TORONTO–(BUSINESS WIRE)–Slate Grocery REIT (TSX: SGR.U) (TSX: SGR.UN) (the “REIT”), today confirmed that the Board of Trustees has established a special committee of independent trustees (the “Special Committee”) in response to an unsolicited proposal (the “Proposal”) received from affiliates of Slate Asset Management, the external manager of the REIT (the “Manager”).

The Special Committee has a broad mandate to consider and evaluate a broad range of strategic alternatives, including, but not limited to, a sale of the REIT. At this point, the Special Committee has determined to initiate a formal process to solicit proposals from third parties.

“The Committee recognizes that the value of the underlying portfolio may not be fully reflected in the public markets, and as such, we are evaluating various alternatives ranging from initiatives under the status quo, to a whole company sale,” said Marc Rouleau, Chair of the Special Committee. “We are focused on finding a path that maximizes value for all unitholders”, said Andrea Stephen, Chair of the Board.

The Special Committee has retained Evercore as its exclusive financial advisor and Fasken Martineau DuMoulin LLP and Sidley Austin LLP as its independent legal counsel. The Special Committee has also engaged Raider Hill Advisors, L.L.C. as its exclusive special real estate advisor.

No unitholder action is required at this time. There can be no assurance that the Special Committee’s process will result in any transaction or other strategic outcome.

The Special Committee does not intend to provide further comment regarding the status of the Special Committee’s process unless and until it determines that further disclosure is appropriate or required in accordance with applicable securities laws.

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

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

Forward-Looking Statements

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

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

Contacts

For Further Information

Media:
Riyaz Lalani/Dan Gagnier

Gagnier Communications

Slate@gagnierfc.com

TORONTO–(BUSINESS WIRE)–Granite Real Estate Investment Trust (TSX: GRT.UN) (“Granite REIT” or “Granite”) today announced the acceptance by the Toronto Stock Exchange (the “TSX”) of Granite’s Notice of Intention to Make a Normal Course Issuer Bid (“NCIB”). Pursuant to the NCIB, Granite proposes to purchase through the facilities of the TSX and any alternative trading system in Canada, from time to time over the next 12 months, if considered advisable, up to an aggregate of 6,038,313 of Granite REIT’s issued and outstanding units (the “Units”), being approximately 10% of Granite REIT’s public float of Units as of May 20, 2026. Pursuant to a previous notice of intention to conduct a NCIB, under which Granite REIT sought and received approval from the TSX to purchase up to 6,060,162 Units for the period of May 26, 2025 to May 25, 2026, Granite REIT has purchased, as of May 20, 2026, 237,536 Units on the open market at a weighted average purchase price of $69.2167 per Unit. As of May 20, 2026, Granite REIT had 60,713,130 Units issued and outstanding and a public float of 60,383,131 Units.

The NCIB will commence on May 26, 2026 and will conclude on the earlier of the date on which purchases under the bid have been completed and May 25, 2027. Daily purchases made by Granite through the TSX may not exceed 25,625 Units, being 25% of the average daily trading volume of 102,501 Units on the TSX for the six-month period ended April 30, 2026. These daily maximums are subject to certain exceptions prescribed by the TSX, including the “block purchase exemption”.

Granite REIT intends to enter into an automatic securities purchase plan with a broker as of the date on which the NCIB commences in order to facilitate repurchases of the Units under the NCIB during Granite REIT’s scheduled blackout periods. Under the automatic securities purchase plan, Granite REIT’s broker may repurchase Units under the NCIB in accordance with any advance instructions that Granite REIT may elect to deliver, including without limitation repurchases made at times when Granite REIT would ordinarily not be permitted to repurchase Units due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Granite REIT’s broker based upon the parameters under the NCIB and the terms of the parties’ written agreement.

The Board of Trustees of Granite REIT believe that the potential purchases at prices below Granite REIT’s view of intrinsic value are in the best interests of Granite REIT and are a desirable use of Granite REIT’s liquidity. All Units that are purchased under the NCIB will be cancelled.

ABOUT GRANITE

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 145 investment properties representing approximately 61.5 million square feet of leasable area.

OTHER INFORMATION

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

FORWARD LOOKING INFORMATION

This press release may contain statements that, to the extent they are not recitations of historical fact, constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding Granite REIT’s future distributions, Unit repurchases, plans, goals, strategies, intentions, beliefs, estimates, costs, objectives, economic performance, expectations, or foresight or the assumptions underlying any of the foregoing. Words such as ‘‘may’’, ‘‘would’’, ‘‘could’’, ‘‘will’’, ‘‘likely’’, ‘‘expect’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘intend’’, ‘‘plan’’, ‘‘forecast’’, ‘‘project’’, ‘‘estimate’’, “seek”, “objective” and similar expressions are used to identify forward-looking information. Forward-looking information should not be read as guarantees of future Unit repurchases, events, performance or results and will not necessarily be accurate indications of whether or the times at or by which such future Unit repurchases, events or performance will be achieved. Undue reliance should not be placed on such statements. Forward-looking information is based on information available at the time and/or management’s good faith assumptions and analyses made in light of its perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances, and are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond Granite REIT’s control, that could cause actual events or results to differ materially from such forward-looking information. Important factors that could cause such differences include, but are not limited to, the risks set forth under “Risks and Uncertainties” in Granite’s Management’s Discussion and Analysis for the quarter ended March 31, 2026 filed on May 6, 2026 and in the annual information form of Granite REIT dated February 25, 2026 (the “Annual Information Form”). The “Risk Factors” section of the Annual Information Form also contains information about the material factors or assumptions underlying such forward-looking information. Forward-looking information speaks only as of the date the statements and information were made and unless otherwise required by applicable securities laws, Granite REIT expressly disclaims any intention and undertakes no obligation to update or revise any forward-looking information contained in this press release to reflect subsequent information, events or circumstances or otherwise.

Contacts

Teresa Neto, Chief Financial Officer

647-925-7560

Andrea Sanelli, Senior Director, Legal & Investor Services

647-925-7504

TORONTO–(BUSINESS WIRE)–$SRU.UN #CapitalMarkets–SmartCentres Real Estate Investment Trust (“SmartCentres”) (TSX: SRU.UN) announced today that the trustees of SmartCentres have declared a distribution for the month of May 2026 of $0.15417 per unit, representing $1.85 per unit on an annualized basis. The distribution will be payable on June 15, 2026 to unitholders of record as at May 29, 2026.

About SmartCentres

SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 200 strategically located properties in communities across the country. SmartCentres has approximately $12.3 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.5 million square feet of leasable space with 97.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.

Contacts

For more information, visit www.smartcentres.com or please contact:

Mitchell Goldhar

Executive Chairman and CEO

(905) 326-6400 ext. 7674

mgoldhar@smartcentres.com

Peter Slan

Chief Financial Officer

(905) 326-6400 ext. 7571

pslan@smartcentres.com

TORONTO–(BUSINESS WIRE)–$KNR #buildings—Kontrol Technologies Corp. (CBOE.CA:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol Technologies” or “Kontrol” or “Company”) announces its results for the three months ended March 31, 2026. A complete set of the Financial Statements and Management’s Discussion & Analysis have been filed on SEDAR (www.sedarplus.ca).

First Quarter 2026 Highlights

• Revenues for the three months ended March 31, 2026 were $1.3 million, compared to $1.5 million for the same quarter in the prior year.
• Gross margin for the three months ended March 31, 2026 was 58%, compared to 54% for the same quarter in the prior year.
• Adjusted EBITDA for the three months ended March 31, 2026 was negative $(133,363) compared to $(228,521) for the same quarter in the prior year.
• Net loss for the three months ended March 31, 2026 was $432,617 compared to net loss of $1.1 million for the same quarter in the prior year. Q1 2026 net loss includes unrealized loss on revaluation of marketable securities.
• As at March 31, 2026 the Company’s aggregate cash and marketable securities balance was $7.6 million.
• As at March 31, 2026 the Company had no outstanding interest-bearing bank debt.

Q1 2026 Financial Summary

Financial Results		Three months ended
(Unaudited)		March 31, 2026		March 31, 2025
Revenue		$1,296,862		$1,493,383
Gross profit		$749,956		$807,804
Net loss		$(432,617)		$(1,145,833)
Basic and diluted EPS		$(0.01)		$(0.02)
Add/Deduct for Adjusted EBITDA:
Amortization and depreciation		$190,558		$156,052
Net finance income		$(23,776)		$(30,208)
Revaluation of marketable securities		$132,472		$742,995
Share based compensation		–		$48,473
Adjusted EBITDA		$(133,363)		$(228,521)

Adjusted EBITDA is a non-International Financial Reporting Standards (“IFRS”) measure used by management that is not defined by IFRS. Adjusted EBITDA does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that Adjusted EBITDA provides meaningful and useful financial information as these measures demonstrate the operating performance of the business excluding non-cash charges.

“Adjusted EBITDA” is calculated as net income or loss before interest, income taxes, amortization, and depreciation, share based compensation, acquisition related expenses, listing expense, gain or loss on sale of assets, revaluation and impairment of assets.

Readers are cautioned that Adjusted EBITDA should not be construed as an alternative to net income as determined under IFRS; nor as an indicator of financial performance as determined by IFRS; nor a calculation of cash flow from operating activities as determined under IFRS; nor as a measure of liquidity and cash flow under IFRS. The Company’s method of calculating Adjusted EBITDA may differ from methods used by other companies and, accordingly, the Company’s Adjusted EBITDA may not be comparable to similar measures used by any other company.

Kontrol Technologies Corp.

Kontrol Technologies Corp. is a leader in smart buildings and energy efficiency solutions. Through a combination of technology-driven services and strategic acquisitions, Kontrol delivers integrated solutions that reduce energy consumption, lower carbon emissions, and enhance building performance for commercial and residential properties across Canada. Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.

Neither CIRO nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.

Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that sufficient capital will be available to the Company and that technology will be as effective as anticipated.

However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, that sufficient capital and financing cannot be obtained on reasonable terms, or at all; that those technologies will not prove as effective as expected; those customers and potential customers will not be as accepting of the Company’s product and service offering as expected; and government and regulatory factors impacting the energy conservation industry.

Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.

Contacts

Paul Ghezzi, Chief Executive Officer

Kontrol Technologies Corp.

www.kontrolcorp.com
(905) 766.0400

LADERA RANCH, Calif.–(BUSINESS WIRE)–Strategic Storage Trust VI, Inc. (“SST VI”), a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA), announced that it was recognized by Robert A. Stanger & Co., Inc. (“Stanger”) as the top performing Lifecycle REIT over a three-year period as of March 31, 2026. SST VI achieved a total return of approximately 13.0% as published in the Q1 2026 Non-Listed REIT edition of the Stanger Report.

“We are proud of the continued growth and performance of our platform and the value we strive to deliver to our stockholders through a disciplined investment and operational strategy,” said H. Michael Schwartz, President and CEO of SST VI. “We believe this recognition reflects the strength and resilience of the self-storage sector, the quality of our portfolio and the dedication of our team across the organization. During the pandemic-era boom, when much of the sector was characterized by aggressive development assumptions and compressed valuations, we focused on strategically positioning our portfolio — targeting underserved growth markets in the U.S. and expanding into Canada through our sponsor’s platform. Being recognized as a top performer among Lifecycle REITs reinforces our long-term approach to building a high-quality platform focused on operational excellence and sustained value creation for investors.”

Robert A. Stanger & Co., Inc. (“Stanger”) tracks the performance of non-traded REITs, including publicly registered and private placement Net Asset Value (“NAV”) REITs and Lifecycle REITs, through its quarterly total return indices and performance rankings. The information included in this press release is based on industry data published by Stanger and reported by AltsWire in May 2026. For more information, visit Robert A. Stanger & Co., Inc. (https://www.rastanger.com/).

About Strategic Storage Trust VI, Inc. (SST VI):

SST VI is a public non-traded REIT that elected to qualify as a REIT for federal income tax purposes. SST VI’s primary investment strategy is to invest in income-producing and growth self-storage facilities and related self-storage real estate investments in the United States and Canada. As of May 14, 2026, SST VI has a portfolio of 13 operating properties in the United States comprising approximately 9,015 units and 1,079,395 rentable square feet (including parking); 12 properties with approximately 11,185 units and 1,158,015 rentable square feet (including parking) in Canada, joint venture interests in four operational and one development property in two Canadian provinces (Ontario and Québec) and one wholly owned development property in Florida.

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

SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of more than 1,000 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary, SmartStop REIT Advisors, LLC, also sponsors other self-storage programs and, through its Managed Platform, offers third-party management services in the U.S. and Canada. As of May 14, 2026, SmartStop has an owned or managed portfolio of nearly 460 operating properties in 35 states, Washington, D.C., and Canada, comprising over 270,000 units and more than 35 million rentable square feet. SmartStop and its affiliates own or manage 50 operating self-storage properties across four provinces in Canada, which total approximately 43,400 units and 4.3 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.

Contacts

David Corak

Senior VP of Corporate Finance and Strategy

SmartStop Self Storage REIT, Inc.

IR@smartstop.com

Media Relations Contact:
Spotlight Marketing Communications

949-427-1391

Julie@spotlightmarcom.com

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

TORONTO–(BUSINESS WIRE)–#ChoiceProperties–Choice Properties Real Estate Investment Trust (“Choice Properties”) (TSX: CHP.UN) announced today that the trustees of Choice Properties have declared a cash distribution for the month of May, 2026 of $0.065 per trust unit, representing $0.78 per trust unit on an annualized basis, payable on June 15, 2026 to Unitholders of record at the close of business on May 29, 2026.

About Choice Properties Real Estate Investment Trust

Choice Properties is Canada’s largest real estate investment trust, guided by a clear purpose: to create places where people thrive. This is how we build enduring value. As a national owner, operator, and developer of high-quality commercial and residential real estate, we go beyond managing assets. We create places that strengthen how tenants and communities live, work, and connect. Our platform is built on industry leadership in sustainability, community engagement, and social impact, embedded across how we operate, build, and grow. As a trusted steward of capital, we are committed to disciplined execution, long-term value creation, and responsible growth. Everything we do is guided by our core values of Care, Ownership, Respect, and Excellence.

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

Contacts

For further information:

Erin Johnston

Chief Financial Officer

Choice Properties REIT

(647) 294-8724

Erin.Johnston@choicereit.ca

Survey shows most agents rely on relationships over paid marketing to generate new business

MIAMI–(BUSINESS WIRE)–The Real Brokerage Inc. (NASDAQ: REAX, “Real”), a leading real estate technology platform redefining the industry through innovation and culture, today released results from its April 2026 Agent Survey. The findings reinforce a consistent trend seen across prior Real surveys: repeat clients and referrals remain the dominant lead source for most agents, ahead of paid and digital lead generation channels.

Agents also reported a rebound in optimism following March’s decline, while transaction activity continued to stabilize modestly despite ongoing affordability challenges.

“Technology continues to change how agents market themselves, but real estate is still fundamentally a relationship business,” said Jason Cassity, Chief Growth Officer of Real. “Across multiple surveys, we continue to see referrals and repeat clients outperform nearly every other lead source, even as agents increase their use of digital marketing tools.”

Key Survey Findings: Market Trends and Insights

• Agent Optimism Rebounds Following March Pullback: Real’s Agent Optimism Index, which measures agents’ 12-month forward outlook, increased to 64.0 in April from 62.0 in March. The index remains comfortably above the 50 threshold that signals a net positive outlook. Fifty-five percent (55%) of agents reported feeling more optimistic than the prior month, including 13% who described themselves as significantly more optimistic.
• Transaction Activity Shows Modest Improvement: Real’s Transaction Growth Index, which tracks home sales activity reported by agents within their local markets, increased slightly to 50.6 in April from 50.3 in March. While 33% of agents reported fewer transactions compared to April 2025, another 33% saw a year-over-year increase, and 34% reported stable activity.
  
  Note: This index reflects agents’ perceptions of local market trends and is not indicative of Real’s company-specific transaction volume. Index scores are weighted on a 0-100 point scale, with scores above 50 indicating year-over-year growth and below 50 signaling a decline.
• Buyer-Friendly Conditions Persist: Forty-one percent (41%) of agents said their local market favors buyers, largely consistent with 40% in March. Meanwhile, 26% reported seller-favorable conditions, while 33% described their market as balanced.
• Affordability Remains the Biggest Challenge for Buyers: Affordability remained the top challenge for buyers in April, cited by 45% of agents, consistent with March. Economic uncertainty followed at 28%, while inventory concerns rose slightly to 17%.

Key Survey Findings: Lead Generation and Marketing Trends

• Most Agents Continue to Operate with Lean Marketing Budgets: Despite the growing number of marketing tools and platforms available to agents, most respondents reported relatively modest marketing budgets for 2026. Seventy-five percent (75%) of agents said that they will spend less than $10,000 on marketing and lead generation this year, including 40% who plan to spend $2,500 or less.
• Referrals and Repeat Clients Remain the Dominant Lead Source.
  • When asked which lead generation strategy delivers the best results for their business, 60% of agents identified referrals and repeat clients as their most effective source of business. Nearly 60% of agents also reported that at least half of their overall business comes from referrals and repeat clients.
  • By comparison, only 17% of agents identified social media as their most effective lead source, while just 8% pointed to online lead portals. Other lead generation strategies, including geofarming and pay-per-click advertising, typically accounted for 10% or less of business volume for most agents surveyed.
• The findings are broadly consistent with prior Real surveys and suggest that, despite the growing number of digital marketing tools available to agents, referrals and repeat clients remain the primary drivers of new business across the industry.

A full summary of these results can be found on Real’s investor relations website at https://investors.onereal.com/.

About the Survey

The Real Brokerage April 2026 Agent Survey included responses from 569 real estate agents across the United States and Canada and was conducted between April 24, 2026 and May 6, 2026. Responses to questions regarding transaction growth and agent optimism were calibrated on a 0-100 point index scale, with readings above 50 indicating an improving trend, whereas readings below 50 indicate a declining trend. Responses are meant to capture industry-level information and are not meant to serve as an indication of Real’s company-specific growth trends. Additionally, given the smaller sample size, there can be greater variability in Canada index results on a month-to-month basis.

About Real

Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence in all 50 states throughout the U.S. and Canada, Real supports over 33,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses.

Forward-Looking Information

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

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to expectations regarding 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 4, 2026, and “Risks and Uncertainties” in the Company’s Quarterly Management’s Discussion and Analysis for the period ended March 31, 2026, copies of which are 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:

Loren Irwin

Director, Investor Relations and Financial Reporting

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

press@therealbrokerage.com
201.564.4221

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 Canadian dollars unless otherwise indicated.

TORONTO–(BUSINESS WIRE)–Dream Industrial Real Estate Investment Trust (DIR.UN-TSX) or (the “REIT” or “Trust” or “Dream Industrial REIT” or “DIR” or “we” or “us”) today announced its financial results for the three months ended March 31, 2026. Management will host a conference call to discuss the financial results on May 6, 2026 at 11:00 a.m. (ET).

“Dream Industrial kicked off 2026 with strong performance, delivering 9% CP NOI growth driven by healthy leasing activity and continued execution of our asset management initiatives. Our strong organic growth drove solid year-over-year FFO per unit growth even as our balance sheet remained underutilized this quarter, providing us with meaningful dry powder to deploy into accretive opportunities,” said Alexander Sannikov, President & Chief Executive Officer of Dream Industrial REIT. “In line with our previous communications, we have returned nearly $100 million of capital to unitholders through the NCIB, and we have a strong pipeline of high-growth opportunities across our target markets. At the same time, we are focusing on scaling our private ventures with $390 million of acquisitions already completed to date or in exclusivity, while continuing to explore opportunities in new markets. With all of our growth drivers intact, we are confident in the ongoing resilience of our business.”

HIGHLIGHTS

• Diluted funds from operations (“FFO”) per Unit⁽¹⁾ was $0.26 in Q1 2026, a 2.0% increase when compared to Q1 2025.
• Completed $453 million of asset dispositions in the quarter, including the first tranche of assets sold to the Dream CPP Investments JV (the “DCI JV”)⁽⁵⁾. The net proceeds were used to partially repay amounts outstanding on the unsecured revolving credit facility, reducing leverage by over 160 bps compared to the fourth quarter of 2025.
• Closed on over $150 million of acquisitions across the Trust’s wholly-owned portfolio and private ventures since the beginning of 2026 ($37 million at the Trust’s share), adding over 1 million square feet of GLA to the Trust’s owned and managed portfolio.
• Comparative properties net operating income (“CP NOI”) (constant currency basis)⁽²⁾ increased by 9.0% to $99.6 million in Q1 2026, when compared to $91.4 million in Q1 2025.
• In-place and committed occupancy for the Trust’s wholly-owned Canadian portfolio increased to 96.8% as at March 31, 2026 compared to 94.4% as at March 31, 2025.
• In-place and committed occupancy for the Trust’s wholly-owned European portfolio was 95.0% in Europe as at March 31, 2026, compared to 96.9% as at March 31, 2025. Occupancy this quarter reflects the acquisition of a vacant asset in the Netherlands, acquired as part of the Trust’s value-add strategy.
• Signed over 1.8 million square feet of new leases and renewals across the Trust’s wholly-owned portfolio at a weighted average rental spread of 26.4% since the beginning of 2026 through April 30, 2026, driven by 66% spread in Ontario, 12% spread in Québec and 11% spread in Western Canada.
• Repurchased and cancelled $97.2 million of REIT Units under the normal course issuer bid (“NCIB”) program at a weighted average price of $12.95 per REIT Unit since the beginning of the year to May 1, 2026.
• Net rental income was $97.8 million in Q1 2026, a 6.6% increase when compared to $91.7 million in Q1 2025, driven by increases of 6.2% in Ontario, 18.4% in Québec, 26.0% in Western Canada and 11.7% in Europe, excluding disposed investment properties and assets held for sale.
• Net income was $62.8 million in Q1 2026, an increase of $15.3 million when compared to $47.5 million in Q1 2025. The net income in Q1 2026 was comprised of net rental income of $97.8 million, interest expense on debt of $23.5 million, negative fair value adjustments to investment properties of $10.3 million and other net expense of $1.2 million.
• Total assets were $8.1 billion as at March 31, 2026, a 4.7% decrease when compared to $8.4 billion as at December 31, 2025, driven by dispositions partially offset by an increase in investment property value due to acquisitions, investments in the Dream Summit JV (the “DSI JV”)⁽³⁾, the U.S. Fund⁽⁴⁾ and the DCI JV, development projects and foreign exchange translation adjustments.

1. Diluted FFO per Unit 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.
2. CP NOI (constant currency basis) is a non-GAAP financial measure. The tables included in the Appendices section of this press release reconcile this non-GAAP financial measure with its most directly comparable IFRS Accounting Standards financial measure. 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.
3. A joint venture between GIC and the Trust in which the Trust has a 10% interest.
4. A private U.S. industrial fund in which the Trust has a 30.5% ownership interest.
5. A joint venture between CPP Investments and the Trust in which the Trust has a 10% interest.

FINANCIAL HIGHLIGHTS

SELECTED FINANCIAL INFORMATION
(unaudited)	Three months ended
		March 31,		March 31,
(in thousands of dollars except per Unit amounts)		2026		2025
Operating results
Net rental income (“NOI”)	$	97,777	$	91,710
Comparative properties net operating income (“CP NOI”) (constant currency basis)(1)	$	99,553	$	91,355
Net income	$	62,840	$	47,488
Funds from operations (“FFO”)(2)	$	76,289	$	74,602
FFO – diluted per Unit(3)(4)	$	0.26	$	0.26
Distribution rate per Unit	$	0.17	$	0.17
FFO payout ratio(3)		66.8%		69.0%
See footnotes at end.

PORTFOLIO INFORMATION
		As at
		March 31,		December 31,		March 31,
(in thousands of dollars)		2026		2025		2025
Total portfolio
Number of assets(5)(6)		343		342		336
Investment properties fair value	$	6,649,195	$	6,633,177	$	7,134,982
Investment properties fair value (including assets held for sale)	$	7,018,295	$	7,438,177	$	7,314,982
Gross leasable area (“GLA”) (in millions of sq. ft.)(6)		74.1		73.6		72.6
Occupancy – in-place and committed (period-end)
Wholly-owned Canadian portfolio(7)		96.8%		96.2%		94.4%
Wholly-owned European portfolio		95.0%		96.5%		96.9%
Total portfolio(8)		95.7%		96.2%		95.4%
Occupancy – in-place (period-end)
Wholly-owned Canadian portfolio(7)		96.1%		95.8%		93.2%
Wholly-owned European portfolio		94.1%		95.5%		96.1%
Total portfolio(8)		94.9%		95.5%		94.5%
See footnotes at end.

FINANCING AND CAPITAL INFORMATION
(unaudited)		As at
		March 31,		December 31,
(in thousands of dollars except per Unit amounts)		2026		2025
FINANCING
Credit rating – DBRS		BBB (high)		BBB (high)
Net total debt-to-total assets (net of cash and cash equivalents) ratio(9)		36.8%		38.4%
Net total debt-to-normalized adjusted EBITDAFV ratio (years)(10)		7.3		7.7
Interest coverage ratio (times)(11)		4.5		4.7
Weighted average face interest rate on debt (period-end)(12)		3.19%		3.19%
Unencumbered investment properties (period-end)(13)	$	5,892,118	$	6,277,035
Unencumbered investment properties as a percentage of total investment properties(13)		84.0%		84.4%
Total assets	$	8,050,062	$	8,442,797
Cash and cash equivalents	$	35,872	$	41,431
Available liquidity(14)	$	604,895	$	338,525
CAPITAL
Total equity (per condensed consolidated financial statements)	$	4,748,796	$	4,791,574
Total equity (including LP B Units)(15)	$	4,840,996	$	4,885,339
Total number of Units (in thousands)(16)		288,798		294,260
Net asset value (“NAV”) per Unit(17)	$	16.76	$	16.60
Unit price	$	12.37	$	12.58
See footnotes at end.

ORGANIC GROWTH

• Continued strong leasing momentum at attractive rental spreads – From January 1, 2026 through to April 30, 2026, the Trust has transacted over 1.8 million square feet of leases across its wholly-owned portfolio at a weighted average rental rate spread of 26.4% over prior or expiring rents.
  • In Canada, the Trust signed over 1.4 million square feet of leases, achieving a weighted average rental rate spread to expiry of 33.1% and an average annual contractual rent growth of 3.0%.
  • In Europe, the Trust signed over 0.4 million square feet of leases, achieving a weighted average rental rate spread to expiry of 4.3%. All of the leases are fully indexed to local consumer price indices (“CPI”) or have contractual rent steps.

As at March 31, 2026, estimated average market rents across the Trust’s wholly-owned portfolio in Canada and Europe exceeded the average in-place and committed rents for remaining expiring 2026 leases by 29.7% and 24.9%, respectively.

Along with capturing substantial rental rate growth, the Trust embeds contractual annual rental rate escalators to drive consistent CP NOI (constant currency basis) growth, averaging approximately 3% in its wholly-owned Canadian portfolio, while approximately 85% of European leases are indexed to the local CPI, with the balance featuring contractual rent steps.

• Solid pace of CP NOI (constant currency basis)⁽¹⁾ growth – CP NOI (constant currency basis) for the three months ended March 31, 2026 was $99.6 million, compared to $91.4 million for the three months ended March 31, 2025, representing an increase of 9.0% compared to the prior year comparative quarter.

  The Canadian portfolio posted year-over-year CP NOI (constant currency basis) growth of 12.8% for the three months ended March 31, 2026, driven by 6.8%, 31.1% and 8.5% CP NOI growth in Ontario, Québec and Western Canada, respectively. Overall, in-place base rents for the Canadian portfolio increased by 9.5% for the three months ended March 31, 2026.

  In Europe, year-over-year CP NOI (constant currency basis) increased by 4.9% for the three months ended March 31, 2026. The increase was driven by higher rental rates on new and renewed leases, completed intensification projects, in addition to CPI indexation.

• Healthy occupancy levels – The Trust’s in-place occupancy for its Canadian portfolio was 96.1% as at March 31, 2026 compared to 95.8% as at December 31, 2025, primarily driven by the lease-up of several vacancies in Québec during the quarter and its recently completed 20-acre development in Alberta.

  The Trust’s in-place occupancy for its European portfolio was 94.1% as at March 31, 2026 compared to 95.5% as at December 31, 2025, primarily driven by the acquisition of a 163,000 square foot vacant asset in the Netherlands as part of the Trust’s value-add strategy.

  The Trust’s in-place occupancy across its wholly-owned and managed portfolio (at the Trust’s share) was 94.9% as at March 31, 2026, compared to 95.5% as at December 31, 2025.

  The Trust’s in-place and committed occupancy across its wholly-owned and managed portfolio (at the Trust’s share) was 95.7% as at March 31, 2026, compared to 96.2% as at December 31, 2025. The Trust continues to be in active discussions with prospective tenants and it expects significant opportunities to capture strong income growth as spaces are leased.

• Continued growth in net rental income for the quarter – Net rental income for the three months ended March 31, 2026 was $97.8 million representing an increase of $6.1 million or 6.6%, relative to the comparative prior year quarter. For the quarter, year-over-year net rental income increased by 6.2% in Ontario, 18.4% in Québec, 26.0% in Western Canada and 11.7% in Europe, excluding disposed investment properties and assets held for sale. The increase was mainly driven by strong CP NOI (constant currency basis) growth over the past year, completion and lease-up at the Trust’s development projects and growth in net property management income.

ACQUISITIONS AND DISPOSITIONS UPDATE

During the quarter, the Trust acquired a 163,000 square foot asset located in the Netherlands for a purchase price of $23.3 million. The property is situated on a 5-acre site within a well-established business park, benefitting from strong surrounding infrastructure and modern industrial zoning. The location supports continued commercial growth and functions as a key logistics hub, offering excellent highway connectivity and access to multimodal transportation networks. The asset was acquired vacant as part of the Trust’s value-add strategy and is expected to deliver a NOI yield of approximately 8% on purchase price upon stabilization.

See Figure 1, [Den Bosch, the Netherlands]

The breadth and quality of the Trust’s pipeline of opportunities continue to grow. Currently, the Trust has over $500 million of acquisitions firm or under exclusivity across Canada and Europe, providing significant opportunity to high-grade its portfolio through disciplined capital deployment.

The Trust continues to actively pursue disposition opportunities as part of its ongoing capital recycling program. During the quarter, the Trust completed the previously announced first tranche portfolio sale comprising six industrial assets (22 buildings) totalling 1.9 million square feet across Ontario, Québec and Western Canada to the newly formed DCI JV for net proceeds of $375 million. The Trust expects to close the second tranche sale comprising the remaining five assets totalling 1.6 million square feet to the DCI JV in mid-2026.

Additionally, the Trust completed the previously announced sale of a non-strategic asset located in the GTA West, Ontario, for $17.5 million or approximately $374 per square foot during the quarter.

STRATEGIC PRIVATE VENTURES UPDATE

The Trust continues to actively deploy capital alongside its partners, adding high-quality industrial product within its private ventures while further scaling its property management and leasing platform. Since the beginning of 2025, the Trust’s private ventures have completed over $600 million of acquisitions. Net property management leasing margin for the three months ended March 31, 2026 was $3.4 million, representing an increase of $0.4 million or 14.4% compared to the comparative prior year quarter.

During the quarter, the Trust’s private ventures acquired two assets totalling 283,000 square feet located in the Greater Toronto Area (“GTA”) and Calgary for a total purchase price of $52.6 million ($5.3 million at the Trust’s share), including the DCI JV’s first acquisition in addition to the initial portfolio.

Subsequent to the quarter, the DSI JV acquired a four-building industrial portfolio totalling 618,000 square feet located in the highly desirable Foothills industrial node in Calgary, Alberta for a purchase price of $81.3 million ($8.1 million at the Trust’s share).

DEVELOPMENT UPDATE

During the quarter, the Trust completed its build-to-suit expansion and refurbishment project in the Netherlands, adding 125,000 square feet of high-quality distribution space. As part of the arrangement, the existing tenant extended its lease by an additional ten years and the project is now fully contributing to the Trust’s NOI, delivering an unlevered yield on cost of 7%.

See Figure 2, [Rendering of completed intensification project in Helmond, the Netherlands]

CAPITAL STRATEGY

As previously announced, in connection with the formation of the DCI JV and the Trust’s $805 million portfolio recapitalization, the Trust has deployed a portion of the proceeds towards unit buybacks. Since the beginning of the year and up to May 1, 2026, the Trust has purchased for cancellation 7.5 million REIT units under its NCIB program at a weighted average of $12.95 per REIT Unit for a gross amount of $97.2 million.

The Trust continues to maintain significant financial flexibility as it executes on its strategic initiatives. The Trust’s proportion of secured debt⁽¹⁸⁾ was 5.5% of total assets and represents 14.9% of total debt⁽¹⁹⁾. The Trust’s unencumbered asset pool⁽¹³⁾ totalled $5.9 billion as at March 31, 2026, representing 84.0% of the Trust’s total investment properties value as at March 31, 2026.

The Trust ended Q1 2026 with available liquidity⁽¹⁴⁾ of $604.9 million, including $35.9 million of cash and cash equivalents, and with an additional $250 million that could be exercised through the accordion on its unsecured revolving credit facility. The Trust’s net total debt-to-normalized adjusted EBITDAFV ratio was 7.3x and net total debt-to-total assets (net of cash and cash equivalents) ratio was 36.8% as at March 31, 2026.

Subsequent to the quarter, the Trust repaid its $200 million Series E Green Bonds that matured on April 13, 2026 by temporarily utilizing its unsecured revolving credit facility. On April 21, 2026, the Trust closed on its issuance of $200 million of Series H unsecured debentures at an all-in interest rate of 4.150% per annum, maturing on April 22, 2031. Concurrently, the Trust entered into forward cross-currency interest rate swap arrangements to swap the proceeds to euros to lower the effective fixed interest rate to 4.003% per annum. The net proceeds were utilized to reduce the outstanding balance on its unsecured revolving credit facility, including indebtedness incurred in connection with the repayment of the Series E Green Bonds.

“With over $600 million of liquidity at the end of the first quarter plus the upcoming second tranche sale of assets to the DCI JV, we have ample financial flexibility,” said Lenis Quan, Chief Financial Officer of Dream Industrial REIT. “We have completed nearly $100 million of unit buybacks so far this year, and we continue to take a disciplined approach to allocate capital towards strategic initiatives that enhance the long-term growth profile of our business.”

CONFERENCE CALL

Senior management will host a conference call to discuss the financial results on Wednesday, May 6, 2026, at 11:00 a.m. (ET). To access the conference call, please dial 1-800-715-9871 in Canada or 647-932-3411 elsewhere. To access the conference call via webcast, please go to Dream Industrial REIT’s website at www.dreamindustrialreit.ca and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call.

ANNUAL AND SPECIAL MEETING OF UNITHOLDERS

Dream Industrial REIT welcomes investors to its annual and special meeting of unitholders at the TMX Market Centre, 120 Adelaide Street West, Toronto, Ontario M5H 1T1 on Wednesday, June 3, 2026 at 10:00 a.m. (ET). The audio webcast and digital replay can be accessed by going to www.dreamindustrialreit.ca, clicking on news and selecting events.

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 Trust will be available at www.dreamindustrialreit.ca and on www.sedarplus.ca.

Dream Industrial REIT is an owner, manager and operator of a global portfolio of well-located, diversified industrial properties. As at March 31, 2026, the REIT has an interest in and manages a portfolio which comprises 343 industrial assets (558 buildings) totalling approximately 74.1 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. The REIT’s objective is to deliver strong total returns to its unitholders through secure distributions as well as growth in net asset value and cash flow per unit underpinned by its high-quality portfolio and an investment grade balance sheet. Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. For more information, please visit www.dreamindustrialreit.ca.

FOOTNOTES

1. CP NOI (constant currency basis) is a non-GAAP financial measure. The most directly comparable financial measure to CP NOI (constant currency basis) is net rental income. The table included in the Appendices section of this press release reconciles CP NOI (constant currency basis) for the three months ended March 31, 2026 and March 31, 2025 to net rental 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.
2. FFO is a non-GAAP financial measure. The most directly comparable financial measure to FFO is net income. The table included in the Appendices section of this press release reconcile FFO for the three months ended March 31, 2026 and March 31, 2025 to 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.
3. Diluted FFO per Unit and FFO payout ratio are non-GAAP ratios. Diluted FFO per Unit is comprised of FFO (a non-GAAP financial measure) divided by the weighted average number of Units. FFO payout ratio is calculated as total distributions divided by FFO (both non-GAAP financial measures) for the period. For further information on non-GAAP ratios, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
4. A description of the determination of diluted amounts per Unit can be found in the Trust’s Management’s Discussion and Analysis for the three months ended March 31, 2026 and March 31, 2025, in the section “Supplementary financial measures and ratios and other disclosures”, under the heading “Weighted average number of Units”.
5. “Number of assets” comprise a building, or a cluster of buildings in close proximity to one another attracting similar tenants.
6. Includes the Trust’s owned and managed properties and assets held for sale as at March 31, 2026, December 31, 2025 and March 31, 2025.
7. Excludes the Trust’s share of equity accounted investments and assets held for sale as at March 31, 2026, December 31, 2025 and March 31, 2025.
8. Includes the Trust’s share of equity accounted investments in the U.S. Fund, DSI JV, DCI JV and Development JV and excludes assets held for sale as at March 31, 2026 and December 31, 2025, with the exception of 10% of the assets held for sale relating to the second tranche of the portfolio that will be sold to the DCI JV in mid-2026 that is included as at March 31, 2026.
9. Net total debt-to-total assets (net of cash and cash equivalents) ratio is a non-GAAP ratio. Net total debt-to-total assets (net of cash and cash equivalents) ratio is comprised of net total debt (a non-GAAP financial measure) divided by total assets (net of cash and cash equivalents) (a non-GAAP financial measure). The most directly comparable IFRS Accounting Standards financial measure to net total debt is non-current debt, and the most directly comparable IFRS Accounting Standards financial measure to total assets (net of cash and cash equivalents) is total assets. The tables included in the Appendices section of this press release reconciles net total debt to non-current debt and total assets (net of cash and cash equivalents) to total assets as at March 31, 2026, December 31, 2025 and March 31, 2025. 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.
10. Net total debt-to-normalized adjusted EBITDAFV is a non-GAAP ratio. Net total debt-to-normalized adjusted EBITDAFV is comprised of net total debt (a non-GAAP financial measure) divided by normalized adjusted EBITDAFV (a non-GAAP financial measure).

Contacts

For further information, please contact:

Dream Industrial REIT


Alexander Sannikov
President & Chief Executive Officer

(416) 365-4106

asannikov@dream.ca

Lenis Quan
Chief Financial Officer

(416) 365-2353

lquan@dream.ca

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TORONTO–(BUSINESS WIRE)–#AlternativeInvestments–Keewaywin Capital Inc. (“Keewaywin”), an Indigenous-led private credit investment manager focused on housing and related infrastructure, today announced the successful final close of its inaugural fund, Keewaywin Capital Fund I (“Fund I”), with total commitments of $20 million.

Fund I brings together a group of mission-aligned investors, including Realize Capital, Rally Assets, Addenda Capital, and the Tachane Foundation, to address the critical and growing need for flexible, community-aligned capital to support Indigenous housing and infrastructure projects across Canada. It further includes a $100 million takeout financing commitment from Vancity Capital.

The fund is designed to provide tailored financing solutions to Indigenous communities and companies, Indigenous housing providers, and community-led organizations, supporting the development of new housing, renovation of existing units, and essential infrastructure projects both on- and off-reserve.

“This is a meaningful milestone – not just for Keewaywin, but for Indigenous communities across the country,” said Tracee Smith, Founder and CEO of Keewaywin Capital. “For far too long, communities continue to face limited and rigid funding options that don’t reflect their realities. At long last, Keewaywin is providing flexible, quick and timely access to capital that enables communities to build the homes they need – both on-reserve and off-reserve – and to do so on their own terms.”

According to the Assembly of First Nations, Indigenous communities across Canada face a $350 billion infrastructure gap, with demand far outpacing available supply and financing mechanisms often failing to meet the unique structural and cultural needs of communities. Keewaywin’s approach is rooted in partnership, flexibility, and long-term impact, working directly with communities to structure financing that aligns with their priorities and timelines.

With Fund I now fully deployed, Keewaywin is actively advancing a pipeline of housing and infrastructure investments that aim to deliver both financial returns and measurable social impact.

About Keewaywin Capital

Keewaywin Capital Inc. is an Indigenous-led private credit investment manager focused on housing and infrastructure. The firm partners with Indigenous communities, housing providers, and organizations to deliver flexible, culturally aligned financing solutions that address critical infrastructure gaps. Keewaywin’s mission is to unlock capital in a way that supports long-term community development, economic self-determination, and improved housing outcomes across Canada.

Contacts

Media Contact: keewaywin@goldcomm.co | 1-416-322-2863

Keewaywin Capital Inc. Contact: tsmith@keewaywincapital.com | 1-647-888-3139

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 unit and per unit amounts, unless otherwise stated.

TORONTO–(BUSINESS WIRE)–DREAM IMPACT TRUST (TSX: MPCT.UN) (“Dream Impact”, “we”, “our” or the “Trust”) today reported its financial results for the three months ended March 31, 2026 (“first quarter”).

“We have started 2026 with strong momentum on our key developments as we secured government-affiliated financing at 49 Ontario and are making good progress tendering construction and are doing well on our schedule,” said Michael Cooper, Portfolio Manager. “Following our accomplishments at 49 Ontario, we are progressing well with the development at Quayside. We were able to renew key mortgages on our lands and reduce our cash spending from our forecast. We are pleased with the leasing activity across our purpose-built rental portfolio and we are seeing their contributions to recurring income as the properties stabilize. Further, as a result of our leasing at Maple House, our loan is now non-recourse. While we face challenges in the housing market, we are navigating these challenges working with governments to create viable developments for our lands. We continue to work on our strategic plan, including advancing development projects, crystallizing value on commercial and passive investments and addressing near term debt maturities. We look forward to continuing to provide updates on our progress.”

During the first quarter, the Trust continued to advance its major development initiatives at both 49 Ontario and Quayside. At 49 Ontario, demolition activities progressed following the completion of long-term construction financing, with the Trust holding a 90% ownership interest in the project as at March 31, 2026. The redevelopment remains on track and continues to advance in line with expectations. At Quayside, as previously announced, the reorganization of the partnership was completed resulting in the Trust and Dream Impact Fund, collectively, owning 100% of the phase 1 multi-family portfolio of the over 1,700 units. Together, these projects represent significant progress in the Trust’s development pipeline and are expected to contribute meaningfully to long-term value creation.

Across the Trust’s completed purpose-built rental portfolio, leasing continued to progress during the first quarter, with improved absorption as assets move toward stabilization. Upon completion of Cherry House at Canary Landing (West Don Land Blocks 3/4/7), the Trust will have over 3,800 completed multi-family units (at 100% asset level or 1,250 units at share) under its portfolio, contributing to recurring income.

Selected financial and operating metrics for the three months ended March 31, 2026 are summarized below:

	Three months ended March 31,
(in thousands of dollars, except per Unit amounts)		2026		2025
Condensed consolidated results of operations
Net loss	$	(4,571)	$	(3,775)
NOI – recurring income(1)		4,384		3,996
NOI – multi-family rental(1)		3,218		2,626
Net loss per unit(1)		(0.24)		(0.21)
Units outstanding – end of period		19,049,504		18,410,174
Units outstanding – weighted average		19,002,747		18,390,351

As at	March 31, 2026		December 31, 2025
Condensed consolidated financial position
Total assets	$	559,984	$	646,004
Total liabilities		213,569		296,055
Total unitholders’ equity		346,415		349,949
Total unitholders’ equity per unit(1)		18.18		18.55

During the first quarter, the Trust reported a net loss of $4.6 million compared to $3.8 million in the prior year. The change in earnings was primarily driven by condo occupancies at Brightwater in the comparative period, higher shared service fees and lower income from the commercial portfolio as a result of softer leasing and asset sales completed in 2025. This was partially offset by net fair value changes, including a positive adjustment recognized upon the financing of pre-development costs at 49 Ontario. In addition, the Trust benefited from lower interest expense with the settlement of the 49 Ontario land loan and continues to benefit from higher NOI contributions from its multi-family portfolio. Since March 31, 2025, the Trust has increased its number of multi family units by nearly 10% and increased occupancy from 86.8% to 94.4%.

Liquidity Update

At March 31, 2026, the Trust had total cash on hand of $8.1 million and a debt-to-asset value⁽²⁾ of 36.2%, compared to 43.7% at December 31, 2025. The change in debt to asset value was primarily driven by 49 Ontario with the settlement of the land loan, sale of 10% of the Trust’s interest in the development to the new partnership and its transfer to equity accounted investments in the period.

During the first quarter, the Trust amended and restated the Dream loan⁽³⁾ to, among other things, increase the capacity of the loan to $50.0 million bearing interest at a rate equal to the higher of 10% or 6% above CORRA. As of May 1, 2026, the Trust has $6.5 million of cash and $21.0 million of availability under the Dream loan.

At March 31, 2026, the Trust’s debt profile was comprised of $202.5 million of consolidated debt and $1,012.2 million of debt at its proportionate share from equity accounted investments. Included in this balance is $182.1 million of debt, at the Trust’s share, that matures in 2026. The debt balance maturing in 2026 decreased by $58.7 million since December 31, 2025. This decrease is primarily attributable to the refinancing of land loans on projects that have not yet started development, and the repayment of the construction loan for The Mason at Brightwater. The Trust continues to work with its lenders on the remaining debt due in the near term, which includes mortgages and passive investments.

To further support the Trust’s liquidity objectives, the Trust and DAM entered into an agreement to settle the 2026 management fee through the issuance of $3.6 million of unsecured convertible debentures, subject to necessary TSX, regulatory and unitholder approvals at the upcoming 2026 annual meeting.

For further details refer to the “Capital Resources and Liquidity” section of the Trust’s management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2026.

Recurring Income

During the first quarter, the Trust’s recurring income segment recognized a net loss of $4.2 million compared to $3.7 million in the prior year period. The change in earnings was driven by fair value adjustments, largely within the commercial portfolio, reflecting leasing softness. This was partially offset by increased NOI contributions from the Trust’s multi-family portfolio, lower interest expense following the sale of 76 Stafford and demolition at 49 Ontario in the second half of 2025.

Multi-family rental properties

During the first quarter, same property NOI⁽¹⁾ was $2.8 million compared to $2.6 million in the prior year. The increase in NOI was primarily driven by completed multi-family properties as these assets have achieved or are near stabilization. This includes Maple House at Canary Landing (West Don Land Block 8) (96% leased) and Aalto II (Zibi Block 11) (89% leased).

As of March 31, 2026, our multi-family portfolio comprised 2,973 units (at 100% asset level or 1,037 units at share) across the GTA and National Capital Region and were 94% leased. This includes 426 units in lease-up, including Birch House at Canary Landing (Canary Block 10) and Voda (Zibi Block 206), which are expected to contribute higher NOI over time.

Debt from the Trust’s multi-family portfolio presented within this segment carries a weighted average term of 3.4 years at a weighted average interest rate of 2.7%.

Commercial

During the first quarter, NOI from commercial properties was $1.2 million compared to $1.4 million in the prior year. The decrease was primarily driven by the commencement of demolition activities at 49 Ontario, the transfer of the project into the development segment, as well as higher operating expenses within the portfolio. This was partially offset by an increase in leasing activity in the GTA, including at 34 Madison and Brightwater Retail.

Development

During the first quarter, the Trust recognized net income of $4.4 million from its development segment compared to $2.1 million in the prior year. The increase was primarily attributable to a positive fair value adjustment recognized at 49 Ontario which was partially offset by earnings from condo occupancies at Brightwater in the prior year.

Construction continued to advance at Cherry House at Canary Landing, the 855 unit residential development comprised of three blocks (Blocks 3, 4 and 7). Occupancy of Blocks 3 and 4 commenced earlier in the year, with 22% of the units occupied as at March 31, 2026. In 2025, Block 7 commenced occupancy, and its 68 units were fully leased as of March 31, 2026.

Income from this segment will fluctuate period-to-period and not contribute meaningfully to earnings until development milestones are achieved and/or project inventory is available for occupancy. While balancing our capital spend and liquidity requirements, we will continue to make advancements for select assets in the pre-development stage.

Other

In the first quarter, the other segment reported a net loss of $4.9 million compared to $2.2 million in the prior year. The change in year-over-year earnings was driven by higher asset management fees, deferred compensation expense, cost recoveries on shared service fees, interest on the Dream loan, proceeds from a legacy investment in the prior year and a fair value adjustment on the convertible debenture.

Footnotes
(1)		Net income (loss) per unit, total unitholders’ equity per unit, NOI – recurring income, NOI – multi-family rental, same property NOI – multi-family rental (“same property NOI”), are supplementary financial measures. Please refer to the cautionary statements under the heading “Specified Financial Measures and Other Measures” in this press release and the “Specified Financial Measures and Other Disclosures” section of the Trust’s MD&A for the three months ended March 31, 2026.
(2)		Debt-to-asset value is a non-GAAP ratio, which is calculated as total debt payable, a non-GAAP financial measure, divided by the total asset value of the Trust as at the applicable reporting date. The most directly comparable financial measure to total debt payable is total debt.
(3)		On January 7, 2026, the Trust amended and restated its senior secured term credit facility by and between the Trust, as borrower and Dream Asset Management Corporation, as lender.

Annual Meeting of Unitholders

Senior management will host its annual meeting of unitholders at the TMX Market Centre, 120 Adelaide Street West, Toronto, Ontario M5H 1T1 on Wednesday, June 3, 2026 at 11:00 am (ET). The audio webcast and digital replay can be accessed by going to www.dreamimpacttrust.ca, clicking on news and selecting events.

About Dream Impact

Dream Impact is an open-ended trust dedicated to impact investing. Dream Impact’s underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and recurring income, that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of Dream Impact are to create positive and lasting impacts for our stakeholders through our three impact verticals: environmental sustainability and resilience, attainable and affordable housing, and inclusive communities, while generating attractive returns for investors. For more information, please visit: www.dreamimpacttrust.ca.

Specified Financial Measures and Other Measures

The Trust’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 Accounting Standards, the Trust discloses and discusses certain specified financial measures, including total liquidity, total debt payable, net income (loss) per unit, Same Property NOI – multi-family rental, NOI – multi-family rental, NOI – recurring income, total unitholders’ equity per unit, and debt-to-total asset value, as well as other measures discussed elsewhere in this release. These specified financial measures are not defined by or recognized measures under IFRS Accounting Standards, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such specified financial measures as management believes they are relevant measures of our underlying operating performance. Specified financial measures should not be considered as alternatives to unitholders’ equity, net income, total comprehensive income or cash flows generated from operating activities, or comparable metrics determined in accordance with IFRS Accounting Standards as indicators of the Trust’s performance, liquidity, cash flow and profitability. Certain additional disclosures such as the composition, usefulness and changes as applicable are expressly incorporated by reference from the Trust’s MD&A for the three months ended March 31, 2026, dated May 4, 2026 in the section titled “Specified Financial Measures and Other Disclosures”, subsection “Non-GAAP Ratios”, heading “Debt-to-asset value”, subsection “Supplementary Financial Measures and Other Measures”, headings “Net income (loss) per unit”, “NOI — commercial properties”, “NOI – multi-family rental”, “NOI – recurring income”, “total unitholders’ equity per unit” and “Same Property NOI – multi-family rental” and subsection “Non-GAAP Financial Measures”, heading “Total debt payable”, which has been filed and is available on SEDAR+ under the Trust’s profile.

“Total debt payable” is defined by the Trust as the balance due at maturity for its debt instruments. Total debt payable is a non-GAAP measure and is included as part of the definition of debt-to-asset value, a non-GAAP ratio. Total debt payable is an important measure used by the Trust in evaluating the amount of debt leverage; however, it is not defined by IFRS Accounting Standards, does not have a standardized meaning and may not be comparable with similar measures presented by other issuers. Total debt payable is reconciled to total debt, the most directly comparable financial measure, below.

As at	March 31, 2026		December 31, 2025
Total debt	$	204,542	$	283,983
Unamortized discount on host instrument of convertible debentures		(492)		(365)
Conversion feature		(2,543)		(2,154)
Unamortized balance of deferred financing costs		949		968
Total debt payable	$	202,456	$	282,432

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “timeline”, “potential”, “strategy”, “targets”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events.

Some of the specific forward-looking information in this press release may include, among other things, statements relating to the Trust’s objectives and strategies to achieve those objectives; the Trust’s leasing activities and the expected timing and results thereof; expectations regarding the Trust’s multi-family portfolio including segment growth, continued margin growth, and number of units available for occupancy and lease-up and timelines thereof; expectations regarding the Trust’s near-term construction starts; expectations regarding 49 Ontario St. and Quayside, including development plans, timelines, units delivered upon completion including the number of affordable units, financing and construction commencement; the Trust’s expectation of continued momentum and the ability to exceed its goals this year; expectations regarding the Trust’s ability to address its upcoming liquidity objectives; the Trust’s expectations regarding its purpose-built rental assets including stabilization timelines; the Trust’s progress on advancing key developments and enhancing liquidity; our progress tendering construction and financing savings at 49 Ontario; the impact of 49 Ontario and Quayside on the Trust’s recurring income upon completion and the impact on long-term value creation; the expectation regarding development, completion and lease-up of rental units at Birch House at Canary Landing, Maple House at Canary Landing, Cherry House at Canary Landing, Voda and Aalto II, including number of units and timing and contributions to higher NOI over time; the Trust’s advancements for select assets in the pre-development stage; the Trust’s expectations regarding upcoming debt maturities and the expectations of repayment, extension and/or renewal of debt and timing thereof; the status of the Trust’s ongoing active development projects and the projected construction start and completion dates; the Trust’s expectations regarding the impacts of advancing construction at certain developments and the related impact on debt exposure and project risk; the Trust’s ability to reduce overall exposure to land loans; the Trust’s ability to utilize government-affiliated financing; and the Trust’s plans and proposals for current and future development and redevelopment projects, including construction initiation, completion and occupancy/stabilization dates/timing and number of units. 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 the Trust’s control, which 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: adverse changes in general economic and market conditions; liquidity risk; financing and risks relating to access to capital; interest rate risks; public health risks; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, and international sanctions; inflation; risks related to the imposition of duties, tariffs and other trade restrictions and their impacts; the disruption of free movement of goods and services across jurisdictions; the risk of adverse global market, economic and political conditions and health crises; risks inherent in the real estate industry; risks relating to investment in development projects; impact investing strategy risk; risks relating to geographic concentration; risks inherent in investments in real estate, mortgages and other loans and development and investment holdings; credit risk and counterparty risk; competition risks; environmental and climate change risks; risks relating to access to capital; interest rate risk; the risk of changes in governmental laws and regulations; tax risks; foreign exchange risk; the risk that corporate activities and reviews will not have the desired impact; acquisitions risk; and leasing risks. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable; the gradual recovery and growth of the general economy; that no unforeseen changes in the legislative and operating framework for our business will occur; that there will be no material change to environmental regulations that may adversely impact our business; that we will meet our future objectives, priorities and growth targets; that we receive the licenses, permits or approvals necessary in connection with our projects; that we will have access to adequate capital to fund our future projects, plans and any potential acquisitions; that we are able to identify high-quality investment opportunities and find suitable partners with which to enter into joint ventures or partnerships; that we do not incur any material environmental liabilities; there will not be a material change in foreign exchange rates; that the impact of the current economic climate and global financial conditions on our operations will remain consistent with our current expectations and that inflation and interest rates will not materially increase beyond current market expectations; that no duties, tariffs or other trade restrictions will negatively impact us; our expectations regarding the availability and competition for acquisitions remains consistent with the current climate.

All forward-looking information in this press release speaks as of May 4, 2026, unless otherwise noted. The Trust 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 and risks and uncertainties is disclosed in the Trust’s filings with securities regulators filed on the System for Electronic Document Analysis and Retrieval+ (www.sedarplus.ca), including its latest annual information form and MD&A. These filings are also available at the Trust’s website at www.dreamimpacttrust.ca.

Contacts

For further information, please contact:

Derrick Lau
Chief Financial Officer

416 365-2364

dlau@dream.ca

Kimberly Lefever
Director, Investor Relations

416 365-6339

klefever@dream.ca

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 first quarter ended March 31, 2026, on Thursday, May 7^th. The earnings announcement will be released before the market opens. DXP will host a conference call, to be webcast live, on the Company’s website (www.dxpe.com) at 3:30 PM Central Time on Thursday, May 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, the 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

WESTCHESTER, Ill.–(BUSINESS WIRE)–The Annual and Special Meeting of Shareholders (the “Meeting”) of RB Global, Inc. (the “Company”, NYSE and TSX: RBA) was held on April 30, 2026. Each of the matters voted upon at the Meeting is discussed in detail in the Company’s Proxy Statement dated March 19, 2026, which can be found on the Company’s website at: https://s24.q4cdn.com/560830410/files/doc_financials/2026/ar/RB-Global-2026-Proxy-Statement-As-Filed-1.pdf.

Per TSX reporting requirements, the Company wishes to disclose that the total number of shares represented by shareholders in person and by proxy at the Meeting was 162,807,309 common shares of the Company and 485,000,000 Series A senior preferred shares of the Company, representing approximately 88.00% of the total votes eligible to be cast. The voting results for the election of directors were as follows:

Name of Director		For		Against
Robert G. Elton		162,599,041		4,124,150
Jim Kessler		166,230,492		492,699
Brian Bales		166,127,293		595,898
Adam DeWitt		166,129,417		593,774
Chloe Harford		166,637,099		86,092
Gregory B. Morrison		166,153,618		569,573
Timothy O’Day		165,224,048		1,499,143
Michael Sieger		164,903,487		1,819,704
Debbie Stein		166,268,001		455,190
Carol M. Stephenson		163,742,969		2,980,222

On May 1, 2026, the Company filed a report of voting results on all resolutions voted on at the Meeting on www.sedarplus.com.

About RB Global

RB Global, Inc. (NYSE: RBA) (TSX: RBA) is a leading, omnichannel marketplace that provides value-added insights, services and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Through its global network of auction sites and digital platform, RB Global serves customers worldwide across a variety of asset classes, including automotive, construction, commercial transportation, government surplus, lifting and material handling, energy, mining and agriculture. The company’s end-to-end marketplace solutions include Ritchie Bros., IAA, Rouse Services, SmartEquip and VeriTread. For more information about RB Global, visit www.rbglobal.com.

Contacts

Sameer Rathod Vice President, Investor Relations & Market Intelligence

+1 510-381-7584

srathod@rbglobal.com