• Enables the site to meet growing demand for low-voltage distribution equipment

MISSISSAUGA, Ontario–(BUSINESS WIRE)–Schneider Electric, the leader in the digital transformation of energy management and automation, is expanding its Duna Smart Power Systems (DSPS) smart factory in Dunavecse, which opened last year. The new facility covering 18,000 square metres, is being constructed with an investment of 44 million €.

Schneider Electric is adapting its capacity flexibly in response to market demands while adhering to a principle of gradual growth. The expanded facility will focus on manufacturing low-voltage distribution equipment marking the introduction of these products at this site.

The development will occur entirely on the 10 hectares of land already owned by Schneider Electric, which was chosen prior to the launch of the first phase of DSPS for its suitability for future expansion. Last May, the company inaugurated the Duna Smart Power Systems (DSPS) plant in Dunavecse, one of its largest production facilities in Europe. It serves as the main European production centre for the company’s latest SF6-free medium-voltage switchgear RM AirSeT, as well as medium-voltage air-insulated switchgears for both Europe and global markets.

“As a leading global industrial technology company, Schneider Electric is a trusted partner in sustainability and energy efficiency through electrification and digitalization. The expansion of our Dunavecse factory responds to the significant market demand for low-voltage distribution equipment globally”, said Yann Reynaud, Schneider Electric’s Senior Vice President, Global Engineering to Order Operations.

In addition to enhancing sustainability and energy efficiency, the first phase of DSPS was designed for efficient building operation. Schneider Electric’s EcoStruxure, an IoT-enabled, plug-and-play, open, and interoperable architecture and platform, is implemented with advanced online monitoring systems and communication network tools to help prevent failures and ensure timely interventions.

In recognition of Schneider Electric’s commitment to sustainability and efficiency, the company has been named the world’s most sustainable company by TIME magazine and Corporate Knights recently, as well as the DSPS has already received several awards, including first place in the Industry category of the Hungarian Real Estate Development Excellence Award, Zero Carbon Award in new construction category of the Hungarian Green Building Association (HuGBC), and recognition as one of the three best projects in last year’s “Green Awards powered by Green Cloud” competition. Additionally, it was a finalist in the BTS (Build-To-Suit) category of the CRE Awards and received “Best Technology Investment of the Year” award from the Joint Venture Association.

About Schneider Electric

Schneider’s purpose is to create Impact by empowering all to make the most of our energy and resources, bridging progress and sustainability for all. At Schneider, we call this Life Is On.

Our mission is to be the trusted partner in Sustainability and Efficiency.

We are a global industrial technology leader bringing world-leading expertise in electrification, automation and digitalization to smart industries, resilient infrastructure, future-proof data centers, intelligent buildings, and intuitive homes. Anchored by our deep domain expertise, we provide integrated end-to-end lifecycle AI enabled Industrial IoT solutions with connected products, automation, software and services, delivering digital twins to enable profitable growth for our customers.

We are a people company with an ecosystem of 150,000 colleagues and more than a million partners operating in over 100 countries to ensure proximity to our customers and stakeholders. We embrace diversity and inclusion in everything we do, guided by our meaningful purpose of a sustainable future for all.

www.se.com/ca

Discover Life Is On

Follow us on: Twitter | Facebook | LinkedIn | YouTube | Instagram | Blog

Discover the newest perspectives shaping sustainability, electricity 4.0, and next-generation automation on Schneider Electric Insights.

Hashtags: #PressRelease #GlobalSupplyChain #SmartFactory

Contacts

Media Relations – Edelman on behalf of Schneider Electric, Juan Pablo Guerrero

Phone: +1 416 875 7173, Email: juan.guerrero@edelman.com

Park Hospitality Holdings Receives Award Honoring Corry Oakes, OTO Development’s Co-Founder and CEO; Additional Owners, Operators and Developers Received Honors

CHICAGO–(BUSINESS WIRE)–Hyatt Hotels Corporation (NYSE: H) announced the renaming of its Strategic Partner award to The Corry Oakes Strategic Partner Award, honoring the legacy of OTO Development’s co-founder and CEO who passed away unexpectedly in 2022. This award, as well as additional honors including two new categories, Purpose & Care and Operational Excellence, were presented at Grand Hyatt Baha Mar during Hyatt’s 2025 Americas Owners Conference. The theme of the conference, Business is Personal, was reflected throughout the award presentations, which celebrated the deep relationships and personal commitments that drive success across Hyatt’s owner, operator, and developer community.

Oakes was remembered as a strategic partner and close friend of the Hyatt family. Hyatt’s relationship with OTO Development has resulted in developing Hyatt Centric, Hyatt House and Hyatt Place properties across the United States. Amy Oakes, Corry’s wife, was present for the award renaming announcement, led by Jim Chu, chief growth officer, Hyatt.

“The impact that Corry Oakes had on Hyatt is immeasurable, and it was my honor to celebrate his legacy by announcing The Corry Oakes Strategic Partner Award. Corry was an exemplary partner for many years, and he is deeply missed,” said Jim Chu, chief growth officer, Hyatt. “As Hyatt continues to evolve, we are deeply appreciative of all our valued owners, operators and developers, and we extend our congratulations to this year’s award recipients.”

The 2025 Hyatt Americas Owners Conference Awards include:

• The Corry Oakes Strategic Partner Award celebrates a company’s culture, philosophies, and strong, multi-brand relationship with Hyatt. These meaningful attributes exemplify Corry Oakes’ legacy.
  • Parks Hospitality Holdings has played an instrumental role in expanding Hyatt’s portfolio in Mexico. They continue to embrace thoughtful growth, sustainability, and lead with a deep respect for local communities. Parks Hospitality Holdings’ highly anticipated openings include Park Hyatt Cancun, Grand Hyatt Mexico Santa Fe, Grand Hyatt Los Cabos and Hyatt Place Cancun Airport. The group’s focus on thoughtful growth, sustainability and local craftsmanship continues to set Hyatt apart in the region.

• Purpose & Care (NEW) celebrates a company’s demonstration of Hyatt’s purpose, to care for people so they can be their best, and meaningful support of local communities.
  • Host Hotels & Resorts received the inaugural Purpose & Care Award for their unwavering commitment to supporting communities in times of crisis, particularly following the August 2023 Maui wildfires. As wildfires devastated Lāhainā, Host Hotels & Resorts provided immediate relief and long-term support for displaced colleagues, guests, first responders, and the broader Maui community. Their dedication to recovery and rebuilding exemplifies Hyatt’s purpose of care.

• Operational Excellence (NEW) recognizes exemplary hotel operations and dedication to providing exceptional guest service.
  • GHL Hotels truly exemplifies what it means to be committed to excellence and it’s evident that guest experience is their passion. They view customer service not just as a necessity, but as a key profit driver that boosts their ADR. The two full-service Hyatt hotels that they operate, Hyatt Centric Guatemala City and Hyatt Centric San Salvador, were recently recognized for maintaining the highest-level core metrics status for the second half of 2024.
  • TKo Hospitality has been a steadfast Hyatt operator for many years and their dedication to our shared vision and goals has been instrumental in their success. When visiting any of their Hyatt Place or Hyatt House hotels, guests experience TKo Hospitality’s dedication to providing value and quality service. In 2024, they exceeded core metric expectations, increased top-line revenues and market performance.

• Developer of the Year recognizes developers for their design creativity, construction quality, attention to detail and excellence in hotel development.
  • Extell Development is a two-time Developer of the Year recipient known for transformative projects including their latest achievement, Grand Hyatt Deer Valley, which opened in November 2024. This property anchors the newly developed Deer Valley East Village—the first luxury mountain village of its kind in North America since 1981. With 436 luxury accommodations, including 55 residences, Deer Valley sets a new standard for mountain hospitality.
  • K Inmuebles was one of the first Hyatt Inclusive Collection owners to invest in Mexico and the company’s Secrets properties consistently rank in the top 10% for guest experience. Since Secrets Playa Blanca Costa Mujeres opened just over a year ago, it has become one of the top performing resorts within the entire Cancun/Riviera Maya area. The 507-room adults-only resort places an emphasis on thoughtful architecture, breathtaking views, and proximity to some of Mexico’s most beautiful natural treasures.
  • 3H Group was among the first to embrace the Hyatt Studios brand and committed to developing five properties, including the recently opened Hyatt Studios Mobile/Tillmans Corner. 3H Group also broke ground on Hyatt Studios locations in Huntsville, Al and Jacksonville, Fl, along with Caption by Hyatt Chattanooga. They also recently acquired Hyatt Place Tampa Airport / Westshore, which is set for a transformative renovation.

• Best New Property acknowledges recent hotel openings.
  • Thompson Houston (DC Partners) opened in February 2024 adjacent to Houston’s Buffalo Bayou. The 172-room Thompson Houston delivers striking design, world-class dining and skyline views. With 17,000+ square feet of event space, including a rooftop terrace and 8,000-square-foot ballroom, the property has quickly become a premier destination within the city.
  • Secrets Tides Punta Cana & Spa (Codelpa) opened in January 2024 in the Uvero Alto neighborhood as the first Hyatt hotel owned by Alvaro Pena, an industry visionary in the Caribbean. This all-suite resort offers nine restaurants along with three pools, two outdoor hot tubs and an expansive spa. With these accommodations and amenities, Secrets Tides Punta Cana is a leader within the Dominican Republic’s all-inclusive market.
  • Hyatt Place Windsor (Inspiration Group of Companies) opened in October 2024 and is ideally situated in Canada’s vibrant city of Windsor and located just minutes away from many local attractions. The exterior has a striking, curb presence, along with an inviting lobby, bar and lounge area featuring well-selected furniture and customized artwork. Since opening just over four months ago, the hotel has experienced impressive results.
  • Hyatt House Raleigh Downtown/Seaboard Station (Hoffman & Associates) opened in October 2024 in Seaboard Station, an exciting, reimagined neighborhood on the north edge of Downtown Raleigh, NC. This extended-stay hotel is part of a larger, community-first development home to lively residential and retail spaces. It features a two-level public area infused with art, an H-bar that serves both guests and locals, as well as a unique rooftop restaurant/bar, called High Rail, offering incredible views from its outdoor patio.
  • Caption by Hyatt – The Gulch (CB Ragland, HRI Hospitality, Peachtree Group) opened in December 2024 and is conveniently located in the Gulch, offering guests the very best of Downtown Nashville. The hotel’s design pays homage to the Gulch’s rich history as a former industrial and railroad hub and provides guests with Nashville-inspired décor and Café Between – the hotel’s all-day lounge.

• Best Renovation recognizes the reconfiguration and transformation of Hyatt-branded hotels.
  • Hyatt Place Kansas City/Overland Park/Metcalf (Dream Hospitality, LLC) began a comprehensive renovation in 2023, touching all areas of the guestrooms, public space and exterior. The renovation was completed in 2024 and brings new life to the building façade while the custom interior public space and guestroom designs offer a welcoming and upgraded feel.

• Best Conversion celebrates the reconfiguration of an existing property and conversion to a Hyatt-branded hotel.
  • Grand Hyatt Scottsdale Resort (Xenia Hotels & Resorts): Previously Hyatt Regency Scottsdale, the resort has been reimagined into Arizona’s first Grand Hyatt hotel. Xenia Hotels & Resorts invested more than $115 million to comprehensively transform the property. The revitalized resort features 496 redesigned guest rooms, casitas, and suites, an enhanced 2.5-acre pool and cabana experience, and expanded meeting and event space capabilities totaling over 90,000 square feet. Finishing off the experience are six new bar & restaurant concepts completed in the partnership with renowned celebrity chef, Richard Blais.
  • Hyatt Centric San Jose Escazu (Caribe Hospitality) marks the first Hyatt Centric branded hotel in Costa Rica, primely located in the vibrant Escazú neighborhood of Costa Rica’s capital city. In 2022, Caribe Hospitality acquired this former Holiday Inn hotel and, following an extensive two-year renovation, it reopened as a completely reimagined Hyatt Centric property with modern décor and art that highlights the history and identity of the region.
  • Impression Isla Mujeres by Secrets (Secretos Isla Mujeres) marked the debut of the Impression by Secrets brand in this iconic Mexico destination. This hotel, which stood half-built for more than a decade, was acquired and transformed into a luxury, adults-only resort featuring stunning artwork, architecture and interior design, and provides guests with elevated dining experiences featuring local ingredients and contemporary culinary techniques.
  • Hyatt House Colorado Springs Airport (Coughlin and Company) extended-stay hotel allows guests to explore the best of Colorado Springs along with the comforts of home. Guests visiting this hotel are conveniently located close to countless adventures in the magnificent Rocky Mountains. In 2024, the hotel’s customer service score was in the top 15% of all Hyatt House hotels in the Americas region.

• Best Adaptive Re-Use honors outstanding Hyatt-branded hotels developed from alternative real estate uses.
  • Hyatt Centric Santo Domingo (Grupo Martinon) debuted in October 2024 as the first Hyatt Centric brand hotel in the Caribbean. This property has undergone a significant transformation and repurposing from a bland office building to one of Santo Domingo’s most vibrant and stylish hotels. Hyatt Centric Santo Domingo marks Grupo Martinon’s first urban property in Santo Domingo.
  • Hyatt House BWI Airport (Tathata LLC) offers convenient access to BWI Airport and downtown Baltimore, making it an ideal choice for all travelers. Originally built in the 1970s, the building previously housed the NSA and various government contractors. After its acquisition in 2017, it underwent a comprehensive renovation, culminating in August 2024. The transformation resulted in a stunning Hyatt House hotel, featuring a modern lobby and guestrooms designed with the latest contemporary interior design package.

For more information, please visit hyatt.com/development.

The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of December 31, 2024, the Company’s portfolio included more than 1,400 hotels and all-inclusive properties in 79 countries across six continents. The Company’s offering includes brands in the Luxury Portfolio, including Park Hyatt®, Alila®, Miraval®, Impression by Secrets, and The Unbound Collection by Hyatt®; the Lifestyle Portfolio, including Andaz®, Thompson Hotels®, The Standard®, Dream® Hotels, The StandardX, Breathless Resorts & Spas®, JdV by Hyatt®, Bunkhouse® Hotels, and Me and All Hotels; the Inclusive Collection, including Zoëtry® Wellness & Spa Resorts, Hyatt Ziva®, Hyatt Zilara®, Secrets® Resorts & Spas, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Sunscape® Resorts & Spas, and Alua Hotels & Resorts®; the Classics Portfolio, including Grand Hyatt®, Hyatt Regency®, Destination by Hyatt®, Hyatt Centric®, Hyatt Vacation Club®, and Hyatt®; and the Essentials Portfolio, including Caption by Hyatt®, Hyatt Place®, Hyatt House®, Hyatt Studios, and UrCove. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith, Unlimited Vacation Club®, Amstar® DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as hurricanes, earthquakes, tsunamis, tornadoes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; our ability to successfully achieve specified levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and manage the Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including our annual report on Form 10-K and our Quarterly Reports on Form 10-Q, which filings are available from the SEC. These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Contacts

Media Contact
Melissa Wright

Hyatt

melissa.wright@hyatt.com

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) announces today its exposure to the Hudson’s Bay Company ULC, the retailer Hudson’s Bay and TheBay.com (“HBC”), in response to HBC’s March 7, 2025, press release stating that it has commenced proceedings under the Companies’ Creditors Arrangement Act.

Primaris has been preparing for this announcement for an extended period of time.

HBC Exposure

As at March 10, 2025, Primaris REIT’s exposure to HBC is as follows:

• 10 HBC locations totaling 1,124,000 square feet of gross leasable area (“GLA”);
• 12th largest tenant by annualized minimum rent;
• Approximately $11.6 million total gross rental revenue, per annum;
• $10.33 weighted average gross rent per occupied square foot;
• Approximately $4.6 million net rental revenue per annum, or 1.4% of total annualized minimum rent;
• $4.14 weighted average net rent per occupied square foot;
• February rent was received for all locations excluding two centres; and
• In addition to the 10 HBC locations in Primaris’ portfolio, there is a shadow-anchor HBC located at Devonshire Mall in Windsor, Ontario which is owned by an unrelated HBC joint venture.

“Primaris REIT has been preparing for this day for a very, very long time, in fact years. We have learned so much over the past 10+ years with the departure of Zellers, Target, Sears, and now potentially HBC,” said Patrick Sullivan, President and Chief Operating Officer. “Although there could be an impact to our financial and operating metrics in the short term, Primaris has detailed plans for all 10 locations, and is ready to take action if and when any locations are disclaimed.”

The below table lists Primaris’ properties with HBC tenancies.

As at March 10, 2025
(in ‘000s square feet, unless otherwise indicated) (unaudited)				Property Ownership at Share		Property GLA at Share		HBC GLA at Share
Cataraqui Town Centre		945 Gardiners Rd, Kingston, ON		50 %		286.2		56.5
Conestoga Mall		550 King St N, Waterloo, ON		100 %		666.1		130.6
Les Galeries de la Capitale		5401 Bd des Galeries, Québec, QC		100 %		987.5		163.3
Medicine Hat Mall		3292 Dunmore Road SE, Medicine Hat, AB		100 %		467.5		93.2
Orchard Park Shopping Centre		2271 Harvey Avenue, Kelowna, BC		100 %		651.1		127.3
Oshawa Centre		419 King St W, Oshawa, ON		100 %		1,215.2		122.6
Place d’Orleans Shopping Centre		110 Place d’Orleans Drive, Orleans, ON		50 %		350.1		57.8
Southgate Centre		5015 111 St NW, Edmonton, AB		50 %		425.4		118.3
St Albert Centre		375 St. Albert Trail, St. Albert, AB		100 %		352.8		93.3
Sunridge Mall		2525 36th Street NE, Calgary, AB		100 %		803.7		161.3
10 locations						6,205.6		1,124.2

The below table illustrates the weighted average net rent and occupied GLA for Commercial Retail Unit (“CRU”) and large format tenants for Primaris’ portfolio at December 31, 2024. HBC’s weighted average net rent per occupied square foot for the 10 locations is $4.14.

As at December 31, 2024 (per occupied square foot unless otherwise indicated) (unaudited)		Weighted Average Net Rent1			Occupied GLA (‘000s of square feet)		GLA Proportions
CRU tenants		$	43.26		5,204		42	%
Large format tenants		$	14.37		7,363		59	%
		$	25.28		12,567		100	%
1 Supplementary financial measure, see Section 1, “Basis of Presentation” – “Use of Operating Metrics” of the December 31, 2024 Management’s Discussion and Analysis.

The Primaris portfolio includes over 2,700 stores, of which there are approximately 35 co-tenancy clauses that name HBC. Co-tenancy clauses are provisions commonly found in commercial real estate leases that stipulate certain conditions under which a tenant’s rent or other obligations may be reduced or modified. These clauses typically come into effect when specific anchor tenants, such as HBC, or a certain percentage of tenants within a shopping centre or retail complex cease operations or vacate their premises. These clauses may not be triggered simply by HBC closing. The purpose of a co-tenancy clauses is to protect tenants from potential loss of business and foot traffic due to the absence of prominent anchor tenants. Over the past number of decades, reference to anchor requirements and named tenants have been removed from tenants’ leases due to the changing enclosed mall merchandise mix and the reliance on anchor tenants for foot traffic.

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 Canadian markets. The portfolio totals 15.0 million square feet, valued at approximately $4.6 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

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 impact of the closure of any Hudson Bay Company locations in the portfolio, the Trust’s strategy and plans and the Trust’s 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 management’s discussion and analysis for the three months and years ended December 31, 2024 and 2023 (“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.

Non-GAAP Measures

The Trust’s financial statements are prepared in accordance with IFRS accounting standards as issued by the IASB, however, in this news release, 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 news 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, an explanation of management’s reasons as to why it believe the measure is useful to investor can be found in the section entitled :Non-GAAP Measures” in the MD&A. Reconciliations to the most directly comparable GAAP figure, where applicable, can be found in the Trust’s MD&A, which is available on the Trust’s profile on SEDAR+ at www.sedarplus.ca.

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, amount others, in-place occupancy, weighted average gross rent per occupied square foot and weighted average net rent per occupied square foot. These operating metrics, which may constitute supplementary financial measures as defined in NI 52-112, 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 operating performance of the Trust’ portfolio. Weighted average gross rent per occupied square foot is defined as total annual gross rent divided by occupied GLA.

Primaris also uses certain nonfinancial operating metrics to describe its portfolio and portfolio operation performance. Non-financial operation metrics in this news release include, among others, gross leasable area (“GLA”) and weighted average lease term. For greater certainty, the portfolio operating metrics in this news release include only the Trust’s proportionate ownership of the 8 properties held in co-ownerships.

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

FRANKFURT, Germany–(BUSINESS WIRE)–Slate Asset Management (“Slate” or the “Firm”), a global investor and manager focused on essential real estate and infrastructure assets, today announced that it has completed the acquisition of 45 grocery properties located in Germany, which are collectively valued at over €420 million.

Slate acquired the properties in four individual portfolio transactions, which are expected to close in the first quarter of 2025 subject to standard closing conditions. The properties are well-located near major population centers throughout Germany and are fully leased under long-term agreements to some of Germany’s largest grocery and everyday goods distributors, including REWE Group, Schwarz Group, Edeka Group, and ALDI.

“In a muted transaction environment, our European team has successfully executed nearly half a billion euros of essential real estate transactions in the first three months of the year,” said Sven Vollenbruch, Managing Director leading Slate’s European Investments. “We are very pleased to further scale our exposure to this asset class with these portfolios of high-quality, stabilized grocery properties that are underpinned by Germany’s leading food and essential goods distributors. Slate has firmly established itself as a leading owner and operator of essential real estate in Germany, and we believe the strong pipeline of opportunities we have cultivated in this sector will drive our continued growth in Germany and across broader Europe.”

Slate’s European essential real estate strategy is focused on acquiring, owning, and operating cash-yielding, essential real estate assets, such as grocery and affiliated warehouses and logistics assets. The Firm has been an active investor in the European real estate market since 2016. To date, Slate has transacted on over 1,000 commercial properties across 7 countries in the region. Today, Slate operates a portfolio of over 500 essential real estate assets across Europe that are owned by Slate and its capital partners.

Goodwin Procter, KPMG, Gleeds, and REDEFINE Group advised Slate on these transactions.

About Slate Asset Management

Slate Asset Management is a global investor and manager focused on essential real estate and infrastructure assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners across the real assets space. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more, and follow Slate Asset Management on LinkedIn, X (Twitter), and Instagram.

Contacts

Media
Slate Asset Management

Karolina Kmiecik

karolina@slateam.com

KITCHENER, Ontario–(BUSINESS WIRE)–RouteThis, a leader in WiFi customer experience (CX) solutions, today announced that Dave Garcia has joined the company as Chief Revenue Officer (CRO). This executive team expansion comes as RouteThis accelerates its growth and strengthens its commitment to help Service Providers and Smart Home companies deliver exceptional residential WiFi installation, repair and support.

“We are dedicated to solving customer pain through our innovative software platforms, driven by speed and efficiency. We’re building teams with individuals who share these values, which makes Dave an exciting addition to our leadership team,” said Jason Moore, co-founder and CEO, RouteThis. “His expertise in sales strategy, customer success and market expansion makes him an invaluable addition as we continue to drive growth, scale our operations, and elevate customer success.”

Garcia brings more than two decades of experience in the software and enterprise technology industries. As CRO, Garcia will oversee all revenue-generation initiatives and spearhead an innovative, forward-looking Go-To-Market strategy. He will also lead the customer success, professional services, and marketing teams to drive innovation and business growth. Garcia previously served as Senior Vice President of Worldwide Sales and Field Operations for Simpplr, a market-leading AI employee experience platform. He also held sales and GTM leadership roles at AutoGrid Systems, SAP, Softscape, and more.

“It’s an exciting time to join RouteThis as it continues to redefine how Service Providers and Smart Home companies approach WiFi customer experience to drive satisfaction and improve operational efficiency,” said Garcia. “I am eager to collaborate with our teams and customers to scale new opportunities and help them deliver seamless, optimized WiFi experiences for their customers.”

To learn more about RouteThis and its WiFi experience solutions, visit www.routethis.com.

About RouteThis

RouteThis is transforming WiFi customer experience by empowering Service Providers and Smart Home brands to deliver exceptional in-home WiFi installation, repair and support with CPE-agnostic software solutions and remote service platforms. RouteThis has served over 200 companies globally, with key value driven by reducing average handle time, deploying fewer truck rolls and increasing average revenue per user. Headquartered in Ontario, Canada, visit RouteThis.com and follow us on LinkedIn to learn more.

Contacts

Media Contact:

Christy Barbaran

Connect2 Communications for RouteThis

RouteThis@connect2comm.com

Market-leading Canadian event becomes fourth acquisition and fifth event for independent show organizer

ARLINGTON, Va.–(BUSINESS WIRE)–Trifecta Collective LLC, owned and backed by GreyLion, a leading private equity firm focused on high-growth businesses today announced that it has acquired the Canadian Concrete Expo (CCE).

CCE is the leading event in Canada serving the concrete, construction and aggregates industries. The 7^th annual event was recently held February 12-13, 2025, at the International Centre in Toronto and featured over 350 exhibiting companies, over 7,000 attendees and more than 120,000 net square feet of exhibit space. The 2026 event is scheduled for February 11-12, 2026, at the International Centre.

“We’re coming off a tremendously successful 2025 show and are thrilled to share this exciting announcement as we embark on a bold new chapter with Trifecta Collective,” said Stuart Galloway, President of the Canadian Concrete Expo and the event’s primary shareholder. “This partnership marks a significant milestone, and on behalf of CCE, we’re eager to join forces with the exceptional Trifecta team.”

Mr. Galloway will continue in his leadership role. The current CCE team will remain in place ensuring consistent management, customer service and attendee/exhibitor experience.

“CCE is an excellent addition to the Trifecta portfolio, and we are very happy to welcome this leading event,” said Rick McConnell, Chief Executive Officer, Trifecta Collective. “Our vast experience in the tradeshow and construction industries are an excellent fit to continue the positive trajectory of CCE put in place by Stuart and his team.”

More information on CCE can be found at www.canadianconcreteexpo.com.

Trifecta Collective’s acquisition of CCE is the fifth show added to the portfolio building on the team’s March 2022 and December 2022 transactions involving the North American Trailer Dealer Association and the International Mass Timber Conference and Mass Timber Report, as well as the May 2024 acquisition of TRANSACT and the February 2025 launch of the TrailerTech Expo.

Gord Carley of GC Media Brokers was the exclusive broker to Canadian Concrete Expo in arranging, structuring, and negotiating this transaction. Corporate Solutions, led by Nicholas Curci, represented Trifecta in the acquisition of Canadian Concrete Expo.

About the Canadian Concrete Exposition

CCE provides a unique environment to source new suppliers, reconnect with industry contacts, get hands on with the latest equipment, and take advantage of exclusive show offers. Participating attendees can boost their careers by maintaining and developing their knowledge of Canada’s diverse and changing concrete construction industry.

Conference Sessions, Equipment Demos and Stage Presentations provide attendees with the opportunity to experience the latest tech, equipment, and industry advances. The vast exhibition floor is where deals are made, people connect, test the gear, and take advantage of exclusive show offers.

About Trifecta Collective

Trifecta Collective is a trade show platform formed by GreyLion and trade show industry professionals, Rick McConnell and Jennifer Hoff. Mr. McConnell has extensive experience building and leading industry events across multiple industry sectors and has previously held senior leadership roles at Hanley Wood and Informa. Ms. Hoff has an equally impressive track record in show management, having held numerous positions at National Tradeshow Productions and more recently as the Founder of Taffy Event Strategies, which she continues to run today. Since 2021, Trifecta Collective has been building a portfolio of market-leading trade shows and events that are leaders in their respective market segments.

About GreyLion

GreyLion focuses on investing in high-growth businesses in the lower middle market. We seek to partner with existing founders, entrepreneurs, and management teams across two broad sectors: services and specialized industrial & manufacturing. We deliver tailored capital solutions in both control and minority structures. Further, our conservative approach to leverage ensures our companies’ balance sheets can support investment to accelerate growth. GreyLion invests $25-$125 million of capital per investment, primarily within the United States. GreyLion currently manages private equity funds with aggregate commitments of $1.9 billion. For more information, please visit www.greylion.com.

Contacts

Trifecta Collective | Rick McConnell | CEO

rmcconnell@trifectacollectivellc.com | +1 214-693-0672

GreyLion | Jody Shechtman | Partner

jody@greylion.com | +1 646-475-3544

Firm releases inaugural Canadian Sector Outlook report alongside a host of proprietary public and private market valuation data and analytics

TORONTO–(BUSINESS WIRE)–Green Street, the leading provider of trusted commercial real estate intelligence and unbiased insights, has expanded its Canadian market coverage with new private market research and data, plus expanded public market data and analytics. As part of this expansion, Green Street’s inaugural Canadian Outlook report has been released, providing a forward-looking view of supply and demand dynamics, operating fundamentals, valuations, and return expectations across four sectors: Apartment, Industrial, Office and Retail. Green Street is excited to bring the same high quality, independent, and unbiased market intelligence that is available in the U.S. and Europe, to Canadian market participants – all delivered through the advanced interactive mapping platform later this year.

“The inaugural Annual Outlook represents a critical part of Green Street’s Canadian research offering, following 2024’s publication of the Canadian REIT 101 and four initiation reports, discussing 14 large capitalization REITs now under coverage,” said Frederic Blondeau, Managing Director, Head of Canadian Research. “These actionable insights are the result of multiple synergies harnessed across Green Street’s global platform.”

Key takeaways from the Outlook report include:

• Apartment: The Canadian apartment rental market has benefited from the number of renter households growing at more than twice the rate of owner households between ’11 and ’21. The apartment sector has outperformed the other sectors between 2015 and 2024 from an M-RevPAF perspective. Fundamentals should also underperform in 2025 notably due to supply and affordability issues. That said, performance will likely be more in line with the other sectors starting in 2026.
• Industrial: Distribution centres/warehouses dominate the Canadian industrial pool. Although industrial rent growth and values have been exceptional since ’20 for most markets, ’24 industrial operating fundamentals experienced a notable deceleration, especially in Toronto and for large-bay products. M-RevPAF should be flat in 2025 and start picking up again in 2027.
• Office: The office sector’s unremarkable status quo is expected to persist in ’25. Office fundamentals have been poor for the past decade and improvements are not forthcoming. Tepid tenant demand and sluggish leasing activity should keep vacancy elevated and net asking rent flat. Green Street expects Canadian office fundamentals to lag other sectors over the next five years.
• Retail: The retail sector has been remarkably steady over the last two decades. Strong tenant demand and low supply are partially offset by a shallow tenant pool and tepid spending growth. Nevertheless, rent growth should mirror the rate of inflation. The retail sector leads Green Street’s M-RevPAF growth outlook to ’29 and the NOI growth only lags the industrial sector over the same period.

Green Street’s new private market solution in Canada covers the four sectors included in the Outlook, across 10 key markets: Calgary, Edmonton, Halifax, Hamilton, Montreal, Ottawa-Gatineau, Toronto, Quebec City, Vancouver and Winnipeg. The data covers key metrics, including proprietary market grades, fundamentals and valuation, macro and demographic data, baseline 5-year forecasts and histories dating back to 2015, and verified Sales Comps $5M+(CAD), with integration into customer’s daily workflows made easy through Green Street’s data delivery services.

Green Street’s expanded public market solution across Apartment, Industrial, Retail, and Senior Housing sectors, now includes easy cross-comparison of the 14 Canadian REITs under coverage via the Company Analysis tool and Detailed NAV models. Expanded coverage will soon include the Office sector with new REITs under coverage.

Green Street is recognized globally for its independent public and private CRE market expertise. The team is excited to deliver tools to help market participants uncover new investment opportunities and make more informed strategic and portfolio decisions within the Canadian CRE market.

To request a sample Sector Outlook report from Green Street please click here.

Learn more about Green Street’s Canadian offerings here.

About Green Street

Green Street is the leading provider of actionable commercial real estate research, news, data, analytics, and advisory services in the U.S., Canada, and Europe. For 40 years, Green Street has delivered unparalleled intelligence and trusted data on the public and private real estate markets, helping investors, banks, lenders, and other industry participants optimize investment and strategic decisions. The firm delivers exclusive market information, conclusion-driven insights, and predictive analytics through a SaaS platform. To learn more, please visit www.greenstreet.com.

Contacts

Media Contact info:
Green Street

media@greenstreet.com

HOUSTON–(BUSINESS WIRE)–Westlake Royal Building Products™ (Westlake Royal), a Westlake company (NYSE:WLK), is proud to offer fire-rated roofing and stone solutions designed to provide homeowners in wildfire-prone regions with added peace of mind and protection.

As wildfires increase in frequency and intensity in North America, particularly in densely brushed areas like California’s wildland-urban interface, Westlake Royal’s Class A¹ fire-rated roofing solutions and fire-rated wall cladding systems deliver advanced protection against wind-blown embers, radiant heat and flames. These innovative solutions are engineered to meet strict fire-resistance standards, helping to safeguard homes and communities from the growing threat of wildfires.

Westlake Royal’s portfolio of Class A fire-rated roofing assemblies includes industry-leading brands like Newpoint™ Concrete Roof Tile, US Tile^® Clay Roofing Products, Unified Steel™ Stone Coated Roofing, and DaVinci^® Roofscapes; as well as a portfolio of stone brands, including Cultured Stone^® and Eldorado Stone^®. Each product combines durability, aesthetic versatility and superior performance to help protect homes while enhancing curb appeal.

“At Westlake Royal Building Products, we understand the growing challenges builders, developers and homeowners face in wildfire-prone areas,” said Eric Miller, vice president of sales, Westlake Royal Building Products’ stone and roofing solutions brands. “Our Class A fire-rated roofing solutions and fire-resistant stone products offer superior protection without compromising style or performance.”

Roofing: Fire-Resistant Solutions Built to Last

Many of Westlake Royal’s roofing solutions are Class A certified, which can provide a high level of fire resistance, in compliance with the strict Wildland-Urban Interface (WUI) guidelines.

• Newpoint Concrete Roof Tile: A powerhouse in both durability and energy efficiency, Newpoint’s Class A fire-rated concrete tile roof assemblies help defend against extreme heat while offering Cool Roof color options to reduce heat absorption and energy costs. Its high-strength, non-combustibility and Limited Lifetime Warranty ensures longevity and protection against hail, wind and fire.
• US Tile Clay Roofing Products: US Tile’s real clay roof tiles are forged in fire, offering natural fire resistance and lasting durability. All US Tile roof assemblies meet Class A fire rating. These tiles are designed to enhance the architectural aesthetics of any home while withstanding extreme conditions. They come with a 50-year Limited Clay Product Warranty and offer beauty, longevity and peace of mind to homeowners in wildfire-prone areas.
• Unified Steel Stone Coated Roofing: Combines Class A fire-rated protection for certain assemblies with superior impact resistance and energy efficiency. Featuring Above Sheathing Ventilation (ASV) technology, Unified Steel enhances airflow, reducing heat absorption and keeping homes cooler while providing industry-leading wildfire defense. With a Limited Fully Transferable Warranty lasting 50 years and durability nearly three times longer than asphalt shingles, it’s a smart investment in home safety.
• DaVinci Roofscapes: Lightweight and durable, DaVinci’s composite roofing is Class A fire-rated when installed with proper fire-resistant underlayment, making it a premier choice for homeowners seeking both elegance and resilience.

Stone: Naturally Non-Combustible, Built for Safety

In addition to fire-rated roofing, Westlake Royal’s assortment of stone products, including Cultured Stone and Eldorado Stone, offer exceptional fire resistance. Tested by Underwriters Laboratories, Inc., Westlake Royal’s stone veneer products feature:

• Class A Fire Rating – Proven to have zero flame spread and zero smoke development, reducing fire hazards in home exteriors.
• Non-Combustible Strength – Unlike wood or other combustible materials, stone will not ignite, making it a reliable choice for wildfire-prone regions.
• Timeless Durability – While exposure to extreme heat may cause some discoloration over time, our stone products maintain their integrity and protection.

For more information on Westlake Royal Building Products’ fire-rated roofing solutions, visit: https://westlakeroyalroofing.com/fire.

About Westlake Royal Building Products

Westlake Royal Building Products USA Inc., a Westlake company (NYSE:WLK), is a leader throughout North America in the innovation, design, and production of a broad and diverse range of exterior and interior building products, including Siding and Accessories, Trim and Mouldings, Roofing, Stone, Windows and Outdoor Living. Westlake Royal Building Products manufactures high quality, low maintenance products to meet the specifications and needs of building professionals, homeowners, architects, engineers and distributors, while providing stunning curb appeal with an unmatched array of colors, styles, and accessories.

For more information, please visit WestlakeRoyalBuildingProducts.com. Follow us on LinkedIn and Instagram and “Like” us on Facebook.

¹ For certain assemblies – please go to https://qai.org to find the full listing of classifications for each product.

Contacts

Kriss Swint

Westlake Royal Building Products

Kswint@Westlake.com

Westlake Royal also expands the line with two new accessories

HOUSTON–(BUSINESS WIRE)–Westlake Royal Building Products^™ (“Westlake Royal”), a Westlake company (NYSE: WLK), has added a new V-Groove profile to the Celect^® Cellular Composite Siding line.

With its clean, modern look in both horizontal and vertical applications, the new V-Groove profile for the Celect Cellular Composite Siding line adds effortless elegance to virtually any home style. Its distinctive 12-foot length makes it perfect for vertical installations in homes with high ceilings and contemporary designs. In addition to the new profile, Celect will also debut two new accessories: corner and window trim.

“Westlake Royal Building Products is redefining exterior home construction by offering our customers a diverse selection of products in the latest trending profiles and colors, all with exceptional performance,” said Steve Booz, vice president of marketing at Westlake Royal Building Products. “We are excited to expand our Celect siding line with a new profile and two new accessories, expanding design possibilities for architects, builders and homeowners.”

Celect Cellular Composite Siding mimics the timeless aesthetic of natural wood while remaining low maintenance and durable for a lifetime. Its patented interlocking system ensures easy installation and provides a seamless, authentic look while keeping moisture out. Plus, its unique gravity lock design keeps courses locked tight to maintain structural integrity, eliminating warping, buckling and shifting while boosting wind resistance to more than 210 mph.

Backed by a 25-year color protection limited warranty¹ and capable of withstanding the harshest weather conditions, Celect stands as a testament to both beauty and longevity. Its fade-resistant Kynar Aquatec^® provides superior UV resistance and reduces energy demands, while its cellular PVC material resists dirt, seasonal staining and insects.

To learn more about Celect Siding and Trim products from Westlake Royal Building Products, please visit www.royalbuildingproducts.com/celect.

About Westlake Royal Building Products

Westlake Royal Building Products USA Inc., a Westlake company (NYSE: WLK), is a leader throughout North America in the innovation, design, and production of a broad and diverse range of exterior and interior building products, including Siding and Accessories, Trim and Mouldings, Roofing, Stone, Windows and Outdoor Living. Westlake Royal Building Products manufactures high quality, low maintenance products to meet the specifications and needs of building professionals, homeowners, architects, engineers and distributors, while providing stunning curb appeal with an unmatched array of colors, styles, and accessories.

For more information, please visit WestlakeRoyalBuildingProducts.com. Follow us on LinkedIn and Instagram and “Like” us on Facebook.

¹ For full product warranty details, please visit our website. The warranties found there are the sole warranties applicable to Westlake’s products.

Contacts

Media Contact:

Kriss Swint

Westlake Royal Building Products

Kswint@Westlake.com

LAS VEGAS–(BUSINESS WIRE)–Westlake Royal Building Products™ (“Westlake Royal”), a Westlake company (NYSE:WLK) debuts Handformed Brick™, a new, elevated tumbled brick profile from Dutch Quality Stone^®, at this year’s International Builders’ Show (IBS) in Las Vegas from February 25-27 in booth C3819. This new profile is available in three colorways including the newest addition, Snowpack™, a serene white palette inspired by freshly fallen snow.

Handformed Brick is Dutch Quality’s first brick product, marking a new chapter for one of the leaders in the manufactured stone veneer industry. Each piece is meticulously molded with exquisite variation and robust dimension, ensuring that every brick brings a unique textured depth and artisanal charm to any space. This attention to detail enhances visual appeal and adds authenticity to the design, blending traditional craftsmanship and modern innovation in any setting.

“The launch of this new Handformed Brick profile and Snowpack colorway marks an exciting milestone for the Dutch Quality brand by extending our product offering to include brick in a range of trending palettes,” said Steve Booz, vice president of marketing and product management at Westlake Royal Building Products. “Our goal is to empower specifiers to deliver innovative and inspiring solutions for their projects, and this new profile and colorway do just that.”

The Handformed Brick profile is available in three Dutch Quality Stone colorways including:

• Snowpack: A new colorway inspired by the crisp, clean essence of freshly fallen snow. This bright white hue conveys a sense of serenity, adding a touch of light to airy open spaces or a backdrop for striking contrasts.
• Quail Grey™: A balanced dusky sandstone and pewter toned colorway that establishes a captivating neutral with an undeniable rustic charm. Distinctive yet unobtrusive, this alluring color palette brings a calm confidence to complement the architectural details of any space.
• Coal Crest™: Embodies a dark and moody aesthetic that elevates the visual appeal of any space. Characterized by a rich blend of charcoal and ash tones, Coal Crest adds a touch of drama and sophistication, making it the perfect choice for those seeking to create a statement feature.

Dutch Quality Stone is a brand within the Westlake Royal Building Products portfolio of exterior and interior building products. For more information visit https://dutchqualitystone.com/.

About Dutch Quality Stone

Created by a tight-knit group of local artisans in Ohio, Dutch Quality exemplifies the hard work, tempered skills and straightforward solutions that have formed the brand’s identity since its humble beginnings. Its manufactured stone veneer products exhibit all the unique qualities of nature for application in a range of residential and commercial settings. Pride goes in. Proud comes out. For more information, visit DutchQualityStone.com.

About Westlake Royal Building Products

Westlake Royal Building Products USA Inc., a Westlake company (NYSE:WLK), is a leader throughout North America in the innovation, design, and production of a broad and diverse range of exterior and interior building products, including Siding and Accessories, Trim and Mouldings, Roofing, Stone, Windows and Outdoor Living. For more than 50 years, Westlake Royal Building Products has manufactured high quality, low maintenance products to meet the specifications and needs of building professionals, homeowners, architects, engineers and distributors, while providing stunning curb appeal with an unmatched array of colors, styles, and accessories. For more information, please visit WestlakeRoyalBuildingProducts.com. Follow on LinkedIn and Instagram and “Like” us on Facebook.

Contacts

Media Contact:

Sarah Lograsso

Westlake Royal Building Products

SLograsso@Westlake.com

HOUSTON–(BUSINESS WIRE)–Westlake Royal Building Products^™ (“Westlake Royal”), a Westlake company (NYSE: WLK), is expanding its Versetta Stone^® siding offerings with the addition of three new colors—Granite Peak, Lunar Drift and Glen Canyon—reflecting the latest trends in home design for interior and exterior applications. Featuring a panelized format that simply hangs with screws, Versetta Stone siding provides the beauty and texture of authentic stone masonry without the added time required for installation.

The colors comprise both bold and neutral tones for ultimate versatility:

• Granite Peak: A dark gray stone siding, Granite Peak features rich tones and natural variances that embody a contemporary aesthetic. The hue delivers a striking, sophisticated visual contrast that adds a wow factor to any application.
• Lunar Drift: Lunar Drift’s white stone siding exudes a clean, modern elegance that can brighten any façade. Its subtle variations add depth for a bold sensibility.
• Glen Canyon: Like its namesake, Glen Canyon’s warm, earthy tones evoke a sense of comfort and natural beauty. Its textured surface and varied shades create an inviting atmosphere.

“Consumers continue to be drawn to rich hues that reflect both a sense of timelessness and a modern appeal, and these three new colors deliver on those trends,” said Steve Booz, vice president of marketing at Westlake Royal Building Products. “From the creamy white-gray of Lunar Drift to the modern gray of Granite Peak to the desert-like tans and taupes of Glen Canyon, each new color brings a level of authenticity and natural appeal to exterior and interior applications.”

The new colors are available in two of Versetta Stone’s profiles: Tight-Cut, a rugged texture with purposeful irregularity and a well-worn look that suggests years in the elements, and Ledgestone, offering the traditional look of quarried limestone fitted tightly together to emulate rural 19th-century American architecture.

To learn more, visit www.versettastone.com.

About Westlake Royal Building Products

Westlake Royal Building Products USA Inc., a Westlake company (NYSE:WLK), is a leader throughout North America in the innovation, design, and production of a broad and diverse range of exterior and interior building products, including Siding and Accessories, Trim and Mouldings, Roofing, Stone, Windows and Outdoor Living. Westlake Royal Building Products manufactures high quality, low maintenance products to meet the specifications and needs of building professionals, homeowners, architects, engineers and distributors, while providing stunning curb appeal with an unmatched array of colors, styles, and accessories.

For more information, please visit WestlakeRoyalBuildingProducts.com. Follow us on LinkedIn and Instagram and “Like” us on Facebook.

Contacts

Media Contact:

Kriss Swint

Westlake Royal Building Products

Kswint@Westlake.com

This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts in our tables are presented in thousands of Canadian dollars, except for rental rates and per unit amounts, unless otherwise stated.

TORONTO–(BUSINESS WIRE)–DREAM OFFICE REAL ESTATE INVESTMENT TRUST (D.UN-TSX) (“Dream Office REIT”, the “Trust” or “we”) today announced its financial results for the three months ended December 31, 2024. Management will host a conference call to discuss the financial results on Monday, February 24, 2025, at 10:00 a.m. (ET).

OPERATIONAL HIGHLIGHTS AND UPDATE
(unaudited)

	As at
	December 31,				September 30,			December 31,
		2024			2024			2023
Total properties(1)
Number of active properties		24			26			26
Number of properties under development		2			1			2
Gross leasable area (in millions of square feet)		4.8			5.1			5.1
Investment properties value	$	2,175,015		$	2,303,308		$	2,342,374
Total portfolio(2)
Occupancy rate – including committed (period-end)		81.1%			84.5%			84.4%
Occupancy rate – in-place (period-end)		77.5%			80.9%			82.0%
Average in-place and committed net rent per square foot (period-end)	$	27.20		$	26.37		$	26.35
Weighted average lease term (years)		5.5			5.2			5.2
Occupancy rate – including committed – Toronto (period-end)		83.8%			88.0%			89.0%
Occupancy rate – in-place – Toronto (period-end)		80.2%			84.5%			85.4%
See footnotes at end.

		Three months ended
		December 31,			December 31,
		2024			2023
Operating results
Funds from operations (“FFO”)(3)	$	14,104		$	14,588
Comparative properties net operating income (“NOI”)(4)		24,742			24,756
Net rental income		27,286			25,760
Net loss		(19,101)			(42,424)
Per unit amounts
Diluted FFO per unit(5)(6)	$	0.72		$	0.75
Distribution rate per Unit(6)		0.25			0.50
See footnotes at end.

“We continue to manage our business in a very uncertain environment with a focus on reducing risk, improving liquidity and increasing our occupancy,” said Michael Cooper, Chief Executive Officer of Dream Office REIT. “The announced sale of 438 University is an attractive transaction for the Trust that will immediately reduce debt and increase liquidity. Our proposed plan to convert 606-4^th Ave in Calgary from an office building to a new residential rental building will mitigate future office leasing risk in a very challenging market, diversify the Trust’s source of income and improve the average quality of our portfolio. We will be very focused on leasing 74 Victoria and other vacancies in our portfolio to improve occupancy in 2025.”

In the midst of significant macro-economic uncertainties and continuing challenges in the Canadian office real estate sector, the Trust remains focused on delivering stable operational and financial performance in 2025 and beyond.

We believe our portfolio is well-located, difficult to replace and uniquely positioned to outperform over the long term. Through our plan to invest capital in our best buildings over the past six years, the renovations across our best assets are substantially complete and we have created a uniquely competitive portfolio that is well positioned to attract high-quality tenants.

Relative to Q3 2024, our in-place occupancy decreased from 80.9% to 77.5% and our in-place and committed occupancy rate decreased from 84.5% to 81.1%. The quarter-over-quarter decrease of 3.4% of total portfolio in-place occupancy was attributable to the reclassification of 438 University Avenue to properties held for sale (-1.2%), 23,000 square feet of negative absorption in Other markets (-0.5%) which was partially offset by the reclassification of 606-4th Building & Barclay Parkade to properties under development (+0.5%), and 142,000 square feet of net negative absorption at 74 Victoria Street for a previously known and announced lease expiry during Q4 2024 (-3.1%). Despite this lease expiry, occupancy in Toronto downtown only decreased by 98,000 square feet as the Trust had positive absorption totalling 43,000 square feet over the remainder of the region quarter-over-quarter (+0.9%). Subsequent to the quarter, the Trust signed a conditional lease for approximately 54,000 square feet at 74 Victoria Street for a term of 5 years at approximately $28.50 net rent per square foot to increase the committed occupancy at 74 Victoria from 46% to 67%. The Trust is also in negotiations with prospective tenants for up to an additional 50,000 square feet. As part of the leasing strategy at 74 Victoria, the Trust is undergoing a renovation program to modernize the lobby and is constructing built-out space on certain floors to help attract future potential tenants.

Year-over-year, total portfolio in-place occupancy decreased from 82.0% in Q4 2023 to 77.5% in Q4 2024 and our in-place and committed occupancy declined from 84.4% in Q4 2023 to 81.1% in Q4 2024. In-place occupancy declined year-over-year due to negative absorption in both regions due to the reasons previously mentioned above. Excluding the effect of the lease expiry at 74 Victoria, Toronto downtown experienced overall net positive absorption of 0.9% in the remainder of its properties in the region compared to the prior year.

The Trust has 164,000 square feet of vacancy committed for future occupancy. In Toronto downtown, 95,000 square feet, or 3.3% of the region’s total gross leasable area, is scheduled to commence in 2025 at net rents 1.6% above prior net rents on the same space with a weighted average lease term of 8.2 years and 9,000 square feet in 2026 at 15.4% higher net rents than prior net rents on the same space with a weighted average lease term of 15.0 years.

In the Other markets region, 60,000 square feet, or 3.5% of the region’s total gross leasable area, is scheduled to commence in 2025 at 21.1% below prior net rents on the same space with a weighted average lease term of 12.6 years.

During Q4 2024, the Trust executed leases totalling approximately 122,000 square feet across its portfolio. In Toronto downtown, the Trust executed 43,000 square feet of leases at a weighted average initial net rent of $33.45 per square foot, or 5.5% higher compared to the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 5.0 years. In the Other markets region, comprising the Trust’s properties located in Calgary, Saskatoon, Regina, Mississauga, Scarborough and the United States (“U.S.”), the Trust executed leases totalling 79,000 square feet at a weighted average initial net rent of $16.99 per square foot, or 16.4% lower than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 7.8 years. Subsequent to December 31, 2024, the Trust executed a further 76,000 square feet of leases in Toronto downtown at a weighted average initial net rent of $29.42 per square foot.

Since the beginning of the year to today’s date, the Trust has executed leases totalling approximately 710,000 square feet across its portfolio. In Toronto downtown, the Trust has executed 411,000 square feet of leases at a weighted average initial net rent of $33.84 per square foot, or 8.1% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 5.8 years. In the Other markets region, the Trust has executed leases totalling 299,000 square feet at a weighted average initial net rent per square foot of $16.49, or 3.0% lower than the weighted average prior net rents on the same space, with a weighted average lease term of 7.3 years.

2025 REVOLVING CREDIT FACILITY AND MORTGAGE REFINANCING UPDATE

Subsequent to the quarter, the Trust obtained conditional credit approval for an extension of its $375 million credit facility from its existing syndicate of lenders. Prior to the Trust’s refinancing efforts during the year, the Trust’s 2025 debt maturities, including commitments, totalled $741 million, or 53.0% of its total debt stack. Since the beginning of 2024 to today’s date, the Trust has refinanced or received credit approval for a total of $711 million of maturing 2025 debt without paydown and at terms attractive to the Trust, which has eliminated all the Trust’s near-term refinancing risk.

The Trust is in advanced negotiations for its remaining $30 million mortgage maturity and anticipates the refinancing will be complete by Q2 2025.

The Trust’s 2026 debt maturities total $165.5 million across six mortgages. The Trust anticipates that it will be able to successfully address all of its 2026 debt expiries at or before maturity.

DISPOSITION OF 438 UNIVERSITY AVENUE

On January 24, 2025, subsequent to the quarter, the Trust announced that it entered into a binding agreement to sell 438 University Avenue in Toronto, Ontario, for gross proceeds before transaction costs of approximately $105.6 million or approximately $327 per square foot.

As part of the transaction, the Trust secured the benefit of relocating approximately 17,000 square feet of tenants from 438 University Avenue to other downtown Toronto buildings within the Trust’s portfolio which will increase net operating income in those buildings by over $1 million on an annual basis. In addition, the Trust also received a relocation right to move one of the last tenants at 250 Dundas St. W. so that the building is fully unencumbered which would reduce costs significantly in the development, thereby improving the profit and value of our purpose-built rental development site.

The Trust and the purchaser have also entered into a property management agreement at market terms for the Trust to continue to manage the property for the purchaser for a period of three years.

We believe the transaction is attractive to the Trust as we estimate that these combined incremental benefits represent a value of over $20 million or $62 per square foot to the Trust. The Trust intends to use the proceeds to repay the $68.9 million property mortgage outstanding and use the balance of the proceeds to pay down its corporate credit facility to reduce leverage and improve liquidity. The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions.

As at December 31, 2024, the Trust classified 438 University Avenue as an asset held for sale totalling $105.6 million, or approximately $327 per square foot and associated liabilities totalling $68.9 million.

REDEVELOPMENT OF 606-4th BUILDING & BARCLAY PARKADE

Since the end of 2014, the Trust has sold 64 buildings spanning 7.1 million of owned square feet in western Canada for $1.3 billion or approximately $177 per square foot which the Trust believes is attractive pricing relative to private market valuations in today’s market.

The Calgary Office market has remained very challenging with vacancy elevated at 27%⁽⁷⁾ over the trailing ten-year average. The Trust’s remaining three assets in the city, spanning approximately 464,000 square feet, are well located and in good condition with a weighted average occupancy of 84.9%, well above Downtown Calgary’s office occupancy of approximately 70%⁽⁸⁾ as at Q4 2024. The Trust continually explores strategies to reduce risk and improve the value of individual assets within the portfolio.

Over the past year, the Trust has been working on the design, approvals and strategic partnerships to create a financially viable redevelopment model. The redevelopment opportunity will convert the existing 126,000 square foot office building into a brand new 166-unit, purpose-built rental residential apartment. Concurrently, the Trust is working to relocate the office tenants within 606-4th Building to the adjacent 444-7th Building. At a 4.6%⁽⁹⁾ apartment market vacancy and 30%⁽⁸⁾ office vacancy in Calgary, this pivot in strategy derisks the portfolio while unlocking value. In addition, this strategy will allow the Trust to improve the occupancy of 444-7th while creating a new residential rental building in downtown Calgary, thereby reducing the operational and financial risk of both buildings.

The Trust is in advanced stages of negotiations for a grant of up to $11 million from the City of Calgary for residential conversion at 606-4th Building & Barclay Parkade as part of the City’s Calgary Downtown Development Strategy Incentive Program. The Trust is also in the process of securing government financing for a ten-year loan at an interest rate lower than that of conventional development and mortgage loans. The Trust is currently in the process of finalizing a construction management contract following a market bid process and is also in discussions to potentially bring in a joint venture partner on the project to further reduce construction and balance sheet risk.

With considerations of the above milestones that were achieved on the project during the quarter, the Trust has reclassified 606-4th Building & Barclay Parkade to properties under development.

67 RICHMOND STREET WEST – REDEVELOPMENT PROJECTS UPDATE

The development project at 67 Richmond Street West comprises full modernizations of the property, including technical systems, interior lighting and elevators, along with enhanced common areas and larger floorplates.

To date, we have spent $9.6 million on the project at 67 Richmond Street West, $6.3 million of which has been funded by the CIB Facility. As a result of the redevelopment, the Trust attracted Daphne restaurant, which has been awarded Best Upscale Restaurant by Hospitality Design, for the entire ground floor retail space for a term of ten years. Including a 6,500 square foot office lease signed during the quarter at net rents of $21.05 per square foot, the Trust has leased 18,600 square feet of the 51,000 square foot building and is currently in active discussions with prospective tenants for the remainder of the space in the building. During the quarter, the scope of the project at 67 Richmond Street West was expanded to include building out model suites for the remainder of the vacant space at the property to meet the current market demand for move-in ready space and reduce lease-up time.

During the year, the Trust implemented a model suite program investing capital in identified spaces across our portfolio to create move-in ready spaces. The program was implemented for nine suites, representing 56,000 square feet across four of its buildings and has since executed deals on all of the four completed suite spaces. The Trust anticipates replicating this strategy at 67 Richmond Street West will attract high-quality tenants to this building. With the expansion in project scope, 67 Richmond Street West is expected to be completed at the end of Q2 2025.

FINANCING AND LIQUIDITY UPDATE

KEY FINANCIAL PERFORMANCE METRICS		As at
(unaudited)		December 31,			December 31,
		2024			2023
Financing
Weighted average face rate of interest on debt (period-end)(10)		4.75%			4.53%
Interest coverage ratio (times)(11)		1.8			2.0
Net total debt-to-normalized adjusted EBITDAFV ratio (years)(12)		12.1			11.5
Level of debt (net total debt-to-net total assets)(13)		52.9%			50.0%
Average term to maturity on debt (years)		3.4			3.3
Undrawn credit facilities, available liquidity and unencumbered assets
Undrawn credit facilities (in millions)	$	119.7		$	174.0
Available liquidity (in millions)(14)		138.0			187.2
Unencumbered assets (in millions)(15)		2.3			17.1
Capital (period-end)
Total number of REIT A and LP B units (in millions)(6)(16)		19.0			18.9
Net asset value (“NAV”) per unit(6)(17)	$	59.47		$	66.31
See footnotes at end.

As at December 31, 2024, the Trust had $2.6 billion of total assets, including $2.2 billion of investment properties, $1.3 billion of total debt and $1.1 billion of equity.

During the quarter, the Trust closed on its $225.0 million maturity mortgage loan at Adelaide Place with a syndicate of global and Canadian financial institutions for a term of five years at a floating interest rate based on the daily Canadian Overnight Repo Rate Average (“CORRA”) plus 2.40%. In connection with the refinancing, the Trust entered into a fixed-for-variable swap to fix the interest rate on the mortgage at 5.479%.

On December 17, 2024, the Trust negotiated a one-year extension to December 7, 2026 for a $66.5 million interest-only mortgage secured by a property in Scarborough, Ontario, bearing interest at daily CORRA plus 2.245%. The Trust has previously entered into a fixed-for-variable interest rate swap relating to this mortgage, fixing the interest rate at approximately 6.44%.

As at December 31, 2024, the Trust had approximately $138.0 million of available liquidity⁽¹³⁾, comprising $18.3 million of cash, undrawn revolving credit facilities totalling $38.2 million, undrawn amounts on our non-revolving term loan facility pertaining to the 15-year lease at 366 Bay Street totalling $0.4 million and undrawn amounts on our CIB Facility of $81.0 million, which provides low-cost, fixed-rate financing solely for the purpose of commercial property retrofits to achieve certain energy efficiency savings and greenhouse gas emission reductions. Subsequent to the quarter, the Trust announced the sale of 438 University Avenue which is expected to close in Q1 of 2025. The Trust intends to use the proceeds to repay the property mortgage outstanding and use the balance of the proceeds to pay down its corporate credit facility to reduce leverage and improve liquidity.

During Q4 2024, the Trust drew $3.5 million against the CIB Facility. In total, we have drawn $31.8 million against the CIB Facility since 2022. These draws represent 80% of the costs to date for capital retrofits at 13 properties in Toronto downtown for projects to reduce the operational carbon emissions in these buildings by an estimated 3,241 tonnes of carbon dioxide, or 57.5%, per year on project completion. Of the $31.8 million drawn on the CIB facility, $8.8 million was used to fund the full building retrofit of 366 Bay Street to secure a full building lease for a term of 15 years. A further $6.3 million has been used for the redevelopment of 67 Richmond Street West.

SUMMARY OF KEY PERFORMANCE INDICATORS

• Net loss for the quarter: For the three months ended December 31, 2024, the Trust generated a net loss of $19.1 million. Included in net loss for the three months ended December 31, 2024 are negative fair value adjustments to investment properties totalling $38.9 million across the portfolio, interest expense on debt of $17.3 million, impairment of vendor takeback mortgage (“VTB mortgage”) receivables totalling $4.3 million, partially offset by net rental income totalling $27.3 million, fair value adjustments to financial instruments totalling $12.3 million primarily due to remeasurement of the carrying value of subsidiary redeemable units as a result of a decrease in the Trust’s unit price over the quarter net of fair value losses on rate swap contracts due to declining market yield curves, net income from our investment in Dream Industrial REIT of $3.4 million and a net deferred tax recovery of $2.2 million relating to our sole investment property in the U.S.

• Diluted FFO per unit⁽⁵⁾⁽⁶⁾ for the quarter: For the three months ended December 31, 2024, diluted FFO per unit decreased by $0.03 per unit to $0.72 per unit relative to $0.75 per unit in Q4 2023, driven by higher interest expense (-$0.07) and lower NOI from 438 University Avenue due to lower occupancy (-$0.02), partially offset by lower tenant provisions (+$0.03), higher income relating to properties sold in prior periods for post-closing adjustments (+$0.02) and higher FFO from Dream Industrial REIT (+$0.01). Included in FFO for the three months ended December 31, 2024, are year-end cash adjustments that are included in other income and income arising from properties sold in prior periods totalling $0.07 per unit, the amounts of which could vary from period to period. Excluding these items, diluted FFO per unit for the three months ended December 31, 2024 would have been $0.65 per unit.

• Net rental income for the quarter: For the three months ended December 31, 2024, net rental income increased by 5.9%, or $1.5 million, over the prior year comparative quarter, due to an overall reduction in provisions, income from sold properties for post-closing adjustments relating to properties sold in prior periods and other income comprising a write-off of provisions which are no longer required and year-end billing adjustments.

• Comparative properties NOI⁽⁴⁾ for the quarter: For the three months ended December 31, 2024, comparative properties NOI decreased slightly by 0.1%, or $14 thousand, over the prior year comparative quarter, as higher in-place rents in Toronto downtown and Other markets from rent step-ups, higher rates on new leases and renewals and free rent expiries were offset by lower weighted average occupancy in both regions.

  For the three months ended December 31, 2024, comparative properties NOI in Toronto downtown increased by 2.1%, or $0.4 million, over the prior year comparative quarter, primarily due to higher in-place rents from rent step-ups, higher rates on renewals and new leases and free rent periods rolling off, partially offset by lower weighted average occupancy in the region primarily driven by the 206,000 square foot lease expiry at 74 Victoria in October 2024.

• In-place occupancy: Total portfolio in-place occupancy on a quarter-over-quarter basis decreased by 3.4% relative to Q3 2024. In Toronto downtown, in-place occupancy decreased by 4.3% relative to Q3 2024 as 356,000 square feet of expiries were partially offset by 209,000 square feet of renewals and 49,000 square feet of new lease commencements. The major driver of the decrease in in-place occupancy in Toronto downtown was 142,000 square feet of net negative absorption at 74 Victoria (-4.9%) for a previously known and announced lease expiry during Q4 2024. Despite this lease expiry, occupancy in Toronto downtown only decreased by 98,000 square feet as the Trust had positive absorption totalling 43,000 square feet over the remainder of the region (+1.5%). The reclassification of 438 University Avenue to assets held for sale also led to a slight decrease in in-place occupancy in the region (-0.9%). Subsequent to the quarter, the Trust entered into a binding agreement to sell 438 University Avenue and as part of the transaction, the Trust secured the benefit of relocating approximately 17,000 square feet from the sold property to other Toronto downtown buildings within its portfolio, representing approximately 0.6% of the region’s total gross leasable area.

  In the Other markets region, in-place occupancy decreased by 1.6% relative to Q3 2024 driven by net negative absorption (-1.3%) as 84,000 square feet of expiries were partially offset by 46,000 square feet of renewals and 15,000 square feet of new lease commencements and the reclassification of 606-4th Building & Barclay Parkade to properties under development (-0.3%).

  Total portfolio in-place occupancy on a year-over-year basis decreased from 82.0% in Q4 2023 to 77.5% this quarter, driven by the lease expiry at 74 Victoria Street in Toronto downtown, negative absorption in Other markets, along with the aforementioned negative effects of 438 University Avenue classified as held for sale in Toronto downtown and the reclassification of 606-4th Building & Barclay Parkade to properties under development in Q4 2024.

• Lease commencements for the quarter: For the three months ended December 31, 2024, excluding temporary leasing, 258,000 square feet of leases commenced in Toronto downtown at net rents of $34.

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

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