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 and nine months ended September 30, 2024, after the market closes on Monday, November 11, 2024.

Interested parties are invited to participate in a conference call with management on Tuesday, November 12, 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 in advance of 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: 418607.

A live webcast will also be available in listen-only mode. Access to the simultaneous webcast is available by selecting this link: RioCan Q3 2024 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: 127491.

About RioCan

RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at June 30, 2024, our portfolio is comprised of 187 properties with an aggregate net leasable area of approximately 33 million square feet (at RioCan’s interest). To learn more about us, please visit www.riocan.com.

Contacts

Kim Lee

Vice President, Investor Relations

RioCan REIT

416-646-8326

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “REIT” or the “Trust”) (TSX: PMZ.UN) announced today that it has agreed to acquire Les Galeries de la Capitale in Quebec City, Quebec for $170.0 million in cash, 2.5 million of series A units of the Trust (the “REIT Units”) and $100.0 million aggregate face value of Preferred LP Units (as defined below), subject to certain conditions. This high quality asset acquisition builds Primaris’ track record of successfully executing on its well defined growth strategy focused on market leading shopping centres.

Transaction Highlights

• Aggregate consideration of $325.0 million (calculated using the Trust’s Net Asset Value** (“NAV**”) per REIT Unit last published as at the date of the letter of intent of $21.86 per unit), or $291.7 million (using the contracted figures based on the unit price at the date of letter of intent), comprised of:
  • $170.0 million of cash;
  • Approximately 2.5 million REIT Units with an aggregate NAV** per REIT Unit value of approximately $55.0 million at $21.86 per unit (or $34.1 million based on the $13.55 contracted REIT Unit price), subject to the right of Primaris to elect to pay the latter sum in cash in lieu of unit issuance; and
  • $100.0 million aggregate face value of 6.25% exchangeable preferred units in a newly formed subsidiary limited partnership (the “Preferred LP Units”), which Preferred LP Units shall be exchangeable into REIT Units at an exchange price equal to $21.86 per REIT Unit, and having a contracted value of $87.6 million, subject to customary adjustments;
• Les Galeries de la Capitale is unencumbered;
• Transaction expected to be modestly accretive to FFO** per average diluted unit;
• Average Net Debt** to Adjusted EBITDA** is anticipated to remain within target range of 4.0x to 6.0x; and
• Closing is expected on October 1, 2024, subject to the satisfaction of customary closing conditions.

“Les Galeries de la Capitale is a market leading regional enclosed shopping centre that exemplifies the type of property Primaris is targeting with its growth strategy. The shopping centre sits on 91 acres of land with 26% site coverage, is extremely well located in Quebec City along major highways with excellent accessibility and visibility, and is home to one of the regions busiest bus terminals with over 400 buses per day,” said Patrick Sullivan, President and Chief Operating Officer. “The opportunity for growth at this asset includes the conversion of tenants from variable to net rent deals, as well as leasing up vacant space, including the former Sears department store.”

Rags Davloor, Chief Financial Officer added, “Closing this first acquisition in 2024, while maintaining industry leading credit metrics, is a testament to the strategic advantages provided by Primaris REIT’s differentiated financial model. Our commitment to maintain an extremely well capitalized balance sheet positions Primaris as a highly credible transaction counterparty, at a time when many other groups are finding access to capital, and particularly financing, challenging.”

“This acquisition builds on Primaris’ profile as an attractive buyer of large, high-quality assets. Five of Canada’s ten largest pension funds have now vended market leading shopping centres to Primaris, taking back equity and convertible preferred equity investments in the REIT,” said Alex Avery, Chief Executive Officer. “Consistent with prior acquisitions, this property enhances the REIT’s value proposition with retailers, and offers a significant income growth opportunity consistent with the growth we see ahead for our existing assets.”

Les Galeries de la Capitale Property Highlights

• Leading regional enclosed shopping centre in Canada’s seventh largest population centre, Quebec City, Quebec;
• Located at the intersection of Highways 40/73 and 740 with excellent accessibility and visibility with over 4,100 feet of expansive frontage on Boulevards Lebourgneuf and des Galeries;
• 1,015,000 square foot mall located on 91 acres of land, for an approximate 26% site coverage;
• $761 per square foot same store sales productivity and total CRU sales volume of $219 million as at May 31, 2024;
• 89.2% long-term in-place occupancy, 96.4% in-place occupancy, and 98.3% committed occupancy;
• $165 million in redevelopment over the last 10 years including Simons’ relocation, food court relocation and expansion, and upgrades throughout the centre;
• BOMA BEST Platinum Certified;
• Other large format tenants include The Hudson’s Bay, Winners, and Mountain Equipment Company; and
• A fully renovated and redesigned Méga Parc amusement park, with 18 attractions adjacent to the new food court.

Significant NOI** Growth Potential

Similar to the Trust’s existing owned portfolio, Les Galeries de la Capitale offers significant NOI** growth potential over the next few years, as operating and financial performance normalizes, and as Primaris’ full-service management platform integrates and operates the properties. Opportunities to increase operating income include:

• The conversion of tenants on preferred rent deals to standard market leases;
• Lease up of approximately 110,000 square feet of temporary tenanted or vacant space to strong tenants at market rents; and
• Primaris intends to leverage its scalable management platform to deploy its cost management strategy.

Quebec City Highlights

Quebec City has a growing population with strong demographic trends driven by an attractive relative cost of living and broadly diversified employment opportunities. Other notable characteristics include:

• Expected population growth of 6.6% over the next 10 years;
• Substantial public sector presence provides for stability and consistent employment opportunities;
• Stable employment trends with low unemployment compared to the national average;
• Key employment sectors include public administration, education, healthcare, technology, research and professional services;
• Universite Laval contributes to a growing tech ecosystem, with advancements in fields like artificial intelligence, software development, and digital media; and
• A highly educated workforce with a substantial proportion of residents holding post-secondary degrees.

Please see the presentation titled “Les Galeries de la Capitale” on the investor relations page of Primaris’ website for additional details.

Proforma Primaris Portfolio

The composition of the consideration payable in this transaction allows Primaris to maintain its best-in-class capital structure and financial leverage metrics within the Trust’s previously disclosed target range. Upon closing, Les Galeries de la Capitale will become Primaris’ second largest shopping centre in the REIT’s portfolio measured by all store sales volume, after the Halifax Shopping Centre and ahead of both Conestoga Mall in Waterloo, Ontario and Orchard Park Shopping Centre in Kelowna, British Columbia. Primaris anticipates the below proforma metrics:

• Based on the REIT’s 3.0% to 4.0% 2024 Same Property Cash NOI** growth guidance provided in the REIT’s Q2 2024 MD&A, and assuming an October 1, 2024 closing, Cash NOI** for the 2024 fiscal year is anticipated to be in the range of $273 million to $276 million (Cash NOI** for the year ended December 31, 2023 was $227 million);
• Transaction expected to be modestly accretive to FFO** per average diluted unit; and
• Average Net Debt** to Adjusted EBITDA** is anticipated to remain within target range of 4.0x to 6.0x.

(unaudited)	Primaris REIT				Les Galeries de la Capitale				Proforma Primaris REIT
Total CRU Sales Volume ($’000)1	$	2,228,240			$	219,476			$	2,447,716
Same Store Sales Productivity ($ per square foot)1	$	676			$	761			$	682
Total Trade Area Population		8,591,500				797,850				9,389,350
Total Trade Area Average Household Income	$	115,100			$	101,500			$	114,600
Annual Mall Traffic2		110,400,000				7,800,000				118,200,000
Approximate Site Coverage		36	%			26	%			35	%
1 For the rolling twelve-month period ended May 31, 2024. Supplementary financial measure, see “Use of Operating Metrics” below.
2 For the rolling twelve-month period ended July 31, 2024.

Advisors

CBRE Canada, Desjardins Capital Markets, and TD Securities acted as advisors to Primaris REIT. RBC Capital Markets Real Estate Group Inc. acted as advisors to the vendors.

About Primaris Real Estate Investment Trust

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

Forward-Looking Statements and Future Oriented Financial Information

Certain statements included in this news release constitute ‘‘forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws. The words “will”, “expects”, “plans”, “estimates”, “intends” and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements made or implied in this news release include but are not limited to statements regarding: Primaris’ future results, performance, prospects and opportunities, including with respect to the closing, costs and benefits of the proposed transaction, the timing and completion of the proposed transaction, the strategy, plans and the intentions of management with respect to Les Galeries de la Capitale, and management’s expectations regarding the Trust’s leverage and portfolio quality. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on estimates and assumptions that are inherently subject to risks and uncertainties. Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, actual results, performance or achievements of Primaris may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in the Trust’s Annual MD&A which is 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.

Readers are cautioned that there is a significant risk that actual results will vary from the financial outlook statements provided in this press release and that such variations may be material. Certain forward-looking information included in this news release may also be considered “future-oriented financial information” or “financial outlook” for purposes of applicable securities laws (collectively, “FOFI”). FOFI about the Trust’s prospective results of operations including, without limitation, the proforma metrics presented, is subject to the same assumptions, risk factors, limitations and qualifications set out in the Trust’s Annual MD&A which is available on SEDAR+, and in Primaris’ other materials filed with the Canadian securities regulatory authorities from time to time. The Trust and management believe that such FOFI have been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. FOFI contained in this news release was made as of the date of this news release and was provided for the purpose of providing further information about the Trust’s prospective results of operations. Readers are cautioned that the FOFI contained herein should not be used for purposes other than for which it is disclosed herein.

Readers are also urged to examine the Trust’s materials filed with the Canadian securities regulatory authorities from time to time as they may contain discussions on risks and uncertainties which could cause the actual results and performance of Primaris to differ materially from the forward-looking statements contained in this news release. All forward-looking statements in this news release are qualified by these cautionary statements. These forward-looking statements are made as the date of this news release and Primaris, except as required by applicable securities laws, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances.

Non-GAAP Measures

The Trust’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). However, Primaris also uses a number of measures which do not have a standardized meaning prescribed under generally accepted accounting principles (“GAAP”) in accordance with IFRS. These non-GAAP measures, which are denoted in this press release by the suffix “**” include non-GAAP financial measures and non-GAAP ratios, each as defined in National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). None of these non-GAAP measures should be construed as an alternative to financial measures calculated in accordance with GAAP. Furthermore, these non-GAAP measures may not be comparable to similar measures presented by other real estate entities and should not be construed as an alternative to financial measures determined in accordance with IFRS. Additional information regarding these non-GAAP measures, including definitions and reconciliations to the most directly comparable GAAP figure, where applicable, can be found in the Trust’s Q2 2024 MD&A which is available on the Trust’s profile on SEDAR+ at www.sedarplus.ca. See Section 12, “Non-GAAP Measures” of the Trust’s Q2 2024 MD&A for the descriptions of each non-GAAP measure used in this press release and to find a quantitative reconciliation to the most directly comparable GAAP measure, applicable; Section 12, “Non-GAAP Measures” and the related quantitative reconciliations are incorporated by reference herein.

Use of Operating Metrics

Primaris uses certain operating metrics to monitor and measure the operational performance of its portfolio. Operating metrics in this news release include in-place occupancy, same store sales productivity and all store sales volume. Certain of these operating metrics, including same store sales productivity and all store sales volume, may constitute supplementary financial measures as defined in NI 52-112. These supplementary measures are not derived from directly comparable measures contained in the Trust’s financial statements but may be used by management and disclosed on a periodic basis to depict the historical or future expected financial performance, financial position or cash flow of the Trust. For an explanation of the composition of all store sales volume and same store sales productivity, see “Section 8, “Operational Performance” – “Tenant Sales” in the Trust’s Q2 2024 MD&A.

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

Contacts

Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

Claire Mahaney

VP, Investor Relations & ESG

647-949-3093

cmahaney@primarisreit.com

Timothy Pire

Chair of the Board

chair@primarisreit.com

Sense’s grid edge technologies to be embedded into Trilliant AMI metering solutions, including devices and extended applications, enabled by 1 MHz data sampling

CARY, N.C.–(BUSINESS WIRE)–#AMI—Trilliant, a leading international solutions provider for advanced metering infrastructure (AMI), smart grid, smart cities and IIoT, has announced a North America partnership with Sense, the leader in embedded intelligence that transforms the relationship between people, homes, and the grid, to help utilities more efficiently deploy edge analytics at scale.

Trilliant will embed Sense’s grid edge technology into their AMI metering solutions, driving enhanced efficiency and edge analytics for utilities and consumers. This integration will unlock up to 1 MHz sampling to process nearly one billion times the amount of data currently available in the 15-minute interval data from first-generation smart meters.

Utilizing this high-resolution waveform data, Sense software, via smart meters, can identify household devices based on their unique electrical signatures and can also integrate with other smart home devices for enhanced control and automation. As a result, consumers can monitor, track and increase their knowledge about energy consumption in real time, gain a deeper understanding of electricity expenses, and take the necessary steps to wisely manage their usage.

The high-resolution data also enables the detection and localization of anomalies on the grid, especially those near the home—an area where operators have traditionally lacked visibility.

“Sense’s technology enables utilities to empower consumers to better manage their energy use, and we’re excited about the impact this will have for our customers,” said Greg Myers, Vice President, Global Product Management for Trilliant. “Our partnership with Sense represents a natural progression of Trilliant’s ‘Discover the Power of Choice’ value proposition. We go beyond hardware and remain focused on developing new technologies, applications and services and delivering them to the market. Trilliant is proud to partner with Sense to provide the enhanced ability to monitor and manage energy usage, via any meter.”

“We see growing recognition across the industry that next generation meters can play a key role in the energy transition. By including high resolution data, edge computing, and real-time networking, meters can go from being simple data collection devices to the distributed sensing, compute, and control platform for the future grid,” said Sense CEO Mike Phillips. “Trilliant is a natural strategic fit for Sense as a leading solutions provider in the AMI space. By working together, we can bring these capabilities to a much broader set of utilities to enable both real-time consumer experiences and dramatically improved visibility of the grid. Our disaggregation and distributed intelligence technology is essential to energy consumption decision-making for both the utility and the consumer, and we’re excited to be working with Trilliant to continue to raise the bar on capabilities at the edge of the grid.”

Solutions and Support for Smart Grids — Today and Beyond

Trilliant provides utilities with the freedom to choose the metering technology that best meets the requirements of their AMI deployments – avoiding the risk of vendor lock-in, because it can lessen operational flexibility and increase costs. UnitySuite®, Trilliant’s device-independent head-end system (HES)/software platform, integrates with 340+ electric meter brands and models worldwide, in addition to supporting water, gas and thermal meters.

The addition of grid edge intelligence into Trilliant solutions will enable utilities to meet today’s business needs and allow for the adoption of emerging applications and unparalleled flexibility.

For more information about Trilliant’s solutions for Smart Grids, visit https://trilliant.com/smart-grid/.

The partnership between Trilliant and Sense is effective immediately.

About Trilliant

Trilliant® empowers the global energy industry with the only device-agnostic communications platform that enables utilities and cities to deploy any application securely and reliably on one powerful network. Our purpose-built portfolio is designed to offer the power of choice, without risk of customers being “locked in” with one technology provider or meter manufacturer. We are proud to offer mission-critical solutions that support AMI, Data & Analytics, Smart Metering, Smart Grids and Smart Cities. Customers worldwide benefit from Trilliant’s unique combination of flexibility, sustainability and scalability that connects utilities and cities to the IIoT and a more strategic path to the Energy Transition. Visit us at www.trilliant.com.

About Sense

Sense is making the energy transition accessible to everyone. Sense’s embedded intelligence redefines how utilities and consumers interact with homes and the grid. By partnering with meter manufacturers, Sense delivers software driven by high-resolution data that’s vital for utilities to better engage with customers, detect devices, balance load, forecast demand and identify anomalies. Our consumer-facing app makes homes smarter, empowering home dwellers to make better use of their energy, lower electricity bills, and reduce their carbon footprint. Learn more at https://sense.com.

Contacts

Media:
Tracey Mitchell

tracey.mitchell@trilliant.com

Cindy Watson/Anita Wong

StrategicAmpersand Inc.

TrilliantPR@stratamp.com

TORONTO–(BUSINESS WIRE)–This afternoon, DREAM UNLIMITED CORP. and DREAM IMPACT TRUST (collectively “Dream”) commenced marketing 3.27 acres of land for sale within Zibi known as the Capital View Lands. Located in Gatineau, Quebec, the marketed site has exceptional views of Parliament Hill and the Ottawa River and is directly across from Place du Portage – an office complex that houses Canada’s largest concentration of Federal Government employees. With approximately 1 million square feet (“sf”) of potential development density, the Capital View Lands is contemplated to be developed with 5 separate buildings and offers an incoming developer a platform opportunity in the Gatineau area to work closely with Dream.

Zibi is a 34-acre waterfront community located in Ottawa, Ontario and Gatineau, Quebec, overlooking the Ottawa River. The community offers affordable and innovative housing options and incorporates significant inclusivity considerations. In addition, Zibi houses a district energy system which utilizes post-industrial waste for heating and the Ottawa River for cooling which allows for the community to be carbon neutral. Since Dream’s initial investment in 2015, approximately 1 million sf of residential and commercial space has been completed at Zibi, in addition to two parks and 3 plazas which are open to the public.

Dream remains committed to the future build-out of Zibi and its active development role within the National Capital Region. Based on current plans, Dream expects to build a total of 2,500 rental units at Zibi, of which 600 are completed and leased or completing lease up, with another 440 rental units starting construction within the next 12 months. With approximately one-third of the site built to date, selling 10% of the land will provide an opportunity for other developers to bring diversity of product type to the community and reduce the build out period. Between the potential sale of these three acres and the commencement of the two new buildings, the infrastructure debt for Zibi would be substantially paid down and we would continue to build out apartments as absorption permits completing our development within ten years.

“With the recent Senators arena announcement, we are excited to see even more development momentum near Zibi,” said Michael Cooper, Chief Responsible Officer of Dream. “We feel Zibi has generally progressed well and provided opportunities for very innovative partnerships. By bringing in development partners for the Capital View Lands, Zibi’s development pace can be accelerated to provide a mature community sooner in such a vital location to the National Capital Region.”

Last spring, Dream started construction on a 608-unit rental building on the LeBreton Flats Library Parcel, located at the Pimisi O-Train station and a five-minute walk to Zibi. The development of this site is important to Dream and an excellent example of how public, private and not for profit partnerships can bring much needed supply to market across the housing continuum with speed and scale.

About Dream Unlimited Corp.

Dream Unlimited Corp. is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of $25 billion of assets under management across four Toronto Stock Exchange listed trusts, our private asset management business and numerous partnerships. We also develop land, residential and income generating assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. For more information, please visit our website at www.dream.ca.

About Dream Impact Trust

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

Forward Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation, including with respect to construction and development timelines and plans with respect to Zibi and the Capital View Lands, the number of buildings and rental units, the ability to pay down infrastructure debt, the ability to bring in development partners for the Capital View Lands and resulting opportunities. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to: the nature of development lands held and the development potential of such lands, interest rates and inflation remaining in line with management expectations, our ability to bring new developments to market, anticipated positive general economic and business conditions, our business strategy, anticipated sales volumes, and conditions in land and housing markets. Risks and uncertainties include, but are not limited to, general and local economic and business conditions, inflation or stagflation, regulatory risks, mortgage and interest rates and regulations, risks related to a potential economic slowdown and the effect inflation and any such economic slowdown may have on market conditions and lease rates. All forward looking information in this press release speaks as of September 24, 2024. Dream does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR+ (www.sedarplus.com). These filings are also available at Dream’s website at www.dream.ca.

Contacts

For more information please contact:

Kim Lefever
Director, Investor Relations

416-365-6339

klefever@dream.ca

Energized hue encourages ‘colour dreamers’ to embrace dramatic shades

TORONTO–(BUSINESS WIRE)–PPG (NYSE:PPG) today announced the DULUX® PAINTS by PPG 2025 Colour of the Year: Purple Basil (DLX1046-7), a pleasant, yet high-impact hue that demonstrates the transformative power of colour. Purple Basil embodies warm, rich purple shades, supporting the growing trend of using dramatic colours in home decor. It empowers consumers to unapologetically select the bold paint colours that speak to them.

“Many of our customers want to incorporate a bold colour to transform a space in their home, but when it’s time to make the final selection, they play it safe and revert to neutral, muted shades,” said Mitsu Dhawan, PPG marketing manager, Dulux and BÉTONEL® brands, Architectural Coatings. “This year, we’re helping with that final push to go bold and try a dramatic, less expected colour. True to the Dulux brand, when it comes to taking your bold colour dreams from the paint chips to your walls, we encourage homeowners to ‘Du’ it!”

Dulux colour forecasters predict that professional and DIY painters alike will incorporate dramatic colours like Purple Basil into their decor schemes in 2025. The hue represents the admiration for self-discovery and self-expression that has led to the rise of maximalism across industries including design, fashion and consumer goods.

Dulux colour experts approve Purple Basil for use in almost any space where designers and homeowners alike want to add a bold yet understated element to deco, including:

• Interior walls and trim – Purple Basil helps to make any room a home’s “crown jewel” by coupling it with abstract or vintage-style wallpaper, or as a trim, ceiling, accent wall or wainscotting colour pairing. For a more uniform look, consumers can “colour drench” a single room in Purple Basil, applying it to walls, ceilings, bookcases and trim. Using a higher-gloss sheen can highlight features, while matt/flat can disguise less-desirable features or hide surface imperfections.
• Interior cabinetry – Purple Basil adds a pop of drama and depth to a bathroom vanity, especially when paired with mixed metallic hardware and lighting. It can be used on kitchen cabinets, pairing it with stainless countertops for a sleek look or with a natural stone counter for an earthy-feeling space.
• Exterior accents –Purple Basil makes a bold front door statement to any guests and passersby, or creates a striking look on shutters, window boxes or mailboxes.

“Incorporating vivid colour choices into a project often requires visualization and trial and error, so we recommend using Dulux Colour Sample pots to test Purple Basil and other bold hues to determine what works best in a space before making a final selection,” said Dhawan. “Our online paint colour visualization tool is another great resource for consumers to use to get a sense of what is an ideal colour for their project as well as our ‘Du it with Dulux’ tips.”

For more information about the Dulux 2025 colour trends palettes, visit dulux.ca.

PPG has more than 240 company-owned Dulux and Bétonel–Dulux stores across Canada, serving the consumer and professional markets.

PPG: WE PROTECT AND BEAUTIFY THE WORLD®

At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for more than 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $18.2 billion in 2023. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.

The PPG Logo and We Protect and Beautify the World and are registered trademarks of PPG Industries Ohio, Inc. Dulux is a registered trademark of AkzoNobel and is licensed to PPG Architectural Coatings Canada, Inc. for use in Canada only.

Bétonel is a registered trademark of PPG Architectural Coatings Canada, Inc.Le Logo PPG et We Protect and Beautify the World sont des marques déposées de PPG Industries Ohio, Inc.

Dulux est une marque déposée d’AkzoNobel, et est utilisée sous licence au Canada seulement par PPG Revêtements Architecturaux Canada, Inc.

Bétonel est une marque déposée de PPG Revêtements Architecturaux Canada, Inc.

 

Contacts

Jamie Altman

Architectural Coatings

+1 724 205 1673

JAltman@ppg.com
www.ppg.com

TORONTO–(BUSINESS WIRE)–DREAM OFFICE REIT (TSX: D.UN) (“Dream Office” or the “Trust”) today announced its September 2024 monthly distribution of 8.333 cents ($1.00 annualized) per REIT Unit, Series A (“REIT A Units”). The September distribution will be payable on October 15, 2024 to unitholders of record as at September 30, 2024.

Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 3.5 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world. For more information, please visit our website at www.dreamofficereit.ca.

Contacts

For further information, please contact:

Michael J. Cooper

Chairman and Chief Executive Officer

(416) 365-5145

mcooper@dream.ca

Jay Jiang

Chief Financial Officer

(416) 365-6638

jjiang@dream.ca

DUBLIN–(BUSINESS WIRE)–The “Canada Construction Industry Databook Series – Market Size & Forecast by Value and Volume (area and units), Q2 2024 Update” report has been added to ResearchAndMarkets.com’s offering.

The construction industry in Canada is expected to grow by 3.9% to reach CAD 222.11 billion in 2024.

Despite near-term challenges in certain construction sectors, Canada’s construction industry is poised for significant growth. The industry is expected to grow steadily over the next four quarters, with the growth momentum continuing over the forecast period. A CAGR of 3.7% is projected during 2024-2028, with the country’s construction output expected to reach CAD 256.42 billion by 2028, indicating substantial growth potential.

The Canadian construction industry is at a pivotal moment, characterized by cautious growth, evolving market demands, and significant challenges. As the sector adapts to economic fluctuations and embraces technological advancements, stakeholders must proactively address labour shortages and promote sustainable practices. By leveraging government initiatives and focusing on innovation, executives can position their organizations for success in this dynamic landscape.

Key Trends and Developments

• Cautious Growth Amid Economic Challenges: The construction sector in Canada is projected to experience slow growth in 2024, driven by infrastructure investments and a rebound in commercial construction. However, high interest rates and inflation are tempering investor sentiment, leading to a contraction in the residential sector.
• Labour Shortages and Skills Gap: The industry faces significant labour shortages, exacerbated by an aging workforce and insufficient new entrants. This shortage impacts project timelines and costs, necessitating a focus on recruitment and retention strategies to attract diverse talent.
• Increased Focus on Sustainability: There is a growing emphasis on sustainable building practices and green technologies. The federal government has committed $6 billion to the Canada Housing Infrastructure Fund to address housing shortages and promote environmentally friendly construction methods.
• Technological Advancements: Adopting digital tools, artificial intelligence (AI), and data analytics transforms construction processes. Companies are increasingly utilizing AI for risk management and project efficiency, which is expected to enhance productivity and reduce costs.

Residential Construction: Navigating Contractions and Opportunities

• Government Initiatives to Address Housing Shortages: The federal government’s investment in affordable housing projects is crucial for meeting the growing demand. Initiatives to increase the supply of new homes and retrofit existing structures are expected to support long-term growth in this sector.

Commercial Construction: Recovery and Growth

• Positive Outlook for Commercial Projects: The commercial construction sector is poised for recovery, with a projected increase in building activity as the economy stabilizes. Major investments in office spaces, retail, and mixed-use developments are expected to drive growth in urban centers.
• Impact of Changing Work Dynamics: The shift towards hybrid work models is influencing the design and functionality of commercial spaces. Developers focus on creating flexible environments catering to evolving business needs and employee preferences.

Institutional Construction: Focusing on Public Needs

• Investment in Healthcare and Education: The institutional construction segment is experiencing growth driven by significant investments in healthcare and educational facilities. The Canadian government is prioritizing infrastructure projects that enhance public services, focusing on modernizing existing institutions.
• Sustainability in Institutional Projects: New institutional projects increasingly incorporate sustainable design principles, aligning with national environmental responsibility and energy efficiency goals. This trend is essential for future-proofing public infrastructure against climate change impacts.

Industrial Construction: Strengthening Economic Foundations

• Growth in Manufacturing and Logistics: The industrial construction sector is growing due to increased demand for manufacturing facilities and logistics centers. Investments in these areas are essential for supporting the supply chain and enhancing economic resilience.
• Focus on Renewable Energy Projects: There has been a notable increase in construction activity related to renewable energy projects, driven by government initiatives to reduce carbon emissions and promote sustainable energy sources. This trend will continue as Canada seeks to meet its climate targets.

Infrastructure Construction: The Backbone of Development

• Major Infrastructure Investments: The Canadian government invests heavily in infrastructure projects, including transportation, utilities, and public transit systems. A notable project is the addition of 1,000 km of new rail track for high-speed rail services between major cities, which is expected to advance in summer 2024.
• Long-Term Infrastructure Planning: The focus on long-term infrastructure planning is critical for addressing population growth and urbanization challenges. Continued investment in public infrastructure is essential for enhancing connectivity and supporting economic development across regions.

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LADERA RANCH, Calif.–(BUSINESS WIRE)–Strategic Storage Growth Trust III, Inc. (“SSGT III”), a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”), is pleased to announce the acquisition of its newest self-storage facility in St. Albert, Alberta, Canada.

Located at 8 Inglewood Drive in St. Albert, Alberta, this newly constructed two-building facility encompasses approximately 36,900 net rentable square feet. It includes approximately 310 units, offering interior climate-controlled and drive-up units. The facility features an advanced keyless entry system that ensures heightened security and convenient access for customers. This cutting-edge technology significantly improves the overall customer experience.

Strategically positioned near the St. Albert Trail, a major thoroughfare connecting St. Albert to Edmonton, this facility enjoys excellent visibility from high traffic. The area’s above-average median household income within a five-mile radius further strengthens its ideal location. With residential rental units expected to double in the surrounding area in the next few years, this facility is well-positioned to serve a variety of neighborhoods, including Inglewood, Oakmont, Woodlands, Pineview, Braeside, Sturgeon, Mission, Lacombe Park, Erin Ridge, Forest Lawn, Grandin, North Ridge, and Deer Ridge.

A significant expansion is planned for the first half of 2025, with completion anticipated in the first half of 2026. This expansion will add approximately seven drive-up buildings and 640 units, expanding the total combined net rentable square feet to approximately 70,500 square feet. The additional capacity will meet growing demand, demonstrating our commitment to growth and exceptional customer service.

H. Michael Schwartz, CEO and President of SSGT III, expressed his enthusiasm for this new addition to the company’s portfolio. “The acquisition of the St. Albert facility represents a significant milestone as it serves as the first property acquired in the greater Edmonton area and province of Alberta for SSGT III. We are excited to offer the community a top-tier storage solution that combines convenience, security, and accessibility.”

About Strategic Storage Growth Trust III, Inc. (SSGT III):

SSGT III is a Maryland corporation that was elected to qualify as a REIT for federal income tax purposes. SSGT III’s primary investment strategy is to invest in growth-oriented self-storage facilities and related self-storage real estate investments in the United States and Canada. As of September 19, 2024, SSGT III has a portfolio of seven operating properties in the United States, comprising approximately 5,160 units and 556,400 rentable square feet, two operating properties in Canada, comprising approximately 1,080 units and 118,700 rentable square feet and joint venture interests in two developments in two Canadian provinces (Québec and British Columbia). In addition, a subsidiary of SSGT III serves as the sponsor of a Delaware Statutory Trust, which owns two operating properties in the United States comprising approximately 1,040 units and 123,000 rentable square feet.

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 September 19, 2024, SmartStop has an owned or managed portfolio of 201 operating properties in 22 states and Canada, comprising approximately 141,400 units and 16.0 million rentable square feet. SmartStop and its affiliates own or manage 36 operating self-storage properties in Canada, which total approximately 31,000 units and 3.2 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 a distribution of 9.25 cents per unit for the month of September. The distribution will be payable on October 7, 2024, to unitholders of record as at September 30, 2024.

About RioCan

RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at June 30, 2024, our portfolio is comprised of 187 properties with an aggregate net leasable area of approximately 33 million square feet (at RioCan’s interest). To learn more about us, please visit www.riocan.com.

Contacts

RioCan
Kim Lee

Vice President, Investor Relations

(416) 646-8326

Provides roofing contractors with online capabilities to gain efficiency in real-time

HERNDON, Va.–(BUSINESS WIRE)–$becn #Ambition2025—Beacon (Nasdaq: BECN) the leading publicly-traded wholesale distributor specializing in roofing, waterproofing and exterior products, announced today that it has launched its industry-leading digital platform, Beacon PRO+®, in Canada.

Beacon PRO+ is a robust, no-cost digital tool that is used by thousands of U.S. roofing contractors to manage their business and sales process anywhere at any time. At the office or on-the-go, customers can find product descriptions and specifications optimized to their area and order templates to help ensure a complete and accurate order.

“I’m thrilled to make Beacon PRO+ available to our Canadian contractors in both English and French. The efficiencies gained will allow them to stand out from competitors with responsiveness and planning,” commented Charles Michaud, Regional Vice President for Canada at Beacon.

“Customers value the investment we have made to bring them features like customized pricing and quotes, order history and templates as well as online bill payment. Now, Canadian contractors can build their businesses faster with the confidence that Beacon PRO+ is on the job 24/7,” explained Jonathan Bennett, Chief Commercial Officer at Beacon.

Since 2017, Beacon has supported customers with digital capabilities to help them grow their businesses. During the three months ended June 30, 2024, digital sales reached approximately 26% of residential sales underscoring contractors growing demand for digital tools. Expanding our digital platforms and penetration is a key element of driving above market growth in our Ambition 2025 plan.

About Beacon

Founded in 1928, Beacon is a Fortune 500, publicly-traded specialty distributor of building products, including roofing materials and complementary products, such as siding and waterproofing. The company operates over 570 branches throughout all 50 states in the U.S. and 7 provinces in Canada. Beacon serves an extensive base of nearly 100,000 customers, utilizing its vast branch network and diverse service offerings to provide high-quality products and support throughout the entire business lifecycle. Beacon offers its own private label brand, TRI-BUILT®, and has a proprietary digital account management suite, Beacon PRO+®, which allows customers to manage their businesses online. Beacon’s stock is traded on the Nasdaq Global Select Market under the ticker symbol BECN. To learn more about Beacon, please visit www.becn.com.

Contacts

INVESTOR CONTACT
Binit Sanghvi

VP, Capital Markets & Treasurer

Binit.Sanghvi@becn.com
972-369-8005

MEDIA CONTACT
Jennifer Lewis

VP, Communications and Corporate Social Responsibility

Jennifer.Lewis@becn.com
571-752-1048

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

TORONTO–(BUSINESS WIRE)–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 September, 2024 of $0.063333 per trust unit, representing $0.76 per trust unit on an annualized basis, payable on October 15, 2024 to Unitholders of record at the close of business on September 30, 2024.

About Choice Properties Real Estate Investment Trust

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

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

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

Contacts

For further information:
Mario Barrafato

Chief Financial Officer

Choice Properties REIT

(416) 628-7872

Mario.Barrafato@choicereit.ca

Top-performing teams continue to join Real’s technology-powered platform

TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (NASDAQ: REAX), a technology platform reshaping real estate for agents, home buyers and sellers, today announced it continued to add top teams throughout North America in August. The company’s agent count now stands at more than 21,000.

“Real continues to attract high-performing teams and independent brokerages who are looking for a brokerage partner dedicated to serving them and their evolving needs,” said Sharran Srivatsaa, President of Real. “The agents joining in August bring a wide range of experience serving clients throughout the U.S. and Canada, and we are thrilled to welcome them to Real.”

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

• Story House Real Estate, led by Sasha Tripp. Consistently ranked as one of the best brokerages in Charlottesville, Va., the boutique firm brings six agents to Real. Since its founding in 2018, Story House has distinguished itself by giving back to the community through volunteer hours, local sponsorships and a donation on behalf of each closed client to a charity of their choice. The brokerage completed home sales totaling $120 million in 2023 and joins as part of Real’s Private Label program, designed for brokerages looking to maintain the brand they’ve built.
• Wendy Rodriguez Real Estate Team, led by Wendy Rodriguez. The six-agent team is based in Bay Shore, N.Y. and serves Long Island’s South Shore. Founded in 2020, the team closed home sales totaling $50 million in 2023.
• Capital and Coast, led by Pam Saxman. The team’s 11 agents serve the Raleigh area to the North Carolina Coast. Since 2022, Capital and Coast has closed home sales valued at more than $90 million, including $50 million in 2023.
• More Estates, led by Zack Sperow and Jacque Gaitan. The three-agent team serves California’s Napa Valley, Solano and Sonoma counties. Sperow was named a Rising Star during his first year as an agent. Since 2017 the independent brokerage has closed home sales totaling over $192 million, including $39 million in 2023. More Estates joins as part of Real’s Private Label program, designed for brokerages looking to maintain the brand they’ve built.
• Reach Home Group, led by Matthew Kochis. Founded in 2022, the 10-agent team serves the Greater Phoenix metro. It closed sales of $39 million in 2023.
• HBH Realty, led by Jordan Hosey. The six-agent team serves the Birmingham, Ala., metropolitan area and has distinguished itself by offering a comprehensive approach designed to help their clients achieve their financial goals. Named Rookie of the Year by the Birmingham Association of Realtors in 2017, Hosey and her team closed home sales valued at $31 million in 2023.
• Talia & Associates, led by Talia Gila. The newly formed team brings four agents to Real who will serve the Greenville, S.C. metro. As a solo agent, Gila sold 83 homes valued at $29 million in 2023.
• Expand Real Estate Group, led by Omar Alfaro. Founded in 2016, the team’s 15 agents serve California’s Inland Empire, including Rancho Cucamonga, Ontario, Victorville, Apple Valley, Hesperia, San Bernardino, Big Bear Lake, Arrowhead Lake and Sugarloaf. It closed home sales totaling $25 million in 2023.
• The Logan Home Group, led by John Logan. Logan leverages his military background to help Veterans and military service members and their families with their real estate needs throughout Maryland, Northern Virginia and D.C. The four-agent team closed 55 home sales valued at more than $24 million in 2023.

About Real

Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence throughout the U.S. and Canada, Real supports more than 21,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses.

Forward-Looking Information

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

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

Contacts

Investor inquiries, please contact:

Ravi Jani

Vice President, Investor Relations and Financial Planning & Analysis

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

elisabeth@therealbrokerage.com
201.564.4221