comparative properties NOI growth and maintained strong occupancy and rent levels.”

• Q1 2025 net income was $(8.1) million, which comprises net rental income of $6.2 million, fair value adjustments to investment properties of $(1.5) million and fair value adjustments to financial instruments of $(9.7) million, primarily from the revaluation of Class B units of DRR Holdings LLC, a subsidiary of the REIT (“Class B Units” — together with the units of the REIT (“Trust Units”, “Units”). Other income and expenses totalled $(3.1) million.
• Total equity (per condensed consolidated financial statements) was $230.9 million as at March 31, 2025, compared to $240.5 million as at December 31, 2024, driven by the Q1 2025 net loss and distributions paid and payable.
• Net asset value (“NAV”)⁴ per Unit was $13.37 as at March 31, 2025, compared to $13.39 as at December 31, 2024.
• The REIT declared distributions totalling $0.105 per Unit during Q1 2025.

FINANCIAL HIGHLIGHTS

	Three months ended March 31,
(in thousands unless otherwise stated)		2025		2024
Operating results
Net income (loss)	$	(8,051)	$	816
FFO(1)		3,404		3,447
Net rental income		6,236		6,633
Comparative properties NOI(10)		6,131		6,081
Comparative properties NOI margin(11)		50.9%		50.6%
Per Unit amounts
Distribution rate per Trust Unit	$	0.105	$	0.105
Diluted FFO per Unit(2)(3)		0.17		0.17
See footnotes at end

________________________________________________

4 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 income for Q1 2025 was $(8.1) million compared to $0.8 million in Q1 2024 and comprises fair value adjustments to investment properties of $(1.5) million and fair value adjustments to financial instruments of $(9.7) million. FFO for Q1 2025 and the prior year comparative quarter was consistent year-over-year at $3.4 million. Q1 2025 diluted FFO per Unit was $0.17 consistent with prior year comparative quarter at $0.17.

Net rental income for Q1 2025 was $6.2 million compared to $6.6 million in the prior year comparative quarter. The decrease in net rental income from the comparative quarter was largely driven by the timing of certain realty tax bills. Comparative properties NOI for Q1 2025 and prior year comparative quarter remained consistent at $6.1 million. Comparative properties NOI margin for Q1 2025 was 50.9%, compared to 50.6% in the prior year comparative quarter. Q1 2025 comparative properties NOI includes comparative investment properties revenue of $12.1 million, which increased by $0.1 million from the comparative quarter driven by positive blended lease trade-outs and rental premiums from our value-add program. Investment properties operating expenses remained flat at $5.9 million compared to the comparative quarter when excluding the impact of IFRIC 21, as a result of lower payroll costs and other expenses, which were generally offset by higher utilities and property taxes.

PORTFOLIO INFORMATION						As at
		March 31, 2025		December 31, 2024		March 31, 2024
Total portfolio
Number of assets		15		15		15
Investment properties fair value (in thousands)	$	399,555	$	400,502	$	398,140
Units		3,300		3,300		3,300
Occupancy rate – in place (period-end)		93.3%		93.4%		93.8%
Average in-place base rent per month per unit	$	1,182	$	1,181	$	1,155
Estimated market rent to in-place base rent spread (%) (period-end)		3.0%		4.0%		9.8%
Tenant retention ratio(12)		57.5%		55.9%		57.2%
See footnotes at end

ORGANIC GROWTH

Weighted average monthly rent as at March 31, 2025 was $1,182 per unit, compared to $1,181 per unit at December 31, 2024. Rental rates increased 0.2% in the Greater Cincinnati region, decreased 0.1% in the Greater Oklahoma City region, and remained consistent in the Greater Dallas-Fort Worth region since December 31, 2024.

During Q1 2025, blended lease trade-outs averaged 0.4% compared to 1.4% in Q4 2024. This comprises an average increase on renewals of approximately 4.0% (December 31, 2024 – 4.6%) and an average decrease on new leases of approximately 4.3% (December 31, 2024 – decrease of 2.3%). As at March 31, 2025, estimated market rents were $1,218 per unit, or an average gain-to-lease for the portfolio of 3.0%. The retention rate for the quarter ended March 31, 2025 was 57.5% compared to 55.9% for the three months ended December 31, 2024.

Value-Add Initiatives

During Q1 2025, renovations were completed on nine suites in the Greater Cincinnati region, with an additional three suites under renovation as at March 31, 2025. For the three months ended March 31, 2025, the average new lease trade-out on renovated suites was $356 per unit higher than expiring leases, or a lease trade-out of 33.5%.

“Our portfolio remains well positioned amidst an uncertain environment,” said Scott Schoeman, Chief Operating Officer of Dream Residential REIT. “We continue to prioritize occupancy and we believe that it is prudent to focus on tenant retention. We are actively managing the timing and number of suites that we plan on renovating, but continue to see strong returns on our repositioned residential units.”

FINANCING AND CAPITAL INFORMATION

				As at
(unaudited) (dollar amounts presented in thousands, except for per Unit amounts)		March 31, 2025		December 31, 2024
Financing
Net total debt-to-net total assets(4)		33.0%		33.0%
Average term to maturity on debt (years)		4.5		4.8
Interest coverage ratio (times)(5)		2.9		2.9
Undrawn credit facility	$	55,000	$	55,000
Available liquidity(6)	$	61,351	$	60,382
Capital
Total equity	$	230,903	$	240,489
Total equity (including Class B Units)(7)	$	263,394	$	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)	$	13.37	$	13.39
Trust Unit price	$	8.80	$	6.24
See footnotes at end

As at March 31, 2025, net total debt-to-net total assets⁽⁴⁾ was 33.0%, total debt was $139.1 million and total assets were $408.7 million. The REIT ended Q1 2025 with total available liquidity⁽⁶⁾ of approximately $61.4 million, comprising $6.4 million of cash and cash equivalents and $55.0 million available on its undrawn revolving credit facility.

Total equity of $230.9 million decreased from December 31, 2024 by $9.6 million, primarily due to the Q1 2025 net loss and distributions paid and payable. As at March 31, 2025, there were approximately 16.0 million Trust Units and 3.7 million Class B Units.

NAV per Unit as at March 31, 2025 was $13.37 compared to $13.39 as at December 31, 2024.

CONFERENCE CALL

Senior management will host a conference call to discuss the financial results on Thursday, May 8, 2025 at 10:00 a.m. (ET). To access the conference call, please dial 1-844-763-8274 (toll free) or 647-484-8814 (toll). To access the conference call via webcast, please go to Dream Residential REIT’s website at www.dreamresidentialreit.ca and click the link for the webcast. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call.

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 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 months ended March 31, 2025, dated May 7, 2025 (the “Q1 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 Q1 2025 MD&A and can be found in the section “Supplementary Financial Measures and Other Disclosures”. The Q1 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 our Strategic Review process and the results thereof, including our ability to pursue strategic alternatives and attain the goals thereof; that the Strategic Review will result in any transaction or initiative and our expectations regarding timing, structure, costs, terms and outcome thereof, including on the financial condition, liquidity and results of operations of the REIT; and our ability to prioritize occupancy, focus on tenant retention and the expected returns and 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; cybersecurity; 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 months ended March 31, 2025 and March 31, 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 Q1 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 March 31, 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 credit facility. The table included in the Appendices section of this press release reconciles available liquidity to the credit facility as at March 31, 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 March 31, 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.

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

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Installnet, Bard College MBA program analysis finds avoided greenhouse gas emissions are nine times more than estimates

• Diverting office furniture from landfills delivers strong environmental and community benefits
• Call for industry to adopt Life Cycle Assessments

BOWIE, Md.–(BUSINESS WIRE)–New research released today finds that diverting three of the most reused office items from landfill – task, desk and stack chairs – avoids far more greenhouse gas (GHG) emissions than methodologies currently used by the industry. The research, by furniture solutions company Installnet and Bard College’s MBA program, “Standard Reporting Omits Most Benefits of Reusing Office Furniture – This Must Change,” was developed as part of a new collective’s effort to develop and implement real world solutions to reduce waste.

To determine how accurate existing tools are at estimating the environmental impact of furniture diversion from landfill, researchers compared them with actual measures developed through Life Cycle Assessments (LCAs) and Environmental Product Declarations (EPDs). The research finds that the current industry standard for measuring the impact of these efforts relies on the U.S. Environmental Protection Agency’s Waste Reduction Model (WARM), which significantly underestimates the greenhouse gas emissions avoided through reuse, resale, repurpose, and recycling.

“We have seen firsthand the value of these efforts on the environment and the community, but this analysis reveals, for the first time, that we’re actually avoiding nine times more GHG emissions than the WARM estimates show,” said Installnet CEO Dale Ewing. “This is huge. It’s time for the industry to embrace sustainable decommissioning and move toward a more accurate understanding of the actual impact that things like take-back, donation and resale programs.”

The Installnet Ecoserv program has diverted more than 55 million pounds of waste from landfill since 2012 through reuse, resale, relocation and recycling, including donations to groups in more than 3,200 communities across North America. The donations help local nonprofits, schools, first responders and other organizations devote more resources to their missions and reduce the GHG emissions that worsen climate change. Each year, more than 146 million tons of solid waste goes to landfills in the U.S., generating dangerous methane gas emissions that worsen climate change. An estimated 12 million tons of that waste is furniture.

The research was done by Deanna Diaz, a recent graduate of the Bard College MBA program in sustainability, and John Friedman, a leader in corporate sustainability initiatives.

“Only a few manufacturers share cradle-to grave LCAs and only for a select group of newer products,” Diaz said. “And the information is very difficult to find. Transparency of a product’s environmental impact remains an exception rather than the norm.”

Developing LCAs is time consuming and costly for manufacturers, Friedman explained.

“Starting with the items most likely to be reused will help the industry demonstrate the actual impact of sustainable decommissions,” Friedman said. “And because LCAs are independently verified, this will help meet new reporting standards and requirements.”

The research is part of a collective founded by Installnet, called Ecoserv Net Zero (ENZO). The collective is sharing lessons learned and best practices in sustainable decommissions to create industry standards. It is also documenting processes, procedures and practices to become assurance ready and meet new reporting requirements.

Installnet is a recognized leader in sustainability. Its rapidly growing Ecoserv program keeps unused furniture and other assets in circulation, instead of sending them to landfill.

If you are interested in participating in the effort and getting zero done, please contact Lila Grant at enzo@installnet.com.

About Installnet

Installnet provides professional project management services in the United States and Canada. Our network of over 350 highly qualified independent furniture installation companies provide exceptional service in more than 100 major markets. Our custom solutions range from Ecoserv, an award-winning sustainable decommission program to Installhub, a self-serve platform of installation companies.

About The Bard MBA in Sustainability. Bard College’s graduate business degree fully integrates a focus on mission-driven business. Ranked the #1 Green MBA three years running and the #2 MBA for Non-Profit Management by the Princeton Review, the program was also recognized as the #4 Worldwide in the “Better World MBA” ranking by Corporate Knights. Based in New York City, the program features one-weekend per month in-person instruction plus on-line structure to support working adult students from across the US.

Contacts

Jessica Clark

jclark@installnet.com

Lila Grant

enzo@installnet.com