HOUSTON–(BUSINESS WIRE)–Westlake Royal Building Products^™ (“Westlake Royal”), a Westlake company (NYSE: WLK), is expanding its Versetta Stone^® siding offerings with the addition of three new colors—Granite Peak, Lunar Drift and Glen Canyon—reflecting the latest trends in home design for interior and exterior applications. Featuring a panelized format that simply hangs with screws, Versetta Stone siding provides the beauty and texture of authentic stone masonry without the added time required for installation.

The colors comprise both bold and neutral tones for ultimate versatility:

• Granite Peak: A dark gray stone siding, Granite Peak features rich tones and natural variances that embody a contemporary aesthetic. The hue delivers a striking, sophisticated visual contrast that adds a wow factor to any application.
• Lunar Drift: Lunar Drift’s white stone siding exudes a clean, modern elegance that can brighten any façade. Its subtle variations add depth for a bold sensibility.
• Glen Canyon: Like its namesake, Glen Canyon’s warm, earthy tones evoke a sense of comfort and natural beauty. Its textured surface and varied shades create an inviting atmosphere.

“Consumers continue to be drawn to rich hues that reflect both a sense of timelessness and a modern appeal, and these three new colors deliver on those trends,” said Steve Booz, vice president of marketing at Westlake Royal Building Products. “From the creamy white-gray of Lunar Drift to the modern gray of Granite Peak to the desert-like tans and taupes of Glen Canyon, each new color brings a level of authenticity and natural appeal to exterior and interior applications.”

The new colors are available in two of Versetta Stone’s profiles: Tight-Cut, a rugged texture with purposeful irregularity and a well-worn look that suggests years in the elements, and Ledgestone, offering the traditional look of quarried limestone fitted tightly together to emulate rural 19th-century American architecture.

To learn more, visit www.versettastone.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 Contact:

Kriss Swint

Westlake Royal Building Products

Kswint@Westlake.com

This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts in our tables are presented in thousands of Canadian dollars, except for rental rates and per unit amounts, unless otherwise stated.

TORONTO–(BUSINESS WIRE)–DREAM OFFICE REAL ESTATE INVESTMENT TRUST (D.UN-TSX) (“Dream Office REIT”, the “Trust” or “we”) today announced its financial results for the three months ended December 31, 2024. Management will host a conference call to discuss the financial results on Monday, February 24, 2025, at 10:00 a.m. (ET).

OPERATIONAL HIGHLIGHTS AND UPDATE
(unaudited)

	As at
	December 31,				September 30,			December 31,
		2024			2024			2023
Total properties(1)
Number of active properties		24			26			26
Number of properties under development		2			1			2
Gross leasable area (in millions of square feet)		4.8			5.1			5.1
Investment properties value	$	2,175,015		$	2,303,308		$	2,342,374
Total portfolio(2)
Occupancy rate – including committed (period-end)		81.1%			84.5%			84.4%
Occupancy rate – in-place (period-end)		77.5%			80.9%			82.0%
Average in-place and committed net rent per square foot (period-end)	$	27.20		$	26.37		$	26.35
Weighted average lease term (years)		5.5			5.2			5.2
Occupancy rate – including committed – Toronto (period-end)		83.8%			88.0%			89.0%
Occupancy rate – in-place – Toronto (period-end)		80.2%			84.5%			85.4%
See footnotes at end.

		Three months ended
		December 31,			December 31,
		2024			2023
Operating results
Funds from operations (“FFO”)(3)	$	14,104		$	14,588
Comparative properties net operating income (“NOI”)(4)		24,742			24,756
Net rental income		27,286			25,760
Net loss		(19,101)			(42,424)
Per unit amounts
Diluted FFO per unit(5)(6)	$	0.72		$	0.75
Distribution rate per Unit(6)		0.25			0.50
See footnotes at end.

“We continue to manage our business in a very uncertain environment with a focus on reducing risk, improving liquidity and increasing our occupancy,” said Michael Cooper, Chief Executive Officer of Dream Office REIT. “The announced sale of 438 University is an attractive transaction for the Trust that will immediately reduce debt and increase liquidity. Our proposed plan to convert 606-4^th Ave in Calgary from an office building to a new residential rental building will mitigate future office leasing risk in a very challenging market, diversify the Trust’s source of income and improve the average quality of our portfolio. We will be very focused on leasing 74 Victoria and other vacancies in our portfolio to improve occupancy in 2025.”

In the midst of significant macro-economic uncertainties and continuing challenges in the Canadian office real estate sector, the Trust remains focused on delivering stable operational and financial performance in 2025 and beyond.

We believe our portfolio is well-located, difficult to replace and uniquely positioned to outperform over the long term. Through our plan to invest capital in our best buildings over the past six years, the renovations across our best assets are substantially complete and we have created a uniquely competitive portfolio that is well positioned to attract high-quality tenants.

Relative to Q3 2024, our in-place occupancy decreased from 80.9% to 77.5% and our in-place and committed occupancy rate decreased from 84.5% to 81.1%. The quarter-over-quarter decrease of 3.4% of total portfolio in-place occupancy was attributable to the reclassification of 438 University Avenue to properties held for sale (-1.2%), 23,000 square feet of negative absorption in Other markets (-0.5%) which was partially offset by the reclassification of 606-4th Building & Barclay Parkade to properties under development (+0.5%), and 142,000 square feet of net negative absorption at 74 Victoria Street for a previously known and announced lease expiry during Q4 2024 (-3.1%). Despite this lease expiry, occupancy in Toronto downtown only decreased by 98,000 square feet as the Trust had positive absorption totalling 43,000 square feet over the remainder of the region quarter-over-quarter (+0.9%). Subsequent to the quarter, the Trust signed a conditional lease for approximately 54,000 square feet at 74 Victoria Street for a term of 5 years at approximately $28.50 net rent per square foot to increase the committed occupancy at 74 Victoria from 46% to 67%. The Trust is also in negotiations with prospective tenants for up to an additional 50,000 square feet. As part of the leasing strategy at 74 Victoria, the Trust is undergoing a renovation program to modernize the lobby and is constructing built-out space on certain floors to help attract future potential tenants.

Year-over-year, total portfolio in-place occupancy decreased from 82.0% in Q4 2023 to 77.5% in Q4 2024 and our in-place and committed occupancy declined from 84.4% in Q4 2023 to 81.1% in Q4 2024. In-place occupancy declined year-over-year due to negative absorption in both regions due to the reasons previously mentioned above. Excluding the effect of the lease expiry at 74 Victoria, Toronto downtown experienced overall net positive absorption of 0.9% in the remainder of its properties in the region compared to the prior year.

The Trust has 164,000 square feet of vacancy committed for future occupancy. In Toronto downtown, 95,000 square feet, or 3.3% of the region’s total gross leasable area, is scheduled to commence in 2025 at net rents 1.6% above prior net rents on the same space with a weighted average lease term of 8.2 years and 9,000 square feet in 2026 at 15.4% higher net rents than prior net rents on the same space with a weighted average lease term of 15.0 years.

In the Other markets region, 60,000 square feet, or 3.5% of the region’s total gross leasable area, is scheduled to commence in 2025 at 21.1% below prior net rents on the same space with a weighted average lease term of 12.6 years.

During Q4 2024, the Trust executed leases totalling approximately 122,000 square feet across its portfolio. In Toronto downtown, the Trust executed 43,000 square feet of leases at a weighted average initial net rent of $33.45 per square foot, or 5.5% higher compared to the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 5.0 years. In the Other markets region, comprising the Trust’s properties located in Calgary, Saskatoon, Regina, Mississauga, Scarborough and the United States (“U.S.”), the Trust executed leases totalling 79,000 square feet at a weighted average initial net rent of $16.99 per square foot, or 16.4% lower than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 7.8 years. Subsequent to December 31, 2024, the Trust executed a further 76,000 square feet of leases in Toronto downtown at a weighted average initial net rent of $29.42 per square foot.

Since the beginning of the year to today’s date, the Trust has executed leases totalling approximately 710,000 square feet across its portfolio. In Toronto downtown, the Trust has executed 411,000 square feet of leases at a weighted average initial net rent of $33.84 per square foot, or 8.1% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 5.8 years. In the Other markets region, the Trust has executed leases totalling 299,000 square feet at a weighted average initial net rent per square foot of $16.49, or 3.0% lower than the weighted average prior net rents on the same space, with a weighted average lease term of 7.3 years.

2025 REVOLVING CREDIT FACILITY AND MORTGAGE REFINANCING UPDATE

Subsequent to the quarter, the Trust obtained conditional credit approval for an extension of its $375 million credit facility from its existing syndicate of lenders. Prior to the Trust’s refinancing efforts during the year, the Trust’s 2025 debt maturities, including commitments, totalled $741 million, or 53.0% of its total debt stack. Since the beginning of 2024 to today’s date, the Trust has refinanced or received credit approval for a total of $711 million of maturing 2025 debt without paydown and at terms attractive to the Trust, which has eliminated all the Trust’s near-term refinancing risk.

The Trust is in advanced negotiations for its remaining $30 million mortgage maturity and anticipates the refinancing will be complete by Q2 2025.

The Trust’s 2026 debt maturities total $165.5 million across six mortgages. The Trust anticipates that it will be able to successfully address all of its 2026 debt expiries at or before maturity.

DISPOSITION OF 438 UNIVERSITY AVENUE

On January 24, 2025, subsequent to the quarter, the Trust announced that it entered into a binding agreement to sell 438 University Avenue in Toronto, Ontario, for gross proceeds before transaction costs of approximately $105.6 million or approximately $327 per square foot.

As part of the transaction, the Trust secured the benefit of relocating approximately 17,000 square feet of tenants from 438 University Avenue to other downtown Toronto buildings within the Trust’s portfolio which will increase net operating income in those buildings by over $1 million on an annual basis. In addition, the Trust also received a relocation right to move one of the last tenants at 250 Dundas St. W. so that the building is fully unencumbered which would reduce costs significantly in the development, thereby improving the profit and value of our purpose-built rental development site.

The Trust and the purchaser have also entered into a property management agreement at market terms for the Trust to continue to manage the property for the purchaser for a period of three years.

We believe the transaction is attractive to the Trust as we estimate that these combined incremental benefits represent a value of over $20 million or $62 per square foot to the Trust. The Trust intends to use the proceeds to repay the $68.9 million property mortgage outstanding and use the balance of the proceeds to pay down its corporate credit facility to reduce leverage and improve liquidity. The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions.

As at December 31, 2024, the Trust classified 438 University Avenue as an asset held for sale totalling $105.6 million, or approximately $327 per square foot and associated liabilities totalling $68.9 million.

REDEVELOPMENT OF 606-4th BUILDING & BARCLAY PARKADE

Since the end of 2014, the Trust has sold 64 buildings spanning 7.1 million of owned square feet in western Canada for $1.3 billion or approximately $177 per square foot which the Trust believes is attractive pricing relative to private market valuations in today’s market.

The Calgary Office market has remained very challenging with vacancy elevated at 27%⁽⁷⁾ over the trailing ten-year average. The Trust’s remaining three assets in the city, spanning approximately 464,000 square feet, are well located and in good condition with a weighted average occupancy of 84.9%, well above Downtown Calgary’s office occupancy of approximately 70%⁽⁸⁾ as at Q4 2024. The Trust continually explores strategies to reduce risk and improve the value of individual assets within the portfolio.

Over the past year, the Trust has been working on the design, approvals and strategic partnerships to create a financially viable redevelopment model. The redevelopment opportunity will convert the existing 126,000 square foot office building into a brand new 166-unit, purpose-built rental residential apartment. Concurrently, the Trust is working to relocate the office tenants within 606-4th Building to the adjacent 444-7th Building. At a 4.6%⁽⁹⁾ apartment market vacancy and 30%⁽⁸⁾ office vacancy in Calgary, this pivot in strategy derisks the portfolio while unlocking value. In addition, this strategy will allow the Trust to improve the occupancy of 444-7th while creating a new residential rental building in downtown Calgary, thereby reducing the operational and financial risk of both buildings.

The Trust is in advanced stages of negotiations for a grant of up to $11 million from the City of Calgary for residential conversion at 606-4th Building & Barclay Parkade as part of the City’s Calgary Downtown Development Strategy Incentive Program. The Trust is also in the process of securing government financing for a ten-year loan at an interest rate lower than that of conventional development and mortgage loans. The Trust is currently in the process of finalizing a construction management contract following a market bid process and is also in discussions to potentially bring in a joint venture partner on the project to further reduce construction and balance sheet risk.

With considerations of the above milestones that were achieved on the project during the quarter, the Trust has reclassified 606-4th Building & Barclay Parkade to properties under development.

67 RICHMOND STREET WEST – REDEVELOPMENT PROJECTS UPDATE

The development project at 67 Richmond Street West comprises full modernizations of the property, including technical systems, interior lighting and elevators, along with enhanced common areas and larger floorplates.

To date, we have spent $9.6 million on the project at 67 Richmond Street West, $6.3 million of which has been funded by the CIB Facility. As a result of the redevelopment, the Trust attracted Daphne restaurant, which has been awarded Best Upscale Restaurant by Hospitality Design, for the entire ground floor retail space for a term of ten years. Including a 6,500 square foot office lease signed during the quarter at net rents of $21.05 per square foot, the Trust has leased 18,600 square feet of the 51,000 square foot building and is currently in active discussions with prospective tenants for the remainder of the space in the building. During the quarter, the scope of the project at 67 Richmond Street West was expanded to include building out model suites for the remainder of the vacant space at the property to meet the current market demand for move-in ready space and reduce lease-up time.

During the year, the Trust implemented a model suite program investing capital in identified spaces across our portfolio to create move-in ready spaces. The program was implemented for nine suites, representing 56,000 square feet across four of its buildings and has since executed deals on all of the four completed suite spaces. The Trust anticipates replicating this strategy at 67 Richmond Street West will attract high-quality tenants to this building. With the expansion in project scope, 67 Richmond Street West is expected to be completed at the end of Q2 2025.

FINANCING AND LIQUIDITY UPDATE

KEY FINANCIAL PERFORMANCE METRICS		As at
(unaudited)		December 31,			December 31,
		2024			2023
Financing
Weighted average face rate of interest on debt (period-end)(10)		4.75%			4.53%
Interest coverage ratio (times)(11)		1.8			2.0
Net total debt-to-normalized adjusted EBITDAFV ratio (years)(12)		12.1			11.5
Level of debt (net total debt-to-net total assets)(13)		52.9%			50.0%
Average term to maturity on debt (years)		3.4			3.3
Undrawn credit facilities, available liquidity and unencumbered assets
Undrawn credit facilities (in millions)	$	119.7		$	174.0
Available liquidity (in millions)(14)		138.0			187.2
Unencumbered assets (in millions)(15)		2.3			17.1
Capital (period-end)
Total number of REIT A and LP B units (in millions)(6)(16)		19.0			18.9
Net asset value (“NAV”) per unit(6)(17)	$	59.47		$	66.31
See footnotes at end.

As at December 31, 2024, the Trust had $2.6 billion of total assets, including $2.2 billion of investment properties, $1.3 billion of total debt and $1.1 billion of equity.

During the quarter, the Trust closed on its $225.0 million maturity mortgage loan at Adelaide Place with a syndicate of global and Canadian financial institutions for a term of five years at a floating interest rate based on the daily Canadian Overnight Repo Rate Average (“CORRA”) plus 2.40%. In connection with the refinancing, the Trust entered into a fixed-for-variable swap to fix the interest rate on the mortgage at 5.479%.

On December 17, 2024, the Trust negotiated a one-year extension to December 7, 2026 for a $66.5 million interest-only mortgage secured by a property in Scarborough, Ontario, bearing interest at daily CORRA plus 2.245%. The Trust has previously entered into a fixed-for-variable interest rate swap relating to this mortgage, fixing the interest rate at approximately 6.44%.

As at December 31, 2024, the Trust had approximately $138.0 million of available liquidity⁽¹³⁾, comprising $18.3 million of cash, undrawn revolving credit facilities totalling $38.2 million, undrawn amounts on our non-revolving term loan facility pertaining to the 15-year lease at 366 Bay Street totalling $0.4 million and undrawn amounts on our CIB Facility of $81.0 million, which provides low-cost, fixed-rate financing solely for the purpose of commercial property retrofits to achieve certain energy efficiency savings and greenhouse gas emission reductions. Subsequent to the quarter, the Trust announced the sale of 438 University Avenue which is expected to close in Q1 of 2025. The Trust intends to use the proceeds to repay the property mortgage outstanding and use the balance of the proceeds to pay down its corporate credit facility to reduce leverage and improve liquidity.

During Q4 2024, the Trust drew $3.5 million against the CIB Facility. In total, we have drawn $31.8 million against the CIB Facility since 2022. These draws represent 80% of the costs to date for capital retrofits at 13 properties in Toronto downtown for projects to reduce the operational carbon emissions in these buildings by an estimated 3,241 tonnes of carbon dioxide, or 57.5%, per year on project completion. Of the $31.8 million drawn on the CIB facility, $8.8 million was used to fund the full building retrofit of 366 Bay Street to secure a full building lease for a term of 15 years. A further $6.3 million has been used for the redevelopment of 67 Richmond Street West.

SUMMARY OF KEY PERFORMANCE INDICATORS

• Net loss for the quarter: For the three months ended December 31, 2024, the Trust generated a net loss of $19.1 million. Included in net loss for the three months ended December 31, 2024 are negative fair value adjustments to investment properties totalling $38.9 million across the portfolio, interest expense on debt of $17.3 million, impairment of vendor takeback mortgage (“VTB mortgage”) receivables totalling $4.3 million, partially offset by net rental income totalling $27.3 million, fair value adjustments to financial instruments totalling $12.3 million primarily due to remeasurement of the carrying value of subsidiary redeemable units as a result of a decrease in the Trust’s unit price over the quarter net of fair value losses on rate swap contracts due to declining market yield curves, net income from our investment in Dream Industrial REIT of $3.4 million and a net deferred tax recovery of $2.2 million relating to our sole investment property in the U.S.

• Diluted FFO per unit⁽⁵⁾⁽⁶⁾ for the quarter: For the three months ended December 31, 2024, diluted FFO per unit decreased by $0.03 per unit to $0.72 per unit relative to $0.75 per unit in Q4 2023, driven by higher interest expense (-$0.07) and lower NOI from 438 University Avenue due to lower occupancy (-$0.02), partially offset by lower tenant provisions (+$0.03), higher income relating to properties sold in prior periods for post-closing adjustments (+$0.02) and higher FFO from Dream Industrial REIT (+$0.01). Included in FFO for the three months ended December 31, 2024, are year-end cash adjustments that are included in other income and income arising from properties sold in prior periods totalling $0.07 per unit, the amounts of which could vary from period to period. Excluding these items, diluted FFO per unit for the three months ended December 31, 2024 would have been $0.65 per unit.

• Net rental income for the quarter: For the three months ended December 31, 2024, net rental income increased by 5.9%, or $1.5 million, over the prior year comparative quarter, due to an overall reduction in provisions, income from sold properties for post-closing adjustments relating to properties sold in prior periods and other income comprising a write-off of provisions which are no longer required and year-end billing adjustments.

• Comparative properties NOI⁽⁴⁾ for the quarter: For the three months ended December 31, 2024, comparative properties NOI decreased slightly by 0.1%, or $14 thousand, over the prior year comparative quarter, as higher in-place rents in Toronto downtown and Other markets from rent step-ups, higher rates on new leases and renewals and free rent expiries were offset by lower weighted average occupancy in both regions.

  For the three months ended December 31, 2024, comparative properties NOI in Toronto downtown increased by 2.1%, or $0.4 million, over the prior year comparative quarter, primarily due to higher in-place rents from rent step-ups, higher rates on renewals and new leases and free rent periods rolling off, partially offset by lower weighted average occupancy in the region primarily driven by the 206,000 square foot lease expiry at 74 Victoria in October 2024.

• In-place occupancy: Total portfolio in-place occupancy on a quarter-over-quarter basis decreased by 3.4% relative to Q3 2024. In Toronto downtown, in-place occupancy decreased by 4.3% relative to Q3 2024 as 356,000 square feet of expiries were partially offset by 209,000 square feet of renewals and 49,000 square feet of new lease commencements. The major driver of the decrease in in-place occupancy in Toronto downtown was 142,000 square feet of net negative absorption at 74 Victoria (-4.9%) for a previously known and announced lease expiry during Q4 2024. Despite this lease expiry, occupancy in Toronto downtown only decreased by 98,000 square feet as the Trust had positive absorption totalling 43,000 square feet over the remainder of the region (+1.5%). The reclassification of 438 University Avenue to assets held for sale also led to a slight decrease in in-place occupancy in the region (-0.9%). Subsequent to the quarter, the Trust entered into a binding agreement to sell 438 University Avenue and as part of the transaction, the Trust secured the benefit of relocating approximately 17,000 square feet from the sold property to other Toronto downtown buildings within its portfolio, representing approximately 0.6% of the region’s total gross leasable area.

  In the Other markets region, in-place occupancy decreased by 1.6% relative to Q3 2024 driven by net negative absorption (-1.3%) as 84,000 square feet of expiries were partially offset by 46,000 square feet of renewals and 15,000 square feet of new lease commencements and the reclassification of 606-4th Building & Barclay Parkade to properties under development (-0.3%).

  Total portfolio in-place occupancy on a year-over-year basis decreased from 82.0% in Q4 2023 to 77.5% this quarter, driven by the lease expiry at 74 Victoria Street in Toronto downtown, negative absorption in Other markets, along with the aforementioned negative effects of 438 University Avenue classified as held for sale in Toronto downtown and the reclassification of 606-4th Building & Barclay Parkade to properties under development in Q4 2024.

• Lease commencements for the quarter: For the three months ended December 31, 2024, excluding temporary leasing, 258,000 square feet of leases commenced in Toronto downtown at net rents of $34.

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

Read full story here

Survey Finds Nearly Half of Agents Planning to Increase Marketing Spend in 2025

TORONTO & NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc. (NASDAQ: REAX, “Real”), a technology platform reshaping real estate for agents, home buyers and sellers, today released results from its January 2025 Agent Survey. The findings indicate growing market momentum as 2025 begins, building off a survey high Agent Optimism Index reading in December 2024.

“For the first time in nearly three years, the housing market is showing more consistent signs of life,” said Tamir Poleg, Chairman and CEO of Real. “These early indications of recovery are a positive development for agents, buyers and sellers alike.”

“This month’s survey reinforces what we hear from agents every day—relationships drive real estate,” said Sharran Srivatsaa, President of Real. “Networking, referrals and community engagement remain the most effective lead generation sources, while social media and digital tools complement those efforts.”

Key Survey Findings: Market Trends and Insights

• Transaction Growth Index Moves into Positive Territory for the First Time: Real’s Transaction Growth Index, which measures year-over-year changes in home sales activity as reported by agents, rose to 51.3 in January, up from 47.7 in December. A score above 50 indicates year-over-year growth in transaction activity.
  • The U.S. sub-index reached 50.2—the second time it has been in expansionary territory since a brief uptick in April 2024.
  • Canada’s sub-index increased to 60.5 in January, up from 56.7 in December, continuing its expansionary streak since September 2024.
• Agent Optimism Index Holds Near Survey High: Real’s Agent Optimism Index, which tracks agent sentiment on their local market outlook over the next 12 months, came in at 74.0 in January, slightly lower than 76.4 in December, but still the second-highest reading to-date. In January, 49% of agents reported feeling more optimistic compared to the previous month, and an additional 27% felt significantly more optimistic. Only 6% of agents felt more pessimistic, while 18% were neutral.
• Markets Begin 2025 in Balance, With Slight Seller Advantage: Thirty-six percent (36%) of agents described their market as balanced in January, down from 40% in December. Meanwhile, 34% of agents reported a seller’s market, up from 30% the prior month, while 30% identified a buyer’s market, unchanged from December.
• Affordability Remains a Key Challenge for Buyers: With average mortgage rates briefly surpassing 7% again in January, 60% of agents cited affordability as the biggest hurdle for homebuyers, up slightly from 59% in December. Inventory constraints and economic uncertainty remained steady at 23% and 10%, respectively, while buyer competition remained low, with 3% of agents citing it as a key challenge.

Key Survey Findings: Lead Generation Trends

• Two-Thirds of Agents Cite Relationship-Based Lead Generation as Most Effective: When asked about their most effective lead sources, 66% of agents identified relationship-driven strategies as their primary source of business, with 42% relying on direct referrals and agent networking and 24% leveraging their sphere of influence and community engagement. Social media was cited as the most effective lead source by 13% of agents, while open houses (6%), residential search portals and traditional marketing strategies played a smaller role (each under 5%).
• Most Agents Spent Less Than $5,000 on Marketing in 2024: Given the dominance of networking and referrals, 41% of agents spent under $2,500 on marketing and lead generation in 2024, with another 20% spending between $2,500 and $5,000. Meanwhile, 15% of agents spent between $5,000 and $10,000 and 9% spent between $10,000 and $15,000. Fifteen (15%) of agents spent more, although the range varied widely. Only 3% of agents spent more than $50,000 on marketing and lead generation in 2024.
• Nearly Half of Agents Plan to Increase Marketing Budgets in 2025: Forty-seven percent (47%) of agents anticipate increasing their marketing and lead generation spend in 2025, with 35% planning a moderate increase and 12% expecting a significant boost—likely reflecting improved optimism for the year ahead. Meanwhile, 40% of agents expect to maintain their current spending levels, while only 8% foresee reducing their marketing budgets compared to 2024.
• Limited Use of Residential Search Portals, but Some Agents Invest Heavily: Only 31% of agents plan to use residential search portals (Zillow, Homes.com, Realtor.com, etc.) for lead generation in 2025, while 69% do not intend to allocate any marketing budget to these platforms. Among those who do utilize portals, 34% expect to spend less than $1,000, 14% plan to invest between $1,000 and $2,000, and 21% anticipate spending between $2,000 and $5,000. However, a subset of power users exists—31% of agents using portals (equivalent to 9% of total respondents) expect to spend over $5,000, including 7% (or 2% of total respondents) who plan to invest more than $20,000.

A summary presentation of these results can be found on Real’s investor relations website at the link here.

About the Survey

The Real Brokerage January 2025 Agent Survey included responses from approximately 900 real estate agents across the United States and Canada and was conducted between January 31, 2025 and February 7, 2025. Responses to questions regarding transaction growth and agent optimism were calibrated on a 0-100 point index scale, with readings above 50 indicating an improving trend, whereas readings below 50 indicate a declining trend. Responses are meant to capture industry-level information and are not meant to serve as an indication of Real’s company-specific growth trends. Additionally, given the smaller sample size, there can be greater variability in Canada index results on a month-to-month basis.

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 in all 50 states throughout the U.S. and Canada, Real supports over 25,000 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 the residential real estate market in the U.S. and Canada.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to expectations regarding 2025 market conditions. 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 and economic and industry downturns. 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

press@therealbrokerage.com
201.564.4221

TORONTO–(BUSINESS WIRE)–DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U and TSX: DRR.UN) (“Dream Residential REIT” or the “REIT”) today announced its February 2025 monthly distribution in the amount of US$0.035 per unit (US$0.42 annualized). The February distribution will be payable on March 14, 2025 to unitholders of record as at February 28, 2025.

About Dream Residential REIT

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.

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

TORONTO–(BUSINESS WIRE)–DREAM OFFICE REIT (TSX: D.UN) (“Dream Office” or the “Trust”) today announced its February 2025 monthly distribution of 8.333 cents ($1.00 annualized) per REIT Unit, Series A (“REIT A Units”). The February distribution will be payable on March 14, 2025 to unitholders of record as at February 28, 2025.

Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 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

Toronto-based team brings 15 experienced agents and a track record of success to the brokerage

TORONTO–(BUSINESS WIRE)–Property.ca Inc. Brokerage (Property.ca) is pleased to announce the latest milestone in its ongoing expansion: the integration of Blue Door Realty Group (Blue Door). As of December 4, 2024, Blue Door has fully transitioned into Property.ca, meeting all Toronto Regional Real Estate Board (TRREB) and Real Estate Council of Ontario (RECO) compliance requirements.

“The addition of this incredible team represents another step forward in our commitment to bringing together top-tier real estate professionals,” said Blair Anderson, Broker of Record and VP of Operations for Property.ca Inc. Brokerage. “Blue Door’s reputation for excellence and strong presence in both residential and commercial markets make it a natural fit for our brokerage as we continue to grow.”

This integration follows a period of rapid expansion for Property.ca, which continues to attract high-performing teams through its cutting-edge technology and data-driven insights. Jeff Benoliel, General Manager for Property.ca Inc. Brokerage, emphasized the strategic fit between Blue Door and Property.ca.

“We are highly selective about the teams we bring into our brokerage, ensuring they align with our culture of professionalism, innovation and client service,” said Jeff. “From our first conversations with Blue Door, it was clear that their values and approach to real estate were in perfect alignment with ours. We are delighted to welcome them.”

Founded by Dimitri Kalkounis, Blue Door has supported over 550 families since 2017, building a reputation for integrity, expertise and a client-first mentality. The team brings 15 experienced agents to Property.ca, further strengthening the brokerage’s talent roster.

“Our priority has always been to provide the best possible service to our clients while fostering a collaborative and supportive environment for our agents,” said Dimitri. “Joining Property.ca allows us to maintain our unique identity while benefiting from the brokerage’s unparalleled technology and resources. The synergy between our teams has been evident from day one, and we are excited for this next chapter.”

As part of its ongoing commitment to equipping agents with industry-leading tools, Property.ca continues to enhance its proprietary technology suite through myAbode. Being able to leverage a fully integrated real estate technology ecosystem allows agents to optimize their workflow, access real-time market data and insights and provide an enhanced client experience.

The integration of Blue Door further strengthens Property.ca’s growing network of real estate professionals. With more expansion opportunities on the horizon, the brokerage remains committed to providing its agents with the best opportunities to thrive in Canada’s competitive real estate landscape.

To learn more about joining Property.ca and unlocking new opportunities for your team, visit go.property.ca/teams.

About Property.ca Inc.

Property.ca is a licensed real estate company with over 300 agents and six offices across the Greater Toronto Area. It operates three high-traffic real estate websites: condos.ca, property.ca, and mrloft.ca, created to offer buyers and sellers rich information that enables clear, informed decisions. Property.ca made The Globe and Mail’s Canada’s Top Growing Companies list, after merging the Property.ca, Condos.ca and MrLoft.ca brands in 2018.

Contacts

For media inquiries, please contact: christinew@myabode.ca

Investment from leading climate and strategic partners positions Terra for rapid expansion of commercial facilities across North America and Europe

GOLDEN, Colo.–(BUSINESS WIRE)–Terra CO2 (Terra), a leading US-based low-carbon building materials company, today announced it has signed Series B equity commitments for US$82M from a mix of financial and strategic investors.

Co-led by Just Climate (established by Generation Investment Management), Eagle Materials (NYSE: EXP), and GenZero, the round has also attracted interest from several industrial partners with formal announcements forthcoming. Seed and Series A lead investor Breakthrough Energy Ventures (BEV) also participated in this round, reaffirming its commitment to Terra’s mission. The funding will accelerate Terra’s commercial deployment of its OPUS technology, with multiple full-scale production facilities planned across North America and initial development beginning in Europe. Closing will be subject to the fulfillment of conditions precedent.

“This strategic funding from the world’s leading climate funds and industry partners validates our approach to practical cement decarbonization at commercial scale,” said Bill Yearsley, CEO of Terra. “As we break ground on our first full-scale plant in Texas, their support enables us to accelerate our deployment across North America, and our plans to develop an early beachhead in Europe.”

Approximately 8% of global CO₂ emissions come from the cement industry, making it one of the most urgent challenges in industrial decarbonization. While other solutions require significant infrastructure changes or rely on scarce materials, Terra’s OPUS products use abundant raw materials from established mines and work within existing industry infrastructure. This approach enables immediate deployment at scale, delivering cementitious materials that perform equal to or better than traditional cement while significantly reducing carbon emissions.

“We are proud to co-lead this investment in Terra,” said Michael Haack, President and CEO of Eagle Materials. “As the supply of other Supplementary Cementitious Materials (SCMs), such as fly ash, continues to decrease in availability, increased SCM development will be crucial to fulfill the needs of our customers and in meeting the expected increases in demand for cement more broadly. This investment aligns with our goal to seek sustainable and commercially viable solutions that work within existing infrastructure.”

Since its Series A, Terra has secured agreements with Asher Materials for its first facility in the Dallas-Fort Worth area. In partnership with Eagle Materials, option agreements are also in place for multiple 240,000-ton plants across North America. The company has validated its technology through extensive piloting and successful concrete demonstrations, including the construction of a Porsche dealership in Houston, and received the “Decarbonization Solution of the Year” award in the 2024 CleanTech Breakthrough Awards. Terra has also advanced its OPUS ZERO™ technology, a 100% cement replacement solution, into full concrete trials. Most recently, The US Department of Energy (DOE) awarded Terra a US$52.6M DOE grant to support a second commercial plant.

“Terra is the type of transformational solution that Just Climate seeks to scale,” said Benoit Grobon, Managing Director at Just Climate. “Their ability to deliver a practical and cost competitive solution to one of the world’s highest-emitting and most off track sectors, along with their strategic approach to deployment, positions them to drive meaningful carbon reduction in the construction industry.”

“We invest in commercially scalable technologies with the ability to deliver deep decarbonization impact in hard-to-abate sectors such as the built environment,” said Kimberly Tan, Managing Director and Head of Investments at GenZero. “Terra’s proprietary technology is a present-day, accessible solution, which has undergone extensive testing and garnered significant commercial traction from potential customers. This means it can deliver immediate decarbonization benefits while addressing the demands of urban development and the industry’s stringent performance requirements.”

The robust support from the current world-class investor group, combined with Terra’s commercial readiness and growing market validation, has generated interest from strategic and financial investors. Terra expects a second round of investors to sign on to the Series B raise by late Q1 2025, driven by strong interest from those unable to participate in this initial signing.

As Terra prepares its first full-scale commercial plant in Texas, it has also entered into a contract with Clark Construction for the construction delivery. “Having known Clark for decades, I know they have the technical expertise to execute this project successfully. I am excited to have them on the team as one of the largest and most respected contractors in North America with the reach to complete Terra projects anywhere in the United States,” said Yearsley.

With the Series B funding, Terra will continue to accelerate the buildout of its commercial footprint, form strategic partnerships, and deploy additional facilities to meet the increasing demand for sustainable construction materials across North America and Europe.

About Terra CO2 (Terra)

Terra enables their partners to unlock low-carbon cement from source to deployment. As the critical component in creating concrete, the foundation of modern infrastructure, cement is responsible for 8% of the world’s CO₂ emissions. The CO₂ and NO_x emissions associated with cement make finding an alternative to current solutions a climate imperative.

Unique to Terra is their capability to work across a diverse range of silicate rock mineralogy, not constrained by feedstock availability. Terra’s technology allows the company to create sustainable construction materials with the most abundant and accessible raw materials on earth from already approved and open mines.

Terra’s first product, OPUS SCM™ (Supplementary Cementitious Material), is ready for commercial deployment, capable of replacing up to 50% OPC (Original Portland Cement) and addressing the industry’s carbon emissions and dwindling feedstock challenges. Terra’s OPUS ZERO™, a potential 100% replacement of OPC, is in full concrete trials. Both leverage Terra’s “drop-in” reactor solution, which seamlessly integrates with existing infrastructure and sets the foundation for the transition to real zero cement.

Validated by third parties, Terra’s materials perform equal to or better than traditional cementitious products.

Terra is headquartered in Golden, Colorado, and is led by a team of industry experts. For more information, please visit: https://terraco2.com/

About Just Climate

Established by Generation Investment Management, Just Climate is a specialist investment business focused on scaling solutions for the highest-emitting, most off-track sectors of the economy. The challenge of achieving a net-zero world and addressing climate-related risk is huge, urgent and needs tremendous mobilisation of capital. Just Climate’s mission is to establish climate-led investing as a capital allocation imperative for institutional investors globally. For more information, please visit us at justclimate.com.

About GenZero

GenZero is an investment platform company focused on accelerating decarbonization globally. Founded by Temasek, it seeks to deliver positive climate impact alongside long-term sustainable financial returns by investing in opportunities with the potential to be nurtured into impactful and scalable solutions.

Driven by a common purpose to decarbonize for future generations, GenZero recognizes the need for a holistic and integrated approach to achieve a net zero world. It adopts a flexible investment approach across three focus areas to drive climate impact: (i) nature-based solutions that help protect and restore natural ecosystems while benefiting local communities and biodiversity; (ii) technology-based solutions that deliver deep decarbonization impact; and (iii) carbon ecosystem enablers that support the scaling of carbon markets and enable broader industry decarbonization.

For more information on GenZero, visit www.genzero.co.

About Eagle Materials

Eagle Materials Inc. (NYSE: EXP) is a leading U.S. manufacturer of heavy construction products and light building materials. Eagle’s primary products, Portland Cement and Gypsum Wallboard, are essential for building, expanding and repairing roads and highways and for building and renovating residential, commercial and industrial structures across America. Eagle manufactures and sells its products through a network of more than 70 facilities spanning 21 states and is headquartered in Dallas, Texas. Visit eaglematerials.com for more information

Contacts

For media queries, please contact:
Juan Ávila

JDI for Terra CO2 Technology

juan@jones-dilworth.com

LADERA RANCH, Calif.–(BUSINESS WIRE)–SmartStop REIT Advisors (“SRA”), the sponsor and an indirect subsidiary of SmartStop Self Storage REIT, Inc., has officially entered the Net Asset Value (NAV) REIT space with Strategic Storage Trust X.

With the launch of Strategic Storage Trust X, SRA is continuing its commitment to acquiring institutional-quality self-storage assets in high-growth markets. Self storage continues to demonstrate resilience and strong demand, and SRA believes this new vehicle will allow them to further capitalize on attractive opportunities across North America.

In addition to its expansion into the NAV REIT space, SRA recently entered the 1031 exchange market with the introduction by its sponsored program, Strategic Storage Growth Trust III, Inc. (“SSGT III”), of its own Delaware Statutory Trust (“DST”) platform. This move aligns with SRA’s strategic vision to offer diverse, innovative, and tax-efficient real estate investment opportunities within the self-storage sector.

SRA brings deep industry expertise, a proven track record in self-storage investment management, and a vertically integrated platform that includes acquisitions, asset management, and property operations. The firm aims to leverage its extensive experience and national presence to drive strong returns for investors while meeting the evolving needs of self-storage customers.

About SmartStop REIT Advisors, LLC

SmartStop REIT Advisors, LLC, an indirect subsidiary of SmartStop Self Storage REIT, Inc., serves as the sponsor of Strategic Storage Growth Trust III, Inc. (“SSGT III”), Strategic Storage Trust VI, Inc. (“SST VI”), and Strategic Storage Trust X (“SST X” and collectively, with SSGT III and SST VI, the “Managed REIT Platform”), while its sponsored program, SSGT III, recently launched its own DST platform in the 1031 exchange market. The Managed REIT Platform and DST platform had a combined portfolio of 37 operating properties, approximately 29,000 units, and approximately 3.2 million net rentable square feet at year-end 2024. Assets under management for the Managed REITs was approximately $771.2 million at quarter-end.

Contacts

David Corak
VP of Corporate Finance

SmartStop Self Storage REIT, Inc.

IR@smartstop.com

Not for distribution to U.S. News Wire Services or dissemination in the United States.

TORONTO–(BUSINESS WIRE)–#ChoiceProperties–Choice Properties Real Estate Investment Trust (“Choice Properties”) (TSX: CHP.UN) announced today that the trustees of Choice Properties have declared a cash distribution for the month of February, 2025 of $0.063333 per trust unit, representing $0.76 per trust unit on an annualized basis, payable on March 17, 2025 to Unitholders of record at the close of business on February 28, 2025.

About Choice Properties Real Estate Investment Trust

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive.

We are more than a national owner, operator and developer of high-quality commercial and residential real estate. We believe in creating spaces that enhance how our tenants and communities come together to live, work, and connect. This includes our industry leadership in integrating environmental, social and economic sustainability practices into all aspects of our business. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence.

For more information, visit Choice Properties’ website at www.choicereit.ca and Choice Properties’ issuer profile at www.sedarplus.ca.

Contacts

For further information:

Mario Barrafato

Chief Financial Officer

Choice Properties REIT

(416) 628-7872

Mario.Barrafato@choicereit.ca

8.9 MW solar project designed to prevent 7,695 metric tons of carbon dioxide from entering the atmosphere each year

Ameresco will provide full operations and maintenance services for the system over the next 25 years, ensuring long-term performance and cost savings

FRAMINGHAM, Mass. & OROMOCTO, New Brunswick–(BUSINESS WIRE)–Ameresco, Inc., (NYSE: AMRC), a leading energy solutions provider dedicated to helping customers navigate the energy transition, has been awarded a major solar energy and resiliency project at the 5th Canadian Division Support Base (CDSB) in Oromocto, New Brunswick. This large-scale solar project represents a critical step toward supporting the Government of Canada’s commitment to procure 100% clean electricity for federal facilities by 2025.

The Gagetown Solar Project, a CAD $26.7 million initiative, is set to deliver an 8.9 MWdc/7.35 MWac ground-mounted solar energy system designed to provide approximately 8,900 MWh of electricity annually to the base. This project is expected to generate around 20% of the base’s electricity needs, significantly contributing to the Department of National Defence’s efforts to reduce greenhouse gas emissions. When running at full capacity, the project will prevent approximately 7,695 metric tons of carbon dioxide from entering the atmosphere each year and contribute to meeting emissions targets in the Defence Climate and Sustainability Strategy 2023-2027 – Canada.ca.

The 5 CDSB Gagetown solar project, which includes the placement of 14,496 solar panels across the base, will be operated and maintained by Ameresco under a 25-year contract. The energy generated will be used entirely on-site, providing the base with long-term energy security and resilience. In addition to reducing emissions, the project is expected to save the base approximately CAD $1.3 million annually in utility costs.

The project is part of Canada’s Federal Buildings Initiative, which seeks to improve the energy efficiency and sustainability of federal buildings across the country. The initiative at Gagetown is particularly significant given the size of the base, which encompasses more than 200 buildings with a total floor area exceeding 525,000 square meters.

Ameresco will design, engineer, procure, and construct the solar system, integrating it smoothly with the base’s existing electrical infrastructure. The system is equipped with advanced controls and monitoring technology to optimize performance throughout its lifecycle. The project is expected to be completed by June 2025, and Ameresco will provide full operations and maintenance services for the system over the next 25 years, ensuring long-term performance and cost savings.

“We’re proud to partner with the Department of National Defence on this important project,” said Bob McCullough, President of Ameresco Canada. “This solar energy solution is more than about powering Gagetown today — it’s about creating a cleaner, more sustainable future for Canada. By investing in renewable energy, we’re helping the country move closer to its long-term sustainability goals while delivering reliable, cost-effective power for years to come.”

For more information about Ameresco and its renewable energy solutions, visit www.ameresco.com.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading energy solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition. Our comprehensive portfolio includes implementing smart energy efficiency solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources. As a trusted full-service partner, Ameresco shows the way by reducing energy use and delivering diversified generation solutions to Federal, state and local governments, utilities, educational and healthcare institutions, housing authorities, and commercial and industrial customers. Headquartered in Framingham, MA, Ameresco has more than 1,500 employees providing local expertise in North America and Europe. For more information, visit www.ameresco.com.

The announcement of a customer’s project contract is not necessarily indicative of the timing or amount of revenue from such contract, of Ameresco’s overall revenue for any particular period or of trends in Ameresco’s overall total project backlog. This project was included in Ameresco’s previously reported contracted backlog as of September 30, 2024.

Contacts

Media Contact:
Ameresco: Leila Dillon, 508-661-2264, news@ameresco.com

LADERA RANCH, Calif.–(BUSINESS WIRE)–SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company“), a self-managed and fully integrated self-storage company, is excited to announce the launch of its new SmartStop Self Storage Mobile App. Designed to provide convenience and flexibility, the app has been rolled out to select markets and will be available to all 210 SmartStop locations across the United States and Canada by March 2025.

The SmartStop Self Storage Mobile App allows customers to manage their storage experience directly from their smartphones. Key features include the ability to manage accounts, remotely open gates and doors, and even rent new storage units—all from the convenience of the app. By streamlining these processes, SmartStop continues prioritizing a seamless and user-friendly customer experience.

“At SmartStop, we are always looking for ways to enhance the customer experience, and our new mobile app is a perfect example of how we leverage technology to do just that,” said H. Michael Schwartz, Chairman and CEO of SmartStop. “This innovative tool provides customers with unparalleled convenience and flexibility, reinforcing our commitment to making self storage as simple and stress-free as possible.”

The app represents another milestone in SmartStop’s efforts to embrace technology and meet the evolving needs of its customers. From online account management to touchless access features, the app empowers users with tools to make their storage experience more efficient and intuitive. The SmartStop Self Storage Mobile App is available for download free of charge on iOS and Android devices in the Apple and Google app stores.

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

SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 560 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of February 7, 2025, SmartStop has an owned or managed portfolio of 210 operating properties in 22 states, the District of Columbia, and Canada, comprising approximately 151,000 units and 16.9 million rentable square feet. SmartStop and its affiliates own or manage 38 operating self-storage properties in Canada, which total approximately 32,900 units and 3.4 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.

Contacts

David Corak
VP of Corporate Finance

SmartStop Self Storage REIT, Inc.

IR@smartstop.com

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) announced today that its Board of Trustees has declared a distribution of $0.0717 per unit for the month of February 2025, representing $0.86 per unit on an annualized basis. The distribution will be payable on March 17, 2025 to unitholders of record on February 28, 2025.

About Primaris Real Estate Investment Trust

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in leading enclosed shopping centres located in growing mid-sized markets. The proforma portfolio totals 15.0 million square feet, valued at approximately $4.6 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