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.

TORONTO–(BUSINESS WIRE)–DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U and TSX: DRR.UN) announced today that the Toronto Stock Exchange (“TSX”) accepted a noticed filed by Dream Residential REIT (the “Trust”) to renew its prior normal course issuer bid for a one year period. Under the bid, the Trust will have the ability to purchase for cancellation up to a maximum of 1,174,446 of its Trust Units (the “Units”) (representing 10% of the Trust’s public float of 11,744,467 Units as of December 29, 2023) through the facilities of the TSX. The bid will commence on January 8, 2024 and will remain in effect until the earlier of January 7, 2025 or the date on which the Trust has purchased the maximum number of Units permitted under the bid. Daily repurchases will be limited to 2,258 Units, representing 25% of the average daily trading volume of the Units on the TSX during the last six calendar months (being 9,035 Units per day), other than purchases pursuant to applicable block purchase exceptions. As of December 29, 2023, the number of issued and outstanding Units was 12,645,268.

In connection with the renewal of its normal course issuer bid, the Trust has established an automatic securities purchase plan (the “Plan”) with its designated broker to facilitate the purchase of Units under the normal course issuer bid at times when the Trust would ordinarily not be permitted to purchase its Units due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by the Trust’s broker based upon the parameters prescribed by the TSX and the terms of the parties’ written agreement. Outside of such restricted or blackout periods, the Units may also be purchased in accordance with Management’s discretion. The Plan has been pre-cleared by the TSX and will terminate on January 7, 2025.

The Trust has renewed its normal course issuer bid because it believes that Units may become available during the period of the bid at prices that would make the purchase of such Units for cancellation in the best interests of the Trust and its unitholders.

The Trust sought and received approval from the TSX on January 4, 2023 to purchase up to 973,418 Units for the period from January 6, 2023 to January 5, 2024. Under this bid the Trust purchased for cancellation 150,758 Units through the facilities of the TSX at a weighted average price per Unit of US$8.12 for a total cost of approximately US$1.2 million. Please note that the amount of Units repurchased under the bid was in line with both management and board strategy with respect to use of capital for Unit repurchases. Furthermore, the amount of Units that can be repurchased in the market under the TSX rules on a daily basis are subject to various trading restrictions which impact the amount that can be repurchased on a daily basis.

Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. Dream Residential 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 our website at www.dreamresidentialreit.ca.

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation, including with respect to future purchases of Units by the Trust. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, 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 the COVID-19 pandemic and other public health crises and epidemics. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable; there are no unforeseen changes in the legislative and operating framework for our business; we will have access to adequate capital to fund our future projects and plans and that we will receive financing on acceptable terms; inflation and interest rates will not materially increase beyond current market expectations; and geopolitical events will not disrupt global economies. All forward-looking information in this press release speaks as of January 4, 2024. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR+ (www.sedarplus.ca). These filings are also available at the Trust’s website at www.dreamresidentialreit.ca.

Contacts

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

LADERA RANCH, Calif.–(BUSINESS WIRE)–SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”), a self-managed and fully integrated self-storage company, today announced that H. Michael Schwartz, the Company’s Chairman and CEO, will moderate the Capital Markets Panel at the NYSSA Investment Forum. The panel will take place on Tuesday, January 9, 2024, in New York City at approximately 11:00 a.m. Eastern Standard Time for registered conference attendees.

About SmartStop Self Storage REIT, Inc. (SmartStop)

SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 500 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of January 4, 2024, SmartStop has an owned or managed portfolio of 194 operating properties in 22 states and Canada, comprising approximately 137,000 units and 15.4 million rentable square feet. SmartStop and its affiliates own or manage 33 operating self-storage properties in Canada, which total approximately 28,800 units and 3.0 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.

Contacts

David Corak
VP of Corporate Finance

SmartStop Self Storage REIT, Inc.

IR@smartstop.com

TORONTO–(BUSINESS WIRE)–RioCan Real Estate Investment Trust (“RioCan”) (TSX: REI.UN) today announced that it is scheduled to release its financial and operational results for the three months and year ended December 31, 2023 after the market closes on Tuesday, February 13, 2024.

Interested parties are invited to participate in a conference call with management on Wednesday, February 14, 2024 at 10:00 a.m. Eastern time. To access the conference call, click on the following link to register at least ten minutes prior to the scheduled start of the call: Pre-registration link. Participants who pre-register prior to the call will receive an email with dial-in credentials including login passcode and PIN to gain immediate access to the live call. Those that are unable to pre-register may dial-in for operator assistance by calling 1-833-950-0062 and entering the access code: 218112.

A live webcast will also be available in listen-only mode. To access the simultaneous webcast, go to the following link on RioCan’s website: Events and Presentations and click on the link for the webcast.

If you cannot participate in the live mode, a replay will be available for one week following the date of the live conference call. To access the replay, please dial 1-866-813-9403 followed by the access code: 539726.

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

NORTH ANDOVER, Mass.–(BUSINESS WIRE)–Watts Water Technologies, Inc., (NYSE: WTS) (“Watts”) – through its subsidiaries, one of the world’s leading manufacturers and providers of plumbing, heating and water quality products and solutions – today announced that it has completed the previously announced acquisition of Josam Company (“Josam”), a leading provider and manufacturer of drainage and plumbing products for over 100 years. The company offers a comprehensive portfolio of high-quality customized products to a diverse customer base serving commercial, industrial, and multi-family end markets. Josam’s annualized sales are approximately $35 million. The acquisition was funded with cash on hand.

Chief Executive Officer Robert J. Pagano Jr. commented, “We are excited to welcome the Josam team to Watts. The closing of this transaction will give our customers access to Josam’s innovative solutions and will drive growth with increased cross selling opportunities. I want to thank the teams at Watts and Josam for their efforts to get us to closing today and helping to ensure a smooth, effective transition as we integrate Josam with Watts.”

Additional information regarding the transaction will be discussed during the Watts fourth quarter earnings call in February 2024.

About Watts Water Technologies, Inc.

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

Forward-Looking Statements

In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Watts provides the following cautionary statement: This news release contains various forward-looking statements based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. These include statements regarding estimates of future earnings and cash flows. Other uncertainties include, but are not limited to, general economic conditions, supply chain conditions and any related impact on costs and availability of materials, integration of the acquired business in a timely and cost-effective manner, retention of supplier and customer relationships and key employees, and the ability to achieve synergies and cost savings in the amounts and within the time frames currently anticipated. Other risks and uncertainties that may materially affect Watts are described from time to time in its reports filed with the Securities and Exchange Commission, including Forms 10-K, 10-Q, and 8-K. Except to the extent required by law, Watts does not undertake and specifically declines any obligation to review or update any forward looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.

Contacts

Watts Water Technologies, Inc.

Diane McClintock

Senior Vice President FP&A and Investor Relations

Telephone: 978-689-6153

investorrelations@wattswater.com

TORONTO–(BUSINESS WIRE)–Slate Office REIT (TSX: SOT.UN) (the “REIT”) announced today that the board of trustees of the REIT has decided to postpone the special meeting of unitholders that was originally scheduled to be held on December 29, to January 15, 2024 at 10:00 a.m. (Eastern). As a result of the later meeting date, unitholders who wish to vote their units in advance of the meeting date, now have until 10:00 a.m. (Eastern) on January 12, 2024.

The special resolution put forward for approval by the unitholders permits the trustees of the REIT to amend the declaration of trust to give effect to an amendment to remove the restriction in the declaration of trust, which currently provides that the REIT’s indebtedness cannot exceed 65% of gross book value (i.e. total assets less restricted cash) (the “Restriction”), as such amendment may be varied by the trustees of the REIT in their discretion. This proposed change to the declaration of trust is intended to provide greater flexibility to the REIT, while management pursues its previously disclosed portfolio realignment plan.

To be approved, the special resolution requires at least two-thirds of the votes cast by unitholders at, or prior to the special meeting, to vote in favour of the proposed amendment. In order to provide unitholders with more time to consider the proposed amendment, the board of trustees of the REIT has decided to postpone the special meeting to January 15, 2024 at 10:00 a.m. (Eastern).

Management of the REIT strongly believes that approval of the proposed amendment is in the best interests of the REIT. In addition, ISS has issued a report recommending that unitholders vote in favour of the proposed amendment.

Unitholders who have not yet supported the proposed resolution are urged to do so.

For the avoidance of doubt, the record date for the determination of unitholders who are entitled to receive the notice of, and to attend and vote at, the special meeting (including any postponement thereof), will remain unchanged as November 17, 2023.

Details about the special meeting, including instructions on how a unitholder can vote its units, are set out in the information circular and other meeting materials, which were previously sent to unitholders. The form of proxy and voting instruction form for use at the postponed meeting remain valid and applicable for use at the postponed meeting. As a result of the later meeting date, unitholders who wish to vote their units in advance of the meeting date (including making changes to any previously submitted voting instructions), now have until 10:00 a.m. (Eastern) on January 12, 2024.

Why the Proposed Amendment Is Important

The declaration of trust currently includes the Restriction.

Under the declaration of trust, the measurement of any indebtedness against the REIT’s gross book value is completed only at the time of the incurrence or assumption of the indebtedness in question (which would exclude the refinancing of existing debt that is outstanding) and is not a determination that is continually assessed over time against the REIT’s gross book value. In addition, the REIT has initiated a plan to dispose of certain properties to raise capital in order to increase liquidity and reduce the REIT’s outstanding borrowings. However, primarily due, in part, to a decrease in investment property valuations, the REIT’s indebtedness ratio at September 30, 2023 increased to 65.6%. Notwithstanding the foregoing, the REIT remains in compliance with the Restriction as there has not been an incurrence of new indebtedness during this period.

Management’s short-term target is to reduce the REIT’s total indebtedness to below 65% of its gross book value by executing on the portfolio realignment plan to decrease leverage and generate equity to pay down the REIT’s revolving credit and operating facilities. The success of this strategy is dependent upon debt market conditions for borrowing, as well as the characteristics of the underlying assets being financed. If this strategy is unsuccessful, debt principal repayments may need to be funded by operating cash flows, additional draws under the REIT’s revolving credit and operating facilities, or by issuances of equity or debt securities, and if such funding is not sufficiently available and the REIT’s gross book value declines further, total indebtedness may increase further beyond 65% of the REIT’s gross book value.

The amendment is intended to provide greater flexibility to the REIT, which (among other things) regularly refinances its existing indebtedness as part of its ordinary course of business, and while management pursues the portfolio realignment plan to decrease leverage. This need for this flexibility has become increasingly important, and management expects that trend to continue. For example, the REIT has recently been presented with accretive leasing opportunities that management and the board of trustees believe could be executed on in the near term, but which the REIT may not be able to pursue without the flexibility to incur additional indebtedness in connection with tenant inducement obligations.

About Slate Office REIT (TSX: SOT.UN)

Slate Office REIT is a global owner and operator of high-quality workplace real estate. The REIT owns interests in and operates a portfolio of strategic and well-located real estate assets in North America and Europe. The majority of the REIT’s portfolio is comprised of government and high-quality credit tenants. The REIT acquires quality assets at a discount to replacement cost and creates value for unitholders by applying hands-on asset management strategies to grow rental revenue, extend lease term and increase occupancy. Visit slateofficereit.com to learn more.

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.

SOT-SA

Contacts

For Further Information


Investor Relations

+1 416 644 4264

ir@slateam.com

TORONTO & NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc. (Nasdaq: REAX) today announced that it has been named as a defendant in a putative class action lawsuit, which was filed in the United States District Court for the Western District of Missouri.

The lawsuit, under the caption Umpa v. The National Association of Realtors, et al. (the “Class Action”), alleges that certain real estate brokerages, including The Real Brokerage, participated in practices resulting in inflated buyer broker commissions, in violation of federal antitrust laws.

The Company is currently evaluating the complaint and at this time cannot provide further details or comments. The Company believes that additional antitrust litigation may be possible. The Company cannot provide any assurances that results of this or similar litigation will not have a material adverse effect on its business, results of operations or financial condition. The Real Brokerage will continue to monitor the situation closely and will provide updates as more information becomes available and is appropriate for disclosure.

About Real

Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence in all 50 states throughout the U.S. and Canada, Real supports more than 13,000 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 belief’s regarding additional litigation. 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, the impact of additional litigation. 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

TORONTO–(BUSINESS WIRE)–#valueforgenerations–Choice Properties Real Estate Investment Trust (“Choice Properties” or the “Trust”) (TSX: CHP.UN) announced today that it will be reporting fourth quarter 2023 results on February 14, 2024, after-market hours.

Management will host a conference call the next day on February 15, 2024 at 10:00 AM (ET) with a simultaneous audio webcast. To access via teleconference please dial 1 (240) 789-2714 or 1 (888) 330-2454 enter the event passcode: 4788974. The link to the audio webcast will be available on www.choicereit.ca/events-webcasts.

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.sedar.com.

Contacts

Ronald Nip

Senior Manager, Investor Relations

T: +1 647 417 1599

E: ronald.nip@choicereit.ca

DALLAS–(BUSINESS WIRE)–Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client Denille Industries to a Private Investor Group. The transaction closed June 16, 2023.

Denille Industries (dba Auburn Rentals – AUB), located in Edmonton, Alberta, Canada, is a temporary oilfield workforce housing rental Company serving oil and gas companies in Canada. AUB manufactures its fleet of wellsite trailers for rent and is also an authorized dealer of Cargo King and Mirage utility trailers. AUB serves oil & gas businesses primarily in Western Canada including Alberta and British Columbia.

Generational Equity Executive Managing Director of M&A – Western Region, Stephen Crisham and his team, led by Senior M&A Advisor, Ted Rattenberry, with support from Senior Vice President, M&A Amy Wall closed the deal. Executive Managing Director, Bill Kushnir established the initial relationship with AUB.

About Generational Equity

Generational Equity, Generational Capital Markets (member FINRA/SIPC), Generational Wealth Advisors, Generational Consulting Group, and DealForce are part of the Generational Group, which is headquartered in Dallas and is one of the leading M&A advisory firms in North America.

With more than 350 professionals located throughout 16 offices in North America, the companies help business owners release the wealth of their business by providing growth consulting, merger, acquisition, and wealth management services. The Generational suite of advisory services includes strategic and tactical growth consulting, exit planning education, business valuation, value enhancement strategies, M&A services, wealth management and digital services.

The M&A Advisor named Generational Equity Investment Banking Firm of the Year three years in a row, Valuation Firm of the Year in 2020, and North American Investment Bank of the Year in 2022 as well as Consulting Firm of the Year. The Global M&A Network named Generational USA Investment Bank of the Year in 2023. For more information visit https://www.genequityco.com/ or the Generational Equity press room.

Contacts

Carl Doerksen

972-342-0968

cdoerksen@generational.com

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or “the Trust”) (TSX: PMZ.UN) announced today it has entered into an agreement to upsize its $400 million revolving credit facility to $600 million, aligning to Primaris’ unsecured debt strategy, enhancing financing flexibility and liquidity.

The $600 million unsecured syndicated revolving credit facility matures January 4, 2027. Based in part on the Primaris’ credit rating of BBB (high), the credit facility bears interest at variable rates of either: (i) Prime plus 0.35% per annum or (ii) Adjusted Canadian Overnight Repo Rate Average (“CORRA”) plus 1.35% per annum. Six Canadian banks participated in the syndicate, led by CIBC, Scotiabank, TD Securities, and Desjardins Capital Markets, and included National Bank Financial and RBC.

“This upsized revolving credit facility allows us to actively manage our property portfolio while providing maximum flexibility and additional access to liquidity at very attractive terms, and complements our well-laddered debt maturity profile,” said Rags Davloor, Chief Financial Officer. “Primaris’ differentiated financial model is intentional and a critical pillar to our strategy and our growth story. Maintaining this conservative model and generating free cash flow after distributions and capital expenditures is a core focus from which we will not deviate.”

Alex Avery, Chief Executive Officer added, “After completing meaningful acquisitions in 2023, the new credit facility provides Primaris with approximately $650 million of additional financial liquidity, inclusive of cash on hand, with which to pursue further strategic acquisitions. We are excited about what is possible in 2024, and look forward to continuing to execute on the REIT’s growth strategy.”

Primaris has a well balanced capital structure and a preference for unsecured financing. As previously announced in November 2023, Primaris issued $400 million aggregate principal amount of senior unsecured debentures, consisting of a $100 million aggregate principal amount re-opening of the Series A Debentures maturing March 30, 2027 and a $300 million aggregate principal amount of Series D Debentures maturing June 30, 2029.

Disciplined capital allocation is a key pillar to Primaris’ strategy. To this end, Primaris reiterates its established targets for managing the Trust’s financial condition.

	Targets
Debt to Total Assets**1	25% – 35%
Average Net Debt** to Adjusted EBITDA**1	4.0x – 6.0x
FFO Payout Ratio**	45% – 50%
Secured debt to Total Debt**	<40%

** Denotes a non-GAAP measure. See Section 1, “Basis of Presentation” – “Use of Non-GAAP Measures” and Section 12, “Non-GAAP Measures” in the Trust’s management’s discussion and analysis for the three and nine months ended September 30, 2023 (the “MD&A”).

1 The debt ratios are non-GAAP ratios calculated on the basis described in the indentures for the Series A, Series B, Series C and Series D debentures (the “Trust Indentures”). See Section 10.4, “Capital Structure” in the MD&A.

About Primaris Real Estate Investment Trust

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in the leading enclosed shopping centres in growing markets. The portfolio totals 39 properties, or 12.5 million square feet, valued at approximately $3.9 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

Forward-Looking Statements Disclaimer

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: Primaris’ adherence to its financial model and focus on generating free cash flow after distributions and capital expenditures. 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 the MD&A which will be 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.

For more information:         TSX: PMZ.UN         www.primarisreit.com         www.sedarplus.ca

Contacts

Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

Claire Mahaney

Investor Relations

647-949-3093

cmahaney@primarisreit.com

Timothy Pire

Chair of the Board

chair@primarisreit.com

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) announces the publication of its inaugural Environmental, Social & Governance (“ESG”) Report, in which Primaris outlines the formation of its ESG plan and the material ESG factors, governance practices, accomplishments, and metrics that impact its business.

“Through a significant amount of hard work across all our functional departments, Primaris has transitioned beyond its continuing CSR initiatives to an established ESG plan that aligns to, and enhances our strategy and responsiveness to the evolving needs of Primaris’ stakeholders,” said Alex Avery, Chief Executive Officer. “Consistent with our quarterly financial disclosures, we aim to provide clear and transparent disclosure and communication about the REIT’s business and our ESG practices. Primaris will work to achieve our business and ESG objectives while acting in a manner consistent with the best-in-class profile we have created, being a respected and sought-after partner and transaction counterparty, and a preferred place for employees to work.”

ESG Report Highlights

• Governance
  • Board Mandate and Committee Charters integrate ESG oversight;
  • Establishment of open and direct engagement between Primaris’ Trustees and Primaris’ investors, in the absence of management;
  • Two Trustees with climate expertise; and
  • 33% of Trustees are female.
• Environmental
  • 100% of shopping centres are Green Building Certified; and
  • Energy, Greenhouse Gas (“GHG”) emissions, water and waste data is third party assured.
• Social
  • 86% of employee survey participants state Primaris is a great place to work leading to “Great Place to Work” certification;
  • Primaris obtained an 85% satisfaction score pursuant to its 2022 tenant engagement survey; and
  • Females comprise of the following:
    • 29% of executives;
    • 55% of senior management; and
    • 57% of total employees.

Primaris identified its material ESG factors through an ESG materiality assessment conducted in 2022. The material ESG factors are organized into three ESG pillars: Environmental, Social, and Governance. Primaris took a step further and fully integrated the material ESG factors into Primaris’ well articulated business strategy and key performance indicators. Primaris’ business strategy is comprised of three strategic pillars: retailer affordability, consolidation opportunity and disciplined capital allocation. As depicted below, Primaris’ material ESG factors are strongly linked to its business strategy:

		Link to Strategic Objectives
	Material ESG Factors	Retailer Affordability	Consolidation Opportunity	Capital Allocation
Environment	Energy management	Strong Link	Weak Link	Moderate Link
	Tenant sustainability impacts	Strong Link	Weak Link
	GHG emissions and climate change	Moderate Link	Moderate Link	Moderate Link
	Green buildings	Moderate Link	Moderate Link	Moderate Link
	Water and waste management	Strong Link		Moderate Link
Social	Tenant relations	Strong Link	Strong Link
	Employee relations	Moderate Link	Weak Link	Weak Link
	Community relations	Moderate Link	Weak Link	Weak Link
Governance	Business ethics and transparency	Weak Link	Weak Link	Weak Link
	Supply chain	Moderate Link	Weak Link	Weak Link

Primaris’ inaugural ESG Report can be found here or at www.primarisreit.com.

About Primaris Real Estate Investment Trust

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in the leading enclosed shopping centres in growing markets. The proforma portfolio totals 39 properties, or 12.5 million square feet, valued at approximately $3.9 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

Forward-Looking Statements

This news release may contain forward-looking information within the meaning of applicable securities legislation which reflects the Trust’s current expectations regarding future events. Although the Trust believes that the expectations reflected in such forward-looking information are reasonable, assessing forward-looking ESG metrics and risks, and climate metrics and risks in particular, is more complex and longer-term in nature than traditional business metrics and risks. Many forward-looking methodologies are new and evolving, and there is limited guidance from methodology providers on the calculation or comparability of these measures. In particular, uncertainty around future climate-related policy can contribute to greater variation in transition pathway models. Future updates to factors such as changes in global emissions, available technologies or economic conditions may result in changes to the Trust’s reporting. A number of additional factors, including improvements to the coverage, quality, and availability of the Trust’s data and methodologies, may also necessitate changes. The information in this news release reflects what the Trust believes is the best available data. The Trust’s ability to achieve its ESG goals is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information and may require the Trust to adjust its ESG initiatives, activities or plans to reflect a changing landscape. Such risks and uncertainties include, but are not limited to; the availability, accessibility and suitability of comprehensive and high-quality data; the development of consistent, robust and comparable ESG metrics and methodologies, in particular in respect of climate change; the development and deployment of new technologies and industry-specific solutions; international cooperation; the development of provincial, national and international laws, policies and regulations in respect of ESG matters; and additional factors and risks discussed in the Trust’s current Annual Information Form and Annual Report to Unitholders. The forward-looking statements in this news release are presented for the purpose of assisting investors and other stakeholders in understanding the Trust’s ESG priorities, strategies and objectives, and may not be appropriate for other purposes. Undue reliance should not be placed on the forward-looking information in this news release. The Trust does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements contained in this news release are made as of December 21, 2023, and are qualified by these cautionary statements.

For more information:     TSX: PMZ.UN     www.primarisreit.com     www.sedarplus.ca

Contacts

Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

Claire Mahaney

Investor Relations

647-949-3093

cmahaney@primarisreit.com

Timothy Pire

Chair of the Board

chair@primarisreit.com

Acquires First Property Outside U.S., Located in Fast-Growing Edmonton Market

SARATOGA SPRINGS, N.Y.–(BUSINESS WIRE)–Prime Group Holdings, LLC (“Prime Group”), a vertically-integrated private equity real estate firm, today announced the company is bringing its significant self storage expertise to the Canadian market, acquiring its first Canadian property in the Edmonton suburb of Sherwood Park, Alberta. The acquisition was made through the firm’s third flagship fund, Prime Storage Fund III, LP.

The recently constructed single-story building, located at 70 Broadview Road in Sherwood Park, is comprised of over 54,600 rentable square feet, a combined 472 indoor climate controlled and drive-up units, and 22 parking spaces. Located east of Edmonton, the Sherwood Park community offers a suburban lifestyle for families and professionals living and working in Edmonton and includes a mix of suburban residential neighborhoods as well as shopping centers, restaurants, and the Sherwood Park Mall. Already nearly 90% occupied, the property is easily accessible via car and public transportation.

“We are thrilled to bring our deep self storage sector expertise and institutional property management platform to the Canadian market as we continue to expand our business,” said Robert Moser, Prime Group’s Founder, Principal, and Chief Executive Officer. “We carefully chose the Edmonton market, as the region has experienced significant population growth in recent years due to its natural beauty, culture, history, and strong economy—particularly in the increasingly diverse and affluent Sherwood Park suburb. Accordingly, more and more residents and businesses in metro Edmonton are experiencing meaningful life changes and business opportunities that are driving the need for high-quality storage options, exhibiting similar demographic characteristics to those we see and invest in within the U.S. market. Over time, we look forward to executing our strategy across Canada, as we identify quality self storage assets backed by strong demographics and continue delivering attractive risk-adjusted returns to our investors.”

Since inception, Prime Group has owned and operated over 360 self-storage facilities representing more than 201,000 storage units and containing over 25.2 million rentable square feet. The firm operates internationally across the U.S. and Canada, with facilities spanning 28 states, the Province of Alberta, and the islands of St. Thomas and St. Croix.

About Prime Group Holdings

Prime Group Holdings is a vertically integrated private equity real estate firm focused on self storage and other alternative real estate asset classes, managing assets worth well over $4 billion on behalf of a global institutional investor base. Headquartered in Saratoga Springs, NY, with a regional office in Jupiter, FL and investment origination offices in Denver, CO and Hackensack, NJ, the firm has more than 650 employees, including investment professionals, property managers, an investor reporting team, construction and marketing personnel, and deal-sourcing professionals. For more information, please visit https://www.goprimegroup.com/.

Contacts

Media
Nathaniel Garnick/Grace Cartwright

Gasthalter & Co.

(212) 257-4170

PrimeGroup@gasthalter.com

Strategic acquisition expands ECI’s presence in Europe with the most complete residential construction and craft business management software portfolio in the Netherlands.

FORT WORTH, Texas–(BUSINESS WIRE)–ECI Software Solutions, a global provider of cloud-based business management software and services, announced today it has completed the acquisition of Treetop Group, a software company specialized in business software solutions for the residential construction and craft industry in the Netherlands. This marks ECI’s first acquisition in the residential construction industry outside of North America and expands ECI’s European footprint, further broadening its residential construction software portfolio. Terms of the deal were not disclosed.

“Treetop empowers business owners through modern technology and automation that addresses the unique business challenges of the Dutch residential construction industry. ECI’s heritage as a leader in residential construction industry software and Treetop’s many decades of experience and deep, loyal customer base in the Netherlands make a great combination,” said Trevor Gruenewald, CEO of ECI Software Solutions.

Treetop offers a wide range of enterprise resource planning (ERP) software and business applications that cater to the needs of small to medium-sized businesses (SMBs) in the residential construction and crafts sector in the Netherlands. Treetop has been formed through a selective buy-and-build strategy with support from its majority stakeholder, Nedvest.

“I am proud of what we have achieved together with the Treetop team. I want to take this opportunity to thank all the people at Treetop for their dedication and energy to grow and build the company over the recent years. We know ECI well and consider them to be the ideal partner to support Treetop in further cementing its position as a market leader in the construction software ecosystem,” said Maarten van der Vlist, partner at Nedvest.

Treetop plans to launch a new cloud product in 2024: Treetop Online, a cloud-native ERP software solution designed to manage construction business processes in real time for smaller construction and craft companies.

Treetop’s existing products include: Admicom, an all-in-one ERP software built specifically for SMB construction companies; Kraan, an ERP software platform for mid-market construction companies; Technosoft, a 2D/3D building design software for constructors; TreeICT, a managed services company; HomeDNA, an expert system that streamlines customer and quality processes in the construction industry; and Frank, a construction software application that supports those who are self-employed in construction.

“ECI has forged an enduring path in the residential construction software industry, anchored by a proven track record and unmatched expertise,” said Geert-Jan den Besten, CEO of Treetop. “As this industry continues to evolve and modernize, ECI remains steadfast in its mission to empower and elevate its customers with investments in innovation, a top-notch R&D team and global support for customer growth. As Treetop and ECI join forces, we look forward to continuing the customer-centric approach that has defined Treetop’s success.”

With more than 3,000 customers, ECI Europe already has a growing presence in the Dutch manufacturing industry. Applying industry knowledge, ECI helps drive customer growth with innovative software solutions in the areas of ERP, finance, CAD/CAM, supply chain, shopfloor control, field service and business analytics. The strategic acquisition of Treetop further expands ECI’s portfolio and industry expertise in the region.

To learn more about ECI, visit its website.

About ECI Software Solutions

ECI Software Solutions provides cloud-based business software for running small and mid-sized businesses end to end. Built by experts in manufacturing, residential construction, service management, building supply, office technology and wholesale/retail distribution industries, ECI’s industry-specific software connects businesses and customers, improving visibility, operational efficiency and profitability. With ECI, businesses seamlessly integrate sales and marketing, business intelligence, CRM, data and analytics, ecommerce, mobile apps and payment processing. With more than 30 years of industry leadership, ECI is trusted by 24,000 customers in more than 80 countries globally. Headquartered in Westlake, Texas, it has offices in the U.S., Canada, Mexico, United Kingdom, the Netherlands and Australia. For more information, visit ECIsolutions.com.

About Nedvest

Nedvest is a family-run business based in Amsterdam, recognized for its active involvement as a shareholder in the companies it supports. Concentrating on investments in the Netherlands, Nedvest employs a hands-on approach and brings a wealth of experience to its partnerships. This has led to (international) deals and successful exits across a diverse range of industries. Nedvest has shown versatility and commitment to nurturing and driving growth in businesses of various sectors and is currently focusing on the digital economy within its existing portfolio. For more information, visit Nedvest.

Contacts

Brittni Borrero

Gabriel Marketing Group (for ECI Software Solutions)

Phone: +1-248-931-3418

Email: brittnib@gabrielmarketing.com