TORONTO–(BUSINESS WIRE)–Slate Grocery REIT (TSX: SGR.U) (TSX: SGR.UN) (the “REIT”), an owner and operator of U.S. grocery-anchored real estate, announced today that the Board of Trustees has declared a distribution for the month of December 2022 of U.S.$0.072 per class U unit of the REIT (“Class U Units”), or U.S.$0.864 on an annualized basis.

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

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

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

Distributions on all unit classes of the REIT, and distributions on Exchangeable Units, will be payable on January 16, 2023 to unitholders of record as of the close of business on December 30, 2022.

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

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

About Slate Asset Management

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

Forward-Looking Statements

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

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

SGR-Dist

Contacts

Investor Relations

+1 416 644 4264

ir@slateam.com

TORONTO–(BUSINESS WIRE)–Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of high-quality workplace real estate, announced today that the Board of Trustees has declared a distribution for the month of December 2022 of C$0.0333 per trust unit of the REIT, representing $0.40 per unit of the REIT on an annualized basis.

The distribution will be payable on January 16, 2023 to unitholders of record as of the close of business on December 30, 2022.

About Slate Office REIT (TSX: SOT.UN)

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

About Slate Asset Management

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

Forward-Looking Statements

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

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

SOT-Dist

Contacts

For Further Information

Investor Relations

+1 416 644 4264

ir@slateam.com

LADERA RANCH, Calif.–(BUSINESS WIRE)–SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”), a self-managed and fully integrated self storage company, announced today it was named a top corporate solar user in 2022 by the Solar Energy Industries Association (SEIA). SmartStop ranked in the top one percent in the number of solar installations at its owned and managed properties. In addition, SmartStop ranked in the top six percent for solar adoption capacity (in megawatts) among the more than 5,000 businesses surveyed.

SEIA, the national trade association for the solar and storage industry, tracks and analyzes commercial solar adoption in the U.S. in its Solar Means Business 2022 report. According to the report released on November 29, 2022, American companies are installing record levels of solar to power their operations and now account for 14% of all installed solar capacity in the United States.

“SmartStop strives to be a leader in environmental sustainability and values the recognition of the SEIA,” said H. Michael Schwartz, Chairman and CEO of SmartStop. “Several years ago, we recognized that we could make an impact by powering our locations using renewable, clean energy.” said Schwartz. “We plan to continue the expansion of our solar program with installations at existing and newly acquired facilities across the country, and it’s a win-win because it improves profitability for our stockholders.”

SmartStop recognizes the importance of minimizing the impact of its operations on the environment and integrating environmental considerations into its business practices. SmartStop has implemented several energy-saving and waste-reduction initiatives along with solar panels. The majority of SmartStop locations feature interior motion-sensing lights, and energy-saving LED lights are used throughout the interiors and exteriors. SmartStop’s technology platform allows customers to use the company’s website or call center to generate paperless reservations and rentals.

“Solar Means Business highlights the incredible flexibility of solar, whether it’s installed on a warehouse roof, on a carport or at an offsite facility, showing the various ways that companies are meeting their needs with clean, affordable energy,” said SEIA president and CEO Abigail Ross Hopper.

Solar Means Business tracks over 47,000 corporate solar installations nationwide, which combined generate enough electricity to power 3.2 million homes and offset 20.4 million metric tons of CO2 annually. Total commercial solar installations are expected to double again over the next three years with nearly 27 GW of offsite corporate solar projects scheduled to come online by 2025.

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

The New Real Estate Tech Company is Making Luxury Vacation Home Ownership Accessible for Canadians Through Unique Co-Ownership Model

VANCOUVER, British Columbia–(BUSINESS WIRE)–Today, Canada’s luxury vacation home co-ownership company, wecasa, officially launches. The real estate technology business has announced its first two Canadian properties in British Columbia, ahead of several additional properties in BC and Ontario in the coming months. Starting today, Canadians can co-own homes in Whistler and the Okanagan. Each home can be shared by a minimum of two and a maximum of eight wecasa owners. In contrast to traditional timeshares and many other forms of fractional ownership, wecasa owners share ownership of a distinct luxury home. When they’re finished enjoying their vacation home, they can sell their ownership and receive the benefit of any appreciation in the value of the property.

Co-ownership of fully managed second homes is a fast-growing category in the US – fuelled by unprecedented demand for leisure properties from remote workers and retiring boomers. wecasa is the first company to solve the unique regulatory and financing challenges in Canada to bring the proven second home co-ownership model to local buyers and properties. Unlike owning a second home all to yourself, wecasa provides a full-service, tech enabled solution that manages the property and removes the burden of maintenance and budgeting.

Currently, most luxury second homes sit empty for the majority of the time, meanwhile demand for second homes has never been higher. wecasa aims to solve this long-term supply and demand imbalance by allowing existing owners to right-size their ownership in their second home to the amount of time they use.

“At wecasa, we see an opportunity to fundamentally change the way Canadian vacation property is owned by offering a superior ownership experience for a fraction of the price through fully managed co-ownership,” said Mark Proudfoot, Co-founder and CEO of wecasa. “We believe that systemic shifts like flexible work and baby boomers retiring at unprecedented rates will continue to create growing demand for a finite amount of second home inventory. By introducing co-ownership to the Canadian market, we will increase the utilization of high-cost luxury homes, which in turn will reduce the number of buyers competing for single-family vacation dwellings at more affordable price points.”

wecasa aims to be Canada’s number one choice for vacation home ownership. The company is partnering with leading real estate agents to acquire elevated second homes in the most desired locations and is rolling out an agent partnership program to incentivize agents to introduce their clients to wecasa.

wecasa’s exclusive new properties include:

1. Whistler: A gorgeous, architecturally designed mountain home is the ideal year-round luxury retreat. The 5,200 sqft oasis sits on a 16,000 sqft lot with expansive views of Whistler Blackcomb. The outdoor living space boasts a large pool and hot tub with built-in heaters throughout. The luxury home includes five main bedrooms, seven baths and a two bedroom suite, making it the perfect escape for family and friends.
2. Naramata: Surrounded by vineyards and orchards, the quiet village of Naramata offers artisan shops, wineries, a farmers market and beautiful beaches and parks located just across the street from this brand new development. The main level offers a bright open floor plan with a modern kitchen, dining area, cozy living space, and powder room. The massive private roof top comes complete with open and closed patio areas, an outdoor kitchen, a gas fireplace, and breathtaking views of Okanagan lake.

To learn more about wecasa’s brand new listings, including how to become a co-owner, please visit: https://www.we.casa/

About wecasa

wecasa is a real estate tech company that helps people own luxury second homes for a fraction of the price and without the traditional hassles of ownership. They do this through a tech-enabled co-ownership model that’s designed specifically for Canadians. The company was founded in 2021 by Mark Proudfoot and Alex Conconi, and is backed by a core group of entrepreneurs and real estate experts who are passionate about making the future of living and working better. For more information visit: https://www.we.casa/

Contacts

Media
Dan Gamble

dan@dg-pr.com
778-873-0422

—Transaction values the Company at a $550 million post-money equity valuation¹

—Upon closing, will be the first pure-play parking owner of scale to be publicly listed

—Diversified portfolio of assets comprising 15,750 parking spaces across 44 facilities and 22 distinct markets

—Fifth Wall Acquisition Corp. III is an affiliate of Fifth Wall, the largest venture capital firm focused on the built world with $3.2B of assets under management

—Mobile Infrastructure Corp. to benefit from Fifth Wall’s ecosystem of institutional real estate partners and access to technology solutions

NEW YORK–(BUSINESS WIRE)–Fifth Wall Acquisition Corp. III (NASDAQ: FWAC) (“FWAC”), a special purpose acquisition company (SPAC) sponsored by an affiliate of Fifth Wall, the largest venture capital firm focused on technology for the built world, announced today that it entered into a definitive business combination agreement with Mobile Infrastructure Corp. (“MIC” or the “Company”), one of the largest institutional-quality, mobility-focused parking asset owners in the U.S. Upon the closing of this transaction, the combined company expects to be publicly traded on the New York Stock Exchange under the ticker “BEEP.”

Founded in 2015, MIC has established an industry-leading reputation acquiring under-managed parking facilities in the nation’s top 50 metropolitan statistical areas (MSAs) and implementing a variety of asset management initiatives to unlock embedded upside. MIC is led by an experienced management team with long-standing parking industry relationships. MIC’s strategically diversified portfolio currently includes 44 parking facilities in 22 markets.

Company & Industry Highlights

• Attractive Cash Flow Characteristics: Parking features an attractive revenue profile combining both recurring monthly contracts as well as weekly, daily, and hourly arrangements which provide a natural inflationary hedge through adjustable rates. Assets in the MIC portfolio benefit from a diverse set of demand drivers in high traffic central business districts. MIC’s parking assets have minimal ongoing operating expenses and low recurring capital expenditures.
• Experienced Management Team: MIC is led by an experienced management team with over 40 years of combined industry experience and relationships in the parking industry, including the former CEO of Parking Company of America.
• Growth Opportunities through Active Asset Management: Parking is an industry that has historically underinvested in technology and asset management initiatives. MIC utilizes proprietary technology to maximize revenue and profitability through customer data collection, dynamic rate optimization, and demand strategies. Additionally, MIC has established percentage of rent operator leases which align incentives and capture significant contribution margin on growth.
• Fragmented Industry Ripe for Consolidation: Ownership of parking assets is highly fragmented with the vast majority of industry assets held by small local owner-operators, who generally own between one to five properties in a specific market. Additionally, supply is naturally constrained due to onerous zoning restrictions and scarcity of land in urban downtown environments, creating a favorable backdrop for consolidation and growth. Expected proceeds from the transaction will provide capital for external growth and future expansion and allow MIC to accelerate the execution of its acquisition pipeline.

Management Comments

Manuel Chavez, Chief Executive Officer and Chairman of MIC, said, “Today marks an important step in our path towards creating a next-generation publicly-listed parking platform. Fifth Wall’s vast expertise bridging the gap between analog businesses and technologies, combined with their network of limited partners who represent the world’s top real estate owners and operators, make them an integral partner in our next growth phase.”

Jeff Osher, Managing Partner of No Street Capital, and MIC Director, commented, “As the largest shareholder of MIC, I’m thrilled that we not only found the right partner in FWAC, but also an aligned incentive structure that is conducive to the creation of meaningful shareholder value over time. Our enthusiasm about MIC’s combination with FWAC is reflected in No Street’s commitment to invest an additional $10 million in a PIPE transaction.”

Brad Greiwe, Co-Founder and Managing Partner at Fifth Wall, shared, “Fifth Wall has long evaluated the landscape of parking owner-operators and the technologies applicable to those businesses. It was evident that Mobile Infrastructure has the right portfolio, management team, operator relationships and track record to redefine and usher the industry into the future.”

As part of the business combination, Greiwe is expected to join MIC’s Board of Directors.

Transaction Overview

The business combination values the combined company at a post-money equity valuation of approximately $550 million assuming no public shareholders of FWAC exercise their redemption rights.

The combined company is expected to have up to approximately $276 million in cash at closing, including $275 million of cash held in FWAC from its initial public offering on May 27, 2021 (assuming no redemptions by FWAC’s public shareholders and prior to the payment of transaction expenses). The transaction is further supported by a $10 million PIPE investment from No Street Capital, an existing MIC shareholder.

MIC and FWAC are aligning long-term interests. FWAC’s sponsor has agreed to defer a portion of its founder shares in an earn-out with vesting at significant premiums to FWAC’s current share price, while MIC’s CEO has elected to receive 100% of his 2023 compensation in stock. In addition, a portion of the FWAC Sponsor’s founder shares will be cancelled for no consideration. The combined company will have significant insider ownership, and MIC’s existing investors are rolling 100% of their equity in the transaction. Additionally, no SPAC warrants have been issued, and as a result, shareholders will benefit from less dilution and a simplified capital structure.

The transaction has been unanimously approved by the Boards of Directors of both MIC and FWAC. The transaction is expected to close in the second quarter of 2023, subject to the satisfaction of customary closing conditions, including the approval of shareholders of both parties.

Additional information about the proposed transaction, including a copy of the merger agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by FWAC and Mobile Infrastructure Corporation with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov.

Advisors

Venable LLP and Keating Muething & Klekamp PLL are serving as legal counsel to Mobile Infrastructure Corporation. B. Riley is rendering a fairness opinion to the Company.

Gibson, Dunn & Crutcher LLP is serving as legal counsel to Fifth Wall Acquisition Corp. III.

About Fifth Wall Acquisition Corp. III

Fifth Wall Acquisition Corp. III is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

About Mobile Infrastructure Corporation:

Mobile Infrastructure is an internally-managed, publicly registered, non-listed company that invests primarily in parking lots and garages in the United States. As of September 30, 2022, it owned 44 parking facilities located in 22 separate markets throughout the United States, with a total of 15,750 parking spaces and approximately 5.4 million square feet and approximately 0.2 million square feet of commercial space adjacent to its parking facilities. For more information, please visit www.mobileit.com.

Additional Information

This document relates to the proposed merger involving Fifth Wall Acquisition Corp. III (“FWAC”) and Mobile Infrastructure Corp. (“MIC”). FWAC intends to file a registration statement on Form S-4 with the Securities and Exchange Commission (“SEC”), which will include a joint proxy statement of FWAC and MIC and that will constitute a prospectus of FWAC, referred to as a joint proxy statement/prospectus, and each party will file other documents with the SEC regarding the proposed transaction. A definitive joint proxy statement/prospectus will also be sent to the stockholders of FWAC and MIC, seeking any required stockholder approvals. Investors and security holders of FWAC and MIC are urged to carefully read the entire joint proxy statement/prospectus, when it becomes available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction. The documents filed by FWAC and MIC with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. Alternatively, documents filed by FWAC, when available, can be obtained free of charge from FWAC upon written request to Fifth Wall Acquisition Corp. III, 6060 Center Drive, 10th Floor, Los Angeles, California 90045, and documents filed by MIC, when available, can be obtained free of charge from MIC upon written request to Mobile Infrastructure Corporation, 30 W 4th Street, Cincinnati, Ohio 45202.

Participants in the Solicitation

FWAC, MIC and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in favor of the approval of the merger and related matters. Information regarding FWAC’s directors and executive officers is contained in the section of FWAC’s final IPO prospectus titled “Management”, which was filed with the SEC on May 26, 2021, and information regarding MIC’s directors and executive officers is contained in the section of MIC’s Annual Report on Form 10-K titled “Directors, Executive Officers and Corporate Governance”, which was filed with the SEC on March 30, 2022. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the joint proxy statement/prospectus and other relevant documents filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.

No Offer or Solicitation

This document does not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed transaction. This document also does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor will there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, FWAC’s and MIC’s expectations or predictions of future financial or business performance or conditions, MIC’s assets or operations, the anticipated benefits of the proposed transaction, the expected composition of the management team and board of directors following the transaction, the expected use of capital following the transaction, including MIC’s ability to accomplish the initiatives outlined above, the expected timing of the closing of the transaction and the expected cash balance of the combined company following the closing. Any forward-looking statements herein are based solely on the expectations or predictions of FWAC or MIC and do not express the expectations, predictions or opinions of Fifth Wall in any way. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “predicts,” “forecasts,” “may,” “will,” “could,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “potential,” “intends” or “continue” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in the section of FWAC’s Annual Report on Form 10-K titled “Risk Factors,” which was filed with the SEC on March 30, 2022, and in the section of MIC’s Annual Report on Form 10-K titled “Risk Factors,” which was filed with the SEC on March 30, 2022 and in Part II, Item 1A “Risk Factors” in MIC’s Quarterly Reports on Form 10-Q filed on May 16, 2022, August 15, 2022 and November 18, 2022. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are based on FWAC’s or MIC’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and neither FWAC nor MIC is under any obligation and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports, which FWAC and MIC has filed or will file from time to time with the SEC.

In addition to factors previously disclosed in FWAC’s and MIC’s reports filed with the SEC, including FWAC’s and MIC’s most recent reports on Form 8-K and all attachments thereto, which are available, free of charge, at the SEC’s website at www.sec.gov, and those identified elsewhere in this document, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: risks and uncertainties related to the inability of the parties to successfully or timely consummate the merger, including the risk that any required regulatory approvals or stockholder approvals of FWAC or MIC are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the merger is not obtained, failure to realize the anticipated benefits of the merger, risks related to MIC’s ability to execute on its business strategy, attain its investment strategy or increase the value of its portfolio, act on its pipeline of acquisitions, attract and retain users, develop new offerings, enhance existing offerings, compete effectively, and manage growth and costs, the duration and global impact of COVID-19, the possibility that FWAC or MIC may be adversely affected by other economic, business and/or competitive factors, the number of redemption requests made by FWAC’s public stockholders, the ability of MIC and the combined company to leverage Fifth Wall’s limited partner and other commercial relationships to grow MIC’s customer base (which is not the subject of any legally binding obligation on the part of Fifth Wall or any of its partners or representatives), the ability of MIC and the combined company to leverage its relationship with any other MIC investor (including investors in the proposed PIPE transaction) to grow MIC’s customer base, the ability of the combined company to meet Nasdaq’s listing standards (or the standards of any other securities exchange on which securities of the public entity are listed) following the merger, the inability to complete the private placement of common stock of FWAC to certain institutional accredited investors, the risk that the announcement and consummation of the transaction disrupts MIC’s current plans and operations, costs related to the transaction, changes in applicable laws or regulations, the outcome of any legal proceedings that may be instituted against FWAC, MIC, or any of their respective directors or officers, following the announcement of the transaction, the ability of FWAC or the combined company to issue equity or equity-linked securities in connection with the proposed merger or in the future, the failure to realize anticipated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions and purchase price and other adjustments; and those factors discussed in documents of FWAC and MIC filed, or to be filed, with the SEC.

Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in FWAC’s and MIC’s most recent reports on Form 8-K, which are available, free of charge, at the SEC’s website at www.sec.gov, and will also be provided in FWAC’s joint proxy statement/prospectus, when available. Any financial projections in this document are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond FWAC’s and MIC’s control. While all projections are necessarily speculative, FWAC and MIC believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this document should not be regarded as an indication that FWAC and MIC, or their representatives, considered or consider the projections to be a reliable prediction of future events.

This document is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in FWAC or MIC and is not intended to form the basis of an investment decision in FWAC or MIC. All subsequent written and oral forward-looking statements concerning FWAC and MIC, the proposed transaction, or other matters and attributable to FWAC and MIC or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Important Information About Fifth Wall

In these materials (including any accompanying video or audio materials), references to “Fifth Wall” and “Fifth Wall Group” generally refer to Fifth Wall Asset Management, LLC, and Fifth Wall Ventures Management, LLC, collectively with their affiliates and any investment funds, investment vehicles or accounts managed or advised by any of the foregoing (each such fund, vehicle or account, a “Fifth Wall Fund”). FWAC is sponsored by Fifth Wall Acquisition Sponsor III LLC (the “FWAC Sponsor”), which is an affiliate of Fifth Wall. However, FWAC is an independent publicly-traded company, and not a member of Fifth Wall or the Fifth Wall Group. Fifth Wall has not and is not providing investment advice to any person in connection with the matters contemplated herein, including FWAC, FWAC Sponsor or MIC.

Except for certain limited obligations of the FWAC Sponsor related to the disposition of its founder shares in FWAC, Fifth Wall in not a party to the proposed transaction agreements between FWAC and MIC or related transactions. Neither Fifth Wall, nor any of its partners, employees or other representatives will have at any time any legal obligation or commitment to any person (including MIC) to promote, advertise, market, or support the products, services, business or operations of MIC or the combined company. Fifth Wall’s position following consummation of the proposed merger will be that of an investor in the combined company until such time as Fifth Wall may, subject to its contractual obligations, dispose of its shares in the combined company.

This material is neither an offer to sell nor a solicitation of an offer to buy any security in any Fifth Wall Fund, and may not be used or relied upon in connection with any offer or solicitation. A private offering of interests in a Fifth Wall Fund may only be made by such Fifth Wall Fund pursuant to the offering documents for such Fifth Wall Fund, which will contain additional information about the investment objectives, terms, and conditions of an investment in such Fifth Wall Fund and also contain tax information and risk disclosures that are important to any investment decision regarding such Fifth Wall Fund. The information contained in this material is superseded by, and is qualified in its entirety by reference to, such offering documents. This communication is intended only for persons resident in jurisdictions where the distribution or availability of this communication would not be contrary to applicable laws or regulations.

Past performance or activities are not necessarily indicative of future results, and there can be no assurance that any Fifth Wall Fund will achieve results comparable to those presented herein, or that any Fifth Wall Fund will be able to implement its investment strategies or achieve its investment objectives. A Fifth Wall Fund’s investment and applicable investment restrictions may differ from those historically employed by Fifth Wall, and economic conditions may differ materially from the conditions under which any other investment fund, investment vehicle or account managed or advised by Fifth Wall has previously invested. The investments, transactions and operational activities of Fifth Wall contained in this material, if any, are shown for illustrative purposes only of the types of investments, transactions and activities that have historically been undertaken by Fifth Wall, its affiliates and their respective officers, directors, partners, members, employees and/or advisors.

¹ Assuming no public shareholders of FWAC exercise their redemption right.

Contacts

Media Contact:
Elise Szwajkowski

Head of Communications, Fifth Wall

FWAC@fifthwall.com

Mobile Infrastructure Corporation Shareholder Contact:
ir@mobileit.com

• La Mer South will be renamed J1 Beach, a first of its kind day-to-night premium F&B destination featuring three brand new experiences – Gigi Rigolatto, Bâoli and Sirene Beach by Gaia – and 10 new upscale restaurants
• The redevelopment is set to reimagine the way people enjoy hospitality experiences

DUBAI, United Arab Emirates–(BUSINESS WIRE)–Asset management firm Merex Investment has announced a redevelopment of La Mer South, which will be named J1 Beach, with the addition of three brand new seaside experiences – Gigi Rigolatto, Bâoli and Sirene Beach by Gaia – and 10 upscale restaurants that visitors can enjoy from sunrise to sunset.

J1 Beach will become a flagship beach resort destination and the first-of-its kind in the region, offering uninterrupted sea views, premium F&B offerings and a cluster of high-end operators in the heart of Jumeirah, Dubai.

The redevelopment will ease connectivity for visitors through valet services and ample parking, golf cart shuttle services and green pathways, which are shaded in the day and illuminated at night to create an ideal ambience for beachgoers. Visitors can even arrive by sea via the framed seaside reception.

The new restaurants for the J1 Beach development will make their debut in the UAE and will be completely licensed with day-to-night trade.

Shahram Shamsaee, CEO at Merex Investment Group, said: “J1 Beach is an exciting extension of Dubai, as a leading lifestyle and business destination, and we firmly believe that the addition of the day-to-night seaside lifestyle experiences and restaurants will reimagine the way visitors enjoy an interactive and offering new elevated choices.”

“Merex Investments aims to take destinations to and beyond their business potential by capitalising on prime locations and amplifying the principles of placemaking. The three new additions to J1 Beach will support the growth of local and global partners through the delivery of holistic, convenient and diverse lifestyle assets.”

In line with Merex Investment’s strategic priority to enable people to re-imagine the way they experience the city, the move will enable residents to be part of Dubai’s ever-growing vibrant and lifestyle landscape.

Merex and Paris Society International signed an agreement to bring the legendary Gigi Rigolatto to the region for the first time. Voted amongst the world’s top brands in its category, Gigi Rigolatto offers guests an Italian menu, an interior restaurant, two exterior terraces, a garden, a Bellini bar, a swimming pool, a kids’ circus, a wellness area and direct access to the beach.

Brian Bendix, CEO of Paris Society International, said: “We believe that J1 Beach, the gravitas of the Merex vision and the diversity of the market leading offering will resonate not just in Dubai, but globally. It will set a new standard for ultra-premium residential, hospitality and lifestyle beach offering. After the success in Saint Tropez, Paris and Val d’Isère, Dubai is a natural next beach destination for Gigi Rigolatto which will feature with all of its extraordinary experiences.”

Developed by Evgeny Kuzin and Chef Izu Ani, Sirene Beach by Gaia is the coastal evolution of Dubai’s home-grown, Greek-Mediterranean concept Gaia. Evgeny Kuzin, Restaurateur and Co-Founder of Gaia, said: “Research has shown us a shift in global holiday trends, with a large increase in people opting for regular recreation at beaches and restaurants, rather than travelling. An elegant experience, Sirene Beach by Gaia will embody the luxury of beachside leisure, allowing guests to stay all day, to relax, unwind and spend time with loved ones. We are so excited to launch Sirene with an exquisite menu designed by the Gaia culinary team, a contemporary aesthetic and an unrivalled entertainment and events schedule on one of the region’s most desirable shores.”

Bâoli at J1 Beach will also be another new entry to the Middle East. Bâoli is a stylish restaurant that has found success across the globe in Miami, US and Cannes, France that will offer modern Japanese cuisine and is known for drawing A-listers to the venue.

Sanjeev Nanda, Founder of Neat Food which will manage Bâoli Dubai, said: “Bâoli is a retreat-styled space inspired by the beautiful stepwell baolis in India and which will offer a unique experience for visitors to J1 Beach. The move into the Middle East is part of the brand’s success across our international destinations and we believe that Dubai was the perfect location to continue sharing our world-class hospitality experiences.”

The area will be closed while construction on the destination takes place and is scheduled to open for the public by the end of 2023.

About Merex Investment

Merex Investment is a joint venture between Dubai Holding and Brookfield Asset Management, formed in 2019 with a focus on creating long-term value for Dubai’s residents and business community. The company, valued at approximately AED5 billion (US$1.4 billion), owns and operates a diversified portfolio of retail assets, including The Beach, City Walk, and La Mer, that span over 2 million square feet and host more than 550 retail, leisure, and entertainment tenants.

The asset management firm’s strategic investments and partnerships re-imagine the way people experience the city, re-engineer the way businesses interact with their customers, and re-think the way urban spaces are designed to create clean, sustainable, happy destinations. Merex Investment is firmly established as a partner of choice for local entrepreneurs as well as regional and global businesses.

*Source: AETOSWire

Contacts

Khaled Yahya

KYahya@apcoworldwide.com

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.

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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