CALGARY, Alberta–(BUSINESS WIRE)–In Q4, Mainstreet achieved our fourth consecutive quarter of double-digit, year-over-year growth across our most important operating metrics, with rental revenues increasing 12%, funds from operations (“FFO”) growing 11% and net operating income (“NOI”) rising 10%.

Bob Dhillon, Founder, President & CEO of Mainstreet, said, “These latest year-end results yet again point to the inherent value of Mainstreet’s core business model, wherein we have continued to generate 23-years of shareholder growth.” He added, “We remain deeply committed to our position as a critical supplier of affordable living for Canadians, which we deliver through our highly diversified portfolio situated in highly strategic regions across British Columbia, Alberta, Saskatchewan and Winnipeg.”

By adhering to our proven corporate strategy, we have insulated Mainstreet from external changes in our operating environment while continuing to generate non-dilutive growth.

These positive quarterly results capped off what was another challenging but successful year for Mainstreet, highlighted by the following FY 2022 achievements:

• Boosted annual rental revenue (13%), FFO (11%) and NOI (12%)
• Improved vacancy rates (7.2% in 2022 compared with 8.9% in 2021). Calgary’s vacancy rate is now approximately 2%, Edmonton is less than 5%, and Vancouver/Lower Mainland is approximately 1%. (Overall YTD vacancy is 4.7%)
• Expanded our portfolio (acquired 815 residential apartment units for $91 million, with an additional 548 units acquired subsequent to year end for $57.6 million, totaling $148 million or 1,363 units)
• Refinanced debt (secured $161 million in long-term mortgages, raising $104 million in low-cost capital for future growth)
• Achieved a one-time gain on the sale of a broken condo project acquired for resale (totaling $4.2 million)

We believe these positive results once again prove the viability of Mainstreet’s value-add business model, which has allowed our management team to deliver real growth to shareholders no matter where in the economic cycle we happen to be operating. In the last seven years of severe volatility—including the 2015 commodity market crash and the COVID-19 pandemic—Mainstreet has continued to generate positive returns without exception.

Mainstreet’s Q4 and FY2022 results also underscore the resilience of the mid-market rental space in Western Canada. While many sectors encountered major disruption in recent years, the rental market has proven itself an essential asset for working-class Canadians, particularly as inflationary pressures increase the cost of owning a home. For years, new supply in the rental market has lagged demand, creating a persistent imbalance in the market. Meanwhile, demand is growing fast: renters in Canada have grown at three times the rate of homeowners in the last decade, according to recent research by Royal Bank of Canada (Proof Point: Is Canada becoming a nation of renters?), suggesting the country has become “a nation of renters.”

Mainstreet is well-positioned amid that supply-demand imbalance due to our tangible position in the real estate space. Given the unique nature of our portfolio, which includes more than 16,500 affordable rental units strategically concentrated around urban centres, Mainstreet believes that it is, and will, remain a crucial provider of quality affordable homes and millennial living in Western Canada, particularly for students and young people, new immigrants and middle-income earners.

As we enter fiscal 2023, Management anticipates more economic and market turbulence ahead (see Challenges section). However, backed by solid market fundamentals and sound management, we remain confident Mainstreet will continue our 23-year legacy of creating non-dilutive growth.

The MEQ intangibles

Underlying those efforts are our many intangible assets, which evidence the inherent value of Mainstreet. They include:

• Residual lands and low density on existing apartment portfolio: Many of Mainstreet’s assets are ripe for further development and expansion, allowing new capacity to be added to our existing portfolio at low cost
• Unstabilized units: 14% of Mainstreet’s portfolio is currently unstabilized, offering substantial room for same store NOI growth
• Mark-to-market rent catch up: Rental rates in some Mainstreet buildings remain below market value—particularly in Vancouver/Lower Mainland and increasingly in Calgary— but will increase once current leases expire
• Strong management: Mainstreet’s highly experienced team has operated through countless cycles in the market, giving them the ability to adapt as operating environments change
• Efficient operations: Mainstreet has invested resources over the past decade by embracing technology and building a strong operating platform to streamline operational oversight
• Non-dilutive organic growth supported by ample liquidity: A $360-million pool of liquidity¹ currently sits at Mainstreet’s disposal, allowing for future growth during counter-cyclical periods

CHALLENGES

Despite opportunities for growth in the coming year, inflation and rising costs continue to pose a challenge. Inflationary pressures increase the cost of everything from labour to materials, raising our operating costs. As supply shortages for materials linger, renovation and maintenance costs have also increased. While we have lessened the impact of such constraints by securing dependable suppliers in Asia, higher expenses associated with global bottlenecks cannot be entirely avoided.

Labour markets remain tight, with job vacancies reaching 1.03 million in Q2 2022, according to Statistics Canada, the highest in several quarters. This has raised Mainstreet’s labour costs and made hiring more challenging. That said, Mainstreet enjoys a well-established hiring record, especially through foreign worker programs. As long as such programs remain available, we will continue to utilize these programs to fill worker shortages.

Major fixed expenses like property taxes, insurance, and utilities have also increased. Carbon taxes, which place the financial burden on property owners, are scheduled to rise annually. We have addressed higher energy costs by entering into various longer-term natural gas contracts, pursuant to which Mainstreet currently pays well below current spot prices. We have also managed to reduce our insurance costs by more than 13% for fiscal 2023 by obtaining improved rates and coverage.

Increased interest rates will also sharply raise the cost of Mainstreet debt, our largest expense alongside acquisitions. Years ago, Mainstreet’s management team began taking steps to establish a long-term debt position as a way to minimize our exposure to increasing interest rates. By securing early finance pre-matured debts and agreeing to pay higher up-front borrowing costs on certain mortgages, we extended our debt obligations over longer periods (10 years instead of the historical, typical five years). Those efforts have allowed Mainstreet to lock in 99% of our debt at fixed-term mortgages with an average maturity of 6.2 years and an average interest rate of 2.57%, as of September 30, 2022.

Regardless of our efforts to counteract inflation and rising interest rates, higher costs erode our operating margins and negatively impact our bottom line. Some of the financial burden will ultimately be passed onto tenants through soft rent increases. However, we are confident Mainstreet will remain the leading provider of quality, affordable housing in Western Canada, given our track record of operational efficiencies, value creation and sound management.

OUTLOOK

As we look ahead, our management team expects several favourable trends to underpin future growth. We believe high commodity prices and a continued post-pandemic recovery will continue to drive a sharp economic rebound in our Alberta, Saskatchewan and British Columbia markets amid shortages of oil, natural gas, grains, and other essential products. While oil prices have come down from their summer highs, U.S. benchmark West Texas Intermediate has continued to trade above recent averages at around US$80 per barrel as of early December.

Alberta is calling

An improved economy in Alberta has led to highly encouraging interprovincial migration rates, a trend we expect to continue in 2023. A total of 34,883 people came to Alberta in Q2 2022, the largest inflow to the province in more than a decade, according to Government of Alberta data.

Combined with net international migration, Alberta’s overall population in Q2 2022 grew at the fastest rate since before 2015, according to Government of Alberta data, bringing the province’s total population to 4.54 million. Earlier this year, the provincial government launched an ‘Alberta is Calling’ campaign to attract more skilled workers from major Canadian urban centres like Vancouver and Toronto, underscoring what we view as a broader trend of continued migration into the prairies.

Vancouver/Lower Mainland remains robust

We believe that similarly positive macro trends will continue to support Mainstreet across our portfolio. We expect Vancouver/Lower Mainland will continue to drive growth and performance, as vacancies remain among the lowest in the country and rental rates among the highest. Vancouver/Lower Mainland has become central to Mainstreet’s portfolio, accounting for 43% of our net asset value (“NAV”) based on IFRS appraised fair market value. With an average monthly mark-to-market gap of $513 per suite per month, 98% of our customers in the region are below the average market rent. That translates into approximately $19 million in NOI growth potential after closing the mark-to-market gap of $513 per unit per month, according to our internal estimates.

Breaking into the Winnipeg market

Given the abundance of opportunity we’ve seen across Western Canada, Mainstreet has continued to diversify our asset base. We entered the Winnipeg market for the first time in 2021, and now hold three properties in the city. Our management team is currently acquiring another 287 units in Winnipeg (expected to close subsequent to FY2022), bringing the total to 401 units, or 2.4% of our portfolio.

Canada re-opens the immigration taps

We expect rising immigration levels to complement inter-provincial migration, reversing the pandemic-era slowdown caused by border closures. The federal government now plans to accept around 500,000 newcomers a year, which is higher than previous annual averages. Roughly 1.8 million people came to Canada between 2016 and 2021, the fastest rate of growth among G7 countries (Statistics Canada). As campuses return to in-person classes, we also expect more foreign students to enter the country to undertake their studies.

Buying low during counter-cyclical times

Mainstreet believes macroeconomic volatility will continue to keep inflation elevated in 2023. While the Consumer Price Index has come down from its June peak, inflation remained at 6.9% in November, according to Statistics Canada. Still, core economic theory suggests prices cannot rise in perpetuity, and therefore we believe inflationary periods are ultimately transitory in nature.

Given the current period of monetary tightening, we believe the acquisition environment has entered a period of transition. In the near term, higher interest rates could force more distressed sellers onto the market, which would create further opportunities for acquisitions and risk-adjusted growth (as ever, we will maintain our counter-cyclical strategy of acquiring assets only when it prioritizes true value creation). In the event that interest rates fall in the longer term, Mainstreet will pivot away from our temporary position of short-term interim financing and revert back to our baseline longer-term debt strategy. That positioning will allow Mainstreet to benefit not just from competitive acquisition costs in the near term, but also potentially lower interest expenses (resulting in higher FFO) on refinancing after stabilization.

Current market conditions also create opportunities to extract more value out of existing assets. Mainstreet vacancy rates dropped in Q4 2022, but we still see ample room to continue repositioning units in coming quarters to further lower vacancies and boost operating income. In Q4 2022, 2,277 units out of a total 15,895 (14% of our portfolio) remain un-stabilized, largely due to our high rate of counter-cyclical acquisitions over the past two years.

RUNWAY ON EXISTING PORTFOLIO

1. Pursuing our 100% organic, non-dilutive growth model: Using our strong potential liquidity position, estimated at $360 million², we believe there is significant opportunity to continue acquiring underperforming assets at attractive valuations.
2. Boosting NOI: As at Q4 2022, 14% of Mainstreet’s portfolio was going through the stabilization process. Once stabilized, we remain confident same-asset revenue, vacancy rate, NOI and FFO will be meaningfully improved. We are cautiously optimistic that we can boost cash flow in coming quarters. In the BC market alone, we estimate that the potential upside for NOI growth is approximately $19 million, which mainly represents leveraging our mark-to-market gaps. The Calgary market also has substantial room for rent-to-market catch up after stabilizing its overall vacancy rate at around 2% for several quarters.
3. Buying back shares at a discount: We believe MEQ shares continue to trade below their true NAV, and that ongoing macroeconomic volatility could intensify that trend.

Forward-Looking Information

Certain statements contained herein constitute “forward-looking statements” as such term is used in applicable Canadian securities laws. These statements relate to analysis and other information based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning estimates related to the effect of rising interest rates on the Corporation, the effect that inflation will have on the Corporation’s tenants and the effect on credit risk, as well as in respect of the cost of renovations and other expenses, disruptions effecting the global supply chain and energy and agricultural markets, including as a result of geopolitical turmoil including Russia’s invasion of Ukraine, future acquisitions, dispositions and capital expenditures, future vacancy rates, increase of rental rates and rental revenue, future income and profitability, timing of refinancing of debt, access to low-cost long-term Canada Mortgage and Housing Corporation (“CMHC”) insured mortgage loans, the potential changes in interest and mortgage rates, the potential changes in inflation rates, the effect of the novel strain coronavirus (“COVID-19”) pandemic and other possible future pandemics and governmental responses thereto on the Corporation and the economy, the effect of actual or potential travel restrictions and post-secondary restrictions on the Corporation’s operations and financial performance, the effect that COVID-19 has had and may have on valuations of the Corporation’s properties, completion timing and costs of renovations, benefits of renovations, funds to be expended on renovations in fiscal year 2023 and the sources thereof, increased funds from operations and cash flow, minimization of operating costs, the Corporation’s liquidity and financial capacity, improved rental conditions, potential increases in rental revenue if optimal operations achieved, the period of time required to stabilize a property, future climate change impact, the Corporation’s strategy and goals and the steps it will take to achieve them, the Corporation’s anticipated funding sources to meet various operating and capital obligations, key accounting estimates and assumptions used by the Corporation, the attraction and hiring of additional personnel, the effect of changes in legislation on the rental market, expected cyclical changes in cash flow, net operating income and operating margins, the effect of environmental regulations on financial results, the handling of any future conflicts of interests of directors or officers and other factors and events described in this document should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using such words or phrases as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements.

Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Corporation’s AIF, dated December 8, 2022 under the heading “Risk Factors”, that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, , the effect of inflation on consumers and tenants, the effect of rising mortgage and interest rates on the Corporation, including its financing costs, the duration and severity of future waves of the pandemic or future pandemics, public health measures, disruptions in global supply chains, labour shortages, the length and severity of the conflict in Ukraine and the occurrence of additional global turmoil and its effects on global markets and supply chains, costs and timing of the development or renovation of existing properties, availability of capital to fund stabilization programs, other issues associated with the real estate industry including availability of labour and costs of renovations, supply chain issues, fluctuations in vacancy rates, general economic conditions, competition for tenants, unoccupied units during renovations, rent control, fluctuations in utility and energy costs, carbon tax increases, environmental and other liabilities, effects of climate change, credit risks of tenants, fluctuations in interest and mortgage rates, availability of capital, changes in legislation and regulatory regime applicable to the corporation, loss of key personnel, a failure to realise the benefit of acquisitions and/or renovations, the effects of severe weather events on the Corporation’s properties, cyber-attacks, climate change, uninsured losses, fluctuations in the capital markets and the trading price of the Common Shares, conflicts of interest of the Corporation’s directors and officers, and other such business risks as discussed herein. This is not an exhaustive list of the factors that may affect Mainstreet’s forward-looking statements. Other risks and uncertainties not presently known to the Corporation could also cause actual results or events to differ materially from those expressed in its forward-looking statements.

Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements include, among others, the impact of economic conditions in Canada and globally including as a result of inflation, interest rate increases, pandemics, supply shortages and geopolitical turmoil, including the Russian invasion of Ukraine, the Corporation’s future growth potential, prospects and opportunities, the rental environment compared to several years ago, relatively stable interest and mortgage costs, access to capital markets to fund (at acceptable costs), the future growth program to enable the Corporation to refinance debts as they mature, changes in tax laws, mortgage rules and other temporary legislative changes in respect of pandemics or otherwise, and the availability of purchase opportunities for growth in Canada.

Although the forward-looking information contained in this MD&A is based upon what management believes are reasonable assumptions, there can be no assurance actual results will be consistent with these forward-looking statements and no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur at all, or if any of them do so, what benefits that Mainstreet will derive from them. As such, undue reliance should not be placed on forward-looking statements. Certain statements included in this MD&A may be considered “financial outlook” for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this MD&A.

Forward-looking statements are based on management’s beliefs, estimates and opinions on the date the statements are made, and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions should change except as required by applicable securities laws.

Management closely monitors factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and will update those forward-looking statements where appropriate in its annual and quarterly financial reports.

This MD&A includes forward-looking information about prospective results of operations, financial position or cash flows, based on assumptions about future economic conditions and courses of action and that is not presented in the format of a historical balance sheet, income statement or cash flow statement (“Financial Outlook”). Actual results may vary from the Financial Outlook summarized in this MD&A. Management of the Corporation has approved the Financial Outlook as of December 8, 2022. The Financial Outlook has been included in this MD&A to provide readers with disclosure regarding the Corporation’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the Financial Outlook may not be appropriate for other purposes.

¹Including $45 million cash-on-hand, $185 million expected funds to be raised through re-financing and financing of clear titled assets after stabilization and a $130 million line of credit.

² Including $45 million cash-on-hand, $185 million expected funds to be raised through re-financing and financing of clear titled assets after stabilization and a $130 million line of credit.

Contacts

For further information:

Bob Dhillon, Founder, President & CEO
D: +1 (403) 215-6063

Executive Assistant: +1 (403) 215-6070

100, 305 10 Avenue SE, Calgary, AB T2G 0W2 Canada TSX: MEQ

https://www.mainst.biz/
https://www.sedar.com

MONTREAL–(BUSINESS WIRE)–BentallGreenOak (BGO) today announced that it has achieved the first perfect score in WiredScore’s history for a Platinum certified property in Canada, demonstrating an exceptional level of digital leadership and connectivity. 1250, boulevard René-Lévesque in Montreal, QC, is a class AAA, 1,000,000+ sq. ft. flagship office building owned jointly between Sun Life Assurance Company of Canada and BGO’s core, open-ended strategy in Canada, that adds to its class-leading accolades in ESG (BOMA BEST Platinum and LEED Gold certified), and health and wellness (Fitwel Viral Response Module), with this latest achievement in digital connectivity.

For the first time in Canada, 1250, boulevard René-Lévesque achieved perfect scores in each of the 4 areas of WiredScore’s scorecard: Connectivity, Infrastructure, Readiness, and Innovation. The perfect 100/100 score places the property into elite standing alongside only 20 other buildings worldwide that have achieved the same mark.

“In a world in which virtually every aspect of our working lives consumes or transmits data, it is important that BentallGreenOak-managed office properties demonstrate exceptional performance in connectivity and digital capability for our tenants,” said Yves-André Godon, Managing Director, Quebec and Ottawa, BentallGreenOak. “The world class community of tenants at 1250, boulevard René-Lévesque look to the property as a place that can enable their business growth objectives through the safe and reliable digital infrastructure that we invest in on behalf of our clients to help deliver exceptional results. WiredScore’s perfect scoring in the Platinum Certification of 1250, boulevard René-Lévesque is a validation of the best-in-class advantages that we strive to deliver for all who work in and visit the property.”

Mike St. Cyr, Head of Canadian Markets for WiredScore Canada, commented: “First-class digital connectivity is no longer a nice-to-have, it is fundamental in a world where technology is part and parcel of our daily lives. This certification is therefore a notable achievement for our client, and we are excited to see what 1250, boulevard René-Lévesque will deliver for the community which interacts with it each and every day.”

About BentallGreenOak

BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $80 billion USD of assets under management (as of September 30, 2022) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 28 cities across 14 countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life.

The assets under management shown above includes real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.

For more information, please visit www.bentallgreenoak.com

About WiredScore

WiredScore is the organization behind the WiredScore and SmartScore certifications: the internationally recognized digital connectivity and smart building rating systems for real estate, helping landlords design as well as promote buildings with powerful digital connectivity and smart capabilities. WiredScore was founded in New York City in 2013 by leaders within real estate, tech and telecommunications, with endorsement from Mayor Bloomberg, to improve NYC’s tech infrastructure, and support entrepreneurs who are driving technological advances and creating jobs. Following success in the US, WiredScore expanded internationally from 2015, initially in the UK and then to France, Ireland, Germany, and Canada. Since then, over 800M square feet of commercial and residential space has been certified, impacting 8M people across 27 countries. For more information on WiredScore, SmartScore or to find certified buildings, please visit: www.wiredscore.com

Contacts

Rahim Ladha

Global Head of Communications, BentallGreenOak

media@bentallgreenoak.com

Mike St. Cyr

Head of Canadian Markets, WiredScore

mike@wiredscore.com

Brokerage leader joins Real to help amplify the Company’s continued growth

TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (TSX: REAX) (NASDAQ: REAX), the fastest growing publicly traded real estate brokerage, today announced the appointment of Sharran Srivatsaa as President, a newly created role, effective immediately. As President, the former brokerage head and industry advisor will be responsible for all aspects of the Company’s growth, including agent attraction and education. Srivatsaa will be a key member of the senior leadership team as Real accelerates its strategy to build a tech-powered, agent-centric platform that offers home buyers and sellers a seamless end-to-end solution.

Srivatsaa joins Real after two decades of business and operational experience across the real estate, finance and technology sectors. A serial entrepreneur and highly regarded thought leader, speaker and advisor, he has had five successful exits in 19 years, including the sale of Teles Properties to Douglas Elliman in 2017. During his six-year tenure at Teles, Srivatsaa grew the brokerage from a single office in Beverly Hills, California, closing $300 million in real estate transactions annually, to 22 offices throughout Southern California closing $3.4 billion in real estate transactions annually.

“Sharran is an experienced leader with a deep understanding of residential real estate and what it takes to build a successful business that outperforms the marketplace,” said Real Chairman and Chief Executive Officer Tamir Poleg. “The combination of Sharran’s operational excellence and entrepreneurial spirit will be a huge asset to us as we continue to enter new markets, sharpen our culture of performance and expand our agent base.”

Most recently, Srivatsaa was Principal of Srilo Ventures, an investment fund that focuses on investing in and advising technology companies and operating businesses in the consumer space. In 2018, he founded Kingston Lane, a marketing software platform for real estate agents and brokers and Highland Prime, a private equity firm focused on helping leadership teams scale their businesses and exit. Earlier in his career, Srivatsaa held investment advisory and corporate strategy positions at Goldman Sachs and Credit Suisse.

“Tamir and the team have built a very unique model. It’s not often you find a culture where performance and collaboration coexist, but they do at Real, and it provides a foundation to build something great,” Srivatsaa said. “I’m looking forward to helping to drive growth of the platform while empowering agents to realize their full potential.”

Srivatsaa is a member of the Young Presidents Organization. He holds a bachelor’s degree from Luther College and an MBA from Vanderbilt University, Owen Graduate School of Management.

All dollar figures shown herein are presented in USD.

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 at the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, expectations regarding Real’s growth and the business and strategic plans of the Company. 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. 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

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 homebuyers and sellers. The company was founded in 2014 and serves 44 states, D.C., and three Canadian provinces with over 7,000 agents. Additional information can be found on its website at www.onereal.com.

Contacts

For additional information:

Jason Lee

Vice President, Capital Markets & Investor Relations

investors@therealbrokerage.com
908.280.2515

For media inquiries:

Elisabeth Warrick

Director, Communications

elisabeth@therealbrokerage.com
201.564.4221

AUSTIN, Texas–(BUSINESS WIRE)–#CleanEnergy–40 electric providers, including many cooperatives, are implementing CLEAResult’s Rooftop Solar Assessment tool to make the decision-making process of purchasing home solar easier and more customized for their customers. The online assessment is the latest energy education innovation from electric vehicle resource leader ChooseEV, which CLEAResult acquired in May to expand the company’s growing energy transition practice within the CLEAResult ATLAS™ platform.

Utilities can customize the Rooftop Solar Assessment with local rates, specific metering models and more to fit the real-world decisions people in their communities are facing. Energy providers can also deliver alternative options for customers to reduce carbon emissions when solar is not a viable option, such as community solar or other green power programs.

“Electric providers want their communities to be properly informed about their energy decisions, especially solar,” said CLEAResult’s ChooseEV Director, Ben Yenter. “Our online assessment simplifies the conversation. People answer a few quick questions, get personalized savings and payback estimates, and can then have informed discussions to decide what’s best for them.”

Purchasing residential solar can be a tricky process to navigate. The tool is designed to empower electric providers to offer customers custom-tailored information on how rooftop solar will impact their future bills—an important detail that solar installers often overlook or misrepresent.

CLEAResult is finding interest across the country from utilities of all sizes and fully expects to onboard over 100 providers by early 2023. Co-ops and other utilities with close relationships to their communities have been the fastest first adopters.

“Providing utilities with technology and data that helps them build stronger relationships with the communities they serve is what it’s all about,” Divakar Jandhyala, CLEAResult’s Chief Product and Technology Officer emphasized. “People can finally make decisions based on real data, and our clients can guide them better because of it.”

ChooseEV continues to integrate and grow its offering as part of CLEAResult ATLAS™, the company’s comprehensive platform for Energy Efficiency, Energy Transition and Decarbonization solutions. The Rooftop Solar Assessment was designed with the same philosophy as the popular EV education tool currently being used by over 400 energy providers—it translates complex technical concepts into easy-to-follow examples that everyone can understand.

CLEAResult’s Rooftop Solar Assessment is available for customers of participating utilities in Washington, Arizona, Minnesota, South Carolina and Indiana. “People in Florida, Virginia, Alabama and elsewhere can look forward to seeing the tool available in their states soon,” says Yenter.

Visit www.clearesult.com/technology to request a fully configurable demo of the Rooftop Solar Assessment.

About CLEAResult

CLEAResult is the largest provider of energy efficiency, energy transition, and decarbonization solutions in North America. Since 2003, our mission has been to change the way people use energy. Today, our experts lead the transition to a sustainable, equitable, and carbon-neutral future for our communities and our planet. Our hometown teams collaborate with a diverse network of local partners to deliver world-class technology and personalized services that make it easy for commercial and industrial businesses, governments, utilities and residential customers to reduce their energy use and carbon footprint. CLEAResult is headquartered in Austin, Texas, and has over 2,400 employees in more than 60 cities across the U.S. and Canada. CLEAResult is majority owned by TPG through its middle market and growth equity investment platform TPG Growth and its multi-sector global impact investing strategy The Rise Fund.

Explore all our energy solutions at clearesult.com.

Follow us on: Facebook | LinkedIn | Twitter | Instagram

Contacts

media@clearesult.com
Amber Tester
Director Corporate Communications

LONDON–(BUSINESS WIRE)–The number of high-net-worth individuals enquiring about investment migration options has more than doubled since the coronavirus was first reported three years ago, with record numbers of wealthy international investors now looking to diversify their residence and citizenship options amid unprecedented global volatility. Henley & Partners has also seen a huge surge in interest and applications from citizens of highly developed countries such as Canada, the UK, and the US compared to pre-pandemic times, with Americans now the top client nationality seeking alternative residence and/or additional citizenship.

Henley & Partners CEO Dr. Juerg Steffen says with many economies now in a post-pandemic phase plagued by security, political, and economic risks, wealthy families are revisiting their priorities to ensure that their legacies, wealth, and lifestyles are protected and future-proofed. “For high-net-worth investors, the optionality of living in or conducting business in a country of their choice is a prime concern. Many are exploring residence and citizenship by investment portfolios that offer them location fluidity and the option to relocate at any given moment between two or more ‘home’ nations, often many thousands of miles from each other.”

In terms of the most sought-after alternative residence options, both Spain and Greece have shot up in popularity over the past six months. Applications for the Spain Residence by Investment Program have increased by 240% this year compared to 2021, and there has also been a significant 125% spike in applications for the Greece Golden Visa Program, with investors able to apply for Greek citizenship after seven years of residence.

Both Spain and Greece rank among the world’s top vacation destinations and offer a highly desirable laid-back Mediterranean lifestyle, with vibrant, cosmopolitan cities and leading educational institutions. Each program offers several investment options but the most popular way to secure residence rights is through purchasing real estate: a minimum investment of EUR 250,000 is required for Greece and EUR 500,000 for Spain. As a resident of either country, you have the right to live and study there as well as free movement across the EU and Europe’s Schengen Area.

Henley & Partners Group Head of Private Clients Dominic Volek says because the single property purchase secures residence for the whole family, it’s a legacy investment across generations. “International real estate has always been a reliable asset class for global investors due to its long-term staying power. Real estate–linked investment migration programs have the additional advantages of enhancing your global mobility through multiple passports and expanding your personal access rights as a citizen or resident of multiple jurisdictions, creating optionality in terms of where you and your family can live, work, study, retire, and invest. The potential gains over the lifetime of the investment include the core value of the asset, rental yields, and global access as an ultimate hedge against both regional and global volatility.”

-Ends-

Notes to Editors

About Henley & Partners

Henley & Partners is the global leader in residence and citizenship by investment. Each year, hundreds of wealthy individuals and their advisors rely on our expertise and experience in this area. The firm’s highly qualified professionals work together as one team in over 35 offices worldwide.

The concept of residence and citizenship planning was created by Henley & Partners in the 1990s. As globalization has expanded, residence and citizenship have become topics of significant interest among the increasing number of internationally mobile entrepreneurs and investors whom we proudly serve every day.

The firm also runs a leading government advisory practice that has raised more than USD 10 billion in foreign direct investment. Trusted by governments, the firm has been involved in strategic consulting and in the design, set-up, and operation of the world’s most successful residence and citizenship programs.

Contacts

Media Contact
For further information, please contact:

Sarah Nicklin

Group Head of Public Relations

sarah.nicklin@henleyglobal.com
Mobile: +27 72 464 8965

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris REIT”) (TSX: PMZ.UN) announced today that its Board of Trustees has declared a distribution of $0.0683 per unit for the month of December, 2022, representing $0.82 per unit on an annualized basis. The distribution will be payable on January 16, 2023 to unitholders of record on December 30, 2022.

About Primaris REIT

Primaris REIT is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in dominant enclosed shopping centres in growing markets. The portfolio totals 10.9 million square feet and is valued at approximately $3.2 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris REIT 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.

Contacts

For more information:

Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

TSX: PMZ.UN

www.primarisreit.com www.sedar.com

MISSISSAUGA, Ontario–(BUSINESS WIRE)–Schneider Electric, the global leader in the digital transformation of energy management and automation, and ORPC, an internationally recognized leader in marine energy technology, innovation and operational excellence, have signed a memorandum of understanding to collaborate on microgrid projects to advance marine energy as a commercially-viable renewable energy source.

Through this collaboration, ORPC and Schneider Electric will install microgrid systems that include Schneider Electric’s energy storage and smart microgrid controllers with ORPC’s RivGen Power Systems to provide communities worldwide with highly predictable baseload electricity in renewable energy form, enabling the global transition towards net-zero societies.

“The ability to provide exciting, cutting-edge, sustainable solutions, like ORPC’s RivGen Power System, works as part of a portfolio of microgrid systems for our customers. It paves the way to establish marine energy as a commercially viable solution in the renewable energy mix,” said Bala Vinayagam, SVP Microgrid Line of Business from Schneider Electric. “The path to net zero includes many forms of decarbonization and having microgrid systems with ORPC’s technology only widens the impact on what our solutions can provide.”

Schneider Electric and ORPC are already working on implementing this solution in partnership with the remote, tribal community of Igiugig, Alaska. When this project is completed in the summer of 2023, the integrated system will form the grid for the community, moving the existing diesel generators to back-up and enabling the village to operate without diesel for between 60% and 90% of the time. In Igiugig, ORPC’s RivGen Power System has proven successful operating through three winters with temperatures going as low as -40 degrees C. As a result of environmental monitoring of the Igiugig project, comprising hundreds of hours of data, not a single injury or mortality to marine or aquatic life has been observed. Schneider Electric supplied Battery Energy Storage System (BESS) with EcoStruxure Microgrid Operation to enable use of River Gen system for diesel reduction. This is achieved by leveraging the Grid forming capability of the Schneider Electric BESS.

ORPC has already received inbound interest in its power systems from over 40 countries. Schneider’s global operations include offices in over 100 countries which will enable the two companies to build a global pipeline of projects.

‘’Nearly 1 billion people globally have no access to electricity and another 700 million rely on diesel-fueled off-grid systems. These communities pay up to 15 times more for electricity than grid-connected areas do, and deal daily with the noise, poor air quality and environmental risk resulting from diesel fuel use,” said ORPC CEO Stuart Davies. “We are so pleased to join forces with Schneider Electric, recognized as a leader for microgrid technology and sustainability (2022 Verdantix report) to better respond to the market inquiries we’ve been receiving and together provide baseload power solutions to these areas of the world with the greatest need.”

“The combination of ORPC’s RivGen Power System and Schneider Electric’s energy storage and smart microgrid controller can serve as a powerful tool to address climate change. For communities already using diesel generators, this system can provide a baseload energy solution and replacement for existing systems,” said Alexandre Paris, Senior Vice President & COO, ORPC. “Developing economies can build out their electricity networks economically without using expensive, centralized grids reliant on fossil fuels.”

“This partnership is an important step forward in our company’s journey to provide everyone, everywhere with access to clean, reliable electricity from sustainable sources such as marine renewable energy,” says Frederick Morency, VP Sustainability, Strategic Initiatives & Innovation, Schneider Electric. “The combination of Schneider Electric’s microgrid technology and ORPC’s power system solution offers an innovative path to bridge progress and sustainability – and empowers remote communities to help lead the energy transition and preserve the natural environment on which they have built their lives. I am proud of this collaboration and excited to see the new pathways we create together.”

About ORPC

Headquartered in the U.S., with subsidiaries in Canada, Ireland and Chile, ORPC is a recognized leader in marine energy technology innovation and operational excellence. A developer of clean, renewable power systems that harness energy from free-flowing rivers and tidal currents, ORPC’s rise to a leadership position in the worldwide marine energy industry is based on an impressive record of continuous improvement and success.

In 2021, ORPC was honored as “Innovator of the Year,” by the State of Maine’s International Trade Center and has a long track record of prestigious awards dating back more than a decade, including “World’s Top Ten Most Innovative Companies in Energy” by Fast Company (2013), and the National Hydropower Association’s Award for Operational Excellence in 2016 (ORPC is the first marine energy company to receive this award).

Read more about ORPC at www.orpc.co. Press images are available for download here and here. Video is here.

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

www.se.com/ca

Discover Life Is On
Follow us on: Twitter | Facebook | LinkedIn | YouTube | Instagram | Blog

Hashtags: #Microgrid #LifeIsOn #AccessToEnergy #SchneiderElectric

Contacts

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

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

The Daniels Corporation, DiamondCorp, Kilmer Group, together with the City of Toronto, help Habitat for Humanity families achieve the dream of homeownership

TORONTO–(BUSINESS WIRE)–Yesterday, The Daniels Corporation (“Daniels”), DiamondCorp, Kilmer Group, and Habitat for Humanity GTA (“Habitat GTA”), welcomed three Habitat families to their new homes in the Daniels FirstHome™ Keelesdale community. These three families received the keys to their new homes at Habitat GTA’s Home for the Holidays celebration.

Located in Toronto’s Keelesdale neighbourhood, Daniels FirstHome™ Keelesdale is a vibrant 12-acre master-planned community nestled in a lush ravine setting, surrounded by beautiful outdoor spaces, public parks, established walking and cycling trails and family-friendly amenities. From its inception, the vision for this community was to be dynamic, exemplifying a complete, transit-oriented community that is seamlessly integrated with its surrounding neighbourhoods and places accessibility and inclusivity at the forefront. The Daniels FirstHome™ program, a highly successful brand of communities located throughout the GTA, stands for creating more attainable homeownership opportunities through various programs and incentives.

“At a time of year when we gather around with our friends and loved ones, it is truly heartening to know this season will be an unforgettable one for these working families as they look forward to brighter futures and – for the first time – celebrate the holidays in their beautiful, new homes,” said Ene Underwood, CEO of Habitat for Humanity GTA. “We are proud to stand with Daniels, DiamondCorp and Kilmer Group and value their commitment to creating affordable homeownership opportunities in our communities. We look forward to working together to build more inclusive, resilient and equitable neighbourhoods where children and parents thrive.”

In 2020, DiamondCorp and Kilmer Group were awarded the Habitat for Humanity GTA’s inaugural “Developer for Humanity Award” and in 2022, Daniels was awarded the inaugural “Developer for Humanity Lifetime Achievement Award”. These awards are a testament to Daniels, DiamondCorp and Kilmer Group’s commitment to delivering affordable homeownership opportunities while demonstrating their commitments to the economic and social wellbeing of the communities they build. Welcoming three partner families to their new homes at Daniels FirstHome™ Keelesdale ahead of the holidays is an example of the magic that can happen when industry builders and developers partner with Habitat GTA to support its mission of helping families build strength, stability and self-reliance through affordable homeownership.

Through their long-standing partnership with Habitat for Humanity GTA and local affiliates, Daniels, DiamondCorp and Kilmer Group have helped empower families in need of a place to call home. Alyssa Keel, one of the participating Habitat partner families and proud new Daniels FirstHome™ Keelesdale homeowner stated, “Every Habitat family has a unique story, whether we are leaving unsafe, unhygienic, overcrowded, or unaffordable apartments – we have all struggled with trying to do the best we can for our children. As parents, we want to see our children thrive, become members of their community, make friends, be happy, and we want to ensure that our children are not impacted by our own financial stresses as they grow up – that they get to stay children as long as possible without worrying along with us. You have given us the opportunity to watch our kids ride their bikes down the street, join clubs, play sports, and be healthier, safer, and happier. Thank you for this incredible gift.”

Daniels FirstHome™ Keelesdale marks the 96th Habitat partner family that Daniels has helped support through their 26-year partnership with Habitat for Humanity and their affiliates. “For over two decades, Daniels has been a proud partner of Habitat for Humanity and has showcased the incredible power of collaboration. As responsible builders and developers, we play a vital role in strengthening the communities where we live and work,” said Niall Haggart, Partner and Executive Vice President at The Daniels Corporation. “Our partnership with DiamondCorp, Kilmer Group and Habitat GTA allows three deserving families to realize the dream of homeownership, which will in turn help establish security, safety, and stability in their lives. We look forward to our continued collaboration for many decades to come.”

“We are honoured and proud to be partnering with Habitat GTA, The Daniels Corporation and Kilmer Group to provide affordable housing to three families ahead of the holidays,” said Bob Blazevski, President and COO of DiamondCorp. “The Daniels FirstHome Keelesdale community is a testament to the positive impact industry partnerships lead to, and we look forward to continuing to build strong communities and brighter futures for families across the GTA.”

“Our partnership with Habitat for Humanity GTA, The Daniels Corporation and DiamondCorp has enabled us to help three Habitat families realize the strength and stability of affordable homeownership,” said Ken Tanenbaum, Vice Chairman of Kilmer Group. “This is an incredible example of what happens when the non-profit and private sectors band together to build inclusive, affordable and resilient communities.”

For more information about Daniels FirstHome™ Keelesdale, please visit www.keelesdale.com.

About The Daniels Corporation

The Daniels Corporation (www.danielshomes.ca) is one of Canada’s pre-eminent builders/developers, building more than 35,000 new homes across the Greater Toronto Area for over 38 years. Daniels is the developer of TIFF Bell Lightbox in Toronto’s Entertainment District and the City of the Arts community on Toronto’s East Waterfront. Among its many initiatives, Daniels partnered with Toronto Community Housing to revitalize 53 of the 69-acre Regent Park community in Toronto. At the core of the revitalization is both a physical and social re-connection of this once stigmatized neighbourhood to the broader City of Toronto. Today, Regent Park is the global hub of Sustainable Development Goals and home to the World Urban Pavilion – Powered by Daniels, a collaborative initiative between the Urban Economy Forum, UN-Habitat, Canada Mortgage and Housing Corporation and The Daniels Corporation. Understanding that quality of life is created by much more than physical buildings, Daniels goes above and beyond to integrate building excellence with opportunities for social, cultural, and economic well-being.

About DiamondCorp

DiamondCorp is a Toronto-based real estate development company that maintains a strong commitment to developing high-quality, innovative, and award-winning residential and mixed-use projects. The company has established itself as a leader in progressive city building in the GTA with a proven track record in achieving municipal approvals for complicated sites translating into the highest and best use. Working together with the local Councillor, City Staff, and community, DiamondCorp is able to achieve its land use goals, creating developments that are sensitive to the surrounding community. Since its founding in 2008, DiamondCorp has invested in 27 development projects across the GTA, totaling development density of over 21 million square feet, and acts as manager of the five Whitecastle New Urban Funds which represent approximately $1 Billion of committed equity. For more information, please visit us at www.diamondcorp.ca.

About Kilmer Group

Kilmer Group is a multi-generational platform for business development and investment which is focused on Canadian enterprise and infrastructure and is built on a heritage of excellence in operations, growth-oriented stewardship and trusting relationships. Based in Toronto, Kilmer Group focuses its investments in three verticals: Private Equity, Infrastructure & Real Estate, and Sports & ‎Media.

About Habitat for Humanity GTA

Habitat for Humanity GTA (www.habitatgta.ca) is a local organization with a global vision of a world where everyone has a safe and decent place to live. We mobilize communities to help working families build strength, stability and self-reliance through affordable homeownership. With the help of volunteers, donors, and community partners, we provide a solid foundation for better, healthier lives for families in the GTA. Since 1988, Habitat GTA has built 23 new communities, providing a hand-up to hundreds of families so parents and children can have a safe, decent and affordable place to call home.

Contacts

For more information or to request an interview, please contact:
Ema Asler

Kaiser & Partners

ema.asler@kaiserpartners.com

LADERA RANCH, Calif.–(BUSINESS WIRE)–SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”), a self-managed and fully integrated self storage company, today announced that its board of directors has declared an updated estimated Net Asset Value (“NAV”) of $15.21 per share for its Class A and Class T shares, as of September 30, 2022. This was based on an appraisal that provided an estimated net asset value range of $14.15 to $16.38 per share, with a mid-point estimated value of $15.21 per share. SmartStop’s previous estimated NAV per share was $15.08 as of June 30, 2021.

“I am pleased to report that SmartStop’s estimated NAV per share has increased from our most recently declared NAV, despite recent economic volatility,” said H. Michael Schwartz, Chairman and CEO of SmartStop. “The increase in SmartStop’s NAV is a testament to the power of the SmartStop® Self Storage operating team and platform, our team of acquisition professionals who helped build this portfolio, and our long-term income and growth strategy.”

On December 6, 2022, SmartStop’s board of directors approved the estimated per share NAV of $15.21 based on the estimated value of SmartStop’s assets less the estimated value of its liabilities, or net asset value, divided by the number of shares outstanding on an adjusted fully diluted basis, calculated as of September 30, 2022.

Robert A. Stanger & Co., Inc. (“Stanger”), an independent third-party valuation firm, was engaged to provide valuation services of SmartStop’s assets and liabilities, including 156 wholly-owned properties and interests in six joint venture operating properties. Upon the nominating and corporate governance committee’s receipt and review of Stanger’s appraisal report and net asset value report, the committee determined that an estimated value per share range of $14.15 to $16.38 was reasonable and recommended to the board that it adopt the mid-point valuation of $15.21 per share, as the estimated value per share for SmartStop’s Class A shares and Class T shares.

SmartStop acquired its 156 wholly-owned assets for approximately $1.9 billion and invested approximately $77 million subsequent to purchase. The total estimated mid-point value of the properties was approximately $2.7 billion as of September 30, 2022, representing an approximate 37% increase in the total value over the aggregate purchase price.

The appraisals were performed in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP), the real estate appraisal industry standards created by The Appraisal Institute, as well as the requirements of the jurisdiction where each real property is located.

The valuation was determined in compliance with the Institute for Portfolio Alternatives’ practice guideline regarding valuations of publicly registered non-listed REITs (“IPA guidelines”). Consistent with the IPA guidelines, the valuation does not include a portfolio premium that may reasonably be expected to accrue in a typical real estate valuation process conducted for transaction purposes, nor does it reflect an enterprise value.

For a full description of the methodology and assumptions used to determine the estimated per share NAV and the limitations of the estimated per share NAV, please see SmartStop’s Current Report on Form 8-K that was filed with the U.S. Securities and Exchange Commission on December 6, 2022.

About SmartStop Self Storage REIT, Inc. (SmartStop)

SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 450 self storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self storage programs. As of November 30, 2022, SmartStop has an owned or managed portfolio of 176 properties in 22 states and Ontario, Canada, comprising approximately 120,600 units and 13.7 million rentable square feet. SmartStop and its affiliates own or manage 20 operating self storage properties in the Greater Toronto Area, which total approximately 17,050 units and 1.7 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.

Contacts

David Corak
VP of Corporate Finance

SmartStop Self Storage REIT, Inc.

949-542-3331

IR@smartstop.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”) announced today that its distribution declared for the month of November 2022 is $0.0300 per Trust unit, equal to $0.3600 per Trust unit on an annualized basis. As previously announced, the Board of Trustees decided to increase the amount of future distributions as a result of InterRent’s portfolio demonstrating strong sustainable results. The November distribution represents a 5.3% increase over the previous 2022 monthly distributions. Payment will be made on or about December 15, 2022, to unitholders of record on November 30, 2022.

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) to grow both funds from operations per Unit and net asset value per Unit through investments in a diversified portfolio of multi-residential properties; (ii) to provide Unitholders with sustainable and growing cash distributions, payable monthly; and (iii) to maintain a conservative payout ratio and balance sheet.

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

Contacts

For further information, please contact:
Investor Relations

investorinfo@interrentreit.com
www.interrentreit.com

Team sees the Canadian economy slipping into a mild recession, contracting -0.5% for the year

TORONTO–(BUSINESS WIRE)–Russell Investments Canada Limited has released its 2023 Global Market Outlook, offering economic insights and market forecasts from the firm’s global team of investment strategists. Regarding the “Canada Outlook,” the team believes the Bank of Canada’s (BoC) very tight monetary policy will soon catch up to highly indebted households and potentially take the Canadian economy into a shallow recession. Meanwhile, a slowing global economy will drag on commodity prices and challenge Canadian exports.

“The good times of 2022 in terms of household spending and business investment may end in 2023, as the lagged effects of rate hikes are felt more intensely in the Canadian economy,” said Shailesh Kshatriya, director, investment strategies at Russell Investments. “However, as a mild recession gains momentum and inflationary pressures moderate, we believe the conditions should be in place toward the latter half of the year to allow the BoC to shift its policy stance towards interest rate cuts.”

The team also points out a couple of bright spots for investors amid talk of a recession: bond yields are more attractive, offering improved income, and government bonds may benefit from recession-driven risk-off sentiment.

In addition, the team remains positive on Canadian equities over the medium term due to better relative value and the potential for natural resource sectors to benefit from the energy transition.

Regarding the Canadian dollar, the team believes it will likely hover around 70-80 cents to the U.S. dollar as it searches for direction in an uncertain environment for commodities and the global economy.

The team assesses their investment decision-making building blocks of cycle, valuation, and sentiment as follows:

• Cycle: With recession as the team’s baseline assessment for the Canadian and U.S. economies, the business cycle outlook is negative. However, the team expects the cycle outlook will improve as BoC policy shifts from a restrictive hold to gradual easing, although in their view that may only occur in late 2023.
• Value: Traditional valuation measures such as price-to-earnings indicate decent value; however, the team is concerned about profit margins eroding as the economy slows. Therefore, the team rates value as neutral.
• Sentiment: Canadian equities have avoided a technical bear market in 2022, defined as a peak-to-trough pullback of at least 20%, and with domestic shares rebounding from the October lows, the team’s contrarian indicators are only modestly oversold. Overall, the team assesses sentiment as slightly positive.

“We are concerned about the business-cycle outlook,” Kshatriya said. “A more constructive view hinges on a policy pivot from the BoC, which may require patience. Therefore, while valuations are reasonable and the equity sentiment is not alarming, our cycle concerns are an overriding factor that keeps us neutral in an absolute sense and a possible pause to Canadian equities outperformance. Relative value, however, favors Canadian over U.S. equities over the medium term.”

Global market outlook

Globally, Russell Investments’ strategists believe a recession seems likely in 2023 and equity markets may struggle, but an economic recovery should be on the horizon by year-end.

“The main issue for 2023 is whether inflation pressures ease sufficiently to allow central banks to step away from rate hikes and potentially begin easing,” said Andrew Pease, global head of investment strategy at Russell Investments. “We expect inflation will be on a downward trend as global demand slows. This should allow central banks to eventually change direction and may set the scene for the next economic upswing.”

Russell Investments’ global asset-class views for 2023 include:

• Fixed income will make a comeback after experiencing the worst year of returns in 2022.
• Long-term bond yields should decline moderately as recession risk looms. The team’s target is 3.3% for the U.S. 10-year Treasury yield by the end of 2023.
• Equities have limited upside with recession risk on the horizon.
• The U.S. dollar could weaken late in 2023 as central banks start to unwind rate hikes and investors begin to focus on a global recovery.
• A weakening U.S. dollar could be the trigger for non-U.S. developed market equities to finally outperform U.S. stocks, given their more cyclical nature and relative valuation advantage over U.S. stocks. A weaker U.S. dollar could also be the trigger for emerging markets to outperform.

Looking toward 2023, the team offers the following asset-class preferences:

• Although non-U.S. developed equities are cheaper than U.S. equities, the team has a neutral preference until the Fed become less hawkish and the U.S. dollar weakens.
• Emerging market equities could recover if there is significant China stimulus, the Fed slows the pace of tightening, energy prices subside, and the U.S. dollar weakens. For now, the team believes a neutral stance is warranted.
• High yield and investment grade credit spreads are near their long-term averages, although the overall yield on U.S. high yield at near 8.5% is attractive. Spreads will come under upward pressure if U.S. recession probabilities increase and there are fears of rising defaults. The team has a neutral outlook on credit markets.
• Government bond valuations have improved after the rise in yields, and the team sees U.S., U.K., and German bonds as offering good value and Japanese government bonds offering fair value. “The risk of a further significant sell-off seems limited given inflation is close to peaking and markets have priced hawkish outlooks for most central banks,” Pease said.
• Real assets: Real-estate investment trusts (REITs) look attractively valued relative to global equities and listed infrastructure, and the team believes they should benefit from declining bond yields. The team sees the outlook for commodities as mixed, given the expected slowdown in the global economy.
• The U.S. dollar (USD) has made gains this year on Fed hawkishness and safe-haven appeal during the Russia/Ukraine conflict. The team believes USD could weaken if inflation begins to decline and the Fed pivots to a less hawkish stance in early 2023. The team believes the euro and Japanese yen would be the main beneficiaries.

For more details on the outlook, the team’s full report is available here.

About Russell Investments Canada Limited

Russell Investments Canada Limited is a wholly owned subsidiary of Russell Investments Group, Ltd. Established in 1985, Russell Investments Canada Limited has its head office in Toronto.

About Russell Investments

Russell Investments is a leading global investment solutions firm providing a wide range of investment capabilities to institutional investors, financial intermediaries, and individual investors around the world. Building on an 86-year legacy of continuous innovation to deliver exceptional value to clients, Russell Investments works every day to improve the financial security of its clients. The firm has CA$376.9 billion in assets under management (as of 9/30/2022) for clients in 32 countries. Headquartered in Seattle, Washington, Russell Investments has offices in 19 cities around the world, including in New York, London, Toronto, Tokyo, and Shanghai.

Contacts

Steve Claiborne, 206-505-1858, newsroom@russellinvestments.com

LONDON–(BUSINESS WIRE)–#CapitalStructure–H.I.G. Capital, LLC (“H.I.G.”), a leading global alternative investment firm with over $52 billion of equity capital under management, is pleased to announce that an affiliate has provided mezzanine financing to a German multifamily portfolio of 2,446 units concentrated in the North Rhine-Westphalia region.

Riccardo Dallolio, Managing Director and Head of H.I.G. Realty in Europe, commented: “We believe that the German residential market currently presents a good set of opportunities for our capital. Our sector specific knowledge coupled with our flexible approach to invest across the capital structure, has allowed us to become a capital partner of choice for high quality real estate operating platforms.”

Chris Zlatarev, Managing Director at H.I.G. Realty in Europe, added: “We are delighted to close another multifamily financing transaction in Germany enabling the implementation of substantial value add initiatives across the portfolio.”

About H.I.G. Capital

H.I.G. is a leading global alternative assets investment firm with over $52 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, São Paulo and Bogotá, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
4. H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

Contacts

Riccardo Dallolio

Managing Director

rdallolio@higrealty.com
P +44 (0) 207 318 5700

F +44 (0) 207 318 5749

www.higcapital.com