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

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

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

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

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

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

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

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

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

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

Transaction Details

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

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

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

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

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

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

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

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

Formal Valuation and Fairness Opinions

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

Advisors

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

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

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

About Tricon Residential Inc.

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

About Blackstone

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

Additional Early Warning Disclosure

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

Forward-Looking Information

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

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

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

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

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

Contacts

For further information, please contact:

Wissam Francis

EVP & Chief Financial Officer

Email: IR@triconresidential.com

Wojtek Nowak

Managing Director, Capital Markets

Tricon Media:
Tara Tucker

Senior Vice President, Corporate and Public Affairs

Email: mediarelations@triconresidential.com

Blackstone Media:

Jillian Kary

212-583-5379

Jillian.Kary@Blackstone.com

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

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

ABOUT GRANITE

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

OTHER INFORMATION

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

Contacts

Teresa Neto

Chief Financial Officer

647-925-7560

Andrea Sanelli

Associate Director, Legal & Investor Services

647-925-7504

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

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

Cintas

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

Contacts

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

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

CALGARY, Alberta–(BUSINESS WIRE)–#AlwaysAbove–FulcrumAir and PLP have partnered to launch the world’s most advanced automated robotic system for installing helically-shaped bird diverters on overhead power lines. The Mini LineFly™ is a revolutionary unmanned system that automatically and precisely installs PLP’s BIRD-FLIGHT™ Diverters on overhead lines, helping to significantly reduce safety concerns for lineworkers while also exponentially increasing project efficiency.

“We are excited to collaborate with FulcrumAir to launch this newest addition to our expanding lineup of robotic installation solutions,” said Ryan Ruhlman, President of PLP. “The Mini LineFly not only offers the most efficient method for installing bird diverters but, more significantly, contributes to enhancing the safety environment for utility workers around the world.”

The Mini LineFly accurately places PLP BIRD-FLIGHT Diverters at predetermined intervals, maximizing the performance to help safeguard wildlife from accidental contact with power lines. This critical wildlife protection device reduces the probability of unintended bird collisions by enhancing line visibility, helping to protect diverse avian species and mitigate potential costly and problematic power outages.

The first implementation of robotically installed PLP BIRD-FLIGHT Diverters took place during the recent High Banks Wind Project in Kansas. Nearly 15,000 bird diverters were installed using robotics along the 75-mile 345 kV transmission line spanning Marshall, Republic, and Washington counties. The High Banks Wind Project delivers approximately 600 megawatts of dependable renewable energy to customers in the American Midwest.

“We are extremely pleased with how the Mini LineFly performed during this demanding project,” said Patrick Arnell, President & CEO of FulcrumAir. “Our mission is to develop and operate equipment that assists electric utilities with the industry’s ongoing challenges, including staffing shortages, the increased need for safer work sites, and overall project efficiency requirements.

Alongside the Mini LineFly, FulcrumAir and PLP also recently introduced the CSR-18™ Robot, a state-of-the-art robotic installation system designed for PLP CUSHION-GRIP® Twin Spacers. Both cutting-edge robotic solutions are fully operational worldwide, with multiple projects initiated globally.

ABOUT FULCRUMAIR

Founded in 2016 and having invested over 60,000 hours into design and engineering to date, FulcrumAir is the leader in aerial robotics for the powerline industry. FulcrumAir’s portfolio of UAVs and aerial robotics are specifically designed to address critical challenges facing electric utilities by robotically performing line construction tasks such as installing line spacers and bird flight diverters. Additional robotic solutions are currently under development.

ABOUT PLP

PLP protects the world’s most critical connections by creating stronger and more reliable networks. The company’s precision-engineered solutions are trusted by energy and communications providers worldwide to perform better and last longer. With locations in over 20 countries, PLP works as a united global corporation, delivering high-quality products and unparalleled service to customers around the world.

Contacts

PLP
JOSH NELSON
MANAGER, MARKETING COMMUNICATIONS

+1 440 473 9120

JOSH.NELSON@PLP.COM

FULCRUMAIR
PATRICK ARNELL
PRESIDENT & CEO

+1 403 617 0109

PARNELL@FULCRUMAIR.COM

 

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

TORONTO–(BUSINESS WIRE)–#valueforgenerations–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 January, 2024 of $0.0625 per trust unit, representing $0.75 per trust unit on an annualized basis, payable on February 15, 2024 to Unitholders of record at the close of business on January 31, 2024.

About Choice Properties Real Estate Investment Trust

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties.

We believe that value comes from creating spaces that improve how our tenants and communities come together to live, work, and connect. We strive to understand the needs of our tenants and manage our properties to the highest standard. We aspire to develop healthy, resilient communities through our dedication to social, economic, and environmental sustainability. 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

DALLAS–(BUSINESS WIRE)–AECOM (NYSE:ACM), the world’s trusted infrastructure consulting firm, today announced that it intends to issue its first quarter fiscal 2024 earnings results after the U.S. market closes on February 5, 2024. The Company will also host a conference call and webcast with analysts and investors on February 6, 2024, at 8 a.m. Eastern Time / 7 a.m. Central Time, during which management will present the Company’s financial results and outlook, strategic accomplishments, and market and business trends.

The webcast and a replay will be available online at https://investors.aecom.com. The press release and presentation slides will be available on the Company’s website the day of the call and will contain additional financial information.

The conference call can be accessed directly by dialing 800-599-5188 (U.S.) or an international number at https://events.q4irportal.com/custom/access/2324/ and entering passcode 7295287.

About AECOM

AECOM (NYSE: ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from advisory, planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical and digital expertise, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of US$14.4 billion in fiscal year 2023. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.

Contacts

Media Contact:
Brendan Ranson-Walsh

Senior Vice President, Global Communications

1.213.996.2367

Investor Contact:

Will Gabrielski

Senior Vice President, Finance & Investor Relations

1.213.593.8208

TORONTO–(BUSINESS WIRE)–RioCan Real Estate Investment Trust (“RioCan”) (TSX: REI.UN) today announced a distribution of 9 cents per unit for the month of January. The distribution will be payable on February 7, 2024, to unitholders of record as at January 31, 2024.

About RioCan

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

Contacts

RioCan
Kim Lee

Vice President, Investor Relations

(416) 646-8326

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 it will be releasing its fourth quarter and year end 2023 financial results before market hours on Wednesday, February 14, 2024. Senior management will host a live conference call at 9:00 am ET on Wednesday, February 14, 2024 to discuss the results and ongoing business initiatives of the REIT.

Conference Call Details

The conference call can be accessed by dialing (416) 764-8658 or 1 (888) 886-7786. Additionally, the conference call will be available via simultaneous audio found at https://viavid.webcasts.com/starthere.jsp?ei=1651238&tp_key=bcd585b97b. A replay will be accessible until February 28, 2024 via the REIT’s website or by dialing (416) 764-8692 or 1 (877) 674-7070 (access code 968854#) approximately two hours after the live event.

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 daily 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 targeting real assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform has a range of real estate and infrastructure investment strategies, including opportunistic, value add, core plus and debt investments. 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.

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

PLANO, Texas–(BUSINESS WIRE)–NTT DATA, a global digital business and IT services leader, and Mark Development, a developer of mixed-use residential, commercial and retail projects throughout the Northeast United States, have announced a collaboration to deploy a Smart Solutions pilot focused on sustainable living. The pilot project aims to further Mark Development’s goal to enhance their sustainability initiatives by creating connected experiences and engagement through more conscious purpose-driven sustainable practice.

The pilot will use NTT DATA’s Smart Management Platform (SMP) to collect data from several sources in the Trio Development Complex in Newton, Massachusetts. It will generate results and recommendations for both tenants and management on how they can decrease their environmental effect by means of energy conservation, temperature control and public transit choices.

“We are excited to deploy NTT Group’s Smart Solutions technology as a part of our comprehensive commitment to sustainability,” said Damien Chaviano, Principal, Mark Development. “In a community that is deeply committed to sustainability, our residents value the investments we have made in efforts to reduce energy consumption. The technology embodied in NTT Group’s products maximizes the power of data to help drive sustainable choices.”

NTT DATA’s SMP uses a digital twin foundation to import and configure key data such as building, unit, tenant, transit and weather information from multiple data sources. The platform will use the data to develop a web-based program and dashboard that will provide insight to support a data-driven, environmentally conscious lifestyle. The web applications will enable tenant interaction, recommended events, exclusive personalized content (personal goals, leaderboard games) to enhance tenants’ experiences and engagement in real time.

“Mark Development is paving the road to environmentally conscious living,” said Dave Turner, Division President, State & Local Government and Education, NTT DATA Services. “We are pleased to work with Mark Development and be part of their vision of creating purpose-driven, sustainable living experiences for their tenants.”

Visit NTT DATA Smart Solutions to learn more about NTT Group’s Smart Solutions.

The pilot’s data will be utilized to offer Mark Development’s operations personnel and residents a comprehensive look into their individual habits of use, and aid Mark Development in achieving their sustainability objectives for existing and upcoming locations. This data will help Mark Development identify areas for improvement and make future locations more sustainable.

About Mark Development

Mark Development is focused on creating dynamic communities via thoughtful development. Rooted in a long history of retail-anchored projects, the Mark Development team builds on years of experience to create mixed-use communities that combine housing, retail, office and community uses to create a sense of place.

About NTT DATA

NTT DATA is a $30 billion trusted global innovator of IT and business services. We help clients transform through business and technology consulting, industry and digital solutions, applications development and management, managed edge-to-cloud infrastructure services, BPO, systems integration and global data centers. We are committed to our clients’ long-term success and combine global reach with local client service in over 80 countries. Visit nttdata.com or LinkedIn to learn more.

Contacts

public.relations@nttdata.com

CALGARY, Alberta–(BUSINESS WIRE)–Lafarge Canada today announced its combined effort with nidus3D in supplying its OneCem low-carbon cement in Canada’s largest 3D-printed housing project, aimed at addressing the acute housing challenges faced by the SikSika Nation.

While nidus3D has successfully completed 3D-printed housing projects in Ontario, this marks the first venture of its kind in Alberta. Located one hour’s drive east from the city of Calgary, the project named “Kakatoosoyiists” (Star Lodge) will consist of 4 buildings, comprising a total of sixteen units, each specifically designed to provide a supportive haven for individuals of SikSika Nation fleeing domestic violence or facing homelessness.

This initiative directly confronts a pressing issue underscored by the Social Planning & Research Council of Hamilton. According to their report, Indigenous peoples in Canadian cities are eight times more likely to face homelessness compared to the general population.

Lafarge is supplying its OneCem low-carbon cement for this project, recognized for its ability to deliver a reduced carbon footprint. When manufactured, the higher limestone content of OneCem translates into a reduction of greenhouse gas emissions—up to ten percent when compared to traditional Portland cement. OneCem achieves this sustainable advantage while maintaining its strength, durability, performance and workability.

“Our shared goal with nidus3D extends beyond mere innovation,” says Brad Kohl, president and CEO of Lafarge Canada (West). “This project is about helping address the critical housing needs of the nation and foster a resilient, inclusive future through sustainable construction practices. We were proud to contribute to this project.”

nidus3D, a leading innovator in 3D-printed housing, is excited to bring its expertise to Alberta.

“Nidus3D is honoured and energized to be working with Siksika First Nation and Lafarge Canada on this innovative Canadian first,” says Ian Arthur, nidus3D’s president. “This multi-build development will not only provide much needed housing but show the immense potential of 3D construction printing to address Canada’s housing crisis. This project will demonstrate efficiencies and savings the technology can deliver through rapid, repeatable construction.”

With the construction underway, this collaboration stands as a testament to the potential of combining expertise, resources, and a shared commitment to building not just structures but sustainable, supportive communities for a brighter future. The project is expected to be completed by March 31^st, 2024.

About nidus3D

Founded in 2021, nidus3D is an innovative Canadian robotic construction company delivering rapid, low cost printed structures with automated, on-site3D concrete printing. As a process driven company, nidus3D is leading technology driven innovation in the construction sector to revolutionize the way homes are built. nidus3D has completed multiple proof-of-concept projects, including Canada’s first residentially-permitted 3D-printed structures and North America’s first two-story and three-story 3D-printed building and is currently scaling 3D construction printing across Canada. With its proven technology, nidus3D is ready to lead 3D construction printing into the future.

About Lafarge Canada Inc.

Lafarge Canada is a subsidiary of Holcim, a global leader in innovative and sustainable building solutions. Driven by its purpose to build progress for people and the planet, its 60,000 employees are on a mission to decarbonize building, while improving living standards for all. The company empowers its customers across all regions to build better with less, with its broad range of low-carbon and circular solutions, from ECOPact to ECOPlanet. With its innovative systems, from Elevate’s roofing to PRB’s insulation, Holcim makes buildings more sustainable in use, driving energy efficiency and green retrofitting. With sustainability at the core of its strategy, Holcim is becoming a net-zero company with 1.5°C targets validated by SBTi.

www.lafarge.ca

Contacts

Kristen Marston

Communications and Marketing Coordinator, Western Canada

Lafarge Canada Inc.

kristen.marston@lafarge.com

Rafael Olvera Guel

Sales and Marketing Manager

Nidus3D

rafael.guel@nidus3D.com

MONTREAL–(BUSINESS WIRE)–BrainBox AI, a pioneer in autonomous building technology, announced today that it has joined the Amazon Web Services (AWS) Partner Network (APN) to deliver its cutting-edge AI-driven solution to AWS customers in the public and private commercial and retail real estate sectors. The APN is a global community of AWS partners that leverages programs, expertise, and resources to build, market, and sell customer offerings.

“With AWS at the core of our AI-driven solutions and technology infrastructure, BrainBox AI is honored to join the APN,” said Jean-Simon Venne, Co-founder and Chief Technology Officer at BrainBox AI. “Many years ago, we decided to build and host our solution on the AWS Cloud because it offers the scalability and flexibility that is necessary to handle our vast and rapidly growing data volumes, seamlessly integrating with building systems worldwide. Our path to joining this elite network required us to meet AWS’s rigorous security, reliability, and operational standards. Doing so has been both a privilege and a testament to our commitment to product and customer excellence as we continue to deliver on our mission to help save the planet with AI.”

The company’s AI solution leverages internal and external data, proprietary algorithms, and artificial intelligence to completely change how HVAC systems operate in buildings. Powered by AI, it maps the numerous zones of a commercial building, learns, and quickly acts on that data to predict future states, and modulate pieces of equipment autonomously. For example, by predicting the temperature in a retail store based on historical data and external datasets, like weather, BrainBox AI can decrease energy costs by up to 25%, reduce the carbon emissions by up to 40%, and improve customers’ comfort by up to 60%. It transforms an HVAC system from one that solely reacts to thermostat readings with no information relating to weather or the energy grid, to one that considers the building’s external environment to make much smarter decisions.

BrainBox AI also recently announced its collaboration with AWS and Amazon Bedrock for the development of its Generative AI solution, set to be released in the coming weeks. BrainBox AI will bring a new GenAI-powered innovation geared toward facility and building managers that will catapult its platform capabilities to an industry-defining level. The new product will take on the role of an intuitive and autonomous building operations co-pilot to further facilitate the work and decision-making processes of building operators and facilities managers.

As an APN member, BrainBox AI joins an extensive, global network of partners from more than 150 countries working with AWS to provide innovative solutions, solve technical challenges, win deals, and deliver value to mutual customers.

NRF 2024: The Retail Expo; January 14 – 16

Representatives from BrainBox AI’s executive team will be on site at the National Retail Federation’s Retail’s Big Show Conference & Expo in New York City. Conference attendees with inquiries concerning this news release are encouraged to visit BrainBox AI’s booths, located in the AWS Partner Pavilion #6020 or Booth #8045 in the Innovation Zone of the Riverside Pavilion, at the Jacob K. Javits Convention Center.

About BrainBox AI

Founded in 2017, BrainBox AI was created to address two critical issues currently facing the built environment: carbon emissions and energy consumption. As innovators in the decarbonization movement, BrainBox AI’s game-changing HVAC technology leverages AI to make buildings smarter, greener, and more efficient. Through strategic global relationships, BrainBox AI elevates real estate clients across various sectors from office buildings and hotels to commercial retail, grocery stores, airports, and more.

Headquartered in Montreal, Canada, a global AI hub, our workforce of over 170 employees, bring with them talent from all sectors with the common thread of being in business to heal our planet. BrainBox AI works in collaboration with research partners including MILA – Quebec AI Institute, the Institute for Data Valorization (IVADO), as well as education institutions including McGill University. For more information: https://brainboxai.com

Contacts

Rebecca Handfield

Vice-President, Marketing & Public Relations

r.handfield@brainboxai.com

The Private Label program provides the opportunity for independent brokerages to maintain their existing brands, while the ProTeams program allows both teams and independent brokerages to customize their financial models on a per agent basis from a single dashboard

TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (NASDAQ: REAX), today announced the launch of two programs that make it easier for the nation’s 100,000+ independent brokerages and team leaders to join Real, while maintaining the brands and compensation structures that are right for their businesses. Already the fastest-growing, publicly traded real estate brokerage as measured by agent growth, both programs are designed to clear the path for independent brokerages and fast-growing teams to benefit from the technology, tools, training and culture of collaboration and performance that Real provides.

“Real is a platform of possibilities. We are focused on providing agents and team leaders with the best platform from which to serve clients and build long-term wealth,” said Real President Sharran Srivatsaa. “In today’s market, independent brokerage owners and team leaders need a platform that gives them the ability to scale. Our Private Label and ProTeams programs give owners and team leaders the power to overlay the Real model – and all of the benefits associated with being a part of the fastest-growing, publicly traded brokerage firm – without losing their brand or having to alter their economic plan.”

Real Chairman and CEO Tamir Poleg said, “We’ve kicked off 2024 on a strong note, with over 500 agents joining Real in the first week alone, pushing our network past the 14,000 agent mark. With the launch of these new programs, we’re set to further accelerate our growth, providing unparalleled opportunities for independent brokerages and teams to expand their businesses with unmatched flexibility and support.”

Private Label

Specifically designed for independent brokerages that have spent years building a brand in their local marketplace, Real’s Private Label program empowers brokerages to benefit from Real’s cutting-edge transaction management platform while maintaining and continuing to invest in their local brand, which often comes with a strong customer base and emotional attachment. The Private Label program will be available immediately to brokerages through an application process in states that allow this type of representation.

Real piloted the Private Label program in five markets over the last 12 months for close to $2 billion in sales volume, including Kofi Nartey and his 12-member Globl RED team, which joined in August 2023.

“Being able to maintain our existing brand and get all the benefits of a tech-forward brokerage partner was a game changer,” Nartey said. “We spent the previous three years launching our brand and building brand awareness. Real understood the value of what we had built with Globl RED and wanted to support our continued growth. The Private Label model made the transition easy, as we were able to have a seamless public facing brand transition, while working smoothly behind the scenes to onboard onto the platform. This allowed me and my team to keep our focus on our business and on our clients.”

ProTeams

Real’s ProTeams program, which launches today to select teams and which will be fully available throughout the U.S. and Canada by the end of the first quarter, gives team leaders the flexibility to customize their team members’ caps, splits and fee payments down to the individual team member level, allowing them to continue to embrace the structure that works best for them and reap the benefits associated with being a part of the Real platform.

According to Srivatsaa, the Private Label and ProTeams programs address the biggest concerns of independent brokerages and larger teams interested in making the move to Real.

“Last year, we introduced a number of agent-centric benefits, including healthcare benefits resources and co-sponsored and willable revenue sharing programs,” Srivatsaa said. “We are kicking off 2024 with a revenue share retirement benefits program for all Real agents and two game-changing programs that give individual brokerage owners and team leaders the ability to join Real with the brand they’ve spent millions of dollars building and the financial models that work best for them.”

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 14,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses.

Forward-Looking Information

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

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

Contacts

Investor inquiries, please contact:

Ravi Jani

Vice President, Investor Relations and Financial Planning & Analysis

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

elisabeth@therealbrokerage.com
201.564.4221