55-agent team bolsters Real’s Twin Cities presence bringing more than 1,000 home sales valued at nearly $370 million since 2021

TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (NASDAQ: REAX), a technology platform reshaping real estate for agents, home buyers and sellers, today announced that the Grant Johnson Group, a fast-growing team serving the St. Paul/Minneapolis area has joined Real. The addition brings 55 agents to Real, which now has more than 22,000 throughout the U.S. and Canada, an increase of more than 8,000 agents since the end of 2023.

A 30-year real estate veteran, Johnson formed his current team in 2021 with 12 agents, and attributes the team’s fast growth to the people he has surrounded himself with.

“We’re thrilled to welcome Grant and his powerhouse team to Real. It’s fitting that a fast-growing team, focused on building a strong culture, has helped us surpass 22,000 agents,” said Real President Sharran Srivatsaa. “In a short time, Grant and his team have carved out a unique space in Minneapolis’ ultra-competitive market, and we’re looking forward to partnering with them to achieve even more.”

The team, which relies on internet lead generation for more than 70% of its business, has completed more than 1,000 home sales with a transaction value of approximately $370 million since 2021. This includes 300 sales valued at $110 million in 2023. The team is on track to sell 450 homes in 2024.

“Real is in alignment with our culture. Its collaborative approach is designed to prevent silos and offers the best platform from which to grow,” Johnson said.

The leadership team at Grant Johnson Group includes Jeff Montgomery (Finance), Tammi Roach (Agent Attraction), and Amber Urlacher (Operations), all of whom also serve as producing agents. They are supported by Katie Mahler, who manages shared operations, and Megan Nelson, who leads marketing efforts.

About Real

Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence throughout the U.S. and Canada, Real supports more than 22,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses.

Forward-Looking Information

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

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

Contacts

Investor inquiries, please contact:

Ravi Jani

Vice President, Investor Relations and Financial Planning & Analysis

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

elisabeth@therealbrokerage.com
201.564.4221

Bentley makes carbon impact analysis a systematic part of the design process for new and existing infrastructure assets, simplifies embodied carbon reporting with added 3D visualizations

VANCOUVER, British Columbia–(BUSINESS WIRE)–Bentley Systems’ Year in Infrastructure 2024–Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced the general availability of new Carbon Analysis capabilities in iTwin Experience to assess and reduce carbon impacts for more sustainable infrastructure. The new Carbon Analysis capabilities enable infrastructure engineers to simplify carbon reporting, easily visualize embodied carbon, and rapidly explore alternatives for better designs.

Embodied carbon is the carbon footprint of an asset before it is built, encompassing the greenhouse gases emitted during the construction process. Bentley’s new Carbon Analysis capabilities deliver a “cradle-to-gate” assessment of a design’s carbon footprint, from raw material extraction until it leaves the factory’s gate—which represent the largest contributors to embodied carbon.

“Between now and 2050, embodied carbon linked to new infrastructure, is projected to be responsible for half of the world’s carbon footprint released—even before the infrastructure is used,” added Savina Carluccio, executive director, International Coalition for Sustainable Infrastructure (ICSI). “Given its significant contribution to global emissions, the sector must act with urgency to reduce embodied carbon at scale, as part of wider decarbonization and climate action efforts—from leveraging a highly connected and collaborative value chain to using new digital technologies that enable the selection and use of alternative, carbon-efficient materials in sustainable infrastructure designs.”

Bentley’s new Carbon Analysis capabilities seamlessly integrate a user’s design data with their chosen carbon assessment tool. This enables infrastructure professionals to link carbon footprints directly to their design choices and see those impacts dynamically change across design iterations.

“Carbon assessments should be standard practice for global infrastructure projects, but creating carbon reports isn’t easy,” said Chris Bradshaw, chief sustainability officer, Bentley Systems. “Using Bentley’s new Carbon Analysis capabilities helps transform the tedious task of carbon reporting into a smooth, automated process—providing infrastructure professionals with greater visibility into carbon impacts and helping them design sustainable infrastructure faster and more easily.”

Traditionally, producing a carbon analysis report is highly manual, time consuming, and costly, with multiple steps: organizing siloed data, translating the data into carbon metrics, and producing a final report. The process becomes even more difficult for large, complex infrastructure projects, which typically involve diverse stakeholders, datasets, data formats, and construction materials.

Bentley’s new Carbon Analysis capabilities help overcome these challenges through:

• Automated material quantification: Automatically ingest and aggregate project and asset data, files, and models—created from Bentley software and other sources—into a digital twin, for a single, simplified view. By intelligently grouping common design elements and leveraging integrated workflows, automatically calculate the precise material volumes and quantities missing from design files, eliminating estimations and out-of-date spreadsheets.

• Easy reporting, every time: With a single click generate a highly accurate cradle-to-gate embodied carbon accounting in minutes through integration with a user’s chosen carbon assessment calculator. Since all data is dynamically stored, users can adjust material selections through the lifetime of a design, creating an easy, repeatable process.

• In-content 3D visualizations: Instantly see cradle-to-gate embodied carbon output as simple cloud-based heat maps in a live 3D digital twin model. This allows users to explore sustainable design and material alternatives in minutes to create higher-quality designs throughout the design and construction phase.

WSP, a global leader in environment and sustainability consulting, has been using Bentley’s new Carbon Analysis capabilities through an Early Access Program, launched last year.

Kelvin Saldanha, associate director, WSP, said, “In the past, there have been significant challenges when creating a carbon report for a proposed design. For example, the wide range of methodologies used to calculate embodied carbon made the process feel opaque. In addition, the process was time-consuming, as it required translating every detail into a full carbon evaluation. With Bentley’s new Carbon Analysis capabilities, our design team has better transparency to calculate, analyze, and report meaningful carbon footprint impacts within any design change—in real-time with the click of a button, which has greatly reduced feedback loops from months or weeks to days.”

Availability

Bentley’s new Carbon Analysis capabilities are available immediately to iTwin Experience users at no additional cost. An additional license to a carbon assessment calculator (e.g., EC3 or OneClickLCA) is required, which can be obtained by users from those vendors directly.

# # #

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, mining, and industrial facilities. Our offerings, powered by the iTwin Platform for infrastructure digital twins, include MicroStation and Bentley Open applications for modeling and simulation, Seequent’s software for geoprofessionals, and Bentley Infrastructure Cloud encompassing ProjectWise for project delivery, SYNCHRO for construction management, and AssetWise for asset operations. Bentley Systems’ 5,200 colleagues generate annual revenues of more than $1 billion in 194 countries.

© 2024 Bentley Systems, Incorporated. Bentley, the Bentley logo, and iTwin are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries.

Contacts

For more information, contact:
Bentley Press: Chris Phillips, PR@news.bentley.com
Bentley Investors: Eric Boyer, ir@bentley.com

Company unveils first-to-market AI-powered civil engineering application that delivers optimized, accurate site designs up to 10 times faster than traditional methods

VANCOUVER, British Columbia–(BUSINESS WIRE)–Bentley Systems’ Year in Infrastructure 2024 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced new generative AI capabilities for civil site design, including a design copilot, site layout optimizations, and automated drawing production that will drive new levels of productivity and accuracy.

Building on its success in applying AI-powered digital twins to asset maintenance—to detect and assess problems before failures occur—Bentley is bringing AI to the design phase of the infrastructure lifecycle to automate repetitive tasks, such as drawing production, so that engineers can focus on higher-value activities.

Putting AI into Action—Introducing OpenSite+

Bentley’s OpenSite+ is the first engineering application leveraging generative AI for civil site design. It helps engineers swiftly design residential, commercial, and industrial sites with AI tools, significantly boosting productivity and accuracy.

A digital twin-native product, built with Bentley’s iTwin platform, OpenSite+ delivers AI-powered efficiencies and better-quality designs with:

• Enhanced Design Experience with Copilot: Users can quickly create, revise, and interact with requirements documentation and 3D site models through natural language interactions—to automatically make real-time design changes with precision and ease.

• Layout Optimization: Users can enhance efficiency, reduce errors, and rework site designs in minutes with one-click earthwork optimization. Bentley’s AI-powered design layout agent can evaluate thousands of layout options and suggest alternative designs in real-time, helping users make better design decisions sooner, saving time and money.

• Automated Drawing Production: Users can reduce time spent on mundane drawing tasks, accelerating drawing production by up to 10 times, and improve drawing accuracy using AI-powered annotation, labeling, and sheeting that automatically places labels and dimensions according to organizational standards that are optimized for legibility and aesthetics.

• Smart Design Tools: Users can create and revise designs using intelligent, editable objects such as building pads, parking layouts, driveways, sidewalks, and ponds to complete projects in a fraction of time compared to traditional CAD software.

With OpenSite+, users also maintain control over their proprietary data during AI training, which creates a solid foundation to responsibly guide the development of AI models.

“By leveraging their past data to optimize future work, generative AI will revolutionize infrastructure design, improving engineers’ productivity and accuracy without sacrificing on quality,” said Mike Campbell, chief product officer at Bentley Systems. “OpenSite+ is just the first example of how Bentley is applying generative AI to benefit infrastructure design and project delivery.”

OpenSite+ early adopter, Joe Viscuso, senior vice president and director of Strategic Growth at Pennoni, commented, “OpenSite+ is a game-changer. By combining design and routine tasks into one powerful platform, it eliminates the need to switch between multiple programs. It streamlines our workflow, automates repetitive tasks, and ensures accuracy as we make changes in real-time. This means faster project completion with superior results, helping Pennoni stay ahead of the curve in both technology and innovation.”

OpenSite+ is the first of a new generation of Bentley Open Applications which run on desktops for optimal responsiveness, while offering the benefits of cloud-based applications, such as automatic updates and cross-operating system availability. The iTwin-native architecture enables seamless collaboration and data-centric workflows. Data is saved directly in a digital twin, which in turn can include data from other sources to provide full context for design work.

Availability

North American site engineering firms can apply for early access.

# # #

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, mining, and industrial facilities. Our offerings, powered by the iTwin Platform for infrastructure digital twins, include MicroStation and Bentley Open applications for modeling and simulation, Seequent’s software for geoprofessionals, and Bentley Infrastructure Cloud encompassing ProjectWise for project delivery, SYNCHRO for construction management, and AssetWise for asset operations. Bentley Systems’ 5,200 colleagues generate annual revenues of more than $1 billion in 194 countries.

© 2024 Bentley Systems, Incorporated. Bentley, the Bentley logo, Bentley Open, iTwin, and OpenSite+ are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries.

Contacts

For more information, contact:
Bentley Press: Chris Phillips, PR@news.bentley.com
Bentley Investors: Eric Boyer, ir@bentley.com

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

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) announced today the closing of its previously announced public treasury and secondary offering (the “Offering”) of trust units of Primaris (the “Units”) to a syndicate of underwriters co-led by RBC Capital Markets, Desjardins Capital Markets, TD Securities Inc., CIBC Capital Markets, National Bank Financial Inc. and Scotiabank (the “Underwriters”), on a bought-deal basis. A total of 4,803,294 Units were sold at a price of $15.55 per Unit pursuant to the Offering.

The Offering consisted of a treasury offering of 2,516,011 Units by Primaris for gross proceeds to Primaris of approximately $39.1 million (the “Treasury Offering”), which includes gross proceeds from the exercise in full of the over-allotment option granted to the Underwriters to purchase 328,175 Units, and a secondary offering by Canada Pension Plan Investment Board (the “Selling Unitholder”) under which 2,287,283 Units previously issued to the Selling Unitholder were sold for gross proceeds to the Selling Unitholder of approximately $35.6 million (the “Secondary Offering”).

The Trust intends to use the net proceeds from the Treasury Offering to repay a portion of the indebtedness incurred under the Trust’s unsecured revolving credit facility to partially fund the Trust’s acquisition of Les Galeries de la Capitale shopping mall in Quebec City, Quebec, which closed on October 1, 2024. The Trust did not receive any proceeds from the Secondary Offering.

The Units were offered in each of the provinces and territories of Canada pursuant to a prospectus supplement dated October 3, 2024 filed under Primaris’ short form base shelf prospectus dated August 6, 2024. The terms of the Offering are described in the prospectus supplement, which is available under the Trust’s profile on SEDAR+ at www.sedarplus.com.

The Units have not been, and will not be, registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities law and may not be offered or sold in the United States and, accordingly, may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. Persons except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Units in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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 portfolio totals 38 properties, or 13.3 million square feet valued at approximately $4.1 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, please visit www.primarisreit.com.

Forward-Looking Information

Certain statements included in this news release constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws. The words “will”, “expects”, “plans”, “estimates”, “intends” and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements made or implied in this news release include but are not limited to statements regarding the Offering and the anticipated use of proceeds from the Treasury Offering. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in Primaris’ management’s discussion and analysis and annual information form for the year ended December 31, 2023, which are available on SEDAR+, and in Primaris’ other materials filed with the Canadian securities regulatory authorities from time to time. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Primaris undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.

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 & NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc. (NASDAQ: REAX), a technology platform reshaping real estate for agents, home buyers and sellers, will release its financial results for the third quarter ended September 30, 2024, on Thursday, November 7, 2024, before the market open.

The Company will hold a conference call to discuss operating and financial results for the quarter at 8:30 a.m. ET. Investors wishing to join the live call can use the dial-in details provided below. An audio-only webcast of the call will be available on the Investor Relations section of the Company’s website at https://investors.onereal.com/ and can also be accessed directly through the link provided below. A replay will be available for one year.

Conference Call Details:
Date:	Thursday, November 7, 2024
Time:	8:30 a.m. ET
Dial-in Number:	North American Toll Free: 888-506-0062
	International: 973-528-0011
Access Code:	345905
Webcast:	https://www.webcaster4.com/Webcast/Page/2699/51300
Replay Information:
Replay Number:	North American Toll Free: 877-481-4010
	International: 919-882-2331
Access Code:	51300
Replay Link:	https://www.webcaster4.com/Webcast/Page/2699/51300

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 more than 21,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses. Additional information can be found on its website at www.onereal.com.

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, information relating to Real’s third quarter 2024 earnings call and the release of financial results.

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

Contacts

For additional information:

Ravi Jani

Vice President, Investor Relations and Financial Planning & Analysis

investors@therealbrokerage.com
908.280.2515

For media inquiries:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

elisabeth@therealbrokerage.com
201.564.4221

TORONTO–(BUSINESS WIRE)–Please replace the release dated October 3, 2024 with the following corrected version due to multiple revisions.

The updated release reads:

BLG INTERNATIONAL PARTNERS WITH VERONA REAL ESTATE GROUP FOR LANDMARK NORTH AMERICAN REAL ESTATE PROJECTS, COMMITTING $1.2B USD AND TARGETING OVER $3B EXIT VALUE

In a landmark partnership set to reshape Ontario’s real estate landscape, BLG international trade finance LLC, a U.S. based institution, has announced a strategic collaboration with Verona Real Estate Group, dedicating $1.2 billion in funding over the long-term of the partnership towards key development and construction projects, with a projected exit value over $3 billion. This significant investment takes place within the context of Canada’s robust $2 trillion economy—the 9th largest in the world—recognized globally for its stability, growth potential, and thriving real estate market. As one of the most sought-after markets for property development, Canada provides an ideal setting for BLG Group and Verona Real Estate Group’s joint efforts to establish vibrant, sustainable communities in Southern Ontario and Eastern United States.

BLG International’s substantial financial backing will propel these transformative projects forward, while Verona Real Estate Group will lead the development, design, and construction of each site. Together, they aim to ensure the creation of high-quality, innovative living spaces tailored to the needs of Ontario residents and aligned with market demand. Ajay Dubey, Founder and Chairman of BLG International Trade Finance LLC, shared his enthusiasm for the collaboration: “This collaboration marks a pivotal step in our strategy to expand into North America’s booming real estate sector. We specifically sought out Verona Real Estate Group not only for their track record in successful developments but because their management team brings a unique combination of expertise in finance, capital markets, and risk management. Verona’s leadership has both Canadian and global experience, which made them the ideal partner to drive these transformative projects forward. Working alongside them allows us to pair our financial strength with their unparalleled development acumen, ensuring that we create communities that resonate with modern living while delivering exceptional long-term value.”

Asif Khan, CEO of Verona Real Estate Group, added, “Collaborating with BLG International provides a unique opportunity to bring our vision for sustainable, community-focused development to life. Together, we aim to redefine residential living in Ontario by delivering high-quality projects that reflect innovation, sustainability, and the highest standards of living.”

Both companies are energized by the opportunities this collaboration will ignite, confident that their combined expertise will bring lasting value to the communities they serve, transforming the landscape of real estate in Ontario and beyond.

Contacts

For further information please contact:
Adam Chow

Media Relations and Communications

Verona Real Estate Group

adam@veronaurban.com

TAMPA, Fla.–(BUSINESS WIRE)–Masonite Architectural announces its rebranding as Forte™ Opening Solutions, marking a significant milestone in the company’s evolution. Forte stands for strength and expertise, aligning perfectly with the organization-wide commitment to delivering tailored solutions, expert guidance, and a seamless customer experience.

Forte supplies built-to-order wood doors and components and quick ship services to a wide range of customers in commercial and institutional settings, including hospitality, healthcare, education, and office environments. With a legacy spanning 134 years and uniting of iconic brands—Marshfield DoorSystems, Algoma Hardwoods, Mohawk Doors, Baillargeon, and Harring—Forte brings unparalleled expertise and a comprehensive portfolio of solutions to meet the needs of commercial customers.

Masonite Architectural was acquired by private equity firm Industrial Opportunity Partners (IOP) from Masonite International Corporation on May 14, 2024. The acquisition and rebranding to Forte marks a new beginning for the company, with a renewed vision and set of values focused on enhancing the commercial customer experience.

“We’re creating a new vision and energized culture at Forte Opening Solutions, building upon the organization’s extraordinary legacy and rich history in the commercial and architectural wood door segment,” said Alex Legall, CEO of Forte Opening Solutions. “Our rebranding is more than just a new name. Forte represents our continued commitment to excellence in the service and support we provide to our customers.”

IOP Operating Principal Tom Ninneman commented: “The rebrand to Forte Opening Solutions sets the stage for continued excellence and investment in the architectural door market and is a testament to the company’s dedication to its long-standing customers.”

Customers and partners are invited to learn more about Forte Opening Solutions and explore the enhanced offerings by visiting www.forteopenings.com.

About Forte Opening Solutions

Forte Opening Solutions continues to supply a full range of premium components and door solutions, tailored to customer needs and delivered through a variety of delivery options, including the USA Wood Door quick ship service. Operating 13 facilities in eight states and Canada, Forte is dedicated to making every door, every interaction, and every opening unforgettable. For more information: www.forteopenings.com

About Industrial Opportunity Partners

IOP, an Evanston, Ill.-based private equity firm with over $1.5 billion of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $50 million and $500 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.

Contacts

Ray Vincenzo

rayvincenzo@vincenzomarketing.com
(206) 290-4431

TORONTO–(BUSINESS WIRE)–In a monumental partnership poised to transform Ontario’s real estate landscape, BLG Group, a US based investment fund, has announced a dynamic collaboration with Verona Real Estate Group, committing a strategic $1.2 billion over the long term of the partnership toward five landmark developments with a projected exit value exceeding $3 billion. This partnership is set within Canada’s thriving $2 trillion economy—one of the most stable and promising markets globally—creating the perfect backdrop for this ambitious joint venture. The collaboration aims to redefine urban living through sustainable, innovative communities across Southern Ontario and the Eastern United States.

The strategic infusion of $1.2 billion over the long term of the partnership from BLG Group will accelerate the realization of these visionary projects, while Verona Real Estate Group will lead the development, design, and construction efforts. Together, the firms are on a mission to deliver world-class living spaces that cater to the evolving needs of Ontario’s residents, all while setting new standards for real estate development in North America.

Ajay Dubey, CEO of BLG Group, expressed his excitement about the partnership: “This collaboration marks a pivotal step in our strategy to expand into North America’s booming real estate sector. We specifically sought out Verona Real Estate Group not only for their track record in successful developments but because their management team brings a unique combination of expertise in finance, capital markets, and risk management. Verona’s leadership has both Canadian and global experience, which made them the ideal partner to drive these transformative projects forward. Working alongside them allows us to pair our financial strength with their unparalleled development acumen, ensuring that we create communities that resonate with modern living while delivering exceptional long-term value.”

Asif Khan, CEO of Verona Real Estate Group, shared his enthusiasm for the alignment between the two firms: “This is more than just a real estate project—it’s about reshaping how people experience urban living. Partnering with BLG Group unlocks extraordinary potential, combining our commitment to sustainable, community-driven development with their deep financial resources. What makes this partnership truly special is that the leadership of BLG Group and Verona are perfectly aligned in our principles and value systems. This chemistry is rare to find in a strategic partnership and forms the foundation for creating vibrant, future-forward communities that not only meet market demand but set a new benchmark for innovation and quality.”

Both companies are energized by the opportunities this collaboration will ignite, confident that their combined expertise will bring lasting value to the communities they serve, transforming the landscape of real estate in Ontario and beyond.

Contacts

Adam Chow

Media Relations and Communications

Verona Real Estate Group

adam@veronaurban.com

Yet nearly one-third of homeowners are unprepared financially for repairs

TORONTO–(BUSINESS WIRE)–The fourth annual Service Line Warranties of Canada (SLWC) State of the Home survey dealt a double dose of bad news. Seventy-six percent of Canadians reported having a home repair emergency in the prior 12 months and nearly 30% reported that they had $500 or less or nothing at all set aside for home repairs.

Most homeowners are familiar with the trials and tribulations that go along with owning a home, including the inevitability that a home repair emergency will happen at some point. This reality is supported by the findings of SLWC’s latest State of the Home survey, showing that home repair emergencies are happening more frequently.

• Although down from last year’s peak of 80%, more than three-quarters of Canadians reported having had one or more home repair emergencies in the past 12 months.
• The most common repairs were related to appliance failure or repair (29%) and heating, ventilation and air conditioning (HVAC) systems (26%); followed by a blocked or overflowing sink (19%); a blocked or overflowing toilet (18%); and leaking water pipes (17%).
• Nearly 30% of Canadians have $500 (6%) or less (9%) or nothing (12.5%) set aside for a home repair.

DIYing Home Emergency Repairs?

The survey also explored which home emergency repairs respondents say they’d hire a professional to take care of and which they would tackle themselves.

• When it comes to DIYing household repairs, many respondents prefer to get a professional’s help. This is especially the case when it comes to home emergency repairs related to a home’s air conditioning or heating system or water supply line. 92% of the respondents prefer to have professionals handle a heating or air conditioning repair and an overwhelming majority (90%) prefer to have professionals replace a water supply line.
• The trend continues with water heaters and electrical wires with 89.5% of homeowners sharing they’d prefer a professional to install a water heater and 70% of homeowners would rather a professional check their electrical wiring.
• On the other hand, 82% feel confident in their ability to install a new showerhead, 75% in installing a new light fixture, 60.5% in installing a new kitchen appliance and 57.5% in installing a new faucet.

Preparing for Seasonal Temps – Highs and Lows

We also asked Canadians what they are doing to prepare their homes for colder temperatures ahead.

• About 27% said they aren’t taking any measures to prepare their homes for winter.
• The steps that homeowners are taking to prepare for the cooler months ahead include fixing leaks around windows and doors (34.5%); tuning up their furnaces (31%); and installing smart thermostats (18%).
• Losing heat (29%) was Canadians’ greatest concern, followed closely by pipes freezing or bursting (24%) and losing power (22%), far outstripping being sick (11%) or being snowed in (5%).

We also wondered what Canadians did over the summer to keep their homes cool and comfortable as temperatures continue to climb in Canada.

• Only one-in-ten (9%) said they had done nothing to prepare for the summer heat.
• The most popular ways to ward off the heat was avoiding heat-generating activities, such as cooking, during the hottest part of the day (43%) and turning off electronics when they weren’t being used (39%). Canadians also had their air conditioning tuned up or filters changed (34.5%), switched to LED lights (28%) or installed window or portable AC units (19.5%).
• During the summer, Canadians’ biggest worry is severe weather (32%), with losing their air conditioning and losing power coming in at 20% each. Trailing behind was being sick (14%) and vacation plans being cancelled (7.5%).

Methodology

This survey was conducted Sept. 12, 2024, by Service Line Warranties of Canada, using SurveyMonkey Audience. The survey received 704 responses from adults in Ontario age 18 and older, of which 380 (54%) were homeowners. The sample of respondents was balanced by gender and region. For more on the SurveyMonkey Audience panel, please visit: https://www.surveymonkey.com/market-research/data-quality/.

About Service Line Warranties of Canada

Service Line Warranties of Canada (SLWC) is part of HomeServe, a leading provider of home repair solutions serving 4.7 million customers across North America since 2003.

Launched in 2014, SLWC is the trusted source of utility line protection programs in Ontario as recognized by the Local Authority Services, part of the Association of Municipalities on Ontario (AMO). SLWC is also a corporate partner of the Federation of Canadian Municipalities.

Together with HomeServe, SLWC is dedicated to supplying best-in-class repair plans and delivering superior customer service to consumers through over 1,200 leading city, municipal and utility partners across North America.

Contacts

Mike VanHorne

Service Line Warranties of Canada

Phone: 647-325-7614

Email: mvanhorne@slwofc.ca

LADERA RANCH, Calif.–(BUSINESS WIRE)–SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”), a self-managed and fully integrated self-storage company, announced today that two of its executives will share their industry insights at the upcoming 10th Annual Evercore ISI Storage Symposium in New York City on Tuesday, October 1, 2024.

H. Michael Schwartz, SmartStop’s Chairman and CEO, will participate on the Acquisitions Panel, scheduled for approximately 3:20 p.m. Eastern Daylight Time, while Joe Robinson, the Company’s Chief Operations Officer, will offer his expertise during the Operations Panel at approximately 1:20 p.m. Eastern Daylight Time for registered conference attendees.

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 525 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 September 30, 2024, SmartStop has an owned or managed portfolio of 202 operating properties in 22 states and Canada, comprising approximately 142,500 units and 16.1 million rentable square feet. SmartStop and its affiliates own or manage 36 operating self-storage properties in Canada, which total approximately 31,000 units and 3.2 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.

949-542-3331

IR@smartstop.com

TORONTO–(BUSINESS WIRE)–RioCan Real Estate Investment Trust (“RioCan”) (TSX: REI.UN) today announced that it is scheduled to release its financial and operational results for the three and nine months ended September 30, 2024, after the market closes on Monday, November 11, 2024.

Interested parties are invited to participate in a conference call with management on Tuesday, November 12, 2024 at 10:00 a.m. Eastern time. To access the conference call, click on the following link to register at least ten minutes prior to the scheduled start of the call: Pre-registration link. Participants who pre-register in advance of the call will receive an email with dial-in credentials including login passcode and PIN to gain immediate access to the live call. Those that are unable to pre-register may dial-in for operator assistance by calling 1-833-950-0062 and entering the access code: 418607.

A live webcast will also be available in listen-only mode. Access to the simultaneous webcast is available by selecting this link: RioCan Q3 2024 Webcast.

If you cannot participate in the live mode, a replay will be available for one week following the date of the live conference call. To access the replay, please dial 1-866-813-9403 followed by the access code: 127491.

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 June 30, 2024, our portfolio is comprised of 187 properties with an aggregate net leasable area of approximately 33 million square feet (at RioCan’s interest). To learn more about us, please visit www.riocan.com.

Contacts

Kim Lee

Vice President, Investor Relations

RioCan REIT

416-646-8326

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “REIT” or the “Trust”) (TSX: PMZ.UN) announced today that it has agreed to acquire Les Galeries de la Capitale in Quebec City, Quebec for $170.0 million in cash, 2.5 million of series A units of the Trust (the “REIT Units”) and $100.0 million aggregate face value of Preferred LP Units (as defined below), subject to certain conditions. This high quality asset acquisition builds Primaris’ track record of successfully executing on its well defined growth strategy focused on market leading shopping centres.

Transaction Highlights

• Aggregate consideration of $325.0 million (calculated using the Trust’s Net Asset Value** (“NAV**”) per REIT Unit last published as at the date of the letter of intent of $21.86 per unit), or $291.7 million (using the contracted figures based on the unit price at the date of letter of intent), comprised of:
  • $170.0 million of cash;
  • Approximately 2.5 million REIT Units with an aggregate NAV** per REIT Unit value of approximately $55.0 million at $21.86 per unit (or $34.1 million based on the $13.55 contracted REIT Unit price), subject to the right of Primaris to elect to pay the latter sum in cash in lieu of unit issuance; and
  • $100.0 million aggregate face value of 6.25% exchangeable preferred units in a newly formed subsidiary limited partnership (the “Preferred LP Units”), which Preferred LP Units shall be exchangeable into REIT Units at an exchange price equal to $21.86 per REIT Unit, and having a contracted value of $87.6 million, subject to customary adjustments;
• Les Galeries de la Capitale is unencumbered;
• Transaction expected to be modestly accretive to FFO** per average diluted unit;
• Average Net Debt** to Adjusted EBITDA** is anticipated to remain within target range of 4.0x to 6.0x; and
• Closing is expected on October 1, 2024, subject to the satisfaction of customary closing conditions.

“Les Galeries de la Capitale is a market leading regional enclosed shopping centre that exemplifies the type of property Primaris is targeting with its growth strategy. The shopping centre sits on 91 acres of land with 26% site coverage, is extremely well located in Quebec City along major highways with excellent accessibility and visibility, and is home to one of the regions busiest bus terminals with over 400 buses per day,” said Patrick Sullivan, President and Chief Operating Officer. “The opportunity for growth at this asset includes the conversion of tenants from variable to net rent deals, as well as leasing up vacant space, including the former Sears department store.”

Rags Davloor, Chief Financial Officer added, “Closing this first acquisition in 2024, while maintaining industry leading credit metrics, is a testament to the strategic advantages provided by Primaris REIT’s differentiated financial model. Our commitment to maintain an extremely well capitalized balance sheet positions Primaris as a highly credible transaction counterparty, at a time when many other groups are finding access to capital, and particularly financing, challenging.”

“This acquisition builds on Primaris’ profile as an attractive buyer of large, high-quality assets. Five of Canada’s ten largest pension funds have now vended market leading shopping centres to Primaris, taking back equity and convertible preferred equity investments in the REIT,” said Alex Avery, Chief Executive Officer. “Consistent with prior acquisitions, this property enhances the REIT’s value proposition with retailers, and offers a significant income growth opportunity consistent with the growth we see ahead for our existing assets.”

Les Galeries de la Capitale Property Highlights

• Leading regional enclosed shopping centre in Canada’s seventh largest population centre, Quebec City, Quebec;
• Located at the intersection of Highways 40/73 and 740 with excellent accessibility and visibility with over 4,100 feet of expansive frontage on Boulevards Lebourgneuf and des Galeries;
• 1,015,000 square foot mall located on 91 acres of land, for an approximate 26% site coverage;
• $761 per square foot same store sales productivity and total CRU sales volume of $219 million as at May 31, 2024;
• 89.2% long-term in-place occupancy, 96.4% in-place occupancy, and 98.3% committed occupancy;
• $165 million in redevelopment over the last 10 years including Simons’ relocation, food court relocation and expansion, and upgrades throughout the centre;
• BOMA BEST Platinum Certified;
• Other large format tenants include The Hudson’s Bay, Winners, and Mountain Equipment Company; and
• A fully renovated and redesigned Méga Parc amusement park, with 18 attractions adjacent to the new food court.

Significant NOI** Growth Potential

Similar to the Trust’s existing owned portfolio, Les Galeries de la Capitale offers significant NOI** growth potential over the next few years, as operating and financial performance normalizes, and as Primaris’ full-service management platform integrates and operates the properties. Opportunities to increase operating income include:

• The conversion of tenants on preferred rent deals to standard market leases;
• Lease up of approximately 110,000 square feet of temporary tenanted or vacant space to strong tenants at market rents; and
• Primaris intends to leverage its scalable management platform to deploy its cost management strategy.

Quebec City Highlights

Quebec City has a growing population with strong demographic trends driven by an attractive relative cost of living and broadly diversified employment opportunities. Other notable characteristics include:

• Expected population growth of 6.6% over the next 10 years;
• Substantial public sector presence provides for stability and consistent employment opportunities;
• Stable employment trends with low unemployment compared to the national average;
• Key employment sectors include public administration, education, healthcare, technology, research and professional services;
• Universite Laval contributes to a growing tech ecosystem, with advancements in fields like artificial intelligence, software development, and digital media; and
• A highly educated workforce with a substantial proportion of residents holding post-secondary degrees.

Please see the presentation titled “Les Galeries de la Capitale” on the investor relations page of Primaris’ website for additional details.

Proforma Primaris Portfolio

The composition of the consideration payable in this transaction allows Primaris to maintain its best-in-class capital structure and financial leverage metrics within the Trust’s previously disclosed target range. Upon closing, Les Galeries de la Capitale will become Primaris’ second largest shopping centre in the REIT’s portfolio measured by all store sales volume, after the Halifax Shopping Centre and ahead of both Conestoga Mall in Waterloo, Ontario and Orchard Park Shopping Centre in Kelowna, British Columbia. Primaris anticipates the below proforma metrics:

• Based on the REIT’s 3.0% to 4.0% 2024 Same Property Cash NOI** growth guidance provided in the REIT’s Q2 2024 MD&A, and assuming an October 1, 2024 closing, Cash NOI** for the 2024 fiscal year is anticipated to be in the range of $273 million to $276 million (Cash NOI** for the year ended December 31, 2023 was $227 million);
• Transaction expected to be modestly accretive to FFO** per average diluted unit; and
• Average Net Debt** to Adjusted EBITDA** is anticipated to remain within target range of 4.0x to 6.0x.

(unaudited)	Primaris REIT				Les Galeries de la Capitale				Proforma Primaris REIT
Total CRU Sales Volume ($’000)1	$	2,228,240			$	219,476			$	2,447,716
Same Store Sales Productivity ($ per square foot)1	$	676			$	761			$	682
Total Trade Area Population		8,591,500				797,850				9,389,350
Total Trade Area Average Household Income	$	115,100			$	101,500			$	114,600
Annual Mall Traffic2		110,400,000				7,800,000				118,200,000
Approximate Site Coverage		36	%			26	%			35	%
1 For the rolling twelve-month period ended May 31, 2024. Supplementary financial measure, see “Use of Operating Metrics” below.
2 For the rolling twelve-month period ended July 31, 2024.

Advisors

CBRE Canada, Desjardins Capital Markets, and TD Securities acted as advisors to Primaris REIT. RBC Capital Markets Real Estate Group Inc. acted as advisors to the vendors.

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 current portfolio totals 12.4 million square feet valued at approximately $3.8 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

Forward-Looking Statements and Future Oriented Financial Information

Certain statements included in this news release constitute ‘‘forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws. The words “will”, “expects”, “plans”, “estimates”, “intends” and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements made or implied in this news release include but are not limited to statements regarding: Primaris’ future results, performance, prospects and opportunities, including with respect to the closing, costs and benefits of the proposed transaction, the timing and completion of the proposed transaction, the strategy, plans and the intentions of management with respect to Les Galeries de la Capitale, and management’s expectations regarding the Trust’s leverage and portfolio quality. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on estimates and assumptions that are inherently subject to risks and uncertainties. Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, actual results, performance or achievements of Primaris may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in the Trust’s Annual MD&A which is available on SEDAR+, and in Primaris’ other materials filed with the Canadian securities regulatory authorities from time to time. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Primaris undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.

Readers are cautioned that there is a significant risk that actual results will vary from the financial outlook statements provided in this press release and that such variations may be material. Certain forward-looking information included in this news release may also be considered “future-oriented financial information” or “financial outlook” for purposes of applicable securities laws (collectively, “FOFI”). FOFI about the Trust’s prospective results of operations including, without limitation, the proforma metrics presented, is subject to the same assumptions, risk factors, limitations and qualifications set out in the Trust’s Annual MD&A which is available on SEDAR+, and in Primaris’ other materials filed with the Canadian securities regulatory authorities from time to time. The Trust and management believe that such FOFI have been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. FOFI contained in this news release was made as of the date of this news release and was provided for the purpose of providing further information about the Trust’s prospective results of operations. Readers are cautioned that the FOFI contained herein should not be used for purposes other than for which it is disclosed herein.

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

Non-GAAP Measures

The Trust’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). However, Primaris also uses a number of measures which do not have a standardized meaning prescribed under generally accepted accounting principles (“GAAP”) in accordance with IFRS. These non-GAAP measures, which are denoted in this press release by the suffix “**” include non-GAAP financial measures and non-GAAP ratios, each as defined in National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). None of these non-GAAP measures should be construed as an alternative to financial measures calculated in accordance with GAAP. Furthermore, these non-GAAP measures may not be comparable to similar measures presented by other real estate entities and should not be construed as an alternative to financial measures determined in accordance with IFRS. Additional information regarding these non-GAAP measures, including definitions and reconciliations to the most directly comparable GAAP figure, where applicable, can be found in the Trust’s Q2 2024 MD&A which is available on the Trust’s profile on SEDAR+ at www.sedarplus.ca. See Section 12, “Non-GAAP Measures” of the Trust’s Q2 2024 MD&A for the descriptions of each non-GAAP measure used in this press release and to find a quantitative reconciliation to the most directly comparable GAAP measure, applicable; Section 12, “Non-GAAP Measures” and the related quantitative reconciliations are incorporated by reference herein.

Use of Operating Metrics

Primaris uses certain operating metrics to monitor and measure the operational performance of its portfolio. Operating metrics in this news release include in-place occupancy, same store sales productivity and all store sales volume. Certain of these operating metrics, including same store sales productivity and all store sales volume, may constitute supplementary financial measures as defined in NI 52-112. These supplementary measures are not derived from directly comparable measures contained in the Trust’s financial statements but may be used by management and disclosed on a periodic basis to depict the historical or future expected financial performance, financial position or cash flow of the Trust. For an explanation of the composition of all store sales volume and same store sales productivity, see “Section 8, “Operational Performance” – “Tenant Sales” in the Trust’s Q2 2024 MD&A.

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