Partnership allows APOLLO Insurance customers to access Zenbase’s CreditBuilder solution, allowing them to use their existing rent payments to seamlessly build their credit.

TORONTO–(BUSINESS WIRE)–APOLLO Insurance, a Canadian digital insurance provider and leading innovator in the emerging embedded finance sector, is pleased to announce that they now offer credit reporting services to their tens of thousands of customers, through a new partnership with Zenbase.

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

Zenbase offers Canada’s only automated rent reporting and most popular split rent payments, and has gained recognition for its innovative credit-building solutions, empowering individuals to enhance their financial well-being. Through its solution, Zenbase enables users to report their rental payments automatically to Equifax, allowing them to establish or strengthen their creditworthiness.

“APOLLO’s digital first and resident centric approach to insurance makes them an ideal partner for Zenbase,” said Koray Oztekin, Zenbase Founder and CEO. “As part of our mission to redesign rent payments for the financial health of unbanked or underbanked individuals, including newcomers, this partnership will make rental reporting available to more residents and create substantial ESG value for all stakeholders.”

APOLLO customers can access exclusive rates to use Zenbase to report current and past rent payments to Equifax, helping them build their credit. Building credit can help Canadians reduce interest payments and save money on financial products.

“A healthy credit score goes hand in hand with other aspects of a tenant’s risk management strategy, so offering Zenbase’s solution alongside their insurance makes sense for our customers,” said Jeff McCann, Founder and CEO of APOLLO. “We are excited to work with Zenbase to continue to add value to our customers with this tool.”

Visit https://myzenbase.com/apollo/ for more information.

About APOLLO Insurance

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

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

About Zenbase

Zenbase, a leader in rewarding and flexible rent payments, is committed to economic inclusion that fosters financial empowerment for renters. Our solutions aid the financial wellness of renters while improving operational efficiency for property managers. Rent is usually due on the first of the month, but that doesn’t align with most people’s bi-monthly pay cycle. Zenbase fixed that misalignment by offering residents the option to split their rent into two monthly payments and provide other financial health solutions such as rent reporting. For more information on how to get started with Zenbase or CreditBuilder, visit myzenbase.com.

Contacts

David Dyck, Chief Marketing Officer

APOLLO

Email: david@apollocover.com
LinkedIn: APOLLO

Philipp Postrehovsky, Chief Operating Officer

Zenbase

Email: philipp@myzenbase.com

TORONTO–(BUSINESS WIRE)–The Board of Trustees (the “Board”) of RioCan Real Estate Investment Trust (“RioCan”) (TSX: REI.UN) today announced that it has appointed Guy Metcalfe as a Trustee effective February 1, 2024. Mr. Metcalfe will join the Board’s Investment Committee and the People, Culture and Compensation Committee.

Mr. Metcalfe is an accomplished executive who joined Morgan Stanley in 1990, was a member of the Investment Bank’s Executive Committee and led its Real Estate Investment Banking business for over two decades, serving most recently as Global (Executive) Chairman, until his retirement on January 31, 2024. During his more than 30-year career at Morgan Stanley, Mr. Metcalfe advised clients on over $850 billion of transactions and also served as a trusted advisor to the CEOs and leaders of many of the world’s leading real estate companies. Mr. Metcalfe has played a leading role in some of the largest public company transactions in the United States and in many marquee real estate deals in Europe. Throughout his career, he has dedicated his time to numerous charitable causes and he currently serves on the Board of the Child Mind Institute, an independent non-profit organization dedicated to transforming the lives of children and families struggling with mental health and learning disorders.

“On behalf of RioCan’s Board of Trustees, we are extremely pleased to welcome Guy Metcalfe to RioCan’s Board. Guy is a widely respected leader whose experience, business acumen and extensive knowledge of capital markets and the real estate and banking industries will be a tremendous asset and complement the depth of expertise currently on our Board,” said Ed Sonshine, Chairman of the Board. “We look forward to working with him and are confident that he will make meaningful contributions that will help RioCan in achieving its strategic objectives and in its commitment to responsibly and sustainably deliver long-term unitholder value.”

Mr. Metcalfe holds an Honours B.A. in Business Administration from the Ivey Business School at Western University.

For more information on RioCan’s Board, please visit https://www.riocan.com/investors/board-of-trustees.

About RioCan

RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at September 30, 2023, our portfolio is comprised of 192 properties with an aggregate net leasable area of approximately 33.6 million square feet (at RioCan’s interest) including office, residential rental and 10 development properties. To learn more about us, please visit www.riocan.com.

Contacts

RioCan
Kim Lee

Vice President, Investor Relations

(416) 646-8326

DUBLIN–(BUSINESS WIRE)–The “Canada Construction Market Size, Trends, and Forecasts by Sector – Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market France, 2023-2027” report has been added to ResearchAndMarkets.com’s offering.

The construction industry in Canada is expected to have shrunk by 1.7% in 2023, with the industry projected to contract further by 3.1% in 2024, owing to a weak economic outlook, falling building permits, high building construction prices, and continued weakness in the residential sector amid a tightening of monetary policy.

According to Statistics Canada, the total value of building permits issued fell by 7.2% year-on-year (YoY) in the first ten months of 2023, owing to a 14.9% YoY fall in residential building permits issued. In another setback to the industry, in August 2023, Canada’s Alberta Province halted 118 renewable energy projects involving a total investment of CAD33 billion ($25.6 billion) until February 2024, to review renewable energy policies.

The publisher expects the Canadian construction industry to rebound at an annual average rate of 2.2% during 2025-27, supported by developments in the energy, transport, industrial and residential sectors. In November 2023, the federal government launched the CAD1.5 billion ($1.2 billion) Critical Minerals Infrastructure Fund (CMIF), under which clean energy, electrification initiatives, as well as transportation projects will be supported for a period of seven years.

Forecast-period growth in the industry will also be supported by investments in public housing projects, in line with the government’s target to improve housing supply in the country. In November 2023, the federal and provincial government of Quebec announced that they will each invest CAD900 million ($698.3 million) over the next four years to accelerate housing construction in Quebec; the funding will be provided as part of the CAD4 billion ($3.1 billion) Housing Accelerator Fund, that was launched in March 2023 to build 100,000 homes in Canada.

According to the estimates of the Canada Mortgage and Housing Corporation (CMHC), the country needs to build an additional 3.5 million homes – on top of the current pace of building – by the end of this decade to restore affordability.

Scope

• Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Canada, featuring details of key growth drivers.
• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
• Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
• Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

• Identify and evaluate market opportunities using the standardized valuation and forecasting methodologies.
• Assess market growth potential at a micro-level with over 600 time-series data forecasts.
• Understand the latest industry and market trends.
• Formulate and validate strategy using the critical and actionable insight.
• Assess business risks, including cost, regulatory and competitive pressures.
• Evaluate competitive risk and success factors.

Key Topics Covered:

1 Executive Summary

2 Construction Industry: At-a-Glance

3 Context

3.1 Economic Performance

3.2 Political Environment and Policy

3.3 Demographics

3.4 Risk Profile

4 Construction Outlook

4.1 All Construction

• Outlook
• Latest news and developments
• Construction Projects Momentum Index

4.2 Commercial Construction

• Outlook
• Project analytics
• Latest news and developments

4.3 Industrial Construction

• Outlook
• Project analytics
• Latest news and developments

4.4 Infrastructure Construction

• Outlook
• Project analytics
• Latest news and developments

4.5 Energy and Utilities Construction

• Outlook
• Project analytics
• Latest news and developments

4.6 Institutional Construction

• Outlook
• Project analytics
• Latest news and developments

4.7 Residential Construction

• Outlook
• Project analytics
• Latest news and developments

5 Key Industry Participants

5.1 Contractors

5.2 Consultants

6 Construction Market Data

7 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/7pfp5o

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./ CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

TORONTO–(BUSINESS WIRE)–DREAM RESIDENTIAL REIT (TSX: DRR.U and TSX: DRR.UN) (“Dream Residential” or the “REIT”) will be releasing its financial results for the quarter ended December 31, 2023, on Wednesday, February 14, 2024.

Senior management will be hosting a conference call to discuss the financial results. Participants may join the conference call by audio or webcast.

Conference Call:
Date:		Thursday, February 15, 2024 at 10:00 a.m. (ET)
Audio:		1-800-319-4610 (toll free)
		416-915-3239 (toll)
Webcast:		A live webcast will also be available in listen-only mode. To access the simultaneous webcast, go to the Calendar of Events on the News and Events page on Dream Residential’s website at www.dreamresidentialreit.ca and click the link for the webcast.
Digital Replay:		A taped replay of the call will be available for ninety (90) days. For access details, please click on the Calendar of Events on Dream Residential’s website.

About Dream Residential

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

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 INDUSTRIAL REIT (TSX: DIR.UN) (“Dream Industrial”) will be releasing its financial results for the quarter ended December 31, 2023, on Tuesday, February 13, 2024.

Senior management will be hosting a conference call to discuss the financial results. Participants may join the conference call by audio or webcast.

Conference Call:
Date:		Wednesday, February 14, 2024 at 11:00 a.m. (ET)
Audio:		1-800-806-5484 (toll free)
		416-340-2217 (toll)
Passcode:		1104570#
Webcast:		A live webcast will also be available in listen-only mode. To access the simultaneous webcast, go to the Calendar of Events on the News and Events page on Dream Industrial REIT’s website at www.dreamindustrialreit.ca and click the link for the webcast.
Digital Replay:		A taped replay of the call will be available for ninety (90) days. For access details, please click on the Calendar of Events on Dream Industrial’s website.

About Dream Industrial

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at September 30, 2023, Dream Industrial REIT owns, manages and operates a portfolio of 322 assets totalling approximately 70.6 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT’s goal is to deliver strong total returns to its unitholders through secure cash flows underpinned by its high-quality portfolio and an investment grade balance sheet as well as driving growth in its net asset value and cash flow per unit. For more information, please visit our website at www.dreamindustrialreit.ca.

Contacts

Alexander Sannikov
President and Chief Executive Officer

(416) 365-4106

asannikov@dream.ca

Lenis Quan
Chief Financial Officer

(416) 365-2353

lquan@dream.ca

CALABASAS, Calif.–(BUSINESS WIRE)–#apartmentmentinvestments—Marcus & Millichap (NYSE:MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services has released its 2024 Canada Investment Forecast Report. The report provides a detailed national economic perspective and multifamily, retail, office, industrial and hospitality sector overviews for major markets throughout Canada.

“With inflation trending down and the labor market cooling, the Central Bank is expected to begin cutting interest rates as early as the second quarter,” said Mark Paterson, first vice president and regional manager of Marcus & Millichap’s Toronto and Ottawa offices. “This is likely to aid economic growth over the latter half of the year and cause commercial real estate transaction activity to gain momentum as underlying fundamentals across most property types and markets remain healthy.”

Highlights of the report include:

• Canada’s population expanded at a record-setting pace as of the third quarter of last year, growing 3.2 per cent annually amid historic immigration. Combined with limited housing supply across the country, multifamily performance will remain robust over the coming year.
• Given record population growth expanding Canada’s consumer base, a relatively healthy labor market and limited supply, Canada’s retail property sector is well-positioned for 2024. This is especially true for essential-based neighborhood retail as the sector’s stability and its role in servicing communities seeing strong population growth are resulting in healthy investor and tenant demand.
• Industrial assets are expected to remain a preferred investment option. While the national vacancy rate is forecast to trend up further due to softening demand and elevated levels of new supply coming to market, it is still notably lower compared to years past. Tight vacancy, even in the face of substantial construction, is reinforcing the sector’s strength.

Access Marcus & Millichap’s 2024 Canada Investment Forecast Report here.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.

Contacts

Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
510-999-1284

TORONTO–(BUSINESS WIRE)–DREAM OFFICE REIT (TSX: D.UN) (“Dream Office” or the “Trust”) today announced its January 2024 monthly distribution of 8.333 cents per REIT Unit, Series A ($1.00 annualized). The January distribution will be payable on February 15, 2024 to unitholders of record as at January 31, 2024.

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–(BUSINESS WIRE)–Metropolitan Hardwood Flooring (Metropolitan Floors), a leading manufacturer and distributor of premium Kentwood engineered hardwood dazzled at the Interior Design Show, unveiling their new and notable collections as well as the winning entry of their esteemed Metropolitan Design Challenge.

The annual Interior Design Show (IDS), held at the Metro Toronto Convention Centre, returned last week, wrapping on Sunday, January 21, after a four-day run. The show featured hundreds of exhibitors, including Metropolitan Floors. The event saw an impressive turnout, with dealers, distributors, architects and design professionals in attendance.

For Metropolitan Floors, IDS has been a long-standing tradition. “We’ve been attending IDS for many years,” said Wilf Selfe, vice president, of Eastern Canada, at Metropolitan Floors. “The audience this show brings with architects, builders, and designers is unparalleled. We hope to continue to foster closer relationships with the A&D community, closer relationships with builders and to showcase our new products and our mission as a company, at large.”

Sheridan College Students Win 2024 Design Challenge

During IDS, Metropolitan Floors announced the 2024 Metropolitan Design Challenge winners, spotlighting Jenny Bae Huggon, Gigi Lombardo-Dybalski, and Natalie Guberney, all of whom attend Sheridan College. Their design, called “Origins,” was constructed and showcased at Metropolitan’s booth for attendees to admire. The installation invited viewers to interact with it through the use of a map, inspiring them to document their own ‘origins.’

Open to Ontario students enrolled in a post-secondary interior design program, the challenge awards the winning design with a cash prize of fifteen hundred dollars. “The challenge is all about giving back to the design community. It’s rewarding for us because we always look forward to seeing how students draw inspiration from the theme and use our products,” said Joe Cosentino, Builder – Commercial Business Manager, Eastern Canada, at Metropolitan Floors.

Further, the Design Challenge is a manifestation of Metropolitan’s core values, an ethos to design the most sustainable and ethically made flooring. This year, the challenge took inspiration from Metropolitan’s Clean Floors program, a forest-to-floor quality assurance and environmental compliance program. The theme of the challenge, coined “Crafted with Conscience,” challenged participants to design an installation that gives both meaning and life to the phrase and incorporates Kentwood’s latest flooring designs.

The winning students were thrilled to have their design showcased at the event. “We were really inspired by how Kentwood knows the origins of their wood,” said Gigi Lombardo-Dybalski.

“It was such a fun project for us to undertake. We wanted to symbolize our connection to the earth but also to each other,” said Natalie Guberney.

“Our hope with the piece is that it provokes conversation amongst people as they view it,” added Jenny Bae Huggon.

Metropolitan Has the Floor: New and Notable 2024 Collections Launch

Metropolitan Floors launched new 2024 flooring designs during IDS. Featuring ten new and notable collections with beautiful selections from Kentwood and Evoke Flooring, the new offerings include extra-wide plank-engineered hardwood, luxury vinyl flooring for light to heavy commercial applications, timeless herringbone designs, and much more.

IDS marks the first of a series of Metropolitan Floors industry events in 2024. They will roll out at select Metropolitan Floors studios and showrooms across North America this spring. These events will serve as the perfect opportunity for the A&D community to learn more about the brand and view their collections.

Explore the Kentwood engineered hardwood and Evoke luxury vinyl, laminate, rigid core, and Surge© flooring solutions manufactured and designed by Metropolitan.

About Metropolitan Hardwood Floors Inc.

Metropolitan Floors is a manufacturer and distributor of premium Kentwood-engineered hardwood and Evoke luxury vinyl, laminate, rigid core, and Surge® flooring. Founded as a hardwood flooring retailer in 1992, the company has grown to become a leading manufacturer and distributor of specialty flooring products and an end-to-end flooring solution provider. Metropolitan services Canada and the US from its North American design studios, warehouses, and distribution centers. Visit metrofloors.com for more information.

Contacts

For further information or interview requests please contact:

Marissa Themeles

marissa@elevatorinc.com
416-258-7595

Borjana Bejatovic

Borjana@elevatorinc.com
416-258-3922

PREMIERE brings $650 million in sales across 20 states to the fastest-growing, publicly traded brokerage

TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (NASDAQ: REAX), the fastest-growing, publicly traded real estate brokerage, today announced that the PREMIERE Group, one of the nation’s largest and most successful mega teams, has joined the company. Founded as a new kind of brokerage by successful entrepreneur and technologist David Keener and ranked as the No.1 mega team in the U.S. at one of the nation’s largest brokerage firms based on closed transactions in 2023, PREMIERE brings nearly $650 million in sales across 20 states since its founding in 2017.

Acting as a brokerage within a brokerage, PREMIERE has set itself apart among other large teams by investing 100% of its profits back into its agents and offering a cloud-based model with a state-of-the-art technology platform, low splits, revenue sharing and expansive marketing and operations resources. To encourage a sense of community without brick and mortar offices, PREMIERE has team leaders in each of the markets in which it operates.

“Dave’s decision to bring PREMIERE to Real is a monumental testament to the Real model and what our company offers top teams,” Real President Sharran Srivatsaa said. “In less than three years, Dave and his team have grown PREMIERE from less than two dozen agents to more than 200. His vision of building a tech-first, agent-centric brokerage aligns with our mission at Real. I’m thrilled to welcome Dave and the entire PREMIERE team to Real and to be able to provide a platform that helps them achieve their national expansion goals in a manner that supports their culture and dedication to serving clients.”

Based in Greensboro, N.C., PREMIERE holds the distinction of being named to the prestigious 2023 RealTrends + Tom Ferry’s The Thousand list, ranking in the top 0.5% of the more than 1.5 million Realtors^® nationwide. In 2023, PREMIERE closed 1,315 home sales valued at more than $303 million and ranked as the top mega team at one of the nation’s largest brokerage firms.

A successful investor, entrepreneur and founder of technology companies that have sold for a combined value of over $240 million, Keener founded the PREMIERE Group in 2017 with a belief that agents and their clients were underserved from a technology standpoint.

“PREMIERE was built to be a different kind of brokerage team, so this was not a move we entered lightly. It was important to us to be able to maintain the values that differentiate PREMIERE,” Keener said. “After looking at a lot of models, Real is the only brokerage ideally set up for teams – it’s not only got a strong agent-centric culture that offers wealth-building opportunities, the Real platform is designed to ensure agents provide a great experience for clients.”

Since making the decision to expand beyond North Carolina in 2021, PREMIERE has grown from 20 agents to more than 250 agents in 38 markets across 20 states by offering an agent-centric model that includes financial incentives as well as an operational platform and culture not typically found in cloud-based companies. The team’s coverage area spans the entire East Coast, south to Texas and as far west as California. PREMIERE’s goal is to be in all 50 states by the end of 2025.

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 14,000 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 and Real’s ability to attract new agents and retain current agents. 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

Blackstone Remains Committed to Tricon’s Extensive Housing Development Platform, Including its Pipeline of $1 Billion of New Single-Family Homes in the U.S. and $2.5 Billion of New Apartments in Canada

Plans to Improve Quality of Existing U.S. Single-Family Homes through an Additional $1 Billion of Capital Projects  

All financial and share price-related information is presented in U.S. dollars unless otherwise indicated.

NEW YORK & TORONTO–(BUSINESS WIRE)–Blackstone (NYSE: BX) and Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) today announced that they have entered into an arrangement agreement (the “Arrangement Agreement”) under which Blackstone Real Estate Partners X together with Blackstone Real Estate Income Trust, Inc. (“BREIT”) will acquire all outstanding common shares of Tricon (“Common Shares”) for $11.25 (approximately C$15.17) per Common Share in cash (the “Transaction”). The Transaction price represents a premium of 30% to Tricon’s closing share price on the NYSE on January 18, 2024, the last trading day prior to the announcement of the Transaction, and a 42% premium to the volume weighted average share price on the NYSE over the previous 90 days, and equates to a $3.5 billion equity transaction value based on fully-diluted shares outstanding. BREIT will maintain its approximately 11% ownership stake post-closing.

Tricon provides quality rental homes and apartments in great neighborhoods, along with exceptional resident services through its tech-enabled operating platform and dedicated on-the-ground operating teams. Tricon serves communities in high-growth markets such as Atlanta, Charlotte, Dallas, Tampa and Phoenix as well as Toronto, Canada. In addition to managing a single-family rental housing portfolio, Tricon has a single-family rental development platform in the U.S. with approximately 2,500 houses under development, as well as numerous land development projects that can support the future development of nearly 21,000 single-family homes. The Company also has a Canadian multifamily development platform that is building approximately 5,500 market-rate and affordable multifamily rental apartments.

Under Blackstone’s ownership, the Company plans to complete its $1 billion development pipeline of new single-family rental homes in the U.S. and $2.5 billion of new apartments in Canada (together with its existing joint venture partners). The Company will also continue to enhance the quality of existing single-family homes in the U.S. through an additional $1 billion of planned capital projects over the next several years.

“We are proud of the significant and immediate value that this transaction will deliver to our shareholders, while allowing us to continue providing an exceptional rental experience for our residents. Blackstone shares our values and our unwavering commitment to resident satisfaction, and we look forward to benefitting from their expertise and capital as we partner in building thriving communities,” said Gary Berman, President & CEO of Tricon.

“Tricon provides access to high-quality housing, and we are fully committed to delivering an exceptional resident experience together,” said Nadeem Meghji, Global Co-Head of Blackstone Real Estate. “We are excited that our capital will propel Tricon’s efforts to add much needed housing supply across the U.S. and in Toronto, Canada.”

The announcement of the Transaction follows the unanimous recommendation of a committee (the “Special Committee”) of independent members of Tricon’s board of directors (the “Board”). The Board, after receiving the unanimous recommendation of the Special Committee and in consultation with its financial and legal advisors, has determined that the Transaction is in the best interests of Tricon and fair to Tricon shareholders (other than Blackstone and its affiliates) and recommends that Tricon shareholders vote in favor of the Transaction.

“Following a thoughtful and comprehensive process, the Special Committee and Board concluded that the transaction with Blackstone is in the best interests of Tricon and its shareholders, and that the transaction price represents compelling and certain value for Tricon’s shares,” said Peter Sacks, Chair of the Special Committee and Independent Lead Director of Tricon.

Transaction Details

The Transaction is structured as a statutory plan of arrangement under the Business Corporations Act (Ontario). Completion of the Transaction, which is expected to occur in the second quarter of this year, is subject to customary closing conditions, including court approval, the approval of Tricon shareholders (as further described below) and regulatory approval under the Canadian Competition Act and Investment Canada Act.

As part of the Transaction, Tricon has agreed that its regular quarterly dividend during the pendency of the Transaction will not be declared and the Company’s dividend reinvestment plan will be suspended. If the Arrangement Agreement is terminated, Tricon intends to resume declaring and paying regular quarterly distributions and reinstate the dividend reinvestment plan.

The Arrangement Agreement provides for, among other things, customary representations, warranties and covenants, including customary non-solicitation covenants from Tricon, subject to the ability of the Board to accept a superior proposal in certain circumstances, with a “right to match” in favour of Blackstone, and conditioned upon payment of a $122,750,000 termination fee to Blackstone, except that the termination fee will be reduced to $61,250,000 if the Arrangement Agreement is terminated by the Company prior to March 3, 2024 in order to enter into a definitive agreement providing for the implementation of a superior proposal. In certain circumstances, Blackstone is required to pay a $526,000,000 reverse termination fee to Tricon upon the termination of the Arrangement Agreement.

Completion of the Transaction will be subject to various closing conditions, including the approval of at least (i) two-thirds (66 2/3%) of the votes cast by shareholders present in person or represented by proxy at the special meeting of shareholders to be called to approve the Transaction (the “Special Meeting”), voting as a single class (each holder of Common Shares being entitled to one vote per Common Share) and (ii) the majority of the holders of Common Shares present in person or represented by proxy at the Special Meeting, excluding the votes of Blackstone and its affiliates, and any other shareholders whose votes are required to be excluded for the purposes of “minority approval” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) in the context of a “business combination” as defined thereunder. Further details regarding the applicable voting requirements will be contained in a management information circular to be filed with applicable regulatory authorities and mailed to Tricon shareholders in connection with the Special Meeting to approve the Transaction.

Copies of the Arrangement Agreement and of the management information circular for the Special Meeting will be filed with Canadian securities regulators and will be available on the SEDAR+ profile of Tricon at www.sedarplus.ca. In addition, Tricon will furnish to the U.S. Securities and Exchange Commission (the “SEC”) a current report on Form 6-K regarding the Transaction, which will include as an exhibit thereto the Arrangement Agreement and will be available at the SEC’s website www.sec.gov. All parties desiring details regarding the Transaction are urged to read those and other relevant materials when they become available.

In connection with the Transaction, Tricon will prepare and mail a Schedule 13E-3 Transaction Statement (the “Schedule 13E-3”). The Schedule 13E-3 will be filed with the SEC. INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE SCHEDULE 13E-3 AND OTHER MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TRICON, THE TRANSACTION AND RELATED MATTERS. In addition to receiving the Schedule 13E-3 by mail, shareholders will also be able to obtain these documents, as well as other filings containing information about Tricon, the Transaction and related matters, without charge from the SEC’s website (http://www.sec.gov).

BREIT, which made an initial $240 million exchangeable preferred equity investment in Tricon in 2020 and is maintaining its ownership stake, has entered into a support agreement whereby it has agreed to vote its Common Shares in favor of the Transaction.

Subject to and upon completion of the Transaction, the Common Shares will no longer be listed on the NYSE or TSX. Tricon will remain headquartered in Toronto, Ontario.

Formal Valuation and Fairness Opinions

In connection with its review of the Transaction, the Special Committee retained Scotia Capital Inc. (“Scotiabank”) as independent valuator and financial advisor to provide financial advice and prepare a formal valuation of the Common Shares (the “Formal Valuation”) as required under MI 61-101. Scotiabank concluded that, as of January 18, 2024, and subject to certain assumptions, limitations and qualifications, the fair market value of the Common Shares was in the range of $9.80 to $12.90 per Common Share. Scotiabank has also provided its oral opinion (to be subsequently confirmed by delivery of a written opinion) to the Special Committee that, as of January 18, 2024, and subject to certain assumptions, limitations and qualifications, the consideration to be received by the holders of the Common Shares (other than Blackstone and its affiliates) pursuant to the Transaction is fair, from a financial point of view, to the holders of the Common Shares.

Advisors

Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are acting as financial advisors to Tricon. Scotiabank is acting as independent financial advisor and independent valuator to the Special Committee.

Goodmans LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are acting as legal counsel to Tricon in connection with the Transaction and Osler, Hoskin & Harcourt LLP is acting as independent legal counsel to the Special Committee.

BofA Securities, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo are acting as Blackstone’s financial advisors and Simpson Thacher & Bartlett LLP and Davies Ward Phillips & Vineberg LLP are acting as legal counsel.

About Tricon Residential Inc.

Tricon Residential Inc. (NYSE: TCN, TSX: TCN) is an owner, operator and developer of a growing portfolio of approximately 38,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Toronto, Canada. Our commitment to enriching the lives of our employees, residents and local communities underpins Tricon’s culture and business philosophy. We provide high-quality rental housing options for families across the United States and in Toronto, Canada through our technology-enabled operating platform and dedicated on-the-ground operating teams. Our development programs are also delivering thousands of new rental homes and apartments as part of our commitment to help solve the housing supply shortage. At Tricon, we imagine a world where housing unlocks life’s potential. For more information, visit www.triconresidential.com.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors. We do this by relying on extraordinary people and flexible capital to help strengthen the companies we invest in. Our over $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Additional Early Warning Disclosure

BREIT currently indirectly owns 6,815,242 Common Shares and 240,000 preferred units of Tricon PIPE LLC that are exchangeable into 28,235,294 Common Shares, representing approximately 11% of the outstanding Common Shares, assuming the conversion of all preferred units held by BREIT. Pursuant to the support agreement, BREIT has agreed to exchange at least 75% of its preferred units for Common Shares prior to the Special Meeting to vote on the Transaction and the balance of its preferred units prior to closing. Following the completion of the Transaction, funds affiliated with Blackstone Real Estate together with BREIT will own 100% of the outstanding Common Shares. Tricon intends to apply to cease to be a reporting issuer under applicable Canadian securities laws following the completion of the Transaction. An early warning report with additional information in respect of the foregoing matters will be filed and made available on SEDAR+ at www.sedarplus.ca under Tricon’s profile or may be obtained directly upon request by contacting the Blackstone contact person named below. The head office of Blackstone Real Estate and BREIT is located at 345 Park Avenue, New York, New York 10154. The head office of Tricon is located at 7 St. Thomas Street, Suite 801, Toronto, Ontario M5S 2B7.

Forward-Looking Information

Certain statements contained in this news release may constitute 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 “anticipate”, “plan”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the following: statements with respect to the expected completion of the Transaction and the timing thereof, the anticipated benefits to the shareholders of Tricon, satisfaction of the conditions to closing the Transaction, the holding of the Special Meeting, the suspension and resumption of quarterly distributions and the Company’s dividend reinvestment plan, and delisting of the Common Shares and ceasing to be a reporting issuer following closing of the Transaction.

Such forward-looking information and statements involve risks and uncertainties and are based on management’s current expectations, intentions and assumptions, including expectations and assumptions concerning receipt of required approvals and the satisfaction of other conditions to the completion of the Transaction, and that the Arrangement Agreement will not be amended or terminated. There can be no assurance that the proposed Transaction will be completed, or that it will be completed on the terms and conditions contemplated in the Arrangement Agreement.

Accordingly, although the Company believes that the expectations and assumptions on which the forward-looking information contained in this news release is based are reasonable, undue reliance should not be placed on the forward-looking information because Tricon can give no assurance that it will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: the failure to obtain necessary approvals or satisfy (or obtain a waiver of) the conditions to closing the Transaction as contained in the Arrangement Agreement; the occurrence of any event, change or other circumstance that could give rise to the termination of the Arrangement Agreement; material adverse changes in the business or affairs of Tricon; Tricon’s ability to obtain the necessary Tricon shareholder approval (including the “minority approval”); the parties’ ability to obtain requisite regulatory approvals; either party’s failure to consummate the Transaction when required or on the terms as originally negotiated; risks related to the disruption of management time from ongoing business operations due to the Transaction and possible difficulties in maintaining customer, supplier, key personnel and other strategic relationships; potential litigation relating to the Transaction, including the effects of any outcomes related thereto; the possibility of unexpected costs and liabilities related to the Transaction; competitive factors in the industries in which Tricon operates; interest rates, currency exchange rates, prevailing economic conditions; and other factors, many of which are beyond the control of Tricon. Additional factors and risks which may affect Tricon, its business and the achievement of the forward-looking statements contained herein are described in Tricon’s annual information form and Tricon’s management’s and discussion and analysis for the year ended December 31, 2022 and in the other subsequent reports filed on the SEDAR+ profile of Tricon at www.sedarplus.ca and Tricon’s filings with the SEC as well as the Schedule 13E-3 and management information circular to be filed by Tricon.

The forward-looking information contained in this news release represents Tricon’s expectations as of the date hereof, and is subject to change after such date. Tricon disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

This press release also includes forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward -looking terminology such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “identified,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction” or other similar words or the negatives thereof. These may include financial estimates and their underlying assumptions, statements about plans, objectives, intentions, and expectations with respect to positioning, including the impact of macroeconomic trends and market forces, future operations, repurchases, acquisitions, future performance and statements regarding identified but not yet closed acquisitions. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. Some of the factors that could cause actual results to differ materially are, among others, the timing and ability to consummate the pending transaction; the occurrence of any event, change or other circumstance that could delay the closing of the transaction, or result in the termination of the agreement for the transaction; and adverse effects on BREIT’s common stock because of a failure to complete the transaction. Other factors include but are not limited to those described under the section entitled “Risk Factors” in BREIT’s prospectus and annual report for the most recent fiscal year, and any such updated factors included in BREIT’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein (or in BREIT’s public filings). Except as otherwise required by federal securities laws, BREIT undertakes no obligation to publicly update or revise any forward -looking statements, whether as a result of new information, future developments or otherwise.

Contacts

For further information, please contact:

Wissam Francis

EVP & Chief Financial Officer

Email: IR@triconresidential.com

Wojtek Nowak

Managing Director, Capital Markets

Tricon Media:
Tara Tucker

Senior Vice President, Corporate and Public Affairs

Email: mediarelations@triconresidential.com

Blackstone Media:

Jillian Kary

212-583-5379

Jillian.Kary@Blackstone.com

TORONTO–(BUSINESS WIRE)–Granite Real Estate Investment Trust (“Granite”) (TSX: GRT.UN / NYSE: GRP.U) announced today that its board of trustees has declared a distribution of CDN $0.275 per stapled unit for the month of January 2024. The distribution will be paid by Granite on Thursday, February 15, 2024 to stapled unitholders of record at the close of trading on Wednesday, January 31, 2024. The stapled units will begin trading on an ex-dividend basis at the opening of trading on Tuesday, January 30, 2024, on the Toronto Stock Exchange and on the New York Stock Exchange.

Granite confirms that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes. A qualified notice providing the breakdown of the sources of the distribution will be issued to the Depository Trust & Clearing Corporation subsequent to the record date of January 31, 2024, pursuant to United States Treasury Regulation Section 1.1446-4.

ABOUT GRANITE

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 143 investment properties representing approximately 62.9 million square feet of leasable area.

OTHER INFORMATION

Copies of financial data and other publicly filed documents about Granite are available through the internet on the Canadian Securities Administrators’ System for Electronic Data Analysis and Retrieval +(SEDAR+) which can be accessed at www.sedarplus.ca and on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which can be accessed at www.sec.gov. For further information, please see our website at www.granitereit.com or contact Teresa Neto, Chief Financial Officer, at 647-925-7560 or Andrea Sanelli, Associate Director, Legal & Investor Services, at 647-925-7504.

Contacts

Teresa Neto

Chief Financial Officer

647-925-7560

Andrea Sanelli

Associate Director, Legal & Investor Services

647-925-7504

CINCINNATI–(BUSINESS WIRE)–Cintas Corporation (Nasdaq: CTAS) announced that the Company’s Board of Directors approved a quarterly cash dividend of $1.35 per share of common stock payable on March 15, 2024 to shareholders of record at the close of business on February 15, 2024. Cintas has a strong record of returning capital to its shareholders and has consistently raised its dividend each year since Cintas’ initial public offering 41 years ago in 1983.

Any future dividend declarations, including the amount of any dividends, are at the discretion of the Board of Directors and dependent upon then-existing conditions, including the Company’s operating results and financial condition, capital requirements, contractual restrictions, business prospects and other factors that the Board of Directors may deem relevant.

Cintas

Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe, and looking their best. With offerings including uniforms, mats, mops, towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm service, Cintas helps customers get Ready for the Workday^®. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.

Contacts

J. Michael Hansen, Executive Vice President and Chief Financial Officer – 513-972-2079

Jared S. Mattingley, Vice President – Treasurer & Investor Relations – 513-972-4195