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

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

“Pets are an integral part of our customers’ lives and unexpected vet costs can be crippling. With pet ownership steadily increasing in Canada and expected to reach 28.5 million pets in 2025, offering pet insurance alongside our core offering of tenant insurance will make the lives of Canadian pet owners easier,” said Jeff McCann, APOLLO Founder and CEO. “We’re thrilled to be partnering with Petsecure to provide our customers the peace of mind they can get their pets back to their happy, healthy selves without worrying about the financial burden of care, when treatment is needed.”

Petsecure makes a simple promise: they’ll be there when you need them most, covering diagnostics, X-rays, hospitalization, surgery, medication, and more. Every year there are new advancements in veterinary care, and more treatments available than ever before. Petsecure provides straightforward and effective insurance with flexible plans to suit each family’s needs, and is designed and backed by veterinarians across Canada.

“APOLLO’s digital first approach makes them an ideal partner for Petsecure,” said Raegan Ahlbaum, AVP Petline Operations. “This partnership will bring pet insurance to more families, helping them invest in their pet’s health and well-being.”

In 2022, APOLLO became the only Insurance provider in Canada to integrate with Yardi Systems to enable instant insurance transactions and automate compliance, with real time tracking and alerts for property managers. Earlier this year, APOLLO launched FinShore, a wholly owned buy now, pay later (BNPL) subsidiary, to provide a fully embedded monthly payment option to their customers.

Visit https://apollocover.com/partnerships for more information.

About APOLLO Insurance

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

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

About Petline Insurance Company

As the first licensed insurance company in Canada to focus solely on pet insurance, Petline has been a leader in the pet insurance market since 1989. Operating under the Definity family of companies, Petline offers a variety of product lines, including its flagship brand, Petsecure pet health insurance, and Peppermint Pet Health Insurance as a lower-cost option. Petline also underwrites for various programs, providing diverse coverage options with unique benefits. Petline helps Canadian pets live longer and healthier lives by enabling their owners to access top-tier pet health care.

Contacts

For media inquiries:
David Dyck, Chief Marketing Officer

APOLLO

david@apollocover.com
LinkedIn: APOLLO

Media Petsecure:

info@petsecure.com
1-800-268-1169

TORONTO–(BUSINESS WIRE)–$KNR #esg—Kontrol Technologies Corp. (Cboe CA:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol” or the “Company”) a leader in smart buildings and cities has been selected by multiple Customers (“Customers”) to deliver sustainability and net zero emission solutions for multiple public sector buildings.

“We continue to win opportunities and expand our solutions into the public sector, which has been leading the way to greater sustainability and building decarbonization,” says Paul Ghezzi, CEO of Kontrol Technologies.

Corporate Strategy

The Company is focused on growing its revenues both organically and by strategic acquisition. As part of the ongoing focus to deliver greater synergies in its operations the Company will internally re-organize its building performance technology and building engineering under one brand, Efficiency Engineering. The Company will seek to eliminate any duplication in operating costs and continue to streamline operations. The Kontrol Buildings platform will continue to focus on high margin building service revenues and recurring revenues under multi-year contracts.

“With a strong balance sheet, we can turn our focus to the growth and expansion of our core business,” continues Ghezzi. “The shift towards energy efficiency, lower operating costs and greater sustainability for large buildings is accelerating, driven by operational needs and stakeholder requirements.”

Potential strategic acquisitions will be announced when they are final. Acquisition targets with ongoing recurring revenues will be given priority.

According to the Canadian Government, “To reach Canada’s climate goals, reduce energy bills and build up Canada’s supply of energy-efficient and resilient building stock, there is a need to accelerate the retrofit of approximately 10 million buildings and construct millions of new net-zero buildings in the coming decades.” www.canada.ca/naturalresources

Kontrol Technologies Corp.

Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities and provides solutions and services to its customers to improve energy management and accelerate the sustainability of all buildings.

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.com

Neither IIROC 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. Forward-looking information contained in this press releases includes, but is not limited to, the following: the future operations of the Company; and the Company’s ability to complete future acquisitions.

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 the Company will have sufficient financial and other resources to fulfil expectations with respect to future operations and potential acquisitions.

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

Kontrol Technologies Corp.
Paul Ghezzi

CEO

info@kontrolcorp.com
11 CiderMill Road

Vaughan, ON L4K 4B6

Tel: (905) 766.0400

VANCOUVER, British Columbia–(BUSINESS WIRE)–#carboncapture–Canada Growth Fund Inc. (“CGF”) and Svante Technologies Inc. (“Svante” or the “Company”), a leading global carbon capture and removal solutions provider headquartered in Vancouver, Canada, announced today a financing commitment of up to US$100 million to accelerate the development and construction of Svante’s commercial carbon capture and removal projects in Canada and the US.

CGF has a mandate to invest in Canadian clean technology businesses that are scaling technologies currently in the commercialization stage of development. Svante is a leading developer of carbon capture and removal technology, with significant potential to accelerate emissions reductions in hard-to-abate sectors worldwide. CGF’s investment enables the Company to focus on its first-of-a-kind (FOAK) deployment opportunities and will encourage the business to prioritize opportunities in its Canadian pipeline. CGF’s capital is supporting ongoing Canadian operations and will encourage Svante to accelerate the delivery of projects domestically and internationally, leveraging their Canadian IP and manufacturing capabilities.

“CGF is working to accelerate the deployment of key Canadian carbon capture technologies, and to scale the manufacturing and export of promising solutions to showcase Canadian technologies internationally,” said Patrick Charbonneau, President and CEO of Canada Growth Fund Investment Management Inc. (“CGF Investment Management”). “Svante has a tremendous market opportunity, globally and here at home, and we look forward to supporting this company in its growth.”

CGF will fund its investment in two tranches: (i) an initial tranche of US$50 million will be used to accelerate and de-risk FOAK commercial projects currently underway and (ii) a potential second tranche expected to be tied to project-specific requirements to match Svante’s capital needs for the development and construction of projects alongside the Company’s co-development partners.

Claude Letourneau, Svante’s President and CEO, said: “We are delighted with this investment by CGF. It is transformational for Svante and complements the US$145 million capital investment made in our new carbon capture and removal filter manufacturing facility under construction in Vancouver. This will strengthen our Integrated Project Development Services offering to help our customers de-risk FOAK projects by providing both our in-house project development advisory expertise and financing. This new offering bridges the gap for our customers as it enables them to reach final investment decision.”

Transaction Highlights

• CGF will invest up to US$100M in Svante via convertible note(s), aimed at advancing the development of Svante’s innovative carbon capture technology.
• The investment will be made in two tranches: the first tranche of US$50M will be disbursed immediately, and the second tranche of US$50M can be drawn for the development and construction of carbon capture projects with a focus on Canadian projects, subject to approval by both organizations.
• Svante is constructing a 141,000 sq. ft. facility in Burnaby, BC, Canada, which will produce filters capable of capturing 10 million tonnes of CO₂ annually and serve as the company’s global headquarters and R&D center.
• The proceeds from the first investment tranche will be utilized for commercial development and FOAK project funding.
• This investment aligns with CGF’s mandate by supporting a leading Canadian cleantech company, protecting Canadian IP and jobs, and encouraging the development of Canadian projects and innovation activities.
• The investment will accelerate the deployment of Svante’s innovative carbon capture technology, which has the potential to significantly reduce global CO₂ emissions.
• This investment marks CGF’s first venture in British Columbia, supporting local jobs in the province and diversifying its investment portfolio.
• The market for carbon capture and sequestration, and carbon removals, is expanding, with supportive regulations in place in Canada, the USA, and Europe, highlighting the growing demand for emissions reduction and removal technologies.

About CGF

CGF is a $15 billion arm’s length public investment vehicle that helps attract private capital to build Canada’s clean economy by using investment instruments that absorb certain risks, in order to encourage private investment in low carbon projects, technologies, businesses, and supply chains.

CGF makes strategic investments to help Canada meet the following national economic and climate policy goals:

1. reduce emissions and achieve Canada’s climate targets;
2. accelerate the deployment of key technologies, such as low-carbon hydrogen and CCS;
3. scale-up companies that will create jobs, drive productivity and clean growth across new and traditional sectors of Canada’s industrial base;
4. encourage the retention of intellectual property in Canada; and
5. capitalize on Canada’s abundance of natural resources and strengthen critical supply chains to secure Canada’s future economic and environmental well-being.

Further information on CGF’s mandate, strategic objectives, investment selection criteria, scope of investment activities, and range of investment instruments can be found on www.cgf-fcc.ca.

About CGF Investment Management

In Budget 2023, the Government of Canada announced that PSP Investments, through a wholly owned subsidiary, would act as investment manager for CGF. CGF Investment Management has been incorporated to act as the independent and exclusive investment manager of CGF.

About Svante

Svante is a purpose-driven, leading carbon capture and removal solutions provider. The Vancouver, Canada-based company manufactures nanoengineered filters and modular rotary contactor machines that capture and remove CO₂ from industrial emissions and the air in an environmentally responsible manner. Svante is on the 2024 Global Cleantech 100, the XPRIZE Foundation’s XB100 – World’s Top 100 Deep Tech Companies and was ranked second among private companies in the Corporate Knights’ Future 50 Fastest Growing Sustainable Companies. For more information, visit www.svanteinc.com and follow Svante on LinkedIn at www.linkedin.com/svantesolutions.

Contacts

Svante Media Relations
Colleen Nitta

Director of Marketing & Communications

cnitta@svanteinc.com
604-970-2813

CGF Media Relations
mediacgf@cgf-fcc.ca

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 August, 2024 of $0.063333 per trust unit, representing $0.76 per trust unit on an annualized basis, payable on September 16, 2024 to Unitholders of record at the close of business on August 30, 2024.

About Choice Properties Real Estate Investment Trust

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

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

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

Contacts

For further information:
Mario Barrafato

Chief Financial Officer

Choice Properties REIT

(416) 628-7872

Mario.Barrafato@choicereit.ca

TORONTO–(BUSINESS WIRE)–$KNR #esg—Kontrol Technologies Corp. (CBOE.CA:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol Technologies” or “Kontrol” or “Company”) announces its results for the three months and year to date ended June 30, 2024. A complete set of the Financial Statements and Management’s Discussion & Analysis have been filed on SEDAR (www.sedar.com).

“During the second quarter we significantly improved the balance sheet, grew our cash position and closed out the secured debt facility,” said Paul Ghezzi, CEO of Kontrol. “We are now in a position to focus on growing our core business both organically and through strategic acquisitions.”

Second Quarter and Year to Date 2024 Highlights

• Revenues for the three months ended June 30, 2024 were $3.7 million, compared to $4.7 million for the same quarter in the prior year; Revenues for the six months ended June 30, 2024 were $7.4 million, compared to $9.1 million for the same period in the prior year.
• Gross margin for the six months ended June 30, 2024 was 58%, compared to 61% for the same period in the prior year.
• Income from continuing operations for the six months ended June 30, 2024 was $12.9 million compared to a loss from continuing operations of $(371,057) for the same period in the prior year.
• Adjusted EBITDA from continuing operations for the six months ended June 30, 2024 was $440,037 compared to $1.5 million for the same period in the prior year.
• A gain on sale of $13.3 million was recognized in Q2 2024 in connection with the sale of air monitoring and compliance related assets.
• All interest-bearing bank debt was paid off – principal payments totalled $11.1 million during the six months ended June 30, 2024.

Corporate Update

The Company is focused on providing sustainable building services and solutions to a wide range of real estate owners, property managers and institutions. The Company’s customer footprint includes commercial, multi-residential and industrial customers who face similar challenges, including managing energy consumption and decarbonization.

Over the past several quarters the Company has successfully managed some significant challenges and worked diligently to right size the balance sheet, and efforts have created opportune conditions for future growth. In Q2 2024 the Company paid off the remaining revolver and term loan balances and executed the sale of air monitoring and compliance related assets which raised internal cash and delivered a significant gain to book value. The Company is now well positioned with the necessary resources to accelerate organic growth plans and to execute on potential acquisitions.

Acquisition Targets

The Company has a number of targets under review with a focus on sustainable buildings and driving synergies across a core platform of services and solutions. The Company is targeting certain metrics for potential acquisitions which include, but are not limited to, revenues in the range of $1 to $5 million, up to 50% in recurring revenues, gross margin in the range of 40% to 50% with an established customer base.

Normal Course Issuer Bid

During the six months ended June 30, 2024, the Company announced that approvals were granted for a new Normal Course Issuer Bid program to buy back common shares of Kontrol through the NEO Exchange and alternative trading systems. The Company repurchased 807,000 common shares for a total of $230,000 during the six months ended June 30, 2024.

Q2 2024 and Year to Date Financial Summary

Financial Results	Three months ended			Six months ended
(Unaudited)	June 30, 2024	June 30, 2023		June 30, 2024	June 30, 2023
Revenue	$3,654,825	$4,678,027		$7,441,059	$9,139,345
Gross profit	$2,020,525	$2,901,891		$4,352,600	$5,540,115
Income (loss) from continuing operations	$12,321,014	$98,405		$12,854,502	$(371,057)
Gain from discontinued operations	–	–		–	$21,786,635
Net income and comprehensive income	$12,321,014	$98,405		$12,854,502	$21,415,578
Basic EPS – continuing operations	$0.21	$0.00		$0.22	$(0.01)
Diluted EPS – continuing operations	$0.17	$0.00		$0.18	$(0.01)
Basic EPS – discontinued operations	–	–		–	$0.41
Diluted EPS – discontinued operations	–	–		–	$0.33
Add/Deduct for Adjusted EBITDA reconciliation – continuing operations:
Amortization and depreciation	$228,334	$360,615		$450,717	$719,507
Finance expense	$91,967	$391,080		$250,629	$902,344
Gain on sale of assets	$(13,241,405)	–		$(13,241,405)	–
Share based compensation	$73,637	$13,292		$125,594	$233,713
Adjusted EBITDA – continuing operations	$(526,453)	$863,392		$440,037	$1,484,507

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, 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., a Canadian public company, is a leader in smart buildings and cities. Kontrol provides solutions and services to its customers to improve energy management and accelerate the sustainability of all buildings. 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.sedar.com

Neither IIROC 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

Kontrol Technologies Corp.
Paul Ghezzi, CEO

info@kontrolcorp.com
11 Cidermill Avenue, Suite 201

Vaughan, ON L4K 4B6

Tel: (905) 766.0400

LONDON–(BUSINESS WIRE)–#Acquisition–H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $64 billion of capital under management, is pleased to announce that one of its affiliates has acquired Axis Europe Limited (“Axis” or the “Company”), a leading UK provider of property maintenance services, from its founder and owner, John Hayes. John Hayes will reinvest alongside H.I.G. and join the board as a non-executive director. The financial terms of the transaction have not been disclosed.

Axis provides planned maintenance, responsive repairs, and refurbishment to clients in social housing and local government. It has developed an exceptionally strong reputation as a trusted, long-term partner to some of the largest local authorities and housing associations in the UK. Axis has delivered significant and consistent organic growth over the past two decades.

H.I.G. will combine Axis with its existing portfolio company, CLC Group (“CLC”) which it acquired in June 2023, to bring together two highly complementary businesses to create a leading national property maintenance specialist with deep experience across a range of end-markets and maintenance disciplines.

John Hayes, Founder and CEO of Axis, remarked, “We are delighted to join forces with CLC to create a national contractor of scale with great geographical and operational synergies. The investment in both companies by H.I.G. will allow the group to benefit from the huge opportunities that exist across all sectors and regions.”

John Harper, Managing Director of H.I.G. in London, said, “We are excited by this transaction, which is set against the backdrop of a property refurbishment market poised for significant investment in the coming decade.”

About Axis

Axis is a provider of property maintenance services to housing associations and local government. The business has focused on building long-term relationships with some of the largest property managers and owners in its sector. For more information, visit axiseurope.com.

About CLC

CLC is a national property and asset refurbishment provider that offers clients national coverage with a local service. The business has focused on delivering high quality property and asset services to customers in the social housing, local government, defence, hospitality, and utilities sectors. For more information, visit clcgroup.com.

About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $64 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, and Dubai, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:

• H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
• H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
• H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
• H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and its affiliates.

Contacts

John Harper

Managing Director

jharper@hig.com

Adam Taylor

Principal

ataylor@hig.com

H.I.G. Capital

10 Grosvenor Street

2^nd Floor

London W1K 4QB

United Kingdom

P +44 (0) 207 318 5700

hig.com

CARPINTERIA, Calif.–(BUSINESS WIRE)–$PCOR—Procore Technologies, Inc. (NYSE: PCOR), the leading global provider of construction management software, today announced that it will host an investor call with Chief Revenue Officer, Larry Stack, on Friday, August 16, 2024 at 1:00 p.m. (Pacific time) to address questions from shareholders following its Q2 FY2024 earnings call.

To access this webinar, please email ir@procore.com.

About Procore

Procore Technologies, Inc. (NYSE: PCOR) creates software for people who build the world. With a focus on providing timely and accurate data for all, Procore transforms the construction industry one project at a time – from hospitals and skyscrapers to airports and stadiums. Beyond its connected, innovative technology, Procore empowers the industry and its communities through Procore.org. For more information, visit www.procore.com.

PROCORE-IR

Contacts

Media Contact
press@procore.com

Investor Contact
ir@procore.com

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) announced today that it has priced a private placement (the “Offering”) of $500 million aggregate principal amount of senior unsecured debentures (the “Debentures”), consisting of $300 million aggregate principal amount of Series E Debentures maturing March 15, 2030 and $200 million aggregate principal amount of Series F Debentures maturing March 15, 2032. The Debentures are being offered in each of the provinces of Canada by a syndicate of agents led by Desjardins Capital Markets and TD Securities Inc., which includes CIBC World Markets, Scotia Capital Inc., RBC Dominion Securities Inc., BMO Capital Markets, Canaccord Genuity Corp., National Bank Financial Inc. and Raymond James Ltd.

The Series E Debentures will be issued at a price of $999.93 per $1,000 principal amount and bear interest at a fixed annual rate of 4.998% per annum, payable in equal semi-annual instalments in arrears on March 15^th and September 15^th in each year, commencing on March 15, 2025 (long first coupon of $29.64567123 per $1,000 principal amount) until maturity, unless redeemed at an earlier date. The Series F Debentures will be issued at a price equal to $999.93 per $1,000 principal amount and bear interest at a fixed annual rate of 5.304% per annum, payable in equal semi-annual instalments in arrears on March 15^th and September 15^th in each year, commencing on March 15, 2025 (long first coupon of $31.46071235 per $1,000 principal amount) until maturity, unless redeemed at an earlier date. The Debentures will be direct senior unsecured obligations of the Trust and will rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Trust, except to the extent prescribed by law. The Debentures have been assigned a provisional rating by DBRS of BBB (high).

The net proceeds of the Offering are expected to be used to repay existing indebtedness of $440 million and for general trust purposes. With respect to the repayment of existing indebtedness, the Trust intends to:

• invest $200 million in short term investments to retire the $200 million aggregate principal amount of Series B Debentures maturing March 30, 2025;
• prepay its $200 million non-revolving term credit facility outstanding maturing February 5, 2026; and
• prepay $40 million of secured debt outstanding maturing March 27, 2027.

None of the above prepayments by the Trust will incur any penalty. As a result of the above repayments, upon retiring the Series B Debentures in March 2025, the Trust will have no debt maturing until 2027.

The closing of the Offering is expected to take place on or about August 12, 2024.

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

About Primaris

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in leading enclosed shopping centres located in growing mid-sized markets. The portfolio totals 38 properties, or 12.4 million square feet, valued at approximately $3.8 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

Forward-Looking Information

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

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

Investor Relations

647-949-3093

cmahaney@primarisreit.com

Timothy Pire

Chair of the Board

chair@primarisreit.com

TORONTO–(BUSINESS WIRE)–Inovalis Real Estate Investment Trust (the “REIT”) (TSX: INO.UN) today reported financial results for the quarter ended June 30, 2024. The unaudited Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for Q2 2024 are available on the REIT’s website at www.inovalisreit.com and at www.sedarplus.ca¹. 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 “Overall, while there are hurdles to overcome, the European office real estate market is showing signs of stabilization and gradual improvement in the key areas of occupancy and prime rents.”

HIGHLIGHTS

Net Rental Income

For the portfolio that includes assets owned entirely by the REIT (“IP Portfolio”), Net Rental Income (“NOI”) for the three months ended June 30, 2024 (“Q2 2024”), decreased significantly to $4,616 (€3,144), compared to the $10,430 (€7,154) NOI for the three months ended June 30, 2023 (“Q2 2023”) which had been boosted by the $2,316 indemnity negotiated upon Arcueil’s single tenant departure. The Q2 2024 NOI is in line with expectations regarding notably the full vacancy of the Arcueil property since July 1, 2023 and the departure of the main tenant (44% occupancy) in the Bad Homburg property at the end of January 2024.

For the six months ended June 30, 2024, the IP Portfolio NOI was $5,528 (€3,765), compared to $14,302 for the same period of 2023, the decrease being mostly attributable to the above-mentioned Arcueil indemnity and to the decrease in the occupancy rate following the main tenant departures in the Arcueil and Bad Homburg properties.

The “other revenues” line in Q2 2024 included a $646 indemnity negotiated upon the early departure of a tenant in the Trio property (6% occupancy) representing the rental revenue and property operating cost recoveries until the end of the original lease agreement.

In Q2 2024, Net Rental Income, adjusted for IFRIC 21¹ for the portfolio that includes the REIT’s proportionate share in joint ventures (“Total Portfolio”), was $5,841 (€3,978), compared to $11,588 (€8,018) for Q2 2023, a decrease due to the same reasons described above with respect to the IP Portfolio.

Leasing Operations

As at June 30, 2024, occupancy of the REIT’s IP Portfolio was 48.3% and occupancy of the REIT’s Total Portfolio was 58.7%. The greatest contributors to the decrease in occupancy are the assets included in the asset recycling plan (Arcueil, Sabliere and Baldi) as well as the Bad Homburg property following the departure of the main tenant in January 2024. The occupancy rate of the Total Portfolio excluding properties in the asset recycling plan would be 80.8%.

There has been steady interest from prospective tenants throughout 2023 and the first half of 2024, for both long and short-term leases in our Parisian, German and Spanish portfolio. To bolster leasing efforts, notably with on-field brokers, management is selectively considering tenant improvements to attract tenants and maximize rent.

_________________
1		Net rental Income adjusted for IFRIC 21 is a Non-GAAP Measure. See the “Net Rental Income” section for further discussion on the composition and usefulness of this metric and as well as a quantitative reconciliation to its most directly comparable financial measure. See the section “Non-GAAP Financial Measures and Other Measures” for more information on the REIT’s non-GAAP financial measures.

Asset Recycling Plan

Management is advancing plans for the sale of the Sabliere property, subject to approval by unitholders of the REIT (“Unitholders”) at a special meeting (the “Special Meeting”) to be convened in person on September 4, 2024. Municipal approval of the proposed Arcueil property project has been obtained and management is focused on the sale of this property before year-end. This could lead to a building permit application and a formal exchange contract being entered into as early as Q4 2025.

The Arcueil (Fair Value $72,166) and Baldi properties (Fair Value $25,780) are being marketed for sale as part of the REIT’s previously announced Asset Recycling Plan. These are mature assets and management believes that this is the optimal time to try and extract value for these assets. Upon the sale of these properties, if completed, management and the Board would consider the best uses of the proceeds including the options to pay down debt, make capital investments to support leasing, invest in redevelopment opportunities and make opportunistic acquisitions.

Joint Venture (“JV”) Arrangement Wind Up

Management is executing on its previously announced commitment to wind up the current joint ventures in accordance with their respective agreements. Marketing agreements were signed in January 2024 for each of the Stuttgart and Duisburg properties and the properties are being actively marketed to attract investors. JV arrangement maturities for the Kosching and Neu Isenburg properties were extended until the beginning of 2025, aligned with the expiry term of financing for the JV arrangement. The JV arrangement for Delizy does not expire until 2029.

Capital Market Considerations

For the past 12 months, there has been significant downward pressure on net asset values due to volatile economic conditions driven by high inflation and energy costs in the Euro-zone. Unitholders’ equity as at June 30, 2024 was $213,265 (€145,533), which implies a book value per Unit at that date of $6.54/Unit or $6.38/Unit on a fully-diluted basis, using the weighted average number of units of the REIT (the “Units”) for the period.

The REIT has addressed the volatile risks in the current capital markets by implementing short term leasing initiatives for properties in the REIT’s Asset Recycling Plan, maintaining a conservative debt-to-gross-book value ratio, currently 48%.

Funds From Operations and Adjusted Funds From Operations

Due to the vacancy, increased finance costs and capex paid as part of a lease agreement on the Duisburg property, the REIT reported for Q2 2024 a nil AFFO per Unit and FFO per Unit of $0.02 in line with management’s forecast.

Financing Activity

The REIT is financed almost exclusively with asset-level, non-recourse financing with an average term to maturity of 2.6 years for the Total Portfolio (3.0 years for the IP Portfolio).

After the Neu-Isenburg and Kosching refinancings in 2024, on June 12, 2024, Management successfully extended the Trio financing until March 2025. Amortization of $1,465 has been repaid out of the restricted cash and the loan now bears floating interest at 2.5% above the Euro Interbank Offered Rate (‘EURIBOR”) rate. With the recent confirmation of the departure of the Trio main tenant at the end of 2025, the opportunity for a sale and/or redevelopment process will be reviewed.

For the half year ended June 30, 2024, the weighted average interest rate across the Total Portfolio was 4.35% compared to 2.75% as at December 31, 2023. This increase reflects the higher interest rate on most of the REIT’s mortgage loan, now bearing interest at a floating rate indexed on EURIBOR, as well as the penalty interest of the Trio mortgage loan (8.6% annually) prior to the loan extension. As at June 30, 2024, 28% of the REIT’s debt for the Total Portfolio was at fixed interest rates, mostly on short term loans or within properties being marketed for sale.

In its last economic bulletin, published in June 2024, the European Central Bank (“ECB”) decided to lower key lending rates by 25 bps after nine months of holding rates steady. Economic growth estimates have been revised up to 0.9% in 2024, 1.4% in 2025 and 1.6% in 2026. Despite the foregoing, there exists uncertainty in the European political landscape, resulting in decreased and restrictive lending by financial institutions in Europe, including France and Germany making it increasingly difficult for businesses to secure loans. The tightening of credit has coincided with an economic slowdown, induced by interest rates which are starting to come down from an all-time high. Management will continue to seek financing opportunities through its banking networks in Europe, leveraging the quality of its properties, lease terms and high caliber tenants, but there is no assurance the REIT will be successful in securing such financing on terms acceptable to the REIT or at all. See “Risks and Uncertainties” in the MD&A for a discussion of the conditions which could adversely impact the REIT’s liquidity, operating results or financial condition, the ability to make distributions on the Units, the ability to implement the REIT’s growth strategy and the ability of the REIT to sell properties if potential buyers are unable to secure financing necessary to complete the transaction.

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. Investors recognize the risks associated with changing regulatory requirements, tenants are including sustainability considerations in their leasing decisions, and employees want to work for responsible and socially-focused organizations. 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.

The Spanish property Delgado is pursuing LEED Platinum certification that is expected to be received in Q3 2024.

On the German portfolio ,the REIT expects offers for a green electricity procurement policy will be received in 2024, in addition to the implementation of smart water-saving equipment.

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 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:

1. the ability to continue to receive financing on acceptable terms;
2. the future level of indebtedness and the REIT’s future growth potential will remain consistent with current expectations;
3. there will be no changes to tax laws adversely affecting the REIT’s financing capability, operations, activities, structure, or distributions;
4. the REIT will retain and continue to attract qualified and knowledgeable personnel as the portfolio and business grow;
5. the impact of the current economic and political climate and the current global financial conditions on operations, including the REIT’s financing capability and asset value, will remain consistent with current expectations;
6. there will be no material changes to government and environmental regulations that could adversely affect operations;
7. 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
8. 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 MD&A 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;
• the political environment 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.

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.

“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-to-Gross-Book Value” refers to the REIT’s apportioned amount of indebtedness respectively in the IP Portfolio and the Total Portfolio. Indebtedness on a 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.

“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.

Contacts

For further information, please contact:

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

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TORONTO–(BUSINESS WIRE)–Slate Grocery REIT (TSX: SGR.U) (TSX: SGR.UN) (the “REIT”), an owner and operator of U.S. grocery-anchored real estate, announced today that the Q2 2024 earnings call transcript and investor update are now available on the REIT’s website and can be accessed by visiting the following links:

• Slate Grocery REIT – Q2 2024 earnings call transcript
• Slate Grocery REIT – Q2 2024 investor update

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 approximately U.S. $2.4 billion of 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 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.

About Slate Asset Management
Slate Asset Management is a global alternative investment platform. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform focuses on four areas of real assets, including real estate equity, real estate credit, real estate securities, and infrastructure. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more, and follow Slate Asset Management on LinkedIn, X (Twitter), and Instagram.

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.

SGR-FR

Contacts

For Further Information
Investor Relations

+1 416 644 4264

ir@slateam.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, 2024 (“Q2 2024”). Management will host a conference call to discuss the financial results on August 8, 2024 at 10:00 a.m. (ET).

HIGHLIGHTS

• Comparative properties net operating income (“comparative properties NOI”)¹ was $6.4 million in Q2 2024, a 6.8% increase compared to $6.0 million in Q2 2023, primarily due to a $0.5 million increase in comparative investment properties revenue. Net rental income was $8.0 million in Q2 2024, or $0.3 million higher than the prior year comparative quarter, primarily due to a decrease in investment properties operating expenses.

• Diluted funds from operations (“FFO”) per Unit² was $0.18 for Q2 2024, which was consistent with Q2 2023.

• Portfolio occupancy was 94.0% as at June 30, 2024, up from 93.8% at the end of Q1 2024, with Greater Oklahoma City region at 94.3%, Greater Dallas-Fort Worth region at 92.7% and Greater Cincinnati region at 94.9%. Occupancy was consistent with expectations as we continue to manage our value-add program, completing 64 units during the quarter.

• Average monthly rent at June 30, 2024 was $1,167 per unit, increasing 1.0% quarter over quarter, compared to $1,155 per unit at March 31, 2024.

• Maintaining conservative balance sheet and financial flexibility. Net total debt-to-net total assets³ was 32.8% as at June 30, 2024, compared to 31.6% as at December 31, 2023. Total mortgages payable were $138.2 million, consisting of 11 fixed rate mortgages with a weighted average contractual interest rate of 4.0%. Total assets (per condensed consolidated financial statements) were $407.6 million as at June 30, 2024. Total assets comprised primarily $396.8 million of investment properties and $6.8 million of cash and cash equivalents.

_______________________________

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, 2024 and June 30, 2023. 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.

“We were pleased with the REIT’s financial and operational performance for Q2 2024,” said Brian Pauls, Chief Executive Officer of Dream Residential REIT. “The REIT delivered solid year-over-year comparative properties NOI growth at 6.8%, bringing our year-to-date comparative NOI growth to approximately 5%, which is at the upper end of our targeted range for the year.”

• Q2 2024 net income was $3.3 million, which comprises net rental income of $8.0 million, fair value adjustments to investment properties of $(4.1) million and fair value adjustments to financial instruments of $2.7 million, primarily from the revaluation of Class B units of DRR Holdings LLC, a subsidiary of the REIT (“Class B Units” – together with the Trust Units, “Units”). Other income and expenses totalled $(3.3) million.
• On April 4, 2024, the REIT extended the term of its credit facility to March 28, 2027.
• Total equity (per condensed consolidated financial statements) was $241.3 million as at June 30, 2024, compared to $218.0 million as at December 31, 2023, primarily due to 3.3 million Class B Units exchanged for REIT Units in Q1 2024 for a total market value of $22.3 million.
• Net asset value (“NAV”)⁴ per Unit was $13.47 as at June 30, 2024, compared to $13.50 as at December 31, 2023.
• The REIT declared distributions totalling $0.105 per Unit during Q2 2024.
• During the six months ended June 30, 2024, 3.3 million Class B Units were redeemed and exchanged for Trust Units.

FINANCIAL HIGHLIGHTS

		Three months ended June 30,						Six months ended June 30,
(in thousands unless otherwise stated)		2024			2023			2024			2023
Operating results
Net income		$	3,346		$	11,005		$	4,162		$	137
FFO(1)			3,516			3,464			6,963			6,987
Net rental income			7,984			7,685			14,617			14,795
Comparative properties NOI(10)			6,362			5,958			12,443			11,844
Comparative properties NOI margin(11)			52.6%			51.3%			51.6%			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

Net income for Q2 2024 was $3.3 million compared to $11.0 million in Q2 2023, primarily due to a change in fair value adjustments to investment properties of $(2.7) million and a change in fair value adjustments to financial instruments of $(5.4) million from the comparative quarter. FFO for Q2 2024 and the prior year comparative quarter was $3.5 million, with an increase in comparative properties NOI offset by higher general and administrative expenses. Q2 2024 diluted FFO per Unit was $0.18 and consistent with the prior year comparative quarter.

_______________________________

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 rental income for Q2 2024 was $8.0 million compared to $7.7 million in the prior year comparative quarter. Comparative properties NOI for Q2 2024 increased to $6.4 million compared to $6.0 million in the prior year comparative quarter. Comparative properties NOI margin for Q2 2024 was 52.6%, compared to 51.3% in the prior year comparative quarter. Q2 2024 comparative properties NOI includes comparative investment properties revenue of $12.1 million, which exceeded the prior year comparative quarter by $0.5 million, primarily driven by rental rate growth and value-add rental premiums. Investment properties operating expenses remained flat from Q1 2024 (excluding the impact of IFRIC 21 and one sold property in Q4 2023), largely as a result of increased property insurance and utilities, offset by reduced maintenance expenses.

PORTFOLIO INFORMATION

		June 30, 2024			March 31, 2024			June 30, 2023
Total portfolio
Number of assets			15			15			16
Investment properties fair value (in thousands)		$	396,800		$	398,140		$	424,980
Units			3,300			3,300			3,432
Occupancy rate – in place (period-end)			94.0%			93.8%			94.1%
Average in-place base rent per month per unit		$	1,167		$	1,155		$	1,122
Estimated market rent to in-place base rent spread (%) (period-end)			8.8%			9.8%			8.6%
Tenant retention ratio(12)			59.2%			57.2%			52.7%
See footnotes at end

ORGANIC GROWTH

Weighted average monthly rent as at June 30, 2024 was $1,167 per unit, compared to $1,155 at March 31, 2024. Rental rates increased 1.1% in the Greater Cincinnati region, 1.0% in the Greater Oklahoma City region, and 0.9% in the Greater Dallas-Fort Worth region since March 31, 2024.

During Q2 2024, blended lease trade-outs averaged 2.2% compared to 2.0% in Q1 2024. This comprises an average increase on renewals of approximately 3.7% (March 31, 2024 – 4.4%) and an average increase on new leases of approximately 0.1% (March 31, 2024 – (1.2)%). As at June 30, 2024, estimated market rents were $1,270 per unit, or an average gain-to-lease for the portfolio of 8.8%. The retention rate for the quarter ended June 30, 2024 was 59.2% compared to 57.2% for the three months ended March 31, 2024 as we continued to prioritize leasing efforts to secure renewals during the period.

Value-Add Initiatives

During Q2 2024, renovations were completed on 64 suites primarily across Greater Dallas-Fort Worth and Greater Oklahoma City regions, with 16 suites under renovation as at June 30, 2024. For the three months ended June 30, 2024, the average new lease trade-out on renovated suites was $93 per unit higher than expiring leases, or a lease-trade-out of 7.5%.

“Our operating performance improved quarter over quarter with blended trade-outs increasing,” said Scott Schoeman, Chief Operating Officer of Dream Residential REIT. “Our continued focus on managing controllable operating expenses helped to increase our comparative property NOI margin. In the current environment, we have prioritized occupancy and we believe that it is prudent to focus on tenant retention and are actively managing the timing and number of suites that we plan on renovating.”

FINANCING AND CAPITAL INFORMATION

					As at
(unaudited) (dollar amounts presented in thousands, except for per Unit amounts)		June 30, 2024			December 31, 2023
Financing
Net total debt-to-net total assets(4)			32.8%			31.6%
Average term to maturity on debt (years)			4.8			5.3
Interest coverage ratio (times)(5)			2.9			2.9
Undrawn credit facility		$	70,000		$	70,000
Available liquidity(6)		$	76,817		$	80,943
Capital
Total equity		$	241,295		$	218,032
Total equity (including Class B Units)(7)		$	264,888		$	265,358
Total number of Trust Units and Class B Units(8)		$	19,667,939		$	19,656,471
Net asset value (NAV) per Unit(9)		$	13.47		$	13.50
Trust Unit price		$	6.32		$	6.75
See footnotes at end

As at June 30, 2024, net total debt-to-net total assets was 32.8%, total mortgages payable were $138.2 million and total assets were $407.6 million. The REIT ended Q2 2024 with total available liquidity of approximately $76.8 million⁽⁶⁾, comprising $6.8 million of cash and cash equivalents and $70.0 million available on its undrawn revolving credit facility.

Total equity of $241.3 million increased from December 31, 2023 by $23.3 million, primarily due to 3.3 million Class B Units exchanged for REIT Units in Q1 2024 for a total market value of $22.3 million. As at June 30, 2024, there were approximately 15.9 million Trust Units and 3.7 million Class B Units.

NAV per Unit as at June 30, 2024 was $13.47 compared to $13.50 as at December 31, 2023.

CONFERENCE CALL

Senior management will host a conference call to discuss the financial results on Thursday, August 8, 2024 at 10:00 a.m. (ET). To access the conference call, please dial 1-844-763-8274 (toll free) or 647-484-8814 (toll). To access the conference call via webcast, please go to Dream Residential REIT’s website at www.dreamresidentialreit.ca and click the link for the webcast. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call.

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 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, 2024, dated August 7, 2024 (the “Q2 2024 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 2024 MD&A and can be found in the section “Supplementary Financial Measures and Other Disclosures”. The Q2 2024 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 our ability to drive rental rate growth; future market conditions; our ability to maintain a safe and flexible balance sheet which will drive operations; our anticipated investments in our properties and their effect on portfolio quality and rent growth; our intention to implement our value-enhancing renovation initiatives across our portfolio; the resiliency of our portfolio; and the ability of our value-add program and regional diversification to enhance the safety of our business. 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; cybersecurity; 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; and that geopolitical events 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, 2024 and June 30, 2023 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 2024 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 mortgages payable, 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. The table included in the Appendices section of this press release reconciles adjusted EBITDAFV to net income 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, 2024. 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 the undrawn credit facility. The table included in the Appendices section of this press release reconciles available liquidity to the undrawn credit facility as at June 30, 2024 and December 31, 2023. 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.

(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 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, 2024 and December 31, 2023.

(8) Total number of Units includes 15,934,864 Trust Units and 3,733,075 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, 2024 and June 30, 2023 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.

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

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TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (NASDAQ: REAX), a technology platform reshaping real estate for agents, home buyers and sellers, today announced it continued to add top teams throughout North America in July.

“This year is proving to be a significant one for Real. Just last month, we surpassed the 20,000-agent milestone, and we’re steadily adding top-producing teams and independent brokerages who are positioning themselves in an evolving real estate market,” said Sharran Srivatsaa, President of Real. “At Real, we blend a proprietary technology platform with a distinct agent value proposition and a culture of collaboration, designed for entrepreneurs who want to be part of something bigger.”

The following are some of the teams joining Real during the month of July:

• Legacy Group, led by Corilyn Tessier and Kara Chase. The eight-agent boutique firm was founded in 2019 and serves New Hampshire, Southern Maine and Northern Massachusetts. Since 2020, the team has closed home sales of more than $293 million, including nearly $83 million in 2023.
• L34 Group, led by Deirdre Salomone and Terry Saltzman. The seven-agent team brings more than 40 years of collective experience to the clients it serves in Northeast Los Angeles, Altadena and Pasadena. Founded in 2009, the team closed sales totaling $80 million in 2023.
• NUEVA Real Estate, led by Jose Perez. Founded in 2020, the 50-agent team serves the Downey/Whittier markets in Southeast Los Angeles County and has helped 600 families achieve their real estate goals. Since its inception, it has closed home sales totaling more than $330 million, including $80 million in 2023.
• RAZR Group, led by MJ Frazier. The team brings seven agents and serves the D.C. metro, including Maryland and Virginia. The team focuses on catering to the unique needs of luxury investors and developers and joins as part of Real’s luxury division. In addition, with several of its agents fluent in Vietnamese and Spanish, the team is positioned to serve the diverse cultures who are represented in the nation’s capital. RAZR Group has closed home sales valued at more than $250 million, including $80 million in 2023.
• Addison Real Estate, led by Kellene Addison. A family-owned, women-led independent brokerage, Addison brings a diverse team of 21 agents who provide the capability of serving clients in six languages throughout Morris, Sussex and Warren counties in New Jersey. The team has sold 795 homes valued at $282 million since its founding in 2020, and closed sales totaling $70 million in 2023.
• Own It Northwest, led by Ross Seligman. Founded in 2005, the team’s eight agents serve the Portland metro area, including Beaverton, Hillsboro, Lake Oswego and Happy Valley. The team closed sales totaling $50 million in 2023.
• Utah’s Finest, led by Paige Steckling. The three-agent team was founded in 2022 and serves the state of Utah. The team closed sales of $40 million in 2023.
• SL Home Group, led by Stephen Lonnen. The seven-agent team was founded in 2020 and serves the greater Charlotte, N.C., metropolitan area, including Upstate South Carolina. The team closed sales of $33 million in 2023.

About Real

Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence throughout the U.S. and Canada, Real supports more than 20,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses.

Forward-Looking Information

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

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

Contacts

Investor inquiries, please contact:

Ravi Jani

Vice President, Investor Relations and Financial Planning & Analysis

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

elisabeth@therealbrokerage.com
201.564.4221