TORONTO–(BUSINESS WIRE)–Slate Grocery REIT (TSX: SGR.U) (TSX: SGR.UN) (the “REIT”), an owner and operator of U.S. grocery-anchored real estate, announced today that the Board of Trustees has declared a distribution for the month of May 2025 of U.S.$0.072 per class U unit of the REIT (“Class U Units”), or U.S.$0.864 on an annualized basis.

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

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

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

Distributions on all unit classes of the REIT, and distributions on Exchangeable Units, will be payable on June 16, 2025, to unitholders of record as of the close of business on May 30, 2025.

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

Forward-Looking Statements

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

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

SGR-Dist

Contacts

For Further Information
Investor Relations

+1 416 644 4264

ir@slateam.com

Versatile new colorway takes inspiration from desert landscapes

HOUSTON–(BUSINESS WIRE)–Westlake Royal Building Products^™ (“Westlake Royal”), a Westlake company (NYSE:WLK), announces the launch of Salt Flat^™, a new colorway from Cultured Stone^®. Available in the Cobblefield^® profile, Salt Flat’s elegant, neutral palette makes it ideal for a variety of architectural applications.

Inspired by the expansive tranquility of vast desert landscapes, Salt Flat blends understated light grays and soft, warm whites with a subtle, shimmering mica overlay, creating a nuanced, versatile neutral that adds sophistication and elegance to any design. Its delicate yet dimensional blend of undertones imbues spaces with brightness and depth, effortlessly harmonizing with a wide range of other colors, textures and design elements.

“Developed in response to customer demand, the introduction of the Salt Flat colorway marks an exciting evolution for the Cultured Stone brand,” said Steve Booz, vice president of marketing and product management at Westlake Royal Building Products. “The new color is more than just a design element—it’s an immersive aesthetic experience that reflects modern trends. By responding to the evolving needs of architects, designers and homeowners, we continue to deliver timely, innovative solutions with exceptional aesthetics and performance.”

Designed to emulate the architecture of rural 19th-century America, Cobblefield’s tailored lines and chiseled-cut surface lend a distinctive sense of craftsmanship to a variety of classic and contemporary designs. Whether used in residential or commercial settings, its rugged refinement strikes the perfect balance between modern elegance and time-weathered tradition, perfect for both interior and exterior applications. When paired with the multilayered tones of Salt Flat, the profile takes on a fresh yet grounded aesthetic that elevates any environment.

Cultured Stone is a brand within the Westlake Royal Building Products portfolio of exterior and interior building products. For more information, visit CulturedStone.com.

About Cultured Stone

Driven by a pioneering spirit, Cultured Stone introduced the world’s first architectural stone veneer, making it possible to feature authentic hues and natural textures of stone and brick in any environment. Nearly 60 years later, Cultured Stone continues to lead the industry by creating the finest stone products for empowering the artist within and bringing incomparable designs to reality. For more information on Cultured Stone’s catalog of products, visit CulturedStone.com.

About Westlake Royal Building Products

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

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

Contacts

Media Contacts:

Kelly Nguyen

Planit

KNguyen@planitagency.com
(609) 385-6701

Sarah Lograsso

Westlake Royal Building Products

SLograsso@Westlake.com

TORONTO–(BUSINESS WIRE)–Rentsync, a leading software and data company serving Canada’s rental housing industry, today announced it has raised a significant growth investment led by Silversmith Capital Partners. The partnership with Silversmith will enable the company to further invest in technology, expand its team, and pursue strategic acquisitions as it builds a comprehensive platform of data, software, and analytics to address the challenges of Canada’s rental housing ecosystem.

With a consistent track record of strong growth and profitability, Rentsync serves thousands of customers across Canada, including REITs, property management companies, and property developers. The company offers a range of innovative products and services designed to empower owners and landlords to streamline workflows, engage tenants, and maximize property potential.

“We are thrilled to partner with the team at Silversmith, who bring not only deep sector and operational expertise but also a successful history of backing Canadian growth companies,” said Max Steinman, CEO of Rentsync. “Silversmith’s commitment to building category-leading businesses aligns perfectly with our long-term vision to simplify and optimize the rental housing experience for owners, managers, marketers, and renters alike.”

Silversmith has a long and successful history of investing in, and partnering with, Canadian software companies and entrepreneurs, having led growth investments or supported acquisitions in every major region of the country—including Calgary, Montreal, Toronto, and Vancouver. Notable investments in which Silversmith served as the first institutional investor include Absorb Software and Apryse (fka PDFTron Systems).

“As a firm, we are focused on partnering with growing, profitable businesses led by domain experts, and Rentsync embodies these attributes,” said Jim Quagliaroli, Managing Partner at Silversmith. “We’re excited to support Max and his talented team as their first institutional investor as they continue to grow both organically and through strategic acquisitions.”

“The combination of software and data via its numerous listing sites, sticky workflow software, and data and analytics offerings make Rentsync’s value proposition clear. The best is yet to come for Rentsync and its valued customers,” remarked Matthew Nash, Vice President at Silversmith.

In connection with the investment, Silversmith Senior Advisors Mike Owens, Co-Founder & former CEO of Absorb Software, and Mike Volpe, former CEO of Lola.com (acquired by Capital One) and former CMO of HubSpot (NYSE: HUBS), have joined Rentsync’s Board of Directors alongside Quagliaroli and Nash. The Board also includes CEO Max Steinman and Dan Jauernig, former CEO of Apartments.com and Cars.com (NYSE: CARS).

Stikeman Elliott and Kirkland & Ellis served as legal counsel to Silversmith Capital Partners. Software Equity Group (SEG) and Borden Ladner Gervais (BLG) served as advisors to Rentsync.

About Rentsync

Based in Toronto, Rentsync is a leading software and data company, specializing in serving the Canadian rental housing industry. Rentsync offers a range of innovative products and services designed to streamline rental property marketing, leasing, and property management. It also owns and operates the Rentals.ca Network, the leading online marketplace for rental housing in Canada. Its commitment to professionalism, innovation, and accessibility has made it a trusted leading partner for rental housing marketers, leasing agents, and renters.

About Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $3.3 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Apryse, DistroKid, impact.com, Iodine Software, LifeStance Health, Onbe, and Webflow. For more information, including a full list of portfolio investments, visit www.silversmith.com or follow the firm on LinkedIn.

Contacts

Giacomo Ladas — gladas@rentsync.com

TORONTO–(BUSINESS WIRE)–Total Home Windows and Doors proudly announces the launch of its groundbreaking TotalSeal™ UltraSlim Series—a revolutionary advancement in vinyl window technology that seamlessly combines minimalist aesthetics with superior performance.

Engineered for the discerning homeowner, the UltraSlim Series boasts a sleek 2 7/8-inch frame width and a 4 9/16-inch depth, offering a refined, contemporary look without compromising structural integrity. This is achieved through a multi-chambered internal design that enhances both thermal efficiency and durability.

“The UltraSlim Series is a testament to our commitment to innovation,” says Daniel Klein, Project Manager at Total Home Windows and Doors. “We’ve managed to create a window that not only meets but exceeds expectations in both form and function.”

Key Features of the TotalSeal™ UltraSlim Series:

• Hidden Gasket Technology: Innovative concealed rubber gaskets provide a smooth, uninterrupted surface, enhancing both aesthetics and weather resistance.
• Fusion-Welded Construction: Ensures airtight seals and long-term durability, reducing energy costs and maintenance needs.
• Super Spacer^® Technology: Introduces warm-edge spacers that regulate temperatures, minimizing condensation and enhancing comfort.
• Argon Gas Fill: Fills the space between panes with inert gas, significantly improving insulation and reducing heat transfer.

The TotalSeal™ UltraSlim Series is now available to trade professionals, with volume pricing offered for qualified builders, contractors, and developers working on large-scale or multi-unit projects.

With a reputation built on quality and customer satisfaction since 2007, Total Home Windows and Doors continues to lead the industry with innovative solutions tailored to the unique demands of the Canadian climate.

For more information or to schedule a free consultation, visit thwindowsdoors.com or call 416-661-6666.

Contacts

Media Contact:
Vitaly Shapiro

Vice President of Sales

Total Home Windows and Doors

Email: info@thwindowsdoors.com
Phone: 416-661-6666

LPT Holdings Debuts Aperture Global Real Estate with Commitments from Agents Representing over $1 Billion in Annual Sales

LAKE MARY, Fla.–(BUSINESS WIRE)–LPT Holdings is proud to announce its new global luxury real estate brand, Aperture Global Real Estate, has launched today. As the first independent luxury brokerage to debut with a global launch at inception, Aperture enters the market with a groundbreaking international footprint. The brand is launching in 15 U.S. states and four international cities, including key markets such as Miami, London, New York, Toronto, and Lisbon — with nearly 20 more global locations coming soon.

Following the success of LPT Realty, recognized as the fastest-growing real estate firm in the U.S., founder and CEO Robert Palmer now expands the company’s vision into the global luxury market. Aperture has attracted top industry leaders to its management team, such as Michael Valdes, former Global Vice President of Sotheby’s for 15 years, who joins as Global President of Aperture and CEO of LPT International, and Mercedes Saewitz, former Principal Broker and founding agent at Compass, now Senior Vice President of Operations at Aperture.

“Aperture was born from a clear gap in the global luxury space,” said Palmer. “We are creating a brand that delivers world-class marketing, exceptional client experiences, and personalized service on a global scale.”

Aperture offers an exclusive portfolio of premier homes, estates, and penthouses in the most desirable locations. Its agents deliver bespoke services to meet the needs of discerning buyers and sellers worldwide.

“This is the future of luxury real estate,” said Valdes. “We combine tailored marketing, exclusive media access, and cutting-edge technology to offer a seamless global solution never before available in this space.”

At launch, Aperture already boasts commitments from more than 100 elite brokers representing over $1 billion in annual sales. These industry leaders join from renowned firms like Sotheby’s, Brown Harris Stevens, Douglas Elliman, eXp, Compass, and Keller Williams.

“Our agents are drawn by the opportunity to be part of a bold, global network,” said Saewitz. “Aperture offers access, influence, and innovation that elevate what luxury real estate can be.”

Leveraging proprietary advanced technologies like addressable CTV, which enables precision targeting of qualified, high-intent buyers, Aperture connects clients to prestigious properties more seamlessly than its competition while ensuring maximum visibility on local, national, and international levels.

As part of LPT’s innovative model, Aperture is poised to set a new benchmark in luxury real estate while creating unparalleled opportunities for agents and clients alike.

“Agents are already collaborating across continents, securing exclusive listings, and driving global referrals,” added Palmer. “The vision is alive — and it’s only just beginning.”

Learn more at apertureglobal.com.

About Aperture Global Real Estate

Aperture is a next-generation luxury brokerage backed by LPT Holdings, redefining elite real estate through innovation, influence, and agent empowerment. Launched in 2025 by Robert Palmer, Aperture operates in the U.S., UK, Canada, Portugal, and beyond—delivering global reach, bespoke marketing, and one of the industry’s most lucrative platforms. Learn more at apertureglobal.com.

About Robert Palmer

Robert Palmer is a visionary entrepreneur and founder of several award-winning companies, including LPT Realty. He is recognized for transforming the real estate business and bringing forward-thinking marketing strategies that have redefined industry norms. His career is marked by leveraging cutting-edge technologies to bridge gaps and solve challenges for consumers, agents, and industry professionals. Robert has revolutionized the real estate industry through technological and marketing excellence.

About LPT Holdings

LPT Holdings is a real estate innovation company focused on empowering agents through choice, technology, and opportunity. As the parent company of LPT Realty and Aperture Global Real Estate, LPT Holdings brings together a portfolio of forward-thinking brands redefining how agents grow, operate, and thrive in today’s market. Founded by entrepreneur Robert Palmer, LPT Holdings is committed to delivering agent-centric solutions at scale—combining traditional real estate fundamentals with next-generation tools, equity models, and support systems. With a mission to build a brokerage for life, LPT Holdings is shaping the future of the industry.

Contacts

Media Contact
LPT-Aperture@hundredstoriespr.com
+1 646-258-0026

This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts are in U.S. dollars.

TORONTO–(BUSINESS WIRE)–DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U, TSX: DRR.UN) (“Dream Residential REIT” or the “REIT” or “we” or “us”) today announced its financial results for the three months ended March 31, 2025 (“Q1 2025”). Management will host a conference call to discuss the financial results on May 8, 2025 at 10:00 a.m. (ET).

HIGHLIGHTS

• Comparative properties net operating income (“comparative properties NOI”)¹ was $6.1 million in Q1 2025, a 0.8% increase from Q1 2024. Net rental income was $6.2 million in Q1 2025 or $0.4 million lower than the prior year comparative quarter. The decrease was mainly due to an increase in investment properties operating expenses driven by the timing of certain realty tax bills.

• Diluted funds from operations (“FFO”) per Unit² was $0.17 for Q1 2025, consistent with Q1 2024, comprising a slight increase in comparative properties NOI, offset by a decrease in interest and other income and an increase in general and administrative expenses.

• Portfolio occupancy was 93.3% as at March 31, 2025 and compares to 93.4% at the end of Q4 2024. Occupancy in the Greater Oklahoma City region was 94.2%, Greater Dallas-Fort Worth region was 92.5% and Greater Cincinnati region was 92.9%. During the quarter we completed renovations on nine units in the Greater Cincinnati region.

• Average monthly rent at March 31, 2025 was $1,182 per unit compared to $1,181 per unit at December 31, 2024.

• Maintaining conservative balance sheet and financial flexibility. Net total debt-to-net total assets³ was 33.0% as at March 31, 2025, consistent with December 31, 2024. Total mortgages payable were $124.1 million, consisting of nine fixed rate mortgages with a weighted average contractual interest rate of 4.0%. Total amounts outstanding on the revolving credit facility were $15.0 million. Total assets (per condensed consolidated financial statements) were $408.7 million as at March 31, 2025. Total assets comprised primarily $399.6 million of investment properties and $6.4 million of cash and cash equivalents.

• Strategic Review. On February 12, 2025, the REIT announced that it had commenced a strategic review process (“Strategic Review”) to identify, evaluate and pursue a range of strategic alternatives with the goal of maximizing unitholder value. TD Securities Inc. has been engaged as financial advisor and the Strategic Review is currently underway.

_______________________________________________

1 Comparative properties NOI is a non-GAAP financial measure. The tables included in the Appendices section of this press release reconcile comparative properties NOI to net rental income for the three months ended March 31, 2025 and March 31, 2024. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

2 Diluted FFO per Unit is a non-GAAP ratio. Diluted FFO per Unit comprises FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

3 Net total debt-to-net total assets is a non-GAAP ratio. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

Dream Residential REIT has not established a definitive timeline to complete the Strategic Review process nor any transaction and no decisions have been reached at this time. As such, the process is subject to unknown variables, including the costs, structure, terms, timing and outcome. There can be no assurance that the Strategic Review will result in any transaction or initiative or, if a transaction or initiative is undertaken, the terms or timing of such a transaction or initiative and its impact on the financial condition, liquidity, and results of operations of the REIT. The REIT does not intend to disclose further developments in connection with the review until it is determined that disclosure is necessary or appropriate or required.

“Dream Residential REIT continued to deliver steady financial and operational performance in Q1 2025,” said Brian Pauls, Chief Executive Officer of Dream Residential REIT. “While facing a challenging operating backdrop, we are pleased that the REIT delivered positive year-over-year comparative properties NOI growth and maintained strong occupancy and rent levels.”

• Q1 2025 net income was $(8.1) million, which comprises net rental income of $6.2 million, fair value adjustments to investment properties of $(1.5) million and fair value adjustments to financial instruments of $(9.7) million, primarily from the revaluation of Class B units of DRR Holdings LLC, a subsidiary of the REIT (“Class B Units” — together with the units of the REIT (“Trust Units”, “Units”). Other income and expenses totalled $(3.1) million.
• Total equity (per condensed consolidated financial statements) was $230.9 million as at March 31, 2025, compared to $240.5 million as at December 31, 2024, driven by the Q1 2025 net loss and distributions paid and payable.
• Net asset value (“NAV”)⁴ per Unit was $13.37 as at March 31, 2025, compared to $13.39 as at December 31, 2024.
• The REIT declared distributions totalling $0.105 per Unit during Q1 2025.

FINANCIAL HIGHLIGHTS

	Three months ended March 31,
(in thousands unless otherwise stated)		2025		2024
Operating results
Net income (loss)	$	(8,051)	$	816
FFO(1)		3,404		3,447
Net rental income		6,236		6,633
Comparative properties NOI(10)		6,131		6,081
Comparative properties NOI margin(11)		50.9%		50.6%
Per Unit amounts
Distribution rate per Trust Unit	$	0.105	$	0.105
Diluted FFO per Unit(2)(3)		0.17		0.17
See footnotes at end

________________________________________________

4 NAV per Unit is a non-GAAP ratio. NAV per Unit comprises total equity (including Class B Units) (a non-GAAP financial measure) divided by the number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

Net income for Q1 2025 was $(8.1) million compared to $0.8 million in Q1 2024 and comprises fair value adjustments to investment properties of $(1.5) million and fair value adjustments to financial instruments of $(9.7) million. FFO for Q1 2025 and the prior year comparative quarter was consistent year-over-year at $3.4 million. Q1 2025 diluted FFO per Unit was $0.17 consistent with prior year comparative quarter at $0.17.

Net rental income for Q1 2025 was $6.2 million compared to $6.6 million in the prior year comparative quarter. The decrease in net rental income from the comparative quarter was largely driven by the timing of certain realty tax bills. Comparative properties NOI for Q1 2025 and prior year comparative quarter remained consistent at $6.1 million. Comparative properties NOI margin for Q1 2025 was 50.9%, compared to 50.6% in the prior year comparative quarter. Q1 2025 comparative properties NOI includes comparative investment properties revenue of $12.1 million, which increased by $0.1 million from the comparative quarter driven by positive blended lease trade-outs and rental premiums from our value-add program. Investment properties operating expenses remained flat at $5.9 million compared to the comparative quarter when excluding the impact of IFRIC 21, as a result of lower payroll costs and other expenses, which were generally offset by higher utilities and property taxes.

PORTFOLIO INFORMATION						As at
		March 31, 2025		December 31, 2024		March 31, 2024
Total portfolio
Number of assets		15		15		15
Investment properties fair value (in thousands)	$	399,555	$	400,502	$	398,140
Units		3,300		3,300		3,300
Occupancy rate – in place (period-end)		93.3%		93.4%		93.8%
Average in-place base rent per month per unit	$	1,182	$	1,181	$	1,155
Estimated market rent to in-place base rent spread (%) (period-end)		3.0%		4.0%		9.8%
Tenant retention ratio(12)		57.5%		55.9%		57.2%
See footnotes at end

ORGANIC GROWTH

Weighted average monthly rent as at March 31, 2025 was $1,182 per unit, compared to $1,181 per unit at December 31, 2024. Rental rates increased 0.2% in the Greater Cincinnati region, decreased 0.1% in the Greater Oklahoma City region, and remained consistent in the Greater Dallas-Fort Worth region since December 31, 2024.

During Q1 2025, blended lease trade-outs averaged 0.4% compared to 1.4% in Q4 2024. This comprises an average increase on renewals of approximately 4.0% (December 31, 2024 – 4.6%) and an average decrease on new leases of approximately 4.3% (December 31, 2024 – decrease of 2.3%). As at March 31, 2025, estimated market rents were $1,218 per unit, or an average gain-to-lease for the portfolio of 3.0%. The retention rate for the quarter ended March 31, 2025 was 57.5% compared to 55.9% for the three months ended December 31, 2024.

Value-Add Initiatives

During Q1 2025, renovations were completed on nine suites in the Greater Cincinnati region, with an additional three suites under renovation as at March 31, 2025. For the three months ended March 31, 2025, the average new lease trade-out on renovated suites was $356 per unit higher than expiring leases, or a lease trade-out of 33.5%.

“Our portfolio remains well positioned amidst an uncertain environment,” said Scott Schoeman, Chief Operating Officer of Dream Residential REIT. “We continue to prioritize occupancy and we believe that it is prudent to focus on tenant retention. We are actively managing the timing and number of suites that we plan on renovating, but continue to see strong returns on our repositioned residential units.”

FINANCING AND CAPITAL INFORMATION

				As at
(unaudited) (dollar amounts presented in thousands, except for per Unit amounts)		March 31, 2025		December 31, 2024
Financing
Net total debt-to-net total assets(4)		33.0%		33.0%
Average term to maturity on debt (years)		4.5		4.8
Interest coverage ratio (times)(5)		2.9		2.9
Undrawn credit facility	$	55,000	$	55,000
Available liquidity(6)	$	61,351	$	60,382
Capital
Total equity	$	230,903	$	240,489
Total equity (including Class B Units)(7)	$	263,394	$	263,528
Total number of Trust Units and Class B Units(8)		19,696,492		19,678,695
Net asset value (NAV) per Unit(9)	$	13.37	$	13.39
Trust Unit price	$	8.80	$	6.24
See footnotes at end

As at March 31, 2025, net total debt-to-net total assets⁽⁴⁾ was 33.0%, total debt was $139.1 million and total assets were $408.7 million. The REIT ended Q1 2025 with total available liquidity⁽⁶⁾ of approximately $61.4 million, comprising $6.4 million of cash and cash equivalents and $55.0 million available on its undrawn revolving credit facility.

Total equity of $230.9 million decreased from December 31, 2024 by $9.6 million, primarily due to the Q1 2025 net loss and distributions paid and payable. As at March 31, 2025, there were approximately 16.0 million Trust Units and 3.7 million Class B Units.

NAV per Unit as at March 31, 2025 was $13.37 compared to $13.39 as at December 31, 2024.

CONFERENCE CALL

Senior management will host a conference call to discuss the financial results on Thursday, May 8, 2025 at 10:00 a.m. (ET). To access the conference call, please dial 1-844-763-8274 (toll free) or 647-484-8814 (toll). To access the conference call via webcast, please go to Dream Residential REIT’s website at www.dreamresidentialreit.ca and click the link for the webcast. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call.

OTHER INFORMATION

Information appearing in this press release is a select summary of financial results. The condensed consolidated financial statements and management’s discussion and analysis for the REIT will be available at www.dreamresidentialreit.ca and under the REIT’s profile on www.sedarplus.com.

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

Non-GAAP financial measures, ratios and supplementary financial measures

The REIT’s condensed consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). In this press release, as a complement to results provided in accordance with IFRS, the REIT discloses and discusses certain non-GAAP financial measures and ratios, including FFO, diluted FFO per Unit, comparative properties NOI, comparative investment properties revenue, NOI, comparative properties NOI margin, net total debt-to-net total assets ratio, net total debt, net total assets, adjusted EBITDAFV, trailing 12-month adjusted EBITDAFV, trailing 12-month interest expense on debt, interest coverage ratio (times), available liquidity, total equity (including Class B Units) and NAV per Unit as well as other measures discussed elsewhere in this press release. These non-GAAP financial measures and ratios are not defined by or recognized under IFRS Accounting Standards and do not have a standardized meaning under IFRS Accounting Standards. The REIT’s method of calculating these non-GAAP financial measures and ratios may differ from other issuers and may not be comparable with similar measures presented by other issuers. The REIT has presented such non-GAAP financial measures and ratios as management believes they are relevant measures of the REIT’s underlying operating and financial performance. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release are expressly incorporated by reference from Management’s Discussion and Analysis of the financial condition and results of operations of the REIT as at and for the three months ended March 31, 2025, dated May 7, 2025 (the “Q1 2025 MD&A”) and can be found under the section “Non-GAAP Financial Measures and Ratios” and respective sub-headings labelled “FFO and diluted FFO per Unit”, “NAV per Unit”, “Comparative properties NOI and comparative properties NOI margin”, “Adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments (Adjusted EBITDAFV)”, “Trailing 12-month adjusted EBITDAFV”, “Trailing 12-month interest expense on debt”, “Available liquidity”, “Total equity (including Class B Units)”, “Interest coverage ratio (times)” and “Net total debt-to-net total assets”. In this press release, the REIT also discloses and discusses certain supplementary financial measures, including tenant retention ratio and weighted average number of Units. The composition of supplementary financial measures included in this press release is expressly incorporated by reference from the Q1 2025 MD&A and can be found in the section “Supplementary Financial Measures and Other Disclosures”. The Q1 2025 MD&A is available on SEDAR+ at www.sedarplus.com under the REIT’s profile and on the REIT’s website at www.dreamresidentialreit.ca under the Investors section. Non-GAAP financial measures and ratios should not be considered as alternatives to net income, net rental income, investment properties revenue, cash flows generated from (utilized in) operating activities, cash and cash equivalents, total assets, non-current debt, total equity, or comparable metrics determined in accordance with IFRS Accounting Standards as indicators of the REIT’s performance, liquidity, cash flow and profitability.

Forward-looking information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes statements regarding future market conditions; our expectations regarding our Strategic Review process and the results thereof, including our ability to pursue strategic alternatives and attain the goals thereof; that the Strategic Review will result in any transaction or initiative and our expectations regarding timing, structure, costs, terms and outcome thereof, including on the financial condition, liquidity and results of operations of the REIT; and our ability to prioritize occupancy, focus on tenant retention and the expected returns and results thereof. Forward-looking information generally can be identified by the use of forward-looking terminology such as “will”, “expect”, “believe”, “plan” or “continue”, or similar expressions suggesting future outcomes or events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Residential REIT’s control and could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, risks inherent in the real estate industry; financing risks; inflation, interest and currency rate fluctuations; global and local economic and business conditions; risks associated with unexpected or ongoing geopolitical events; changes in law; tax risks; competition; environmental and climate change risks; insurance risks; cybersecurity; risks related to the imposition of duties, tariffs and other trade restrictions and their impacts and uncertainties surrounding public health crises and epidemics. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable; that there are no unforeseen changes in the legislative and operating framework for our business; that we will have access to adequate capital to fund our future projects and plans and that we will receive financing on acceptable terms; that inflation and interest rates will not materially increase beyond current market expectations; that future market and economic conditions will occur as expected and that geopolitical events, including disputes between nations or the imposition of duties, tariffs, quotas, embargoes or other trade restrictions (including any retaliation to such measures), will not disrupt global economies. All forward-looking information in this press release speaks as of the date of this press release. Dream Residential REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions, risks and uncertainties is contained in Dream Residential REIT’s filings with securities regulators, including its latest Annual Information Form and Management’s Discussion and Analysis. These filings are also available on the REIT’s website at www.dreamresidentialreit.ca.

FOOTNOTES

(1) FFO is a non-GAAP financial measure. The most directly comparable financial measure to FFO is net income. For further information on this non-GAAP measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. The table included in the Appendices section of this press release reconciles FFO for the three months ended March 31, 2025 and March 31, 2024 to net income.

(2) Diluted FFO per Unit is a non-GAAP ratio. Diluted FFO per Unit comprises FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

(3) A description of the determination of diluted amounts per Unit can be found in the REIT’s Q1 2025 MD&A in the section “Supplementary Financial Measures and Other Disclosures”, under the heading “Weighted average number of Units”.

(4) Net total debt-to-net total assets is a non-GAAP ratio. Net total debt-to-net total assets comprises net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). The most directly comparable financial measure to net total debt is mortgages payable, and the most directly comparable financial measure to net total assets is total assets. For further information on this non-GAAP ratio and these non-GAAP financial measures, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

(5) Interest coverage ratio (times) is a non-GAAP ratio. Interest coverage ratio comprises trailing 12-month adjusted EBITDAFV (a non-GAAP financial measure) divided by trailing 12-month interest expense on debt (a non-GAAP financial measure). The most directly comparable financial measure to adjusted EBITDAFV is net income. The table included in the Appendices section of this press release reconciles adjusted EBITDAFV to net income and trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense on debt to adjusted EBITDAFV and interest expense on debt, respectively, for the trailing 12-month period ended March 31, 2025. For further information on this non-GAAP ratio and non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

(6) Available liquidity is a non-GAAP financial measure. The most directly comparable financial measure to available liquidity is the credit facility. The table included in the Appendices section of this press release reconciles available liquidity to the credit facility as at March 31, 2025 and December 31, 2024. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

(7) Total equity (including Class B Units) is a non-GAAP financial measure. The most directly comparable financial measure to total equity (including Class B Units) is total equity. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. The table included in the Appendices section of this press release reconciles total equity (including Class B Units) to total equity (per the condensed consolidated financial statements) as at March 31, 2025 and December 31, 2024.

(8) Total number of Units includes 16,004,408 Trust Units and 3,692,084 Class B Units which are classified as a liability under IFRS Accounting Standards.

(9) NAV per Unit is a non-GAAP ratio. NAV per Unit comprises total equity (including Class B Units) (a non-GAAP financial measure) divided by the total number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

Contacts

For further information, please contact:

Dream Residential REIT

Brian Pauls
Chief Executive Officer

(416) 365-2365

bpauls@dream.ca

Derrick Lau
Chief Financial Officer

(416) 365-2364

dlau@dream.ca

Scott Schoeman
Chief Operating Officer

(303) 519-3020

sschoeman@dream.ca

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Installnet, Bard College MBA program analysis finds avoided greenhouse gas emissions are nine times more than estimates

• Diverting office furniture from landfills delivers strong environmental and community benefits
• Call for industry to adopt Life Cycle Assessments

BOWIE, Md.–(BUSINESS WIRE)–New research released today finds that diverting three of the most reused office items from landfill – task, desk and stack chairs – avoids far more greenhouse gas (GHG) emissions than methodologies currently used by the industry. The research, by furniture solutions company Installnet and Bard College’s MBA program, “Standard Reporting Omits Most Benefits of Reusing Office Furniture – This Must Change,” was developed as part of a new collective’s effort to develop and implement real world solutions to reduce waste.

To determine how accurate existing tools are at estimating the environmental impact of furniture diversion from landfill, researchers compared them with actual measures developed through Life Cycle Assessments (LCAs) and Environmental Product Declarations (EPDs). The research finds that the current industry standard for measuring the impact of these efforts relies on the U.S. Environmental Protection Agency’s Waste Reduction Model (WARM), which significantly underestimates the greenhouse gas emissions avoided through reuse, resale, repurpose, and recycling.

“We have seen firsthand the value of these efforts on the environment and the community, but this analysis reveals, for the first time, that we’re actually avoiding nine times more GHG emissions than the WARM estimates show,” said Installnet CEO Dale Ewing. “This is huge. It’s time for the industry to embrace sustainable decommissioning and move toward a more accurate understanding of the actual impact that things like take-back, donation and resale programs.”

The Installnet Ecoserv program has diverted more than 55 million pounds of waste from landfill since 2012 through reuse, resale, relocation and recycling, including donations to groups in more than 3,200 communities across North America. The donations help local nonprofits, schools, first responders and other organizations devote more resources to their missions and reduce the GHG emissions that worsen climate change. Each year, more than 146 million tons of solid waste goes to landfills in the U.S., generating dangerous methane gas emissions that worsen climate change. An estimated 12 million tons of that waste is furniture.

The research was done by Deanna Diaz, a recent graduate of the Bard College MBA program in sustainability, and John Friedman, a leader in corporate sustainability initiatives.

“Only a few manufacturers share cradle-to grave LCAs and only for a select group of newer products,” Diaz said. “And the information is very difficult to find. Transparency of a product’s environmental impact remains an exception rather than the norm.”

Developing LCAs is time consuming and costly for manufacturers, Friedman explained.

“Starting with the items most likely to be reused will help the industry demonstrate the actual impact of sustainable decommissions,” Friedman said. “And because LCAs are independently verified, this will help meet new reporting standards and requirements.”

The research is part of a collective founded by Installnet, called Ecoserv Net Zero (ENZO). The collective is sharing lessons learned and best practices in sustainable decommissions to create industry standards. It is also documenting processes, procedures and practices to become assurance ready and meet new reporting requirements.

Installnet is a recognized leader in sustainability. Its rapidly growing Ecoserv program keeps unused furniture and other assets in circulation, instead of sending them to landfill.

If you are interested in participating in the effort and getting zero done, please contact Lila Grant at enzo@installnet.com.

About Installnet

Installnet provides professional project management services in the United States and Canada. Our network of over 350 highly qualified independent furniture installation companies provide exceptional service in more than 100 major markets. Our custom solutions range from Ecoserv, an award-winning sustainable decommission program to Installhub, a self-serve platform of installation companies.

About The Bard MBA in Sustainability. Bard College’s graduate business degree fully integrates a focus on mission-driven business. Ranked the #1 Green MBA three years running and the #2 MBA for Non-Profit Management by the Princeton Review, the program was also recognized as the #4 Worldwide in the “Better World MBA” ranking by Corporate Knights. Based in New York City, the program features one-weekend per month in-person instruction plus on-line structure to support working adult students from across the US.

Contacts

Jessica Clark

jclark@installnet.com

Lila Grant

enzo@installnet.com

CALGARY, Alberta–(BUSINESS WIRE)–In Q2 2025, Mainstreet posted a 14^th consecutive quarter of double-digit, year-over-year growth across major key operating metrics. In the face of global economic uncertainty, trade disruption, and cooling rental markets in Calgary and Vancouver, funds from operations (“FFO”) increased 16%, net operating income (“NOI”) rose 15% and rental revenues grew 12%. Same-asset NOI rose 10% while revenues on a same-asset basis grew 7%. Operating margins increased from 60.9% to 62.3%, and from 61.0% to 62.5% on a same-asset basis.

Bob Dhillon, Founder and Chief Executive Officer of Mainstreet, said, “Even in the face of significant economic uncertainty, Mainstreet remains in a position of strength, and we believe these economic challenges may create major opportunities for Mainstreet to exploit. We have shored up significant cash reserves to take advantage of these challenges, continuing our decades-long legacy of countercyclical growth.” He continued, “In the face of this uncertainty, now more than ever we remain deeply committed to Mainstreet’s role as a critical supplier of affordable living amid the current inflationary period.”

The Mainstreet Mission: We are passionately committed to our role as a crucial provider of quality, affordable homes for Canadians, offering renovated apartments and customer services at an average mid-market rental rate of $1200.

We believe the current operating environment, including an ongoing trade dispute with the U.S., presents the opportunity for counter-cyclical accelerated acquisitions in fiscal 2025 and 2026, potentially paving the way for a new phase of continuing growth at Mainstreet.

Key Metrics | Q2 2025 Performance Highlights
Rental Revenue
From operations		Up 12% to $68.6 million (vs. $61.2 million in Q2 2024)
From same asset properties		Up 7% to $63.6 million (vs. $59.3 million in Q2 2024)
Net Operating Income (NOI)
From operations		Up 15% to $42.7 million (vs. $37.3 million in Q2 2024)
From same asset properties		Up 10% to $39.8 million (vs. $36.2 million in Q2 2024)
Funds from operations (FFO)1
FFO-before current income tax		Up 14% to $23.6 million (vs. $20.7 million in Q2 2024)
FFO per basic share-before current income tax		Up 14% to $2.53 (vs. $2.22 in Q2 2024)
FFO-after current income tax		Up 16% to $22.0 million (vs. $19.0 million in Q2 2024)
FFO per basic share-after current income tax		Up 16% to $2.36 (vs. $2.04 in Q2 2024)
Operating Margin
From operations		62.3% (vs. 60.9% in Q2 2024)
From same asset properties		62.5% (vs. 61.0% in Q2 2024)
Unstabilization rate		12% (providing potential for future NOI growth)
Stabilized Units		427 properties (16,259 units, 12%) out of 481 properties (18,451 units)
Net (Loss) Profit
Net profit (Loss) per basic share		Net profit of $91.5 million (vs. profit of $33.6 million in Q2 2024, including change in fair value of $84.4 million in Q2 2025 vs. $20.4 million in Q2 2024)
Total Capital Expenditures		$8.3 million (vs. $7.2 million in Q2 2024)
Total Capital Expenditure (unstablized assets)		$1.4 million (vs. $1.1 million in Q2 2024)
Total Capital Expenditure (stablized assets)		$6.9 million (vs. $6.1 million in Q2 2024)
Vacancy rate
From operations		4.6% (vs. 3.2% in Q2 2024)
From same asset properties		4.6% (vs. 3.2% in Q2 2024)
Vacancy rate as of May 6, 2025		4.5% excluding unrentable units
Total Acquisition
During Q2 2025		$0.9 million 1 commercial building (vs. $31.9 million 255 units in Q2 2024)
Subsequent to Q2 2025		182 unit ($15.5 million, $85,000 per suite) in Alberta
Total YTD Acquisition 2025		299 units ($34.3 million)
Total Units
As of March 31, 2025		18,502 units2 (vs. 18,455 units in 2024)
As of May 6, 2025		18,683 units3
Fair Market Value		Up 2% to $3.6 billion (vs. $3.4 billion in 2024)

¹See “Non-IFRS Measures” and Note (1) in MANAGEMENT’S DISCUSSION AND ANALYSIS to the table titled “Summary of Financial Results” for additional information regarding FFO and a reconciliation of FFO to net profit, the most directly comparable IFRS measurement.

² Include 51 units held for sale

³ Include 50 units held for sale

Business Strategy

The Q2 results once again demonstrate the continued success of our business model allowing us to deliver compounding shareholder returns no matter where we are in the economic cycle – including the challenges we see today.

Mainstreet has tackled this adversity head on: we have shored up liquidity by temporarily pausing acquisitions in the face of the current market volatility. This ensures Mainstreet will be in a strong position to take advantage of this challenging economic environment with access to additional liquidity ($460 million in 2025). Counter-cyclical investment opportunities may arise and this cautious but this intentional move positions Mainstreet to capitalize on these emerging opportunities. By targeting underperforming assets in Western Canada, particularly mid-market, and optimizing them through our proven value-add model, we aim to enhance shareholder value and meet the growing demand for affordable rental housing across Canada. In addition to strategic acquisitions, Mainstreet may also buy back its shares under the existing normal course issuer bid (NCIB) when it believes that its stock is trading below NAV.

• Highly affordable rent: With an average mid-market rent of $1200, Mainstreet is able to reach a significant population in need of housing options, providing stable and inelastic demand even at a time of uncertainty and inflation.
• Organic growth without Dilution: We continue to adhere to our policy of 100% organic, non-dilutive growth which continues to generate strong returns over 25 years.
• Portfolio Diversity: Mainstreet is largely insulated from significant economic shock in any one market due to having 18,683 units which are located in four provinces across Western Canada, with 43% of its NAV in BC. Mainstreet’s properties are clustered around key urban areas – from transit hubs to inner city living areas – and present significant opportunities for maturation.

Positive Market Fundamentals Remain

Mainstreet is positioned to see strong demand across its holdings. Despite 12% of Mainstreet’s assets being unstabilized, vacancy rates in many of our key markets remain around historic lows, including Edmonton (4.5%), Saskatoon (2.8%), Regina (5.3%) and BC (3.8%). Mainstreet’s overall vacancy rate increased from 3.2% in Q2 2024 to 4.6% in Q2 2025, which increase can, in part, be credited to seasonal trends in the housing market. There are also economic impacts from a cooling rental market in Vancouver & the lower mainland, in addition to economic and new supply pressures impacting the Calgary (6.7%) market. Both of these rental markets are expecting a slower growth or slight decline in rental revenue in the remaining 2 quarters in FY 2025. Despite this, Mainstreet believes that the overall rental housing market in Western Canada remains strong.

According to the Canada Mortgage and Housing Corporation (CMHC), the average rent for a two-bedroom apartment is still expected to rise in 2025 to an average of $1,637 in Edmonton, $1,962 in Calgary, and $1,575 in Saskatoon, driven by ongoing affordability pressures in the homeownership market and a stagnant supply of rental units.

Population growth continues to be a significant driver of rental demand. Although Canada’s population growth slowed to 0.2% in Q4 2024—the slowest pace since the pandemic—this moderation follows a substantial annual population increase of 1.8%, adding 744,324 people in 2024. Alberta, for the same period, is still seeing positive growth in both interprovincial migration and net inflow of non-permanent residents, and had population growth of 0.6% in Q4 2024, and 3.5% annually according to Stats Canada. Such demographic trends are expected to sustain demand for rental accommodations at the Mainstreet average mid-market rental unit price of $1200 per month, particularly in urban centres where housing supply remains constrained and vacancies are at low levels,

Challenges

Tariffs

Ongoing volatility in global trade policy has introduced several challenges, including uncertainty across supply chains which have significant implications for construction costs and broader economic stability. While Mainstreet remains shielded from direct pricing impacts – given our focus on value-add repositioning rather than new builds—smaller-scale projects may face moderate cost pressures.

Our diversified sourcing strategy continues to support cost efficiency, but the risk of escalating trade disputes poses broader macroeconomic concerns, including impacts on growth, employment, and inflation. However, rising costs could further tighten housing supply, potentially deepening Canada’s supply-demand imbalance in the rental market – a dynamic that may support continued rent growth in our core markets.

International Students

Recent policy changes aimed at reducing non-permanent resident numbers have led to a decrease in international student populations, which could affect rental demand in certain markets where Mainstreet operates. International students have acted as a stabilizing force in Canada’s rental ecosystem – and a reduction in those numbers could impact vacancy rates. While the federal government has plans to curb immigration rates in coming years (by 10% for international students in 2025), overall intake levels are expected to remain relatively high. There is some insulation, however, as a significant number of international students remain in Canada, and while it has been reduced, a large number of students are welcomed into Canada each year. As a result, we believe that the demand for rental apartments will remain strong.

Immigration

New Canadians make up a part of Mainstreet’s rental base. With federal immigration policy set to change, placing further restrictions on newcomers, Mainstreet anticipates that there will be an overall decrease in the number of potential renters. However, with nearly three quarters of a million newcomers in 2024 alone, it is likely there will continue to be a strong demand for mid-market housing units, which make up the bulk of Mainstreet’s assets, and Mainstreet does not anticipate these changes to have a negative material effect on vacancy rates.

Taxation

While we welcomed the end of the federal carbon tax, which was set to increase to more than $95/tonne this year, municipal property taxes remain a persistent inflationary cost. Significant increases to municipal taxation have taken place in jurisdictions across Mainstreet’s holdings, including significant increases in Calgary and Edmonton. In addition, we have seen nearly 20% (18.2%) increase in utility fees in Vancouver.

Outlook

Q2 has and will present some challenges for Mainstreet. However, over the past 25 years, Mainstreet has a track record of turning challenges into opportunities and stay focused on our value creation strategy. As a result, management believes there is a positive outlook for Mainstreet’s growth and continued performance despite a 1.4% year over year increase in vacancy rates for our properties.

Our business model, together with a nimble management approach, provides Mainstreet the flexibility to create counter-cyclical investment opportunities which allow us to capture market opportunities for both add value assets. Our cautious approach to the economic headwinds brought on by trade disputes and tariff uncertainly has provided us with upwards of $460 million in liquidity in 2025 which can be utilized to seize opportunities – including by buying back our shares through an opportunistic NCIB. Management believes our stocks are currently trading below NAV.

CMHC projects that housing starts will slow from 2025 to 2027, primarily due to decreases in condominium apartments, some of which historically have become rental units. This anticipated supply constraint, coupled with persistent demand, reinforces the strategic importance of our countercyclical investment approach.

The combination of sustained population growth, increasing average rent prices, and a housing supply consistently slow to respond to demand suggests continued opportunities for growth and value creation.

This creates a favourable tailwind for Mainstreet, underpinned by strong demographic trends and immigration. Despite some of the policy changes targeted towards international students and newcomers, there is expected to be continued pressure on housing and rental markets across Canada in the short and long term. This pressure is a contributing factor to the same-asset NOI increase of 10%.

In addition, over the last few quarters, Mainstreet has seen some relief on the largest expense. Interest rates have decreased by approximately 100bps since a year ago and are projected to continue to drop after as the Bank of Canada attempts to restart a slumping economy facing significant headwinds after a decade of stagnation. This has already resulted in a reduction of Mainstreet’s borrowing costs compared to a year ago, and ultimately means significant savings on existing debt holdings.

Growth in Western Canada

Despite the temporary strategic pause in acquisitions this quarter, Mainstreet has continued to grow its footprint in Western Canada. Already adding 299 more units this year, we plan to continue to grow our footprint across Manitoba, Saskatchewan, Alberta and BC. The BC market, which made up nearly half of our acquisitions in 2024, currently represents 43% of our net asset value (based on IFRS), and is expected to continue to have low vacancy rates and persistently high rents across the lower mainland, despite the minor retraction we have seen in recent quarters.

Alberta continues to lead Canada in growth, adding more than 200,000 residents last year. This sustained growth has put increasing pressure on rental spaces across both Calgary and Edmonton with rents in both cities expected to continue to grow, with vacancies remaining at a low level.

Saskatchewan and Manitoba have each seen moderate growth and continue to be a reliable stable market for Mainstreet.

The trends found in these provinces are clear examples of how systemically Canada’s housing market is undersupplied. Since 2005, Canada’s population has grown by 9.4 million to 41 million, while rental supply has only grown by 527,736 to 2.4 million, according to Stats Canada.

We expect that this housing crunch will continue to drive policy changes like municipal re-zoning efforts, as seen in both Calgary and Surrey. Both cities have passed significant re-zoning polices to encourage more density, and we understand that both municipalities are considering extending height limits, or in the case of Vancouver, removing ‘view cone’ restrictions.

These policy changes and initiatives closely align with Mainstreet’s plan to leverage more than 900 low-density buildings – including those on subdividable residual lands – to extract added-value out of existing assets and additional lands at fractional costs.

The three point plan to accomplish this is:

1. Turning unused or residual space within existing buildings into new units (YTD 55 additional units created)
2. Exploring zoning and density relaxations to potentially build new capacity within existing footprints
3. Subdividing residual lands for future developments

This strategy is a potential source of long-term organic non-dilutive growth, and is designed to leverage our strong business model to generate meaningful value for our investors, backed with tangible and money-generating assets.

Organic Runway

1. Pausing acquisitions to increase liquidity: To respond effectively to the current economic moment, we have paused Q2 asset acquisitions to focus on stabilizing and growing our liquidity, currently estimated at over $460 million, so that we are ready to go back to the market for further acquisition and growth.
2. Increasing net NOI: Despite slowing economic trends and political uncertainty, Mainstreet continues to generate value by growing NOI, with a specific focus on same-asset NOI and stabilized units. As of the quarter end, 12% of our portfolio remains unstabilized.
3. Buying back shares: Mainstreet’s strong liquidity position provides us with the flexibility necessary to unleash our capital in this countercyclical opportunity to buy back shares under our existing NCIB on an opportunistic basis to further increase shareholder value. Management believes our stocks are currently trading below NAV.
4. Creating value from existing footprints: We continue to explore opportunities to create larger returns from existing Mainstreet properties through municipalities that have eased zoning restrictions, through subdivisions and optimized residual space.

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 future acquisitions, dispositions and capital expenditures, increase or reduction of vacancy rates, increase or decrease of rental rates and rental revenue, future income and profitability, timing of refinancing of debt and completion, timing and costs of renovations, increased or decreased funds from operations and cash flow, the Corporation’s liquidity and financial capacity, improved rental conditions, future environmental impact the Corporation’s goals and the steps it will take to achieve them the Corporation’s anticipated funding sources to meet various operating and capital obligations 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 5, 2024 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, challenges related to up-financing maturing mortgages or financing of clear titled assets after stabilization, disruptions in global supply chains, labour shortages, the length and severity of geopolitical conflict and the occurrence of additional global turmoil and its effects on global markets and supply chains, changes in government policies regarding immigration and international students, cyber-incidents Corporation (including the effect of the cybersecurity incident which occurred on May 2, 2024), 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, trade policies and tensions, including changes in, or the imposition of tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, 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, 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, climate change, public health measures (including travel and post-secondary restrictions), 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.

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.

Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding the Corporations 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.

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.sedarplus.ca

LADERA RANCH, Calif.–(BUSINESS WIRE)–SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE:SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, is thrilled to announce the winners of its North American Door Wrap Design Contest. Eleven artists have each earned a $1,000 cash prize and the opportunity to have their original artwork featured on an exterior storage unit door at SmartStop’s Ladera Ranch, California location. SmartStop expects to complete installation by June 15.

In addition, several talented artists will receive $300 honorable mention prizes for their outstanding entries.

Congratulations to the $1,000 prize winners:

• Jennifer Geiger – Sarasota, Florida
• Finn Rodriguez – Largo, Florida
• Mariana Thornton – Commerce City, Colorado
• Lynn Hurley – Castle Rock, Colorado
• Robert Panzer – Peoria, Arizona
• Cody Taylor – Davis, California
• Lisa Ng – Redmond, Washington
• Sergio Cuellar – Riverside, California
• Shirley P. Dutcher – Lady Lake, Florida
• Dawn Crandall – Anchorage, Alaska
• Justine Anderson – Waukesha, Wisconsin

Each of these original designs will soon transform an everyday storage unit into a vibrant celebration of artistic talent, creating an exciting new visual experience for our customers and team members.

“This contest was about more than just decorating a door—it was about giving artists across the U.S. and Canada a canvas to inspire,” said H. Michael Schwartz, Chairman and CEO of SmartStop. “We were blown away by the creativity and passion in the submissions and can’t wait for our customers to experience the results in person.”

About SmartStop Self Storage REIT, Inc. (SmartStop):

SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE:SMA) is a self-managed REIT with a fully integrated operations team of approximately 590 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 May 1, 2025, SmartStop has an owned or managed portfolio of 220 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 157,100 units and 17.7 million rentable square feet. SmartStop and its affiliates own or manage 41 operating self-storage properties in Canada, which total approximately 34,400 units and 3.5 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com

Contacts

David Corak
Sr. VP of Corporate Finance and Strategy

SmartStop Self Storage REIT, Inc.

IR@smartstop.com

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) announced today that each of the trustee nominees listed in the management information circular of Primaris dated April 1, 2025 (the “Circular”) were elected as trustees of the Trust at the annual general meeting of unitholders held May 1, 2025 (the “Meeting”). Voting results for the individual trustees of the Trust are as follows:

	Number of Units Voted For	Percentage of Units Voted For	Number of Units Withheld for Voting	Percentage of Units Withheld from Voting
Avtar Bains	71,858,852	98.95 %	765,950	1.05 %
Anne Fitzgerald	71,297,018	98.17 %	1,327,782	1.83 %
Louis Forbes	71,134,625	97.95 %	1,490,175	2.05 %
Timothy Pire	71,847,350	98.93 %	777,452	1.07 %
Patrick Sullivan	71,853,152	98.94 %	771,650	1.06 %
Deborah Weinswig	71,806,085	98.87 %	818,715	1.13 %

In addition, Primaris is pleased to announce that the non-binding advisory resolution on the Trust’s approach to executive compensation, as set out in the Circular, was approved by 98.46% of the votes, the resolution to re-appoint KPMG LLP as the auditors of the Trust for the ensuing year and authorizing the trustees to fix the remuneration to be paid to the auditors was approved by 99.85% of the votes and the resolution to make certain amendments to the REIT’s Incentive Unit Plan, as set out in the Circular, were approved by 98.81% of the votes.

About Primaris Real Estate Investment Trust

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. The portfolio totals 14.2 million square feet, valued at approximately $4.5 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

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

Contacts

Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

Claire Mahaney

VP, Investor Relations & ESG

647-949-3093

cmahaney@primarisreit.com

Timothy Pire

Chair of the Board

chair@primarisreit.com

New app connects homeowners and business owners with qualified contractors in minutes

VANCOUVER, British Columbia–(BUSINESS WIRE)–Today, RepairFind, an innovative platform designed to connect homeowners and business owners with skilled local contractors for their repair and maintenance needs, launches two dedicated apps tailored to specific user needs. Driven by a mission to simplify the process of finding reliable service providers, RepairFind offers an easy and seamless experience for customers and contractors alike across the Lower Mainland. Imagine Uber—but for home repairs and maintenance.

The RepairFind Customer App empowers homeowners and business owners to easily book reliable services with just a few taps. Whether help is needed with electrical work, plumbing, painting, renovations, or even architectural or interior design, RepairFind connects with local, qualified contractors to get the job done right.

For home service industry professionals, the RepairFind Contractor App is the go-to solution for growing their business and streamlining operations. By removing the need for advertising, RepairFind offers contractors a direct and hassle-free way to connect with customers. The app allows contractors to showcase their skills, manage bookings, and communicate directly with customers in real time—all in one convenient platform.

“Our goal with RepairFind is to eliminate the frustration customers feel when trying to find trustworthy contractors and simultaneously provide skilled professionals with a strong platform to expand their businesses,” said Gilbert Moore, CEO and Founder of RepairFind. “This app is designed to enhance transparency, simplify bookings, and ultimately build trust between customers and service providers.”

The platforms feature an intuitive, four-step process designed to enhance the user experience for both homeowners and contractors: create an account as a contractor or customer; explore a range of trusted services or contractors in the area; book appointments and chat with contractors in real time; and sit back and enjoy reliable, high-quality home or business services. Available services include plumbing, electrical, mechanical (HVAC), renovations, painting, cabinetry, interior design, home inspections, builders, architects, landscaping, and much more.

RepairFind is available for download on iOS and Android devices.

For more information, please visit www.repairfind.ca.

About RepairFind

RepairFind is a Vancouver-based platform dedicated to transforming the home repair and maintenance industry. The dual-app solution connects customers and contractors for their repair and maintenance needs in a seamless, transparent environment. With a mission to simplify the process of finding reliable service providers and ensure a seamless experience for both contractors and customers, RepairFind is transforming the home repair and maintenance industry.

Contacts

Media Contact
Logan Findlay

logan@talkshopmedia.com
604-440-8999

TORONTO–(BUSINESS WIRE)–Inovalis Real Estate Investment Trust (the “REIT”) (TSX: INO.UN) today announced the closing of the sale of the Sablière property to a third party for €18.2 million ($28.3 million). The property was sold at a modest 2% premium over its original purchase price, despite a markedly softer market environment and the asset being largely vacant at the time of sale, in contrast to its fully leased condition at acquisition in 2014. The transaction generated net proceeds of approximately $13 million (€8.4 million), which the REIT intends to deploy towards debt reduction and to support value-enhancing initiatives across its portfolio, including leasing and redevelopment opportunities.

“This transaction reflects our ongoing efforts to recycle the REIT’s asset base and strengthen the balance sheet,” said Stephane Amine, President and Chief Executive Officer of Inovalis REIT. “The proceeds will provide us with increased financial flexibility as we continue to execute on our strategic priorities.”

FORWARD-LOOKING INFORMATION

This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects the REIT’s current expectations regarding future events, including with respect to the sale of the Sablière Property. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements.

Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the REIT’s most recent annual information form. The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

All amounts have been converted to Canadian dollars (CAD$) using an exchange rate of 1.5562 CAD$ per €

About Inovalis REIT

Inovalis REIT is a real estate investment trust listed on the Toronto Stock Exchange in Canada. It was founded in 2013 by Inovalis and invests in office properties in primary markets of France, Germany and Spain. It holds 12 assets. Inovalis REIT acquires (indirectly) real estate properties via CanCorpEurope, authorized Alternative Investment Fund (AIF) by the CSSF in Luxemburg, and managed by Inovalis S.A.

About Inovalis Group

Inovalis S.A. is a French Alternative Investment fund manager, authorized by the French Securities and Markets Authority (AMF) under AIFM laws. Inovalis S.A. and its subsidiaries (Advenis S.A., Advenis REIM) invest in and manage Real Estate Investment Trusts such as Inovalis REIT, open ended funds (SCPI) with stable real estate focus such as Eurovalys (for Germany) and Elialys (Southern Europe), Private Thematic Funds raised with Inovalis partners to invest in defined real estate strategies and direct Co-investments on specific assets.

Inovalis Group (www.inovalis.com), founded in 1998 by Inovalis SA, is an established pan European real estate investment player with EUR 7 billion of AuM and with offices in all the world’s major financial and economic centers in Paris, Luxembourg, Madrid, Frankfurt, Toronto and Dubai. The group is comprised of 300 professionals, providing Advisory, Fund, Asset and Property Management services in Real Estate as well as Wealth Management services.

Contacts

For further information, please contact:

Stephane Amine, President and Chief Executive Officer
Inovalis Real Estate Investment Trust

Tel: +33 1 5643 3315

stephane.amine@inovalis.com

Khalil Hankach, Chief Financial Officer
Inovalis Real Estate Investment Trust

Tel: +33 1 5643 3313

khalil.hankach@inovalis.com