A lack of skilled workers and several large government infrastructure projects are making it difficult for the Canadian construction industry to recover

VANCOUVER, British Columbia–(BUSINESS WIRE)–Global construction consultant Linesight today released its Canada Country Insight and Commodity Report for Q1 2023.

While the report predicts moderate economic growth in Canada and a return to normal commodity escalation, the construction industry is expected to contract by 0.9% in 2023 due to reduced residential output, elevated construction costs, and a shortage of skilled labor. While supply chain pressures are easing out, we continue to experience long lead times for generators and specialist electrical equipment.

Canada’s industrial construction sector is expected to remain robust, with a forecasted growth of 14.9% in 2023, supported by increased investment and permits for industrial construction, as well as the government’s efforts to establish Canada as an industrial hub. The life sciences sector is also expected to grow due to investor interest and government policy support.

Patrick Ryan, Executive Vice President for the Americas at Linesight, says, “The reduction in inflation rates is positive for the industry and the outlook is improving with lower energy costs, improved supply chain conditions and significant growth in infrastructure and mission critical investments. However, the ongoing lack of skilled workers in Canada continues to pose a risk for the construction industry.”

The data in the report suggest that:

• Lumber prices have continued to drop in recent months from the highs reached in the first half of last year primarily as a result of the decreasing demand in the residential sector.
• Higher energy costs have been a key factor in the recent upward trend in cement and aggregates prices. Increased environmental regulations on production will contribute to further upward pressure on prices in the coming quarters.
• In addition to improved demand for steel, prices rose on the back of higher input costs, lower import volumes and reports of domestic mill production delays. However, with supply improving, prices are set to fall from recent highs posted in late March.
• Diesel prices dropped below CA$7 per gallon in March for the first time since February last year. With further drops in diesel prices will be contained.

“The residential construction continues to slow,” says Ryan, “but government investment in key sectors such as industrial will help boost the industry as a whole provided there is some easing of the current skilled labor shortages which is curtailing the growth opportunities.”

To request the full report, please click here.

About Linesight

Linesight is a multinational construction consultancy firm with over 48 years’ experience, providing cost, schedule, program, and project management services to a multitude of sectors including Life Sciences, Commercial, Data Centers, High-Tech Industrial, Residential, Hospitality, Healthcare, and Retail. Linesight’s specialist project teams, each with specific skills and experience, provide better predictability of project outcomes, faster project delivery, greater cost efficiency, and maximum monetary value for its clients. For further information, please visit http://www.linesight.com.

Contacts

Media Contact

Cameron Thomas

E: cameron@verbfactory.com
T: 416 660 9801

DUBLIN–(BUSINESS WIRE)–IPS-Integrated Project Services, LLC, a leading provider of engineering, procurement, construction management, and validation (EPCMV) services, congratulates WuXi Biologics Ireland Limited (WuXi Biologics) for receiving a Facility of the Year Award (FOYA) from The International Society for Pharmaceutical Engineering (ISPE) in the Operations category for their Large-Scale Manufacturing Facility in Mullagharlin, Dundalk, Ireland. The IPS team of experts provided a range of services for the project, including process design, engineering, architecture, construction management, and validation support.

The ISPE Facility of the Year Awards (FOYA) program recognizes state-of-the-art pharmaceutical manufacturing facilities utilizing innovative design and construction strategies to produce high-quality, safe, cost-effective medicines. WuXi Biologics was recognized for its cutting-edge biologics manufacturing facility in Dundalk, Ireland. The FOYA judges found this project “an inspiring landmark that proves that facilities can be developed on a highly accelerated schedule, using innovative solutions while complying with regulatory requirements, overcoming unknown barriers, cooperation with the community, and upholding project success and product safety.”

Brendan McGrath, Vice President and Head of WuXi Biologics Ireland site, commented, “This recognition by ISPE is a testament to our team’s dedication and relentless pursuit of excellence. We are also extremely grateful for the exceptional work of IPS, our facility designer, whose expertise significantly contributed to our achievement. This award signifies success not only for our team but also for our clients, partners, and local community. Ultimately, it’s a victory for the patients who rely on the life-saving biologics manufactured at our Ireland site.”

The WuXi Biologics facility is one of the world’s largest contract manufacturing single-use bioreactor sites. However, the facility’s real achievement is its unprecedented flexibility in cell culture-based manufacturing regardless of batch size by “scaling out” with 12 ABEC 4,000-liter capacity bioreactors. The facility’s flexible array of highly-configurable systems and overall capability to adapt to almost any perfusion, fed-batch, concentrated fed-batch, and intensified fed-batch techniques reduce client risk. This capability, combined with innovations in automation, single-use materials, and transition time, transforms the WuXi Biologics facility into a game changer for the production of emerging antibody-based therapies on a global impact.

The project was the first in Ireland to be delivered using an innovative design-assist model. IPS developed design packages to 60% detailed design; the remaining 40% was completed with engagement from the construction team, including subcontractors. This collaborative approach improved constructability, reduced time/cost, and significantly reduced rework. The single-use technology allows for a capacity of 48,000L, making it the largest single-use bioreactor in Ireland and possibly all of Europe.

The fast-track project was completed with over 6.2 million work hours in 26 months, with an average of 2,200 employed at peak. A total of 7,610 personnel were inducted on-site. Throughout construction in 2019 and 2020, more than 75 archaeologists were empowered to dig at sites spread across the campus. The artifacts found on the site depict common and extraordinary life spread across thousands of years—everything from fine sewing needles carved from bone to medieval spearheads and a cache of shiny 10th-century coins. WuXi Biologics maintained the schedule during their archaeological preservation and COVID challenges.

“IPS has been a partner to WuXi Biologics since its early days, and it is great to see it win the prestigious Facility of the Year Award. I still remember the early days of this project conception and when WuXi Biologics procured the massive site in Dundalk. Seeing the fantastic conclusion of all the efforts that followed is truly memorable. We are honored to have been part of this state-of-the-art facility which truly represents innovation, cutting-edge technology, and excellence. Congratulations to WuXi Biologics on this incredible achievement,“ said Dave Goswami, PE, IPS Chairman and Chief Executive Officer.

Cell-based therapeutics are transforming modern medicine, and WuXi Biologics’ facility is highly flexible and adaptable, ensuring the facility will have the capacity to produce a variety of new cellular therapies for years to come.

About IPS

IPS, a Berkshire Hathaway Company, is a global leader in developing innovative business solutions for the biotechnology and pharmaceutical industries. Through operational expertise and industry-leading knowledge, skill, and passion, IPS provides consultancy services, architecture, engineering, project controls, construction management, and compliance services that allow clients to develop and manufacture life-impacting products. Its newest acquisition, Linesight, specializes in cost, schedule, risk, program, and project management services in various market sectors, including data centers, life sciences, and high-tech industrial. With the addition of Linesight, IPS has over 3,000 professionals in over 45 offices across 17 countries in the Americas, Europe, Asia Pacific, Southeast Asia, Australia, and the Middle East. For further information, please visit www.ipsdb.com.

About WuXi

WuXi Biologics (stock code: 2269.HK) is a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offering end-to-end solutions that enable partners to discover, develop and manufacture biologics – from concept to commercialization – for the benefit of patients worldwide.

With over 12,000 skilled employees in China, the United States, Ireland, Germany and Singapore, WuXi Biologics leverages its technologies and expertise to provide customers with efficient and cost-effective biologics discovery, development and manufacturing solutions. As of December 31, 2022, WuXi Biologics is supporting 588 integrated client projects, including 17 in commercial manufacturing.

WuXi Biologics views Environmental, Social, and Governance (ESG) responsibilities as an integral component of our ethos and business strategy, and we aim to become an ESG leader in the biologics CRDMO sector. Our facilities use next-generation biomanufacturing technologies and clean-energy sources. We have also established an ESG committee led by our CEO to steer the comprehensive ESG strategy and its implementation, enhancing our commitment to sustainability. For more information about WuXi Biologics, please visit www.wuxibiologics.com.

About the ISPE Facility of the Year Awards Program

Established in 2005, The Facility of the Year Awards (FOYA) recognize state-of-the-art projects utilizing new, innovative technologies to improve the quality of products, reduce the cost of producing high-quality medicines, and demonstrate advances in project delivery. The FOYA program provides a platform for the pharmaceutical science and manufacturing industry to showcase its accomplishments in facility design, construction, and operation, while sharing the development of new applications of technology and cutting-edge approaches. Visit ISPE.org/FOYA for more information.

Contacts

Dept. of Marketing and Communications

+44(0) 121 289 3471

• WWE drives down energy costs with Enlighted Lighting Solution, an occupancy-based lighting control system.
• Enlighted Data Services and Location Intelligence futureproof WWE headquarters with IoT insights and asset tracking capabilities.

SANTA CLARA, Calif.–(BUSINESS WIRE)–#digitaltransformation–Today Enlighted, a leading proptech company owned by Siemens, announced a new engagement with World Wrestling Entertainment (WWE) to support its vision of a smart, energy efficient headquarters. The leader in global entertainment that can be seen in more than 1 billion homes worldwide will use Enlighted’s intelligent lighting control, smart sensors, IoT data services and real time location services (RTLS) to achieve occupancy-based energy savings, optimal space management and provide the most productive environment for WWE employees.

WWE is headquartered in Stamford, Connecticut, with over 400,000 square feet of multi-purpose space including office space, studios, production and post-production facilities, conferencing, event, and outdoor terrace spaces. With the size and complexity of space types, it is essential for WWE to understand and optimize its real estate footprint using technology and software with the flexibility to address a range of uses. As part of a major renovation and digital transformation initiative, with almost 2,000 sensors over a wireless, fault-tolerant network at WWE will enable:

Enlighted Lighting Solution: Occupancy-based intelligent lighting control with flexible configurations for task tuning, daylight harvesting and efficient lighting of WWE spaces will result in bottom line energy savings and progression of WWE’s carbon neutrality.

Enlighted Data Services: Collecting data 65 times per second from sensors that measure movement, temperature and power, WWE will use specialized visualization dashboards to derive key insights for space design decisions.

Location Intelligence: WWE will use the same lighting sensing environment to reliably track assets, ranging from high value assets (memorabilia, collectibles) to operational assets (mail carts, merchandise samples, packages) in real-time for movement analysis and improved inventory management.

With Enlighted’s lighting controls as the foundation, WWE will be solving multiple IoT use cases and utilizing the open APIs, WWE will have central management, a ‘single pane of glass’ into operations.

“The new WWE headquarters is comprised of spaces intended for a variety of very different uses,” said Rajan Mehta, Chief Technology Officer, WWE. “The Enlighted IoT Smart Building technology will make it possible for us to realize enormous energy savings, increase our operating efficiencies and use data to capture building activity for intelligent data-driven space decisions. IoT-based asset tracking and process flow improvements will make our headquarters truly a smart building.”

“Space utilization isn’t just a matter of knowing how many people are in an office or production facility at a given moment—it’s about understanding how employees and guests are moving and interacting with spaces,” said Stefan Schwab, CEO of Enlighted. “The lighting-based sensors at WWE will capture vast amounts of data that WWE can use for a refined view of activity across all of their buildings. With the scalability of cloud storage, the company will be able to identify trends and preferences as they examine building usage data over time.”

About Enlighted

Enlighted is a leading proptech provider of IoT solutions at the intersection of people, space, and work. We offer a unique combination of cognitive environmental IoT sensors and lighting controls that connect to intelligent workplace experience apps, offering a singular, scalable, interoperable solution to address a spectrum of building, space, and productivity needs. Our customers leverage these solutions to enable occupant well-being, greater business efficiencies and momentum toward their sustainability goals. Enlighted is part of Building Robotics, Inc., a Siemens company. For more information, please visit us at enlightedinc.com.

Contacts

Ellen Gustafson

Enlighted
Ellen.gustafson@siemens.com
+1.415.505.6783

Digital closing platform now available in Minnesota, Nevada, North Dakota and Tennessee

TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–Real Title, The Real Brokerage Inc.’s (TSX: REAX) (NASDAQ: REAX) digital closing platform built on industry-leading technology to enable agents to deliver a faster, better experience for their customers, today announced it has launched operations in Minnesota, Nevada, North Dakota and Tennessee. The company is now licensed in 23 states and operational in 10 of those states.

“We are thrilled to be able to say that we’ve more than doubled our footprint in the first five months of 2023 as we continue our push to give agents and clients a better closing experience nationwide,” said Sean Daly, Real Title Founder and CEO. “With the addition of Minnesota and North Dakota, Real Title now has a presence in the Midwest, which strategically positions us to expand our footprint throughout the Midwest as well as into the Mid-Atlantic and Northeast.”

Acquired in 2022 as part of its strategy to provide Real’s growing agent base and their clients an end-to-end technology-driven solution from search to close, Real Title leverages state-of-the-art technology to streamline the closing process. Through an easy to use in-app experience, agents, buyers and sellers are able to track each step of the real estate transaction as well as communicate and upload and store documents through a secure, collaborative environment.

As Real Title expands its presence, it offers Real agents the ability to participate in a joint venture program that is designed to give agents a new source of income and share in the success of the company’s growth.

Real Title is now available in Arizona, Florida, Georgia, Minnesota, Nevada, North Dakota, Tennessee, Texas and Utah, and provides escrow services in California through its subsidiary, Real Escrow of California.

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 Title’s expansion of its operations into additional states.

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 and Real Title’s ability to expand its operations into additional states. 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.

About Real Title

Founded in 2019 as Expetitle, Real Title streamlines the paper and time intensive settlement process through an in-app experience that allows agents and their clients to track the progress of their transaction, communicate and upload and store documents though a secure, collaborative environment. Real acquired the company in 2022 as part of its vision to provide agents and their clients with an end-to-end technology-driven search to close experience.

About The Real Brokerage

The Real Brokerage Inc. (TSX: REAX) (NASDAQ: REAX) is revolutionizing the residential real estate industry by pairing best-in-class technology with the trusted guidance of the agent-led experience. Real delivers a cloud-based platform to improve efficiencies and empower agents to provide a seamless end-to-end experience for home buyers and sellers. The company was founded in 2014 and serves 46 states, D.C., and four Canadian provinces with over 10,000 agents. Additional information can be found on its website at www.onereal.com.

Contacts

Investor inquiries:

Jason Lee

Vice President, Capital Markets & Investor Relations

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Director, Communications

elisabeth@therealbrokerage.com
201.564.4221

TORONTO–(BUSINESS WIRE)–DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U) (“Dream Residential REIT” or the “REIT”) today announced its May 2023 monthly distribution in the amount of US$0.035 per unit (US$0.42 annualized). The May distribution will be payable on June 15, 2023 to unitholders of record as at May 31, 2023.

About Dream Residential REIT

Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns an initial portfolio of 16 garden-style multi-residential properties, consisting of 3,432 units primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit www.dreamresidentialreit.ca.

Contacts

Dream Residential REIT

P. Jane Gavan
Chief Executive Officer

(416) 365-6572

jgavan@dream.ca

Derrick Lau
Chief Financial Officer

(416) 365-2364

dlau@dream.ca

Scott Schoeman
Chief Operating Officer

(303) 519-3020

sschoeman@dream.ca

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

TORONTO–(BUSINESS WIRE)–#valueforgenerations–Choice Properties Real Estate Investment Trust (“Choice Properties”) (TSX: CHP.UN) announced today that the trustees of Choice Properties have declared a cash distribution for the month of May, 2023 of $0.0625 per trust unit, representing $0.75 per trust unit on an annualized basis, payable on June 15, 2023 to Unitholders of record at the close of business on May 31, 2023.

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

For further information:


Mario Barrafato

Chief Financial Officer

Choice Properties REIT

(416) 628-7872

Mario.Barrafato@choicereit.ca

Concluded during the company’s previous fiscal year, the oversubscribed $7 Million SAFE Round will expedite 1VALET’s expansion of their security integrator network and supply chain, while also driving the addition of new revenue-generating features for users of their smart building platform.

OTTAWA, Ontario–(BUSINESS WIRE)–Canadian smart building platform leader 1VALET announced today the successful closure of an oversubscribed $7 Million SAFE round in its previous fiscal year.

The oversubscription of shares is a testament to the proptech firm’s remarkable growth and momentum, particularly over the past year. Supported by strategic partnerships with security integrators, telecommunication companies, and other industry leaders, the company is committed to building upon its strong track record of revenue growth. Over the past five years, 1VALET has achieved a remarkable Compound Annual Growth Rate (CAGR) of approximately 150%.

This investment round will empower 1VALET to further enhance shareholder value by expanding its relationship with Rogers and Shaw, strategically expanding its security integrator network, reinforcing its robust supply chain, and introducing new features to its smart building platform. These advancements will enable the company to unlock additional revenue-generating opportunities for its users and help maintain 1VALET’s position at the forefront of innovation.

“The exceptional value we have been able to create for multi-family owners and asset managers, as well as our own stakeholders and partners, has been remarkable,” said 1VALET CEO Jean-Pierre Poulin. “Our growth over the past five years has been outstanding, and we’re eager and excited to continue to compound this success over the coming years.”

Renowned for its disruptive smart building operating system and proprietary hardware, 1VALET sells its innovative products directly and through multiple distribution channels.

To learn more about how 1VALET is helping hundreds of developers and asset managers grow their NOI, streamline operations, and boost resident engagement, contact our Sales Team at sales@1valet.com.

About 1VALET

1VALET is a leading smart Building Operating System that integrates IoT technologies to better connect residents to their community, and easily convert multi-family buildings into connected smart communities.

By centralizing building systems into one web-based dashboard and empowering tenants with a leading Resident App, 1VALET can enhance resident engagement, increase NOI, and create safer, smarter communities. To learn more, visit 1VALET.com.

Contacts

Media Contact

Hugo Moreira

Marketing Communications Manager

hmoreira@1valet.com

TORONTO–(BUSINESS WIRE)–Slate Grocery REIT (TSX: SGR.U) (TSX: SGR.UN) (the “REIT”), an owner and operator of U.S. grocery-anchored real estate, announced today that the Board of Trustees has declared a distribution for the month of May 2023 of U.S.$0.072 per class U unit of the REIT (“Class U Units”), or U.S.$0.864 on an annualized basis.

Holders of Class U Units may elect to receive their distribution in Canadian dollars and should contact their broker to make such an election.

Holders of class A units of the REIT (“Class A Units”) will receive a distribution equal to the Canadian dollar equivalent (based on the U.S./Canadian dollar exchange rate at the time of payment of the distribution) of U.S.$0.072 per Class A Unit, unless the unitholder has elected to receive distributions in U.S. dollars. Holders of class I units of the REIT (“Class I Units”) will receive a distribution of U.S.$0.072 per Class I Unit, unless the unitholder has elected to receive distributions in Canadian dollars. Holders of units of subsidiaries of the REIT that are exchangeable into Class U Units (“Exchangeable Units”) will receive a distribution of U.S.$0.072 per unit.

If a holder of Class U Units or Class I Units elects to receive distributions in Canadian dollars, the holder will receive the Canadian dollar equivalent amount of the distribution being paid on the Class U Units or Class I Units, as applicable, based on the U.S./Canadian dollar exchange rate at the time of payment of the distribution.

Distributions on all unit classes of the REIT, and distributions on Exchangeable Units, will be payable on June 15, 2023 to unitholders of record as of the close of business on May 31, 2023.

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

Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate. The REIT owns and operates approximately U.S. $2.4 billion of critical real estate infrastructure across major U.S. metro markets that communities rely upon for their daily needs. The REIT’s resilient grocery-anchored portfolio and strong credit tenants provide unitholders with durable cash flows and the potential for capital appreciation over the longer term. Visit slategroceryreit.com to learn more about the REIT.

About Slate Asset Management

Slate Asset Management is a global alternative investment platform targeting real assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform has a range of real estate and infrastructure investment strategies, including opportunistic, value add, core plus and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.

Forward-Looking Statements

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

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

SGR-Dist

Contacts

For Further Information
Investor Relations

+1 416 644 4264

ir@slateam.com

KEY TAKEAWAYS

• Manitoba is Holcim’s second market to use renewable diesel as part of its carbon reduction strategies
• Reduce up to 38.9% CO2 Emission (Scope 3) year-over-year

WINNIPEG, Manitoba–(BUSINESS WIRE)–Lafarge Canada, a leader in sustainable and innovative building solutions, announced today its continued partnership with 4Refuel, a provider of sustainable fuel solutions, to advance its commitment to reducing carbon emissions. Lafarge and 4Refuel will collaborate to implement renewable diesel in Lafarge’s operations in its Manitoba market area.

Renewable diesel is a sustainable alternative to traditional diesel fuel that is made from waste oils and fats and produces lower emissions than conventional diesel.

Lafarge’s adoption of renewable diesel (R50) is in line with its pledge to become a Net-zero corporation by decreasing its carbon footprint and advocating for sustainability. With the utilization of renewable diesel, Lafarge is targeting that its reduction in CO2 emissions (scope 3) will lead to a substantial decrease in greenhouse gas emissions, enhance air quality, and encourage the responsible management of the environment.

“Switching to renewable diesel (R50) is a significant step forward in our sustainability journey,” said Tina Larson, Vice President, Manitoba & Saskatchewan, Lafarge Canada, Western Canada. “We recognize that climate change is one of the most significant challenges facing our planet, and we are committed to doing our part to reduce our impact on the environment. We believe that renewable diesel is an excellent solution to help us achieve our sustainability goals while maintaining the high level of performance that our customers expect.”

The shift to renewable diesel will have no impact on Lafarge’s operations or the quality of its products and services. Renewable diesel is compatible with existing diesel engines and infrastructure, making it an easy and effective way for businesses to reduce their carbon footprint. Lafarge will reduce up to 46 tonnes of CO2 emissions (Scope 3) per year by adopting renewable diesel in Manitoba; this is equivalent to 5,176 gallons of gasoline consumed or 9 homes electricity use for one year.

Lafarge’s transition to renewable diesel began in November 2022 with the Greater Vancouver Area market and it is part of a larger sustainability initiative that includes reducing waste, conserving water, and promoting energy efficiency. The Manitoba market will begin its adoption by making use of the renewable diesel fuel during the warmer months, from May to October.

“We are thrilled to continue our sustainability partnership with Lafarge by expanding our renewable diesel (R50) offering into additional Lafarge markets. Renewable diesel is a turn-key solution to reduce lifecycle-based emissions, and we are committed to serving our customers with low-carbon alternatives,” says Lauren Foulkes, Director of Sustainability, 4Refuel.

Lafarge Canada is proud to be a leader in sustainability and will continue to explore new ways to reduce its environmental impact; it encourages other businesses to join the Net-zero journey and make a commitment towards creating a cleaner and healthier future for all.

About Lafarge Canada Inc.

Lafarge is Canada’s largest provider of sustainable and innovative building solutions including Aggregates, Cement, Ready Mix and Precast Concrete, Asphalt and Paving, and Road and Civil Construction. With over 6,900 employees and 400 sites across the country, Lafarge provides green products to build the infrastructure and communities where Canadians live and work.

As a member of Holcim Group, Lafarge’s purpose is to build progress for people and the planet.

www.lafarge.ca

About 4refuel

4Refuel is North America’s largest mobile onsite refueling and fuel management technology company. Operating for over 25 years, 4Refuel is a trusted partner to sustainable fuel management operations with 24/7/365 reliable, convenient, and safe solutions. 4Refuel is pioneering the energy transition by offering distribution of a full suite of low-carbon liquid and gaseous alternative fuel products. We serve diverse markets, including construction, commercial transport, mining, agriculture, and marine. 4Refuel is a wholly owned subsidiary of Finning International.

4refuel.com

Contacts

Media Contact

Adetutu Opeyemi

External Communications and Marketing Advisor, Eastern Canada

Lafarge Canada Inc.

adetutu.opeyemi@lafarge.com

Virginia MacFabe

Manager, Marketing Programs

4Refuel

virginia.macfabe@4refuel.com

Morley Greene, Founder of Trez Capital and Industry Leader, Passes the Torch to New Firm Leadership

VANCOUVER, British Columbia & DALLAS–(BUSINESS WIRE)–Trez Capital, a leading provider of private commercial real estate debt and equity financing solutions in Canada and the United States, announced today that after almost 26 years as Chairman and Chief Executive Officer, firm founder Morley Greene will transition into the role of Executive Chairman. Executive leaders John D. Hutchinson and Dean Kirkham, will serve as Co-Chief Executive Officers, taking over day-to-day leadership of the firm.

“Building Trez Capital has been the greatest, most fulfilling and transformational professional experience of my life,” said Greene. “It has been an incredible 26-year journey for me, but the story does not stop here – the new chapter for Trez Capital is about to begin.”

Trez Capital’s partnership continues to undergo changes that bring new perspectives, skills and varied expertise. After 13 years with the firm holding progressively senior positions and 20 years of experience in the home building business, Hutchinson joined the partnership in fall 2021. More recently, in early 2023, Kirkham and John Maragliano were welcomed as partners. Kirkham joined Trez Capital in 2016 as Chief Credit Officer and has since taken on increasingly senior roles, culminating in his most recent position as President and Chief Operating Officer. Maragliano joined Trez Capital in 2021 as Chief Financial Officer, bringing 25 years of experience in the financial services industry. With this executive team’s diversified capabilities, Trez Capital has the right leaders in place to ensure its future success.

“My confidence to transition leadership at this time is a testament to the strength and vision of the firm, creating space for our leaders to emerge, fostering innovation and paving the way for Trez Capital to spread its wings and soar higher in the next chapter of growth and success,” added Greene.

In his new role as Co-Chief Executive Officer and Global Head of Origination, Hutchinson will continue focusing on the firm’s debt and equity origination business. As Co-Chief Executive Officer and President, Kirkham will continue focusing on the key pillars of risk and capital raising for the firm. Together, they will set the mission, vision, values and strategic direction of the firm. Additionally, Maragliano will become Chief Operating Officer, paired with his current role as Chief Financial Officer.

“We are focused on growing the firm which will continue to come from our core financing business and the new offerings we have recently brought to the market under our joint leadership,” stated Hutchinson.

In his role as Founder and Executive Chairman, Greene will continue providing valuable mentorship to the executive team, while also actively contributing to key strategic initiatives. Furthermore, he will prioritize fostering strong relationships with borrowers and investors, which have been an essential component of the organization’s success over time.

Kirkham said, “For several years now Trez Capital has strategically expanded our team of talented leaders who will uphold and build upon the legacy established by Morley, driving our organization forward with purpose and vision. Most importantly, we will continue to put our investors first in everything we do.”

“Trez Capital’s future has never been clearer, and this sound executive leadership team will continue building upon our reputation of providing innovative financing for commercial properties in major centers throughout Canada and the U.S. while providing exceptional returns for our investors,” concluded Greene.

About Trez Capital:

Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt and equity financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured mortgage investment funds, syndication offerings and real estate joint-venture investments; and provides property developers with quick approvals on flexible short- to mid-term financing.

With offices across North America, Trez Corporate Group has over $5.4* billion CAD in assets under management and has funded over 1,700 transactions totalling more than $17 billion CAD since inception. For more information, visit www.trezcapital.com. (*Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $3.0 billion Manager AUM (Trez Capital Fund Management Limited Partnership)).

Contacts

Trez Capital Media Contact, Sarah Haney, 647.460.2029, sarahh@trezcapital.com

Dala Communications for Trez Capital: Leah Williams, 214.302.9699, leah@dalacommunications.com

DALLAS–(BUSINESS WIRE)–AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, announced today that its joint venture was awarded a contract from the U.S. Army Corps of Engineers (USACE) to deliver per-and polyfluoroalkyl substances (PFAS) remedial investigations, feasibility studies, removal actions, and associated work at Army National Guard (ARNG) facilities nationwide. This work builds on AECOM’s prior experience executing extensive preliminary PFAS investigations at ARNG facilities for USACE.

“PFAS present a social and environmental challenge, one we’re tackling aggressively through our Sustainable Legacies strategy,” said Lara Poloni, AECOM’s president. “Our track record in PFAS extends over two decades, and our teams bring deep technical excellence and a drive to continuously innovate solutions as we partner with new and long-term clients to address the impact of PFAS on communities.”

Using the latest in analytics and treatment technologies, the joint venture will work with USACE to define nature and extent for regulated PFAS at ARNG facilities nationwide, take quick action where necessary, and design and implement long-term treatment solutions.

“The ARNG and all of the Department of Defense continue to take proactive measures against PFAS in the environment, and we’re proud to support them as a leader in PFAS remediation,” said Frank Sweet, chief executive of AECOM’s global Environment business. “Our suite of PFAS services, spanning characterization, evaluation, mitigation and destruction, and our ever-growing team of global experts enable us to provide clients with powerful PFAS capabilities, which we expect to be especially valuable as countries around the world take further action to address and limit PFAS.”

PFAS are a diverse group of synthetic chemicals used for over 50 years in industrial applications that, due to distinct properties, can prove difficult to break down and are subject to increasingly stringent federal regulations. AECOM brings an unrivalled depth and breadth of experience, having helped clients address the impact of PFAS since 2001 and on approximately 500 sites globally.

About AECOM

AECOM (NYSE: ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from advisory, planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical and digital expertise, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.1 billion in fiscal year 2022. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.

Forward-Looking Statements

All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; limited control over operations that run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; potential high leverage and inability to service our debt and guarantees; ability to continue payment of dividends; exposure to political and economic risks in different countries, including tariffs; currency exchange rate and interest fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the expected benefits and costs of the sale of our Management Services and self-perform at-risk civil infrastructure, power construction and oil and gas construction businesses, including the risk that any contingent purchase price adjustments from those transactions could be unfavorable and result in lower aggregate cash proceeds and any future proceeds owed to us under those transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.

Contacts

Media Contact:

Brendan Ranson-Walsh

Senior Vice President, Global Communications

1.213.996.2367

Brendan.Ranson-Walsh@aecom.com

Investor Contact:

Will Gabrielski

Senior Vice President, Finance, Treasurer

1.213.593.8208

William.Gabrielski@aecom.com

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

OTTAWA, Ontario–(BUSINESS WIRE)–InterRent Real Estate Investment Trust (TSX-IIP.UN) (“InterRent” or the “REIT”) today reported financial results for the first quarter ended March 31, 2023. This press release has been amended and restated to correct the commentary regarding same-property NOI growth in the previous press release issued at 7:30 am ET on Tuesday, May 9, 2023.

AMR growth and occupancy gains drive robust NOI margin expansion of 90bps over Q1 2022

• Same property occupancy for March 2023 was 96.9%, an increase of 140 basis points when compared to March 2022, inline with December 2022, helped drive same property NOI for the quarter to $35.8 million, an increase of $3.7 million, or 11.4%, over Q1 2022.
• Total occupancy for March 2023 was 96.8%, an increase of 130 basis points when compared to March 2022, which helped push proportionate NOI for the quarter to $36.3 million, an increase of $4.2 million, or 12.9%, over Q1 2022.
• Total portfolio and same property NOI margin of 62.9% for the quarter is a 90bps expansion over Q1 2022.
• Strong demand continued through the quarter, resulting in Average Monthly Rent (AMR) growth in March 2023 of 7.1% for the total portfolio and 6.7% for the same property portfolio, as compared to March 2022.
• Funds from Operations (FFO) of $18.9 million ($0.130 per Unit – diluted) in Q1 2023 is down 0.8% overall and 2.3% on a per Unit basis compared to Q1 2022 as a result of interest rate increases through 2022 and into the first quarter of 2023.
• Reported on 2022 sustainability objectives and goals with the concurrent release of the 3^rd annual InterRent sustainability report, sharing the progress made as the REIT continues to execute on its sustainability strategy.

Strong revenue and NOI growth helps offset new norm of higher financing costs

As of March 31, 2023, InterRent had proportionate ownership in 12,689 suites, up 2.0% from 12,445 as of March 2022. Including properties that the REIT owns in its joint ventures, InterRent owned or managed 13,840 suites at March 31, 2023. At 96.8%, the March 2023 occupancy rate in InterRent’s portfolio improved 130bps over March 2022 and is flat from December 2022. Within the same property portfolio, March 2023 occupancy was 96.9%, an increase of 140bps from March 2022 and a 10bps decrease from December 2022. AMR growth across the total portfolio was 7.1% for March 2023 as compared to March 2022, while same property AMR increased by an impressive 6.7% for the same period.

With record setting immigration in 2022 and continuing ambitious federal targets for 2023, strong leasing demand continues to drive AMR growth and strong occupancy numbers, resulting in total portfolio operating revenue growth of 11.3% over Q1 2022. Within the same property portfolio, these same factors have grown operating revenues by 9.8% compared to Q1 2022. NOI margin for the overall and same property portfolios were 62.9% for the quarter, a 90-basis points expansion over the same period last year.

In the quarter, the REIT increased its share of CMHC insured mortgages to 83%, from 82% at December 2022 and 71% at March 2022, providing added protection against any liquidity risks in the market. The average term to maturity for the mortgages sits at 5.1 years, a marginal decrease from 5.2 years at December 2022 and up from 4.5 years at March 2022. Despite a large rate swap maturing during the quarter, the REIT’s variable rate exposure ended the quarter at 4%, a decrease from the 16% exposure at the end of Q1 2022. Financing activities during the quarter and changes to variable rates have resulted in the weighted average cost of mortgage debt increasing to 3.38% (+16bps from December 2022). Financing costs in Q1 2023 were consistent with Q4 2022 and came in at $13.9 million relative to $9.7 million in Q1 2022. The REIT has the majority of its remaining 2023 maturing mortgages at various stages of the review/approval process with CMHC. With the changes CMHC’s recently announced to their insurance programs (including MLI Select), the proactive management of renewals and up-financings will minimize the impact of the change in premiums for 2023.

Net income for the quarter was $82.8 million, a decrease of $11.9 million compared to Q1 2022. This difference was due primarily to a $16.0 million difference in the unrealized gain/(loss) on the revaluation of financial liabilities (moving from a $10.0 million gain to a $6.0 million loss) and a $4.2 million increase in financing costs, offset by the increase in NOI and a $4.3 million increase in fair value gain on investment properties.

As a result of seasonality, FFO and AFFO typically decrease from Q4 to Q1 but both are up from $0.129 and $0.110 per Unit (diluted) recorded for Q4 2022. FFO on a per Unit (diluted) basis for the three months ended March 31, 2023 shrunk by 2.3% to $0.130 per Unit (diluted) compared to Q1 2022. Similarly, AFFO for the three months ended March 31, 2023 decreased by 5.8% to $0.113 per Unit (diluted) compared to 2022.

The Slayte

The Slayte development in Ottawa, the REIT’s first office conversion project, is nearing completion with occupancy quickly approaching the 50% mark despite lease-up having mainly occurred during the weaker winter rental months. There continues to be strong momentum post quarter and demand is anticipated to continue and strengthen during the summer months. Takeout financing is underway with CMHC under its MLI Select program, where the community achieved the highest level in the program by scoring on all three criteria: energy efficiency, accessibility, and affordability.

2022 sustainability report highlights the REIT’s significant progress

InterRent is concurrently publishing its 2022 sustainability report alongside its Q1 2023 results. The intent with this report is to provide a status update on the social and environment goals initially established in its inaugural 2020 report and subsequent updates in its 2021 report. The report is available for download in the sustainability section of InterRent’s website (https://www.interrentreit.com/sustainability).

Commenting on the results published today, Brad Cutsey, President & CEO of InterRent, said: “We are pleased to have returned to double-digit same-property NOI growth during the quarter with our core markets stronger than ever. The Slayte is off to a promising start, already reaching 50% occupancy and with the strong summer leasing months yet to come.

Despite facing headwinds from higher financing costs, we have taken incremental steps to improve the resiliency of our debt portfolio. We are pleased to see further signs of market improvement with the Bank of Canada pausing rate hikes, and a modest pick-up in transaction activity.

We are also delighted to have published our third annual sustainability report, which highlights the significant progress we’ve made toward our goals. We will continue to enhance and execute on our sustainability strategy that will not only benefit our communities and the environment, but also drive returns for our stakeholders.”

Financial Highlights

Selected Consolidated Information In $000’s, except per Unit amounts and other non-financial data	3 Months Ended March 31, 2023			3 Months Ended March 31, 2022			Change
Total suites		12,689(1	)		12,445(1	)	+2.0%
Average rent per suite (March)	$	1,504		$	1,404		+7.1%
Occupancy rate (March)		96.8	%		95.5	%	+130 bps
Proportionate operating revenues	$	57,740		$	51,877		+11.3%
Proportionate net operating income (NOI)	$	36,321		$	32,169		+12.9%
NOI %		62.9	%		62.0	%	+90 bps
Same Property average rent per suite (March)	$	1,498		$	1,404		+6.7%
Same Property occupancy rate (March)		96.9	%		95.5	%	+140 bps
Same Property proportionate operating revenues	$	56,915		$	51,814		+9.8%
Same Property proportionate NOI	$	35,781		$	32,129		+11.4%
Same Property NOI %		62.9	%		62.0	%	+90 bps
Net Income	$	82,761		$	94,632		-12.5	%
Funds from Operations (FFO)	$	18,910		$	19,067		-0.8	%
FFO per weighted average unit – diluted	$	0.130		$	0.133		-2.3	%
Adjusted Funds from Operations (AFFO)	$	16,430		$	17,267		-4.8	%
AFFO per weighted average unit – diluted	$	0.113		$	0.120		-5.8	%
Distributions per unit	$	0.0900		$	0.0855		+5.3%
Adjusted Cash Flow from Operations (ACFO)	$	8,194		$	13,170		-37.8	%
Debt-to-GBV		38.0	%		36.4	%	+160 bps
Interest coverage (rolling 12 months)	2.52x			3.31x			-0.79x
Debt service coverage (rolling 12 months)	1.59x			1.84x			-0.25x

(1)

Represents 12,021 (2022 – 11,965) suites fully owned by the REIT, 1,214 (2022 – 960) suites owned 50% by the REIT, and 605 (2022 – nil) suites owned 10% by the REIT.

Conference Call

Management will host a webcast and conference call to discuss these results and current business initiatives on Tuesday, May 9, 2023 at 10:00 AM EST. The webcast will be accessible at: https://www.interrentreit.com/2023-q1-results. A replay will be available for 7 days after the webcast at the same link. The telephone numbers for the conference call are 1-888-886-7786 (toll free) and 416-764-8687 (international). No access code required.

About InterRent

InterRent REIT is a growth-oriented real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties.

InterRent’s strategy is to expand its portfolio primarily within markets that have exhibited stable market vacancies, sufficient suites available to attain the critical mass necessary to implement an efficient portfolio management structure, and offer opportunities for accretive acquisitions.

InterRent’s primary objectives are to use the proven industry experience of the Trustees, Management and Operational Team to: (i) grow both funds from operations per Unit and net asset value per Unit through investments in a diversified portfolio of multi-residential properties; (ii) provide Unitholders with sustainable and growing cash distributions, payable monthly; and (iii) maintain a conservative payout ratio and balance sheet.

*Non-GAAP Measures

InterRent prepares and releases unaudited quarterly and audited consolidated annual financial statements prepared in accordance with IFRS (GAAP). In this and other earnings releases, as a complement to results provided in accordance with GAAP, InterRent also discloses and discusses certain non-GAAP financial measures, including Proportionate Results, Gross Rental Revenue, NOI, Same Property results, Repositioned Property results, FFO, AFFO, ACFO and EBITDA. These non-GAAP measures are further defined and discussed in the MD&A dated May 9, 2023, which should be read in conjunction with this press release. Since Proportionate Results, Gross Rental Revenue, NOI, Same Property results, Repositioned Property results, FFO, AFFO, ACFO and EBITDA are not determined by GAAP, they may not be comparable to similar measures reported by other issuers. InterRent has presented such non-GAAP measures as Management believes these measures are relevant measures of the ability of InterRent to earn and distribute cash returns to Unitholders and to evaluate InterRent’s performance. These non-GAAP measures should not be construed as alternatives to net income (loss) or cash flow from operating activities determined in accordance with GAAP as an indicator of InterRent’s performance.

Cautionary Statements

The comments and highlights herein should be read in conjunction with the most recently filed annual information form as well as our consolidated financial statements and management’s discussion and analysis for the same period. InterRent’s publicly filed information is located at www.sedar.com.

This news release contains “forward-looking statements” within the meaning applicable to Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “anticipated”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent’s most recently publicly filed information located at www.sedar.com. InterRent cannot assure investors that actual results will be consistent with these forward looking statements and InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts

Investor Relations

investorinfo@interrentreit.com
www.interrentreit.com