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

TORONTO–(BUSINESS WIRE)–#ChoiceProperties–Choice Properties Real Estate Investment Trust (“Choice Properties”, the “Trust” or “we”) (TSX: CHP.UN) announced today that it has completed its previously announced issuance, on a private placement basis in certain provinces of Canada (the “Offering”), of (i) $350 million aggregate principal amount of series W senior unsecured debentures of the Trust bearing interest at a rate of 4.628% per annum and maturing on August 8, 2035 (the “Series W Debentures”) and (ii) $150 million aggregate principal amount of series X senior unsecured debentures of the Trust bearing interest at a rate of 5.369% per annum and maturing on August 8, 2055 (the “Series X Debentures” and, together with the Series W Debentures, the “Debentures”).

The Trust intends to use the net proceeds of the Offering to repay existing indebtedness, including the redemption in full of the Trust’s $200 million aggregate principal amount of 4.055% series F senior unsecured debentures due November 24, 2025 (the “Series F Debentures”) on September 5, 2025, and for general business purposes.

Morningstar DBRS has provided the Debentures with a credit rating of “BBB (high)” with a “positive” trend and S&P Global Ratings has provided the Debentures with a credit rating of “BBB+”. The Debentures rank equally with all other unsecured indebtedness of the Trust that has not been subordinated.

The Debentures were sold on an agency basis by a syndicate of agents co-led by TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets, and Scotiabank. The Debentures offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Choice Properties Real Estate Investment Trust

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

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

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

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Choice Properties’ current expectations regarding future events, including the intended use of proceeds of the Offering and the redemption of the Series F Debentures. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Choice Properties’ control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed in Choice Properties’ 2025 Second Quarter Report and current Annual Information Form. Choice Properties does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements contained in this press release are made as of the date hereof and are qualified by these cautionary statements.

Contacts

For further information:

Erin Johnston

Chief Financial Officer

Choice Properties REIT

Erin.Johnston@choicereit.ca

TORONTO–(BUSINESS WIRE)–Inovalis Real Estate Investment Trust (the “REIT”) (TSX: INO.UN) today reported financial results for the quarter ended June 30, 2025. The unaudited Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for Q2 2025 are available on the REIT’s website at www.inovalisreit.com and at www.sedarplus.ca. All amounts except rental rates, square footage and per unit amounts are presented in thousands of Canadian dollars or Euros, or as otherwise stated.

Stephane Amine, CEO and President of the REIT, commented “We are focused on preserving and generating liquidity by managing capital expenditures, selling non-core assets, and staying closely engaged with our lenders, ensuring the REIT remains stable and adaptable in the current environment to protect Unitholder value.”

Net Rental Income

For the portfolio that includes assets owned entirely by the REIT (“IP Portfolio”), Net Rental Income (“NRI”) for Q2 2025 decreased to $3,280 (€2,130), compared to the $4,616 (€3,144) NRI for Q2 2024, notably caused by the vacancies at the Trio and Metropolitain properties, and the bad debt allowance on the Gaia property for the two tenants in default of rent payments.

For the six months ended June 30, 2025, the IP Portfolio Net Rental Income (“NRI”) was $3,436 (€2,231), compared to $5,528 (€3,765) for the same period of 2024, the decrease being mostly attributable to the above-described factors and the main tenant departure at the Bad Homburg property in Q1 2024.

In Q2 2025, NRI, adjusted for IFRIC 21¹ for the portfolio that includes the REIT’s proportionate share in joint ventures (“Total Portfolio”), was $4,289 (€2,785), compared to $5,841 (€3,978) for Q2 202. The decrease is due to the same factors as for the IP Portfolio, and the non-recurring $1,720 indemnity placed on the Duisburg and Trio properties made necessary by the early departure of tenants in Q1 2024, that were partially offset by new leases at the Duisburg property on 18% building areas.

Leasing Operations

As of June 30, 2025, the occupancy rate of the REIT’s IP Portfolio was 46.7% and the occupancy rate of the REIT’s Total Portfolio was 58.9%. Strategic vacancies are being maintained in the Arcueil and Baldi properties in support of planned dispositions as outlined in the Asset Recycling Plan. Excluding properties designated for asset recycling, the Total Portfolio occupancy rate was 80.5% at June 30, 2025.

During the second quarter of 2025, Management negotiated a long-term lease for most of the vacant area of the Neu Isenburg property which, effective beginning in September. The lease execution requires significant capital expenditures and incentives but is expected to bring approximately $300 annual NRI over a 10-year term (with a potential break option in year five).

To support leasing activity, management continues to collaborate with on-site brokers and is selectively evaluating tenant improvement allowances as a means to enhance the competitiveness of key assets and optimize rental income.

Asset Recycling Plan

On April 30, 2025, the REIT completed the sale of the Sablière property, located in downtown Paris, for €18,200 ($28,625), as part of its Asset Recycling Plan. This transaction aligns with the REIT’s strategic objectives of repositioning the portfolio and strengthening financial flexibility. Net proceeds of approximately $15,300 (€9,700) will be allocated toward debt reduction and reinvestment in value-enhancing initiatives across the portfolio.

An exchange contract confirming the sale of 87.5% of the Arcueil property for €37,540 ($58,420) was announced in January 2025 with closing expected in the second half of 2026. The long closing is required to satisfy the administrative, building permit and financing conditions. The remaining 12.5% of the Arcueil office property is being marketed for a new office tenant.

Capital Market Considerations

Since the end of 2023, net asset values for the REIT’s Total Portfolio have been significantly pressured, primarily due to geopolitical tensions, high inflation, high interest rates and energy costs. The decline in net asset values significantly reduced Unitholders’ equity which stood at $186,770 (€116,433) at June 30, 2025. The book value per Unit at June 30, 2025 was $5.62/Unit and $5.57/Unit on a fully-diluted basis, using the weighted average number of units of the REIT (the “Units”) for the period. The closing price of a Unit on the TSX at June 30, 2025 was $0.90/Unit.

The REIT has addressed the volatile risks in the current capital markets by selling certain properties, implementing short term leasing initiatives for properties in the REIT’s Asset Recycling Plan, maintaining a debt-to-gross-book value ratio of 51.4% of the IP Portfolio (59.5% on the Total Portfolio) at June 30, 2025.

Funds From Operations and Adjusted Funds From Operations²

The REIT’s funds from operations (FFO) was slightly negative for the quarter (-$0.01 per unit) largely due to a provision related to bad debt at the Gaia property, where two tenants have defaulted on rent. We are actively addressing the situation. One of the tenants is in the process of being evicted, and we expect the property to return to a more stable position by 2026.

Financing Activity

The REIT is financed almost exclusively with asset-level, non-recourse financing with an average term to maturity of 2.2 years for the Total Portfolio (2.6 years for the IP Portfolio).

For the three-month period ended June 30, 2025, the weighted average interest rate across the Total Portfolio, despite the downward trend in EURIBOR, slightly increased to 3.73% reflecting the 12% fixed interest rate on the short-term €5,600 financing of the Bad Homburg property. As at June 30, 2025, 68% of the REIT’s Total Portfolio debt was subject to variable interest rates, primarily associated with short-term financing on properties currently being marketed for sale.

In Q2, a new mezzanine loan was taken out on the Bad Homburg property, which was used to repay the €5,500 Trio mortgage and satisfy a waiver condition related to a second-ranking mortgage held by HCOB on the Bad Homburg property. Management intends to refinance the 12% mezzanine facility with conventional financing as leasing activity progresses.

Environmental, Social and Governance (ESG)

Integration of ESG objectives and strategies into the REIT’s business reflects the growing importance of these factors among many of our key stakeholders. The REIT is working to improve its long-term environmental performance, and also to invest in “human capital” for the implementation and monitoring of all ESG initiatives.

FORWARD-LOOKING INFORMATION

Certain statements contained, or contained in documents incorporated by reference, may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to the REIT’s future outlook and anticipated events or results and may include statements regarding the future financial position, business strategy, budgets, occupancy rates, rental rates, productivity, projected costs, capital investments, development and development opportunities, financial results, taxes, plans and objectives of or involving the REIT. Particularly, statements regarding the REIT’s future results, performance, achievements, prospects, costs, opportunities, and financial outlook, including those relating to the sale of the Arcueil property, acquisition and capital investment strategies and the real estate industry generally, are forward-looking statements. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or the negative thereof, or other similar expressions concerning matters that are not historical facts. Forward-looking statements are based on certain factors and assumptions regarding expected growth, results of operations, performance, and business prospects and opportunities.

Although management believes that the expectations reflected in the forward-looking information are reasonable, no assurance can be given that these expectations will prove to be correct, and since forward-looking information inherently involves risks and uncertainties, undue reliance should not be placed on such information.

Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such forward-looking statements. The estimates and assumptions, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth in this press release as well as the following:

(i)		the ability to complete the sale of the Arcueil and Baldi properties;
(ii)		the ability to replace the departing tenants at the Trio and Gaia properties;
(iii)		the ability to continue to receive financing on acceptable terms;
(iv)		the future level of indebtedness and the REIT’s future growth potential will remain consistent with current expectations;
(v)		there will be no changes to tax laws adversely affecting the REIT’s financing capability, operations, activities, structure, or distributions;
(vi)		the REIT will retain and continue to attract qualified and knowledgeable personnel as the portfolio and business grow;
(vii)		the impact of the current economic climate and the current global financial conditions on operations, including the REIT’s financing capability and asset value, will remain consistent with current expectations;
(viii)		there will be no material changes to government and environmental regulations that could adversely affect operations;
(ix)		conditions in the international and, in particular, the French, German, Spanish and other European real estate markets, including competition for acquisitions, will be consistent with past conditions; and
(x)		the demand for the REIT’s properties and global supply chains and economic activity in general.

The REIT cautions that this list of assumptions is not exhaustive. Although the forward-looking statements contained in this press release are based upon assumptions that management believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements.

When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not, or the times at or by which, such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements, including, but not limited to:

• the REIT’s ability to execute its growth and capital deployment strategies;
• the impact of changing conditions in the European office market;
• the marketability and value of the REIT’s portfolio;
• changes in the attitudes, financial condition and demand in the REIT’s demographic markets;
• fluctuation in interest rates and volatility in financial markets;
• the geopolitical conflict around the world on the REIT’s business, operations and financial results;
• general economic conditions, including any continuation or intensification of the current economic conditions;
• developments and changes in applicable laws and regulations; and
• such other factors discussed under ‘‘Risk and Uncertainties’’ in the MD&A dated June 30, 2025 (“the MD&A”).

If any risks or uncertainties with respect to the above materialize, or if the opinions, estimates or assumptions underlying the forward-looking statements prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. The opinions, estimates or assumptions referred to above and described in greater detail under ‘‘Risks and Uncertainties’’ in the MD&A should be considered carefully by readers. Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other risk factors not presently known or that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements.

Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Certain statements included in press release may be considered a ‘‘financial outlook’’ for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than this press release. All forward-looking statements are based only on information currently available to the REIT and are made as of the date of this press release. Except as expressly required by applicable Canadian securities law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements in this press release are qualified by these cautionary statements.

Non-GAAP Financial Measures and Other Measures

There are financial measures included in this MD&A that do not have a standardized meaning under IFRS. These measures include Funds from Operations, Adjusted Funds from Operations, and other measures presented on a proportionate share basis. These measures have been derived from the REIT’s financial statements and applied on a consistent basis as appropriate. Management includes these measures as they represent key performance indicators to management, and it believes certain investors use these measures as a means of assessing relative financial performance. These measures, as computed by the REIT, may differ from similar computations as reported by other entities and, accordingly, may not be comparable to other such entities. These measures should not be considered in isolation or used in substitute for other measures of performance prepared in accordance with IFRS.

USE OF OPERATING METRICS

The REIT uses certain operating metrics to monitor and measure the operational performance of its portfolio. Operating metrics in this press release include GLA, committed occupancy, Weighted Average Lease Term and average term to maturity. Certain of these operating metrics, may constitute supplementary financial measures as defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure. These supplementary measures are not derived from directly comparable measures contained in the REIT’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 REIT.

“Adjusted Funds From Operations” or “AFFO” is a meaningful supplemental measure that can be used to determine the REIT’s ability to service debt, fund expansion capital expenditures, fund property development, and provide distributions to Unitholders after considering costs associated with sustaining operating earnings.

AFFO calculations are reconciled to net income, which is the most directly comparable IFRS measure. AFFO should not be construed as an alternative to net income or cash flow generated from operating activities, determined in accordance with IFRS.

AFFO is defined as FFO subject to certain adjustments, including adjustments for: (i) the non-cash effect of straight-line rents, (ii) the cash effect of the rental guarantee received, (iii) amortization of fair value adjustment on assumed debt, (iv) capital expenditures, excluding those funded by a dedicated cash reserve or capex financing, and (v) amortization of transaction costs on mortgage loans.

“Adjusted Funds From Operations / Unit” or “AFFO / Unit” is AFFO divided by the issued and outstanding Units, plus Exchangeable Securities (fully diluted basis).

“AFFO Payout Ratio” is the value of declared distributions on Units and Exchangeable Securities, divided by AFFO.

“Average term to maturity” refers to the average number of years remaining in the lease term.

“Book value per Unit” refers to the REIT’s total equity divided by the Weighted Average number of Units and Exchangeable Securities (on a fully diluted basis).

“Debt-service covenant ratio calculation” or “DSCR” refers to the rental income divided by the debt service, including interest and amortization.

“Debt-to-Gross-Book Value” refers to the REIT’s apportioned amount of indebtedness respectively in the IP Portfolio and the Total Portfolio. Indebtedness on an IP and Total Portfolio basis is calculated as the sum of (i) lease liabilities, (ii) mortgage loans, (iii) other long-term liabilities, and (iv) deferred tax liabilities. Indebtedness does not include certain liabilities as is the case for the Exchangeable Securities and at the joint venture level for the contribution from the REIT and its partners.

“Exchangeable Securities” means the exchangeable securities issued by CanCorpEurope, in the form of interest bearing notes, non-interest bearing notes and variable share capital.

“Fully diluted basis” refers to a nominal value divided by the issued and outstanding Units, plus Exchangeable Securities.

“Funds From Operations” or “FFO” follows the definition prescribed by the Real Estate Property Association of Canada publication on Funds From Operations & Adjusted Funds From Operations, dated January 2023 with one exception.

Management considers FFO to be a meaningful supplemental measure that can be used to determine the REIT’s ability to service debt, fund capital expenditures, and provide distributions to Unitholders.

FFO is reconciled to net income, which is the most directly comparable IFRS measure. FFO should not be construed as an alternative to net income or cash flow generated from operating activities, determined in accordance with IFRS.

FFO for the REIT is defined as net income in accordance with IFRS, subject to certain adjustments including adjustments for: (i) acquisition, eviction and disposal costs (if any), (ii) net change in fair value of investment properties, (iii) net change in fair value of derivative financial instruments at fair value through profit and loss, (iv) net changes in fair value of Exchangeable Securities, (v) finance costs related to distribution on Exchangeable Securities, (vi) adjustment for property taxes accounted for under IFRIC 21 (if any), (vii) loss on exercise of lease option (if any), (viii) adjustment for foreign exchange gains or losses on monetary items not forming part of an investment in a foreign operation (if any), (ix) gain or loss on disposal of investment properties or an interest in a subsidiary (if any), (x) finance income earned from loans to joint ventures (if any), (xi) loss on extinguishment of loans (if any), (xii) deferred taxes, (xiii) non-controlling interest, (xiv) goodwill / bargain purchase gains upon acquisition, and (xv) income taxes on sale of investment properties and provision for tax reassessment.

Exchangeable Securities are recorded as liabilities. Exchangeable Securities are recorded at fair value through profit and loss in accordance with IFRS. However, both are considered as equity for the purposes of calculating FFO and AFFO, as they are economically equivalent to the REIT’s Units, with the same features and distribution rights, that are economically equivalent to the distribution received by Unitholders.

“Funds From Operations / Unit” or “FFO / Unit” is FFO divided by the issued and outstanding Units, plus Exchangeable Securities (fully diluted basis).

“Gross book value” refers to the total consolidated assets for the IP Portfolio and Total Portfolio.

“Interest Coverage Ratio” or “ICR” covenant refers to a financial metric used to assess a REIT’s ability to meet its interest obligations on outstanding debt. It indicates how many times the operating profit can cover the REIT’s interest expenses over a given period.

“Investments in Joint Ventures” refers to the REIT’s proportionate share of the financial position and results of operation of its investment in joint ventures, which are accounted for using the equity method under IFRS in the consolidated financial statements, are presented below using the proportionate consolidation method at the REIT’s ownership percentage of the related investment. Management views this method as relevant in demonstrating the REIT’s ability to manage the underlying economics of the related investments, including the financial performance and the extent to which the underlying assets are leveraged, which is an important component of risk management.

For the purpose of the proportionate consolidation, the initial investment of both partners in the joint ventures were considered as being equity investments as opposed to a combination of equity and loans and accordingly, the related proportionate consolidation balance sheet items were eliminated as well as the associated finance income and finance costs. As the loans to the joint ventures were considered equity for proportionate consolidation purposes, any impairment recorded on the loans in accordance with IFRS 9 has been reversed for MD&A purposes. As such, any impairment recorded for IFRS purposes results in a difference in equity when reconciling IFRS and proportionate consolidation reporting.

“Investment Properties Portfolio” or “IP Portfolio” refers to the seven wholly owned properties of the REIT.

“Net Rental Income Adjusted for IFRIC 21” refers to Net Rental Income excluding property taxes recorded under IFRIC 21 rules.

“Net Rental Income” or “NRI” refers to the rental income plus operating cost recoveries income plus other property revenue, less property operating costs and other costs.

“Total Portfolio” refers to the seven properties referred to as the IP Portfolio and the five properties of the REIT held in joint-ownership with other parties.

“Weighted average lease term” or “WALT” is a metric used to measure a property portfolio’s risk of vacancy and refers to the average period in which all leases in a property or portfolio will expire. It is calculated as the sum of the percentages of rentable area multiplied by the number of years in each remaining lease term.

“Weighted Average number of Units” refers to the mean of periodic values in the number of issued and outstanding Units over a specific reporting period.

FFO and AFFO Calculation

The reconciliation of FFO and AFFO for the three-month periods ended June 30, 2025 and 2024, based on proportionate consolidation figures including REIT’s interest in joint ventures is as follows:

		Three months ended June 30,			Six months ended June 30,
		2025	2024		2025	2024
Net loss attributable to the Trust (including share of net earnings from investments in joint ventures)		(11,251)	(20,710)		(9,329)	(34,555)
Add/(Deduct):
Net change in fair value of investment properties		11,917	24,466		7,174	36,460
Net change in fair value of financial derivatives		–	8		–	413
Loss on sale of investment properties		167	–		167	–
Adjustment for property taxes accounted for under IFRIC 21		(1,112)	(958)		1,931	1,954
Net change in fair value of Exchangeable securities		(28)	(394)		(31)	(779)
Foreign exchange gain		19	–		(46)	–
Deferred income tax recoveries		175	(1,231)		135	(1,231)
Other adjustments		114	–		114	–
Non-controlling interest		(223)	(454)		(213)	(492)
FFO		(222)	727		(98)	1,770
Add/(Deduct):
Non-cash effect of straight line rents		37	98		229	289
Cash effect of the rental guarantee		(184)	175		–	346
Amortization of transaction costs on mortgage loans		(81)	64		(8)	127
Capex		(64)	(1,172)		(64)	(1,893)
AFFO		(514)	(108)		59	639
FFO / Units (diluted) ($)		(0.01)	0.02		0.00	0.05
AFFO / Units (diluted) ($)		(0.02)	0.00		0.00	0.02

Contacts

Stephane Amine, President and Chief Executive Officer
Inovalis Real Estate Investment Trust

Tel: +33 1 5643 3315

stephane.amine@inovalis.com

Khalil Hankach, Chief Financial Officer
Inovalis Real Estate Investment Trust

Tel: +33 1 5643 3313

khalil.hankach@inovalis.com

Read full story here

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

TORONTO–(BUSINESS WIRE)–DREAM OFFICE REAL ESTATE INVESTMENT TRUST (D.UN-TSX) (“Dream Office REIT”, the “Trust” or “we”) today announced its financial results for the three months ended June 30, 2025. Management will host a conference call to discuss the financial results on Friday, August 8, 2025, at 10:00 a.m. (ET).

OPERATIONAL HIGHLIGHTS AND UPDATE
(unaudited)
	As at
	June 30,				March 31,			June 30,
		2025			2025			2024
Total properties(1)
Number of active properties		24			24			25
Number of properties under development		2			2			2
Gross leasable area (in millions of square feet)		4.8			4.8			5.1
Investment properties value	$	2,152,546		$	2,171,584		$	2,318,974
Total portfolio(2)
Occupancy rate – including committed (period-end)		81.9%			81.2%			84.3%
Occupancy rate – in-place (period-end)		77.9%			78.4%			79.2%
Average in-place and committed net rent per square foot (period-end)	$	27.72		$	27.39		$	26.33
Weighted average lease term (years)		5.9			5.8			5.2
Occupancy rate – including committed – Toronto (period-end)		85.3%			84.2%			87.7%
Occupancy rate – in-place – Toronto (period-end)		79.2%			80.0%			83.0%
See footnotes at end.

		Three months ended
		June 30,			June 30,
		2025			2024
Operating results
Funds from operations (“FFO”)(3)	$	12,223		$	14,858
Comparative properties net operating income (“NOI”)(4)		25,528			25,381
Net rental income		24,798			27,301
Net loss		(41,787)			(21,941)
Per unit amounts
Diluted FFO per unit(5)(6)	$	0.62		$	0.76
Distribution rate per Unit(6)		0.25			0.25
See footnotes at end.

“In the second quarter of 2025, Dream Office REIT continued its leasing momentum by securing an additional 189,000 of leases and improving the Trust’s committed occupancy by approximately 70 bps relative to the first quarter,” said Michael Cooper, Chief Executive Officer of Dream Office REIT. “We are seeing a growing confidence in the office market, with improved leasing activity and businesses re-investing in their workspace and increasing their office utilization. Our team is committed to providing exceptional service across our renovated portfolio to support their return to the office.”

In the midst of significant macro-economic and geopolitical uncertainties and ongoing challenges in the Canadian office real estate sector, the Trust remains committed to reducing risk and delivering stable operational and financial performance until the market reaches a higher equilibrium.

In recent months, we have observed encouraging signs of potential stabilization in the downtown Toronto office market, where the Trust owns 83% of its Active properties, by fair value.

The market vacancy rate has remained relatively steady at 18.5%⁽⁷⁾, showing consistent stability over the past six quarters. Additionally, the new office construction pipeline in downtown Toronto has reached a 20-year low, with just 1.9 million square feet currently under construction⁽⁷⁾. Notably, Q2 2025 marked the first full year with no new office construction starts⁽⁷⁾.

Another positive indicator of market health is the continued decline in sublease space, which has fallen sharply to 16.3%⁽⁷⁾ of total vacant space downtown, down from pandemic peaks exceeding 40%⁽⁷⁾. This significant reduction reflects growing tenant confidence and a decrease in corporate space optimization efforts. The drop in sublease availability also aligns with the coordinated return-to-office mandates announced by several major Canadian financial institutions starting in fall 2025, aimed at fostering increased in-person collaboration and strengthening company culture.

We believe our portfolio is strategically located, difficult to replace and uniquely positioned for long-term outperformance. Over the past seven years, we have invested capital in our best buildings in downtown Toronto, and the renovations are now substantially complete. This has resulted in a uniquely competitive portfolio that is well-positioned to attract high-quality tenants. From the beginning of the year to today’s date, the Trust has already secured 507,000 square feet of leasing across 26 properties, compared to 356,000 square feet of leasing across 28 properties at the same point in 2024 and 294,000 square feet of leasing across 28 properties at the same point in 2023.

Relative to Q1 2025, our in-place and committed occupancy rate increased from 81.2% to 81.9% while our in-place occupancy decreased from 78.4% to 77.9%. The quarter-over-quarter increase of 0.7% in total portfolio in-place and committed occupancy was driven by a 1.1% increase in Toronto downtown and a 0.3% increase in Other markets due to incremental leasing during the quarter in excess of negative in-place absorption in both regions. The quarter-over-quarter decrease of 0.5% in total portfolio in-place occupancy was attributable to 22,000 square feet of negative absorption in Toronto downtown and 4,000 square feet of negative absorption in Other markets. The main driver of the net decrease in in-place occupancy in Toronto downtown was the downsizing and moving of certain tenants at 30 Adelaide Street East and Adelaide Place in order to facilitate five large new long-term lease deals.

The Trust has 188,000 square feet of vacancy committed for future occupancy. In Toronto downtown, 70,000 square feet, or 2.4% of the region’s total gross leasable area, is scheduled to commence in 2025 at net rents 1.7% higher than prior net rents on the same space with a weighted average lease term of 7.6 years. In 2026, 85,000 square feet in Toronto downtown, or 2.9% of the region’s total gross leasable area, is scheduled to commence at net rents 4.9% higher than previous net rents on the same space with a weighted average lease term of 13.7 years while in 2027, 19,000 square feet in Toronto downtown is scheduled to commence at net rents 32.1% higher than previous net rents on the same space with a weighted average lease term of 10.0 years.

In the Other markets region, 11,000 square feet, or 0.6% of the region’s total gross leasable area, is scheduled to commence in 2025 at 8.0% lower than prior net rents on the same space with a weighted average lease term of 4.2 years while in 2027, 3,000 square feet in Other markets is scheduled to commence at net rents 15.4% lower than previous net rents on the same space with a weighted average lease term of 11.3 years.

The Trust currently has a spread of 4% between in-place and in-place and committed occupancy. The main driver of this spread is the current environment’s extended timelines between the signing of a lease with a new tenant and the date that tenant takes possession of the space, which leads to a delay in the commencement of rent and lower current period net operating income. The Trust aims to minimize this downtime now and into the future by aggressively pursuing renewals with existing tenants and signing long-term leases with tenants with strong covenants. The Trust anticipates that, over time, this spread will narrow, leading to higher future net operating income.

During Q2 2025, the Trust executed leases totalling approximately 189,000 square feet across its portfolio. In Toronto downtown, the Trust executed 133,000 square feet of leases at a weighted average initial net rent of $33.60 per square foot, or 6.3% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 7.6 years. In the Other markets region, comprising the Trust’s properties located in Calgary, Saskatoon, Regina, Mississauga, Scarborough and the United States (“U.S.”), the Trust executed leases totalling 56,000 square feet at a weighted average initial net rent of $18.24 per square foot, or 17.2% lower than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 9.6 years. Subsequent to June 30, 2025, the Trust executed a further 39,000 square feet of leases in Toronto downtown at a weighted average initial net rent of $38.74 per square foot, with a weighted average lease term of 4.6 years and 27,000 square feet of leases in Other markets with a weighted average initial net rent of $18.75 per square foot, with a weighted average lease term of 6.3 years.

Since the beginning of the year to today’s date, the Trust has executed leases totalling approximately 507,000 square feet across our portfolio. In Toronto downtown, the Trust has executed 417,000 square feet of leases at a weighted average initial net rent of $32.06 per square foot, or 3.3% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 7.8 years. In the Other markets region, the Trust has executed leases totalling 90,000 square feet at a weighted average initial net rent per square foot of $18.46, or 10.3% lower than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 8.8 years.

REDEVELOPMENT PROJECTS UPDATE

As at June 30, 2025, the Trust has two properties under development: 606-4th Building & Barclay Parkade in Calgary and 67 Richmond Street West in Toronto downtown.

The development project at 606-4th Building & Barclay Parkade will convert the existing 126,000 square foot office building into a brand new 166-unit, purpose-built rental residential apartment building. Concurrently, the Trust is working to relocate the office tenants within 606-4th Building to the adjacent 444-7th Building. With apartment market vacancy at 4.6%⁽⁸⁾ and office vacancy at 30.7%⁽⁷⁾ in Calgary, this pivot in strategy will derisk the asset, increase net operating income and improve value. In addition, this strategy will allow the Trust to improve the occupancy at 444-7th while creating a new residential rental building in downtown Calgary, thereby reducing the operational and financial risk of both buildings.

As a result of moving tenants from 606-4th Building to 444-7th, the in-place and committed occupancy in the latter building has increased to 88.6% with a weighted average lease term of 5.9 years.

In relation to the project, the Trust has entered into an agreement for a grant of up to $11 million from the City of Calgary for the residential conversion as part of their Calgary Downtown Development Strategy Incentive Program. On March 7, 2025, the Trust secured a non-revolving development facility of up to $64.3 million at an interest rate to be set at the time of the first drawdown but not to exceed the 10-year Government of Canada bond rate plus 0.40%. The Trust is currently in advanced discussions with a joint venture partner to sell 50% of the Trust’s interest in the project so that the Trust can further reduce its construction and balance sheet risk.

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

To date, we have spent $14.8 million on the project at 67 Richmond Street West, $6.3 million of which has been funded by the CIB Facility. As a result of the redevelopment, the Trust attracted Daphne restaurant, which has been awarded Best Upscale Restaurant by Hospitality Design, for the entire ground floor retail space for a term of ten years. In Q4 2024, the scope of the project at 67 Richmond Street West was expanded to include building out model suites for the remainder of the vacant space at the property to meet the current market demand for move-in ready space and reduce lease-up time.

In 2024, the Trust implemented a model suite program to invest capital in nine identified suites, representing 56,000 square feet across four buildings within its portfolio to create move-in ready spaces, which has led to increased lease-up velocity in the completed suites. In increasing the scope at 67 Richmond Street West, the Trust plans to replicate this same strategy and anticipates that it will attract high-quality tenants to this building. With the expansion in project scope, 67 Richmond Street West is expected to be completed at the end of Q3 2025 and the Trust has already commenced discussions with prospective tenants.

FINANCING AND LIQUIDITY UPDATE
KEY FINANCIAL PERFORMANCE METRICS					As at
(unaudited)		June 30,			December 31,
		2025			2024
Financing
Weighted average face rate of interest on debt (period-end)(9)		4.95%			4.75%
Interest coverage ratio (times)(10)		1.7			1.8
Net total debt-to-normalized adjusted EBITDAFV ratio (years)(11)		11.5			12.1
Level of debt (net total debt-to-net total assets)(12)		51.8%			52.9%
Average term to maturity on debt (years)		3.7			3.4
Liquidity
Cash and cash equivalents (in millions)	$	18.9		$	18.3
Cash and undrawn revolving credit facilities (in millions)(13)		93.2			56.5
Total liquidity (in millions)(14)		170.7			138.0
Capital (period-end)
Total number of REIT A and LP B units (in millions)(6)(15)		19.0			19.0
Net asset value (“NAV”) per unit(6)(16)	$	54.56		$	59.47
See footnotes at end.

As at June 30, 2025, the Trust had $2.3 billion of total assets, including $2.2 billion of investment properties and $1.2 billion of total debt.

During the quarter, the Trust refinanced its last remaining 2025 debt maturity, a $30 million mortgage secured by a property in Toronto, Ontario. The refinanced mortgage totals $28 million and matures on April 1, 2028 bearing a floating interest rate based on daily CORRA. On April 21, 2025, the Trust entered into a fixed-for-variable interest rate swap to fix the interest rate on the mortgage at 5.26%.

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

On June 5, 2025, the Trust completed the last draw on the non-revolving term loan facility originally entered in connection with a lease negotiated with a commercial banking tenant and restricted for use towards meeting the tenant’s construction allowance requirements. On execution of the last draw, the loan converted to an amortizing term facility under the terms of the agreement and will mature on July 31, 2029.

As at June 30, 2025, the Trust had approximately $170.7 million of total liquidity⁽¹⁴⁾, comprising cash and undrawn revolving credit facilities⁽¹³⁾ of $93.2 million and additional liquidity related to undrawn amounts on our CIB Facility of $77.4 million, which provides low-cost, fixed-rate financing solely for the purpose of commercial property retrofits to achieve certain energy efficiency savings and greenhouse gas (“GHG”) emission reductions. Cash and undrawn revolving credit facilities⁽¹³⁾ of $93.2 million comprises $18.9 million of cash and undrawn revolving credit facilities totalling $74.3 million.

During Q2 2025, the Trust drew $1.0 million against the CIB Facility. In total, we have drawn $35.4 million against the CIB Facility since 2022. These draws represent 80% of the costs to date for capital retrofits at certain properties in Toronto downtown for projects to reduce the operational carbon emissions in these buildings. Of the $35.4 million drawn on the CIB Facility, $8.8 million was used to fund the full building retrofit of 366 Bay Street to secure a full building lease for a term of 15 years and $6.3 million was used to fund the development project at 67 Richmond Street West.

During the quarter, the Trust sold 3,993,083 Dream Industrial REIT units, for net proceeds of $40.4 million, or $10.13 per unit, after transaction costs and fees. The proceeds from the sale were used to pay down the Trust’s corporate credit facility with the intent to improve liquidity and reduce the Trust’s leverage.

On April 3, 2025, the Trust sold a vendor take-back (“VTB”) mortgage receivable originating from a property sale in 2018 to a purchaser for $15 million before transaction costs. The proceeds of the sale were used to repay the corporate credit facility.

SUMMARY OF KEY PERFORMANCE INDICATORS

• Net loss for the quarter: For the three months ended June 30, 2025, the Trust generated a net loss of $41.8 million. Included in net loss for the three months ended June 30, 2025 are negative fair value adjustments to investment properties totalling $32.4 million across the portfolio, interest expense on debt of $15.5 million and a net loss from our investment in Dream Industrial REIT of $23.6 million due to the effect of unit sales over the quarter, partially offset by positive fair value adjustments to financial instruments totalling $8.8 million primarily due to fair value gains on rate swap contracts and net rental income totalling $24.8 million.

• Diluted FFO per unit⁽⁵⁾⁽⁶⁾ for the quarter: For the three months ended June 30, 2025, diluted FFO per unit decreased by $0.14 per unit to $0.62 per unit relative to $0.76 per unit in Q2 2024, driven by lower net rental income due to the sale of 438 University Avenue in Q1 2025 (-$0.11), reduced FFO from Dream Industrial REIT due to the sale of units in Q1 and Q2 (-$0.06), lower straight-line rent due to free rent periods rolling off (-$0.03) and reduced lease termination fees and other income (-$0.02), partially offset by lower interest expense (+$0.03), higher income from the completed development at 366 Bay Street in Toronto (+$0.02), higher income from properties under development (+$0.01), higher comparative properties NOI (+$0.01) and a bad debt recovery in the current quarter (+$0.01).

• Net rental income for the quarter: For the three months ended June 30, 2025, net rental income decreased by 9.2%, or $2.5 million, over the prior year comparative quarter, primarily due to lower income from sold properties relating to the sale of 438 University Avenue in Q1 2025.

• Comparative properties NOI⁽⁴⁾ for the quarter: For the three months ended June 30, 2025, comparative properties NOI increased slightly by 0.6%, or $0.1 million, over the prior year comparative quarter as higher in-place rents in Toronto downtown from rent step-ups, as well as higher weighted average occupancy and lower non-recoverable expenses in Other markets were offset by reduced occupancy from the lease expiry at 74 Victoria Street in Toronto downtown.

  For the three months ended June 30, 2025, comparative properties NOI in Toronto downtown increased slightly by 0.5%, or $0.1 million, over the prior year comparative quarter, as higher in-place rents from rent step-ups, higher rates on lease expansions and higher parking income were offset by lower weighted average occupancy in the region driven by the 206,000 square foot lease expiry at 74 Victoria Street in Q4 2024.

• In-place occupancy: Total portfolio in-place occupancy on a quarter-over-quarter basis decreased by 0.5% relative to Q1 2025. In Toronto downtown, in-place occupancy decreased by 0.8% relative to Q1 2025 as 74,000 square feet of expiries were partially offset by 30,000 square feet of renewals and 22,000 square feet of new lease commencements. In the Other markets region, in-place occupancy decreased by 0.2% relative to Q1 2025 as 26,000 square feet of expiries were partially offset by 16,000 square feet of renewals and 6,000 square feet of new lease commencements. The main driver of the net decrease in in-place occupancy in Toronto downtown was the downsizing and moving of certain tenants at 30 Adelaide Street East and Adelaide Place in order to facilitate five large new long-term lease deals.

  Total portfolio in-place occupancy on a year-over-year basis decreased from 79.2% in Q2 2024 to 77.9% this quarter, as a decline in in-place occupancy in Toronto downtown of 3.8% year-over-year was partially offset by an increase in in-place occupancy in Other markets of 2.9% year-over-year. The decrease in in-place occupancy in Toronto downtown was primarily driven by the lease expiry at 74 Victoria Street in Q4 2024 (-4.6%) and the sale of 438 University Avenue in Q1 2025 (-1.1%), partially offset by positive absorption in the remainder of the region totalling 68,000 square feet (+1.7%) and the effect of the reclassification of the fully occupied 366 Bay Street to active properties in Q3 2024 (+0.2%). The increase in in-place occupancy in Other markets was primarily driven by positive in-place absorption in the region of 141,000 square feet (+3.3%) net of the negative impact of the reclassification of 606-4th Building & Barclay Parkade to properties under development in Q4 2024 (-0.4%).

• Lease commencements for the quarter: For the three months ended June 30, 2025, excluding temporary leasing, 52,000 square feet of leases commenced in Toronto downtown at net rents of $36.59 per square foot, or 4.2% higher compared to the previous rent on the same space with a weighted average lease term of 6.2 years. In the Other markets region, excluding temporary leasing, 22,000 square feet of leases commenced at $21.12 per square foot, or 6.2% higher than the previous rent on the same space with a weighted average lease term of 11.3 years.

• NAV per unit^(6)(16): As at June 30, 2025, our NAV per unit decreased to $54.56 compared to $59.47 at December 31, 2024. The decrease in NAV per unit relative to December 31, 2024 was driven by fair value losses on investment properties primarily due to changes in assumptions and maintenance capital and leasing cost write-offs in both regions, impairment recognized on a VTB mortgage receivable during Q1, the sale of 5,893,083 Dream Industrial REIT units below carrying value during Q1 and Q2, as well as fair value losses on interest rate swap contracts, partially offset by cash flow retention (FFO net of distributions). As at June 30, 2025, equity per the condensed consolidated financial statements was $1.0 billion.

• Fair value adjustments to investment properties for the quarter: For the three months ended June 30, 2025, the Trust recorded a fair value loss totalling $32.4 million, comprising fair value losses of $12.0 million in Toronto downtown, $16.9 million in Other markets and $3.6 million in our properties under development. Fair value losses in Toronto downtown were primarily driven by a write-down at one property valued by a qualified external valuation professional, expansions in cap rates and write-offs of maintenance capital spend, partially offset by increases in in-place market rents at certain properties. Fair value losses in the Other markets region were primarily driven by a write-down at one property resulting from a change in valuation assumptions. Fair value losses in our properties under development were primarily driven by revised leasing timelines.

• Fair value adjustments to financial instruments: For the three months ended June 30, 2025, the Trust recorded fair value gains of $8.8 million. Fair value gains in the current quarter consisted of $4.2 million of gains from remeasurements on rate swap contracts, as well as $4.0 million and $0.7 million in gains from the remeasurement of the carrying value of subsidiary redeemable units and DTUs, respectively, as a result of a decrease in the Trust’s unit price relative to March 31, 2025.

CONFERENCE CALL

Management will host a conference call to discuss the financial results on Friday, August 8, 2025, at 10:00 a.m. (ET). To access the conference call, please dial 1-833-752-4470 in Canada or 647-849-3272 elsewhere. To access the conference call via webcast, please go to Dream Office REIT’s website at www.dreamofficereit.ca

Contacts

Michael J. Cooper
Chairman and Chief Executive Officer

(416) 365-5145

mcooper@dream.ca

Jay Jiang
Chief Financial Officer

(416) 365-6638

jjiang@dream.ca

Read full story here

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) announced today that its Board of Trustees has declared a distribution of $0.0717 per unit for the month of August 2025, representing $0.86 per unit on an annualized basis. The distribution will be payable on September 15, 2025 to unitholders of record on August 29, 2025.

About Primaris Real Estate Investment Trust

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. The current portfolio totals 14.8 million square feet, valued at approximately $4.9 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

For more information:

TSX: PMZ.UN

www.primarisreit.com

www.sedarplus.ca

 

Contacts

Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

Claire Mahaney

VP, Investor Relations & ESG

647-949-3093

cmahaney@primarisreit.com

Timothy Pire

Chair of the Board

chair@primarisreit.com

This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts are in U.S. dollars.

TORONTO–(BUSINESS WIRE)–DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U, TSX: DRR.UN) (“Dream Residential REIT” or the “REIT” or “we” or “us”) today announced its financial results for the three and six months ended June 30, 2025 (“Q2 2025”).

HIGHLIGHTS

• Comparative properties net operating income (“comparative properties NOI”)¹ was $6.4 million in Q2 2025, a 1.1% increase from Q2 2024. Net rental income was $8.2 million in Q2 2025 or $0.2 million higher than the prior year comparative quarter mainly due to an increase in investment properties revenue.

• Diluted funds from operations (“FFO”) per Unit² was $0.18 for Q2 2025, consistent with Q2 2024, comprising a slight increase in comparative properties NOI, offset by a decrease in interest and other income and an increase in interest expense on debt.

• Portfolio occupancy increased to 95.2% as at June 30, 2025, from 93.3% at the end of Q1 2025, with the Greater Oklahoma City region at 94.8%, Greater Dallas–Fort Worth region at 94.8% and Greater Cincinnati region at 96.3%. During the quarter, we completed renovations on six units in the Greater Cincinnati region.

• Average monthly rent at June 30, 2025 was $1,186 per unit compared to $1,182 per unit at March 31, 2025.

• Maintaining conservative balance sheet and financial flexibility. Net total debt-to-net total assets³ was 33.1% as at June 30, 2025, compared to 33.0% as at December 31, 2024. Total mortgages payable were $124.4 million, consisting of nine fixed rate mortgages with a weighted average contractual interest rate of 4.0%. Total amounts outstanding on the revolving credit facility were $16.0 million. Total assets (per condensed consolidated financial statements) were $410.2 million as at June 30, 2025. Total assets comprised primarily $399.1 million of investment properties and $6.7 million of cash and cash equivalents.

• Strategic Review. The REIT’s strategic review process (the “Strategic Review”) to identify, evaluate and pursue a range of strategic alternatives with the goal of maximizing unitholder value remains ongoing.

_______________________________________________

1 Comparative properties NOI is a non-GAAP financial measure. The tables included in the Appendices section of this press release reconcile comparative properties NOI to net rental income for the three and six months ended June 30, 2025 and June 30, 2024. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

2 Diluted FFO per Unit is a non-GAAP ratio. Diluted FFO per Unit comprises FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

3 Net total debt-to-net total assets is a non-GAAP ratio. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

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

“The REIT delivered solid operational and financial performance in Q2 2025,” said Brian Pauls, Chief Executive Officer of Dream Residential REIT. “Dream Residential REIT continued to make incremental gains by growing rents and net operating income. We are encouraged by the REIT’s performance through the first half of 2025 and will continue to operate the portfolio with a focus on prudent capital allocation, operational efficiency and maintaining a conservative balance sheet.”

• Q2 2025 net income for the three months ended June 30, 2025 was $0.8 million, which comprises net rental income of $8.2 million, fair value adjustments to investment properties of $(1.2) million and fair value adjustments to financial instruments of $(2.3) million, primarily from the revaluation of Class B units of DRR Holdings LLC, a subsidiary of the REIT (“Class B Units” – together with the units of the REIT (“Trust Units”, “Units”)). Other income and expenses totalled $(3.9) million.
• Total equity (per condensed consolidated financial statements) was $230.1 million as at June 30, 2025, compared to $240.5 million as at December 31, 2024, driven by the year-to-date net loss and distributions paid and payable.
• Net asset value (“NAV”)⁴ per Unit was $13.44 as at June 30, 2025, compared to $13.39 as at December 31, 2024.
• The REIT declared distributions totalling $0.105 per Unit during Q2 2025.

FINANCIAL HIGHLIGHTS

		Three months ended June 30,				Six months ended June 30,
(in thousands unless otherwise stated)		2025		2024		2025		2024
Operating results
Net income (loss)	$	843	$	3,346	$	(7,208)	$	4,162
FFO(1)		3,499		3,516		6,903		6,963
Net rental income		8,181		7,984		14,417		14,617
Comparative properties NOI(10)		6,435		6,362		12,566		12,443
Comparative properties NOI margin(11)		51.9%		52.6%		51.4%		51.6%
Per Unit amounts
Distribution rate per Trust Unit	$	0.105	$	0.105	$	0.210	$	0.210
Diluted FFO per Unit(2)(3)		0.18		0.18		0.35		0.35
See footnotes at end

_______________________________________________

4 NAV per Unit is a non-GAAP ratio. NAV per Unit comprises total equity (including Class B Units) (a non-GAAP financial measure) divided by the number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

Net income for Q2 2025 was $0.8 million compared to $3.3 million in Q2 2024 and comprises fair value adjustments to investment properties of $(1.2) million and fair value adjustments to financial instruments of $(2.3) million. FFO for Q2 2025 and the prior year comparative quarter was consistent year-over-year at $3.5 million. Q2 2025 diluted FFO per Unit was $0.18, consistent with the prior year comparative quarter.

Net rental income for Q2 2025 was $8.2 million and compares to $8.0 million in the comparative quarter. The increase in net rental income from the comparative quarter was largely driven by an increase in investment properties revenue. Comparative properties NOI for Q2 2025 was $6.4 million and consistent with the comparative quarter. Comparative properties NOI margin for Q2 2024 was 51.9%, compared to 52.6% in the comparative quarter. Q2 2025 comparative properties NOI includes comparative investment properties revenue of $12.4 million, which increased by $0.3 million from the comparative quarter. The increase was driven by positive blended lease trade-outs and rental premiums from our value-add program. Investment properties operating expenses were $6.0 million for Q2 2025, and $5.7 million for the comparative quarter when excluding the impact of IFRIC 21, “Levies” (“IFRIC 21”), as a result of increased property taxes and utilities, generally offset by lower property insurance expenses.

PORTFOLIO INFORMATION						As at
		June 30, 2025		March 31, 2025		June 30, 2024
Total portfolio
Number of assets		15		15		15
Investment properties fair value (in thousands)	$	399,093	$	399,555	$	396,800
Units		3,300		3,300		3,300
Occupancy rate – in place (period-end)		95.2%		93.3%		94.0%
Average in-place base rent per month per unit	$	1,186	$	1,182	$	1,167
Estimated market rent to in-place base rent spread (%) (period-end)		4.1%		3.0%		8.8%
Tenant retention ratio(12)		57.4%		57.5%		59.2%
See footnotes at end

ORGANIC GROWTH

Weighted average monthly rent as at June 30, 2025 was $1,186 per unit, compared to $1,182 per unit at March 31, 2025. Rental rates increased 1.3% in the Greater Cincinnati region, remained consistent in the Greater Oklahoma City region and decreased 0.4% in the Greater Dallas–Fort Worth region since March 31, 2025.

During Q2 2025, blended lease trade-outs averaged 1.5% compared to 0.4% in Q1 2025. This comprises an average increase on renewals of approximately 3.7% (March 31, 2025 – increase of 4.0%) and an average decrease on new leases of approximately 1.3% (March 31, 2025 – decrease of 4.3%). As at June 30, 2025, estimated market rents were $1,235 per unit, or an average gain-to-lease for the portfolio of 4.1%. The retention rate for the quarter ended June 30, 2025 was 57.4% compared to 57.5% for the three months ended March 31, 2025.

Value-add initiatives

During Q2 2025, renovations were completed on six suites in the Greater Cincinnati region, with an additional five suites under renovation as at June 30, 2025. For the three months ended June 30, 2025, the average new lease trade-out on renovated suites was $90 per unit higher than expiring leases, or a lease trade-out of 7.3%.

“Occupancy has improved by 190 basis points since Q1 2025, driven by our emphasis on tenant retention and ongoing leasing efforts,” said Scott Schoeman, Chief Operating Officer of Dream Residential REIT. “We are pleased with the REIT’s leasing momentum with blended lease trade-out accelerating from Q1 2025.”

FINANCING AND CAPITAL INFORMATION

				As at
(unaudited) (dollar amounts presented in thousands, except for per Unit amounts)		June 30, 2025		December 31, 2024
Financing
Net total debt-to-net total assets(4)		33.1%		33.0%
Average term to maturity on debt (years)		4.3		4.8
Interest coverage ratio (times)(5)		2.9		2.9
Undrawn credit facility	$	54,000	$	55,000
Available liquidity(6)	$	60,728	$	60,382
Capital
Total equity	$	230,066	$	240,489
Total equity (including Class B Units)(7)	$	264,772	$	263,528
Total number of Trust Units and Class B Units(8)		19,696,492		19,678,695
Net asset value (“NAV”) per Unit(9)	$	13.44	$	13.39
Trust Unit price	$	9.40	$	6.24
See footnotes at end

As at June 30, 2025, net total debt-to-net total assets⁽⁴⁾ was 33.1%, total debt was $140.4 million and total assets were $410.2 million. The REIT ended Q2 2025 with total available liquidity⁽⁶⁾ of approximately $60.7 million, comprising $6.7 million of cash and cash equivalents and $54.0 million available on its undrawn revolving credit facility.

Total equity of $230.1 million decreased from December 31, 2024 by $10.4 million, primarily due to the year-to-date net loss and distributions paid and payable. As at June 30, 2025, there were approximately 16.0 million Trust Units and 3.7 million Class B Units.

NAV per Unit as at June 30, 2025 was $13.44 compared to $13.39 as at December 31, 2024.

OTHER INFORMATION

Information appearing in this press release is a select summary of financial results. The condensed consolidated financial statements and management’s discussion and analysis for the REIT will be available at www.dreamresidentialreit.ca and under the REIT’s profile on www.sedarplus.com.

Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns a portfolio of garden-style multi-residential properties, primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit www.dreamresidentialreit.ca.

Non-GAAP financial measures, ratios and supplementary financial measures

The REIT’s condensed consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). In this press release, as a complement to results provided in accordance with IFRS, the REIT discloses and discusses certain non-GAAP financial measures and ratios, including FFO, diluted FFO per Unit, comparative properties NOI, comparative investment properties revenue, NOI, comparative properties NOI margin, net total debt-to-net total assets ratio, net total debt, net total assets, adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments (“Adjusted EBITDAFV”), trailing 12-month adjusted EBITDAFV, trailing 12-month interest expense on debt, interest coverage ratio (times), available liquidity, total equity (including Class B Units) and NAV per Unit as well as other measures discussed elsewhere in this press release. These non-GAAP financial measures and ratios are not defined by or recognized under IFRS Accounting Standards and do not have a standardized meaning under IFRS Accounting Standards. The REIT’s method of calculating these non-GAAP financial measures and ratios may differ from other issuers and may not be comparable with similar measures presented by other issuers. The REIT has presented such non-GAAP financial measures and ratios as management believes they are relevant measures of the REIT’s underlying operating and financial performance. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release are expressly incorporated by reference from Management’s Discussion and Analysis of the financial condition and results of operations of the REIT as at and for the three and six months ended June 30, 2025, dated August 6, 2025 (the “Q2 2025 MD&A”) and can be found under the section “Non-GAAP Financial Measures and Ratios” and respective sub-headings labelled “FFO and diluted FFO per Unit”, “NAV per Unit”, “Comparative properties NOI and comparative properties NOI margin”, “Adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments (Adjusted EBITDAFV)”, “Trailing 12-month adjusted EBITDAFV”, “Trailing 12-month interest expense on debt”, “Available liquidity”, “Total equity (including Class B Units)”, “Interest coverage ratio (times)” and “Net total debt-to-net total assets”. In this press release, the REIT also discloses and discusses certain supplementary financial measures, including tenant retention ratio and weighted average number of Units. The composition of supplementary financial measures included in this press release is expressly incorporated by reference from the Q2 2025 MD&A and can be found in the section “Supplementary Financial Measures and Other Disclosures”. The Q2 2025 MD&A is available on SEDAR+ at www.sedarplus.com under the REIT’s profile and on the REIT’s website at www.dreamresidentialreit.ca under the Investors section. Non-GAAP financial measures and ratios should not be considered as alternatives to net income, net rental income, investment properties revenue, cash flows generated from (utilized in) operating activities, cash and cash equivalents, total assets, non-current debt, total equity, or comparable metrics determined in accordance with IFRS Accounting Standards as indicators of the REIT’s performance, liquidity, cash flow and profitability.

Forward-looking information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes statements regarding future market conditions; our expectations regarding our Strategic Review process and the results thereof, including our ability to pursue strategic alternatives; that the Strategic Review will result in any transaction or initiative and our expectations regarding timing, structure, costs, terms and outcome thereof, including on the financial condition, liquidity and results of operations of the REIT; that we will continue to make incremental gains by growing rents and net operating income; our ability to operate the portfolio with a focus on prudent capital allocation, operational efficiency and maintain a conservative balance sheet; our ability to complete suites under renovation including in the Greater Cincinnati region; and our expectations regarding leasing momentum and expected results thereof. Forward-looking information generally can be identified by the use of forward-looking terminology such as “will”, “expect”, “believe”, “plan” or “continue”, or similar expressions suggesting future outcomes or events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Residential REIT’s control and could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, risks inherent in the real estate industry; financing risks; inflation, interest and currency rate fluctuations; global and local economic and business conditions; risks associated with unexpected or ongoing geopolitical events; changes in law; tax risks; competition; environmental and climate change risks; insurance risks; cyber security; risks related to the imposition of duties, tariffs and other trade restrictions and their impacts; and uncertainties surrounding public health crises and epidemics. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable; that there are no unforeseen changes in the legislative and operating framework for our business; that we will have access to adequate capital to fund our future projects and plans and that we will receive financing on acceptable terms; that inflation and interest rates will not materially increase beyond current market expectations; that future market and economic conditions will occur as expected; and that geopolitical events, including disputes between nations or the imposition of duties, tariffs, quotas, embargoes or other trade restrictions (including any retaliation to such measures), will not disrupt global economies. All forward-looking information in this press release speaks as of the date of this press release. Dream Residential REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions, risks and uncertainties is contained in Dream Residential REIT’s filings with securities regulators, including its latest Annual Information Form and Management’s Discussion and Analysis. These filings are also available on the REIT’s website at www.dreamresidentialreit.ca.

FOOTNOTES
(1)		FFO is a non-GAAP financial measure. The most directly comparable financial measure to FFO is net income. For further information on this non-GAAP measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. The table included in the Appendices section of this press release reconciles FFO for the three and six months ended June 30, 2025 and June 30, 2024 to net income.
(2)		Diluted FFO per Unit is a non-GAAP ratio. Diluted FFO per Unit comprises FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(3)		A description of the determination of diluted amounts per Unit can be found in the REIT’s Q2 2025 MD&A in the section “Supplementary Financial Measures and Other Disclosures”, under the heading “Weighted average number of Units”.
(4)		Net total debt-to-net total assets is a non-GAAP ratio. Net total debt-to-net total assets comprises net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). The most directly comparable financial measure to net total debt is non-current debt, and the most directly comparable financial measure to net total assets is total assets. For further information on this non-GAAP ratio and these non-GAAP financial measures, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(5)		Interest coverage ratio (times) is a non-GAAP ratio. Interest coverage ratio comprises trailing 12-month adjusted EBITDAFV (a non-GAAP financial measure) divided by trailing 12-month interest expense on debt (a non-GAAP financial measure). The most directly comparable financial measure to adjusted EBITDAFV is net income (loss). The table included in the Appendices section of this press release reconciles adjusted EBITDAFV to net income (loss) and trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense on debt to adjusted EBITDAFV and interest expense on debt, respectively, for the trailing 12-month period ended June 30, 2025. For further information on this non-GAAP ratio and non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(6)		Available liquidity is a non-GAAP financial measure. The most directly comparable financial measure to available liquidity is cash and cash equivalents. The table included in the Appendices section of this press release reconciles available liquidity to cash and cash equivalents as at June 30, 2025 and December 31, 2024. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(7)		Total equity (including Class B Units) is a non-GAAP financial measure. The most directly comparable financial measure to total equity (including Class B Units) is total equity. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. The table included in the Appendices section of this press release reconciles total equity (including Class B Units) to total equity (per the condensed consolidated financial statements) as at June 30, 2025 and December 31, 2024.
(8)		Total number of Units includes 16,004,408 Trust Units and 3,692,084 Class B Units, which are classified as a liability under IFRS Accounting Standards.
(9)		NAV per Unit is a non-GAAP ratio. NAV per Unit comprises total equity (including Class B Units) (a non-GAAP financial measure) divided by the total number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(10)		Comparative properties NOI is a non-GAAP financial measure. The most directly comparable financial measure to comparative properties NOI is net rental income. The table included in the Appendices section of this press release reconciles comparative properties NOI for the three and six months ended June 30, 2025 and June 30, 2024 to net rental income. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(11)		Comparative properties NOI margin is a non-GAAP ratio. Comparative properties NOI margin is defined as comparative properties NOI (a non-GAAP financial measure) divided by comparative investment properties revenue, as a percentage. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(12)		Tenant retention ratio is defined as the number of renewed leases divided by the total number of leases signed during the period. Tenant retention ratio is a supplementary financial measure.

Contacts

For further information, please contact:

Dream Residential REIT


Brian Pauls
Chief Executive Officer

(416) 365-2365

bpauls@dream.ca

Derrick Lau
Chief Financial Officer

(416) 365-2364

dlau@dream.ca

Scott Schoeman
Chief Operating Officer

(303) 519-3020

sschoeman@dream.ca

Read full story here

NORTH ANDOVER, Mass.–(BUSINESS WIRE)–Watts Water Technologies, Inc. (NYSE: WTS) today declared that the Corporation will pay a quarterly dividend of fifty-two cents ($0.52) per share on each outstanding share of the Company’s Class A Common Stock and Class B Common Stock, said dividend to be paid on September 15, 2025 to stockholders of record at the close of business on August 29, 2025.

Watts Water Technologies, Inc., through its family of companies, is a global manufacturer headquartered in the USA that provides one of the broadest plumbing, heating, and water quality product lines in the world. Watts Water companies and brands offer innovative plumbing, heating, and water quality solutions to control the efficiency, safety, and quality of water within commercial, residential, and industrial applications. For more information visit www.watts.com.

Contacts

Watts Water Technologies, Inc.
Diane McClintock

Senior Vice President FP&A and Investor Relations

Telephone: 978-689-6153

Email: investorrelations@wattswater.com

HOUSTON–(BUSINESS WIRE)–#dxpe—DXP Enterprises, Inc. (the “Company”) (NASDAQ: DXPE), a leading business to business products and service distributor that adds value and total cost savings solutions to MRO and OEM customers in virtually every industry, plans to issue a press release announcing its financial results for the quarter ended June 30, 2025, on Wednesday, August 6^th. The earnings announcement will be released after the market closes. DXP will host a conference call, to be webcast live, on the Company’s website (www.dxpe.com) at 10:30 AM Central Time on Thursday, August 7^th.

The call and an accompanying slide presentation will be on the “Investor Relations” section of DXP’s website at www.dxpe.com. A replay of the webcast will be available shortly after the conclusion of the presentation.

DXP’s earnings press release, slides and other related presentation materials will be posted to the “Investor Relations” section of DXP’s website under the subheading “Financial Information” after the market closes on the date of the earnings call and will remain available following the call.

Web participants are encouraged to go to the Company’s website (www.dxpe.com) at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.

The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. For more information, review the Company’s filings with the Securities and Exchange Commission.

Contacts

DXP Enterprises, Inc.

Kent Yee, 713-996-4700

Senior Vice President, CFO

www.dxpe.com

WAUCONDA, Ill.–(BUSINESS WIRE)–#ET27–The ET Foundation and the Aluminum Extruders Council (AEC) have announced the Call for Abstracts for ET ’27, the Fourteenth International Aluminum Extrusion Technology Seminar and Exposition. Scheduled for April 26–30, 2027, ET ‘27 will be held at the Rosen Shingle Creek Resort in Orlando, Florida, with the core technical and exposition events taking place April 27–29.

ET ’27 invites professionals from across the global aluminum extrusion industry—including manufacturers, end users, engineers, and designers—to submit abstracts for technical papers via the ET ’27 Abstract Submissions Portal at ETPapers.org (also linked at ET27.us). The deadline for abstract submissions is February 26, 2026.

Presentations at ET ’27 will focus on all aspects of aluminum extrusion, including innovations in process, equipment, applications, design, sustainability, and R&D. Technical papers will be organized into seven tracks:

• Alloys & Billet Process
• Extrusion Design & Innovation*
• Extrusion Equipment
• Extrusion & Die Process
• Extrusion & Die R&D
• Sustainability & Management
• Extrusion Finishes & Fabrication

*The Extrusion Design & Innovation track welcomes papers with a practical focus, and formal references are optional.

Abstracts and papers will be evaluated by the ET Seminar Committee—comprised of industry and academic professionals—according to relevance, usefulness, practical application, international appeal, and clarity. Content must be noncommercial.

Selected authors will be invited to submit full technical papers for inclusion in The Proceedings of the Fourteenth International Aluminum Extrusion Technology Seminar – ET ’27, which will be distributed to all registered delegates.

ET is the aluminum extrusion industry’s longest-running educational event, offering in-depth technical sessions, an expansive exposition, and numerous learning and networking opportunities. Final paper acceptance and presentation remain subject to committee review following abstract approval.

For full details and submission guidelines, visit www.ET27.us or ETPapers.org.

Contacts

Nancy Molenda

VP of Communication

nmolenda@tso.net
847.416.7227

VANCOUVER, British Columbia–(BUSINESS WIRE)–QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company, has acquired an eight-asset, 3,460 bed purpose-built student accommodation (PBSA) portfolio from Apollo-managed funds and entities.

The high-quality portfolio is comprised of assets located in key PBSA markets across the UK, including London, with 75% of the portfolio situated within proximity of prestigious Russell Group universities. All the buildings were developed within the last five to seven years to a high specification, and are well amenitised with gyms, co-working spaces, audio-visual rooms, common areas, and event spaces.

Residential is an area of high conviction for QuadReal. PBSA specifically is a resilient and a counter-cyclical asset class that offers stable income, structural demand, and long-term growth potential. With persistent undersupply in key university cities, growing international and domestic student populations, and a shift towards higher-quality, professionally managed accommodation, PBSA provides both defensive characteristics and attractive risk-adjusted returns.

The UK PBSA sector is expected to outperform other asset classes over the next few years on the back of resilient market fundamentals. The country has the largest student population in Europe, as well as the highest share of international students, with overall full-time student numbers continuing to rise. The UK market is structurally undersupplied, with an estimated shortfall of 840,000 units expected by 2027.

QuadReal has significant experience in the residential and student accommodation sectors. Its global portfolio includes over 65,000 residential units and 28,000 student beds, predominantly in North America and Australia. In the UK, QuadReal has over 8,500 residential units and 1,000 student beds across 29 communities and has delivered more than 1,300 units in 2024 alone, in part via its partnership with Realstar.

The asset manager for this portfolio of PBSA is OPRE Solutions.

Jay Kwan, Managing Director, Europe, at QuadReal said: “Across our global portfolio, we are highly selective about the assets we acquire, and target markets with strong fundamentals and significant demand drivers. With resilient demand, structural undersupply, and a large cohort of international students, we have been actively looking to grow our PBSA exposure in the UK and this is an opportunity to expand our student housing platform.”

Kristian Branum-Burns, Senior Vice President, Europe, International Real Estate, at QuadReal said: “This transaction is fully aligned with our fundamentals-driven residential strategy in Europe, and student accommodation is a crucial sector for us. These are high quality, amenity-rich assets servicing in-demand universities across the country, and the portfolio is well placed to deliver sustained rental growth over the coming years.”

About QuadReal Property Group

QuadReal Property Group is a global real estate investment, development and operating company headquartered in Vancouver, British Columbia. Its assets under management are $94 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating platforms in which it holds an ownership interest.

QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.

QuadReal: Excellence lives here.

Contacts

FTI Consulting (QuadReal)

Giles Barrie, Bryn Woodward

0779 892 6814 / 07929 383297

Quadreal@fticonsulting.com

Acquisition of business assets of leader in granular pigment manufacturing for all segments of the concrete market including ready mix, stamped concrete, block, pavers, and precast will further strengthen Saint-Gobain’s Construction Chemicals activities in Canada and the United States

PARIS–(BUSINESS WIRE)–Saint-Gobain Group has acquired the business assets of Interstar Materials Inc. (Interstar), further strengthening its expansion in North America’s Construction Chemicals sector. Today’s acquisition of Interstar’s business assets and team into the organization will further strengthen Saint-Gobain’s position in the construction chemicals market and will mark the company’s entrance into granular pigments for concrete. This acquisition follows recent action by the company in the construction chemicals sector in the United States and Canada, including the acquisitions of Chryso in 2021 and GCP Applied Technologies in 2022.

With over 30 years of manufacturing experience, Interstar has been a leading North American manufacturer of products for the growing decorative concrete industry, allowing for the creation of concrete that is both functional and aesthetically pleasing. Interstar offers a full portfolio of solutions for all segments of the concrete market including ready mix, stamped concrete, block, pavers, and precast.

With this latest acquisition, Saint-Gobain will add over C$20 million to its revenue and establish a strong presence in the granular pigments industry in North America. The business will continue to operate from its headquarters in Sherbrooke, Quebec, as well as at additional facilities in Calgary, Alberta, and Junction City, Illinois. Saint-Gobain will also welcome 55 new employees, whose expertise will enhance the capabilities of its Construction Chemicals business.

“With this acquisition, we are continuing to strengthen our leadership in the Construction Chemicals segment,” said Mark Rayfield, President and CEO of Saint-Gobain North America. “Interstar Materials, Inc. is an ideal partner for Saint-Gobain, sharing our commitment to innovation and sustainable construction. I am excited to collaborate with the Interstar team and welcome their employees into our business. Together, we will continue to drive progress toward our mission of ‘Making the World a Better Home.’”

“This acquisition is a testament to our unwavering commitment to continually enhance our best-in-class product and service offerings, ensuring we meet and exceed our customers’ expectations,” said Steven Williams, President, Construction Chemicals, Infrastructure, and Commercial North America.

“The Interstar team and I are thrilled to join Saint-Gobain’s Construction Chemical’s business and work with the Chryso team,” said Zachary Gillman, President of Interstar Materials, Inc. “From the outset of the acquisition process, it was clear that our companies share common values — a commitment to quality, integrity, innovation, and growth. I am especially excited about the opportunities this partnership will create for Interstar employees as part of the Saint-Gobain Group.”

Saint-Gobain will continue to operate the granular pigment and dispenser business under the Interstar brand within US and Canada.

Today’s announcement follows several other recent growth investments announced by Saint-Gobain:

• In February, Saint-Gobain announced the expansion of its NorPro Ceramics business with a new facility in Niagara County, New York.
• First announced in 2023, Saint-Gobain will complete several expansions at plant facilities later this year to increase production capacity and further meet demand in the United States, including in roofing at its facility in Peachtree City, Georgia, gypsum wallboard in Palatka, Florida and glass mat in Oxford, North Carolina.
• Later this year, Saint-Gobain and CertainTeed Canada will complete an announced investment to upgrade equipment at its gypsum facility outside Montreal, which will increase the plant’s production capacity by up to 40%. The plant will also be powered solely by renewable electricity from Hydro-Quebec, making it the first zero-carbon wallboard plant in North America for scope 1 and 2 emissions.

With over 160 manufacturing locations in Canada and the United States, every current and future member of the company’s team plays a vital role in achieving its sustainability goals. A current list of job openings at all Saint-Gobain locations can be found on the company’s careers website.

About Saint-Gobain

Worldwide leader in light and sustainable construction, Saint-Gobain designs, manufactures and distributes materials and services for the construction and industrial markets. Its integrated solutions for the renovation of public and private buildings, light construction and the decarbonization of construction and industry are developed through a continuous innovation process and provide sustainability and performance. The Group, celebrating its 360th anniversary in 2025, remains more committed than ever to its purpose “MAKING THE WORLD A BETTER HOME”.

€46.6 billion in sales in 2024

166,000 employees, locations in 80 countries

Committed to achieving net zero carbon emissions by 2050

About Interstar Materials, Inc.

For over thirty years, Interstar has been a leader in the pigment industry — renowned for their innovation, quality, and responsive, flexible customer service in all sectors of the concrete industry. Interstar’s propriety Granastar^® granular pigment has revolutionized the ready mix industry, making it easier and more efficient to color ready mix concrete with their pigment and automated dispensing systems.

Contacts

Media Contacts

Peter Clark

Saint-Gobain Corporate Communications

media@saint-gobain.com

MIAMI–(BUSINESS WIRE)–The Real Brokerage Inc. (NASDAQ: REAX), a leading real estate technology platform redefining the industry through innovation and culture, today announced the opening of its shareholder Q&A platform to be used for its upcoming conference call to discuss the financial results for the second quarter ended June 30, 2025. Real will hold the call at 8:00 a.m. ET on Thursday, August 7, 2025.

Beginning today, any shareholder is invited to submit and upvote questions to management. To submit questions ahead of the conference call, please visit the Say Technologies portal at the link here. Shareholders using brokers that are integrated with Say can also participate directly through their investing app or broker’s website.

The Q&A platform will remain open through Tuesday, August 5, 2025 at 8:00 a.m. ET.

An audio-only webcast of the call may be accessed from the Investor Relations section of the company’s website at https://investors.onereal.com or by registering at the link here. A replay of the webcast will be available for one year.

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 28,000 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 second quarter 2025 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 expectations regarding 2025 market conditions. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. Important factors that could cause such differences include, but are not limited to, slowdowns in real estate markets and economic and industry downturns, and those risk factors discussed under the heading “Risk Factors” in the Company’s Annual Information Form dated March 6, 2025, 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:

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

press@therealbrokerage.com
201.564.4221

NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Green Street, the preeminent provider of commercial real estate intelligence and analytics in the U.S., Canada, Europe, and Australia, today announced the acquisition of College House, a leading provider of property-level data and insights for the U.S. student housing sector. Founded in 2019, College House has built a strong reputation in a fragmented market by offering high-quality, timely, and deeply granular data.

The acquisition marks a significant milestone in Green Street’s global growth strategy and its continued investment in delivering best-in-class, property-level data across real assets. College House enhances Green Street’s robust data platform and deepens its U.S. presence by bringing unrivaled coverage of the fast-growing student housing market.

“Property-level data is foundational to Green Street’s strategy,” said Jeff Stuek, CEO of Green Street. “With the addition of College House, we’ve extended our leadership into student housing and enhanced our ability to deliver granular insights to our clients. Their best-in-class product is a strong fit for Green Street, and we are proud to join forces with their exceptional team. This acquisition aligns with our global growth strategy and accelerates our vision to provide the most comprehensive commercial real estate intelligence platform in the world.”

In the near term, College House expands Green Street’s U.S. sector coverage with one of the most trusted sources of student housing data. Over time, it will serve as a strong foundation for the development of new sector-specific analytics, modeling, and benchmarks within Green Street’s offering.

“Joining Green Street marks an exciting new chapter for College House,” said Charlie Matthews, Founder of College House. “Our focus has always been on delivering data transparency and depth to the student housing space. With Green Street’s scale, resources, and expertise, we’re excited to take our mission to the next level and bring even more powerful analytics and insights to the broader market.”

The combination of College House and Green Street platforms will drive deeper sector expertise, insights and analytics for both investors and operators in the Student Housing industry.

Green Street was advised by Kirkland & Ellis, LLP. College House was advised by Greenberg Taurig, LLP on the acquisition.

About Green Street

Green Street is a forward-thinking real assets company at the forefront of transforming the commercial real estate market with cutting-edge predictive analytics, data-driven insights, and actionable intelligence. With over 40 years of expertise, Green Street empowers investors, lenders, and stakeholders across the U.S., Canada, Europe, and Australia to make optimized investment and strategic decisions.

About College House

College House is a leading data and analytics provider for investors, owners, and operators focused on the U.S. student housing market. College House delivers robust, property-level data and performance metrics that help clients navigate a competitive and evolving sector.

Contacts

Media Contact:
Green Street

media@greenstreet.com
+1 (949) 640-8780