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 Q3 2022 earnings call transcript and investor update are now available on the REIT’s website and can be accessed by visiting the following links:

• Slate Office REIT – Q3 2022 earnings call transcript
• Slate Office REIT – Q3 2022 investor update

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-FR

Contacts

For Further Information
Investor Relations

+1 416 644 4264

ir@slateam.com

Funding from leading cleantech investors validates company’s data-driven mission to unlock potential of multitrillion-dollar global market

VICTORIA, British Columbia–(BUSINESS WIRE)–Audette, a proptech company creating actionable data-driven decarbonization plans for commercial real-estate portfolios, has raised US$9.5 million in funding from a group of leading cleantech investors.

Led by Chicago-based Buoyant Ventures, with participation from Energy Impact Partners, Active Impact Investments, Johnson Controls, Osgoode Properties, Powerhouse Ventures, Turnham-Green Capital, and Undivided Ventures, the seed round is being used to launch Audette’s game-changing technology across 150 North American cities over the next 24 months.

By using artificial intelligence (AI) to capture, monitor and analyze key building data, Audette’s end-to-end platform digitizes the outdated process of identifying emissions-reduction opportunities. This enables building owners to:

• Visualize entire portfolios, and identify and evaluate opportunities for low-carbon building improvements, much more quickly and accurately
• Develop emission-reduction strategies, track progress, and ultimately achieve goals much more efficiently and cost-effectively
• Source financing and incentives for retrofit projects

“Closing an oversubscribed capital round with some of the proptech and cleantech sectors’ leading investors validates the need for real-estate decarbonization at massive scale, starting with every commercial building in North America,” said Christopher Naismith, CEO and Founder of Audette. “With the zero-carbon transition estimated to drive $10 trillion in global transactions, decarbonizing real estate represents one of the biggest reallocations of capital in human history.”

It would take centuries for individual sustainability professionals to create the emissions-reduction plans Audette’s AI models are capable of generating, Naismith added. “Our team knows from decades of combined experience that human-driven decarbonization doesn’t scale. Behind this bottleneck, trillions of dollars of market activity are waiting to be unlocked as part of a once-in-a-generation opportunity for real-estate players to future-proof their portfolios and create value.”

Through its work with the first-ever Google Cloud Accelerator Canada Program and Google’s United Nations Sustainable Development Goals advisory program, Audette has gained unique access to the rich multi-sector data a portion of the seed round is being used to acquire.

“Audette exemplifies the promise we see for data and software to accelerate climate action,” said Allison Myers, Buoyant Ventures’ Co-Founder and General Partner. “Hundreds of billions of dollars are spent annually on energy audits and retrofit planning, and Audette is directly reducing those costs on a per-building basis. More importantly, its solution is enabling real-estate operators to quickly prioritize decarbonization and energy savings across their portfolios so they can start retrofitting sooner and faster. Buoyant couldn’t be more excited to support such an amazing team focused on such an important problem.”

Audette’s platform parses geospatial imagery on top of its vast and growing sea of private and public data to find every rooftop feature of an area’s building stock. It then applies models from a library of thousands of digital twins across vintages, use types, and HVAC topology to deliver an interactive platform for carbon reduction at regional and building-specific scales. These building-level interactions retrain the platform’s AI models, which improves macro-scale accuracy and creates a flywheel effect.

“What sets Audette apart is a holistic approach that models the entire building stock and details decarbonization pathways across entire regions, not just building by building,” said Vida Asiegbu, Principal at Energy Impact Partners. “It presents data at both the macro scale, for economic planning, and to building owners themselves, who use their records to create custom carbon step-down plans for their portfolios. The company has assembled a diverse and talented team to address one of the largest opportunities for decarbonization: the built environment.”

According to Managing Partner Mike Winterfield, Active Impact’s 2021 investment in Audette was made “because Christopher is a founder with hustle and accountability who delivers results. Now, as Canada’s largest climate tech seed fund, we’re excited to follow up on our initial investment because Audette automates the net zero roadmap of a sector that contributes 19 percent of global GHG emissions, has found product-market fit across an exciting customer base of real estate asset managers, and is ready to scale.”

About Audette

Based in Victoria, B.C., Audette is on a mission to create a carbon-transition plan for every building on the planet. By creating a meaningful path forward to decarbonization across the real-estate industry, Audette’s proprietary data-driven technology expedites emissions reduction and enables it to scale globally. The future is carbon-free, and Audette is meeting those future needs TODAY. Learn more at audette.io.

Media assets are available here.

Contacts

Media:

Canada:

Kathleen Reid

604-724-1242

kreid@switchboardpr.com

United States:

Blakelee Hampshire

917-275-4925

blakelee@switchboardpr.com

Acquisition paves the way for expansion throughout province

TORONTO & NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc. (“Real” or the “Company”) (TSX: REAX) (NASDAQ: REAX), the fastest growing publicly traded real estate brokerage, today announced that it has acquired, through a wholly owned subsidiary, all of the issued and outstanding common shares of Redline Real Estate Group (BC) Inc. (“Redline BC”) pursuant to a share purchase agreement between the Company, Redline BC and Redline Realty Investments Inc. (“Redline Realty”). The acquisition, which includes Redline’s real estate license to operate in British Columbia, will fuel the Company’s expansion into Canada’s third largest province.

Founded in 2005, Redline Realty has approximately 90 agents serving clients throughout the provinces of Alberta, Ontario and British Columbia. The acquisition follows Redline’s move to The Real Brokerage network in October 2021, and underscores the success that Redline’s agents have had under the Real umbrella, which provides agents with the technology, culture and financial incentives to realize their full potential.

“Acquiring brokerage firms as a method to grow agent count is not part of our strategy. Our leading technology, competitive financial incentives and connected community are attracting agents to our platform in record numbers. However, Canada is important to our overall growth and this transaction allows us to leverage our relationship with one of Canada’s top brokerage teams to serve as the foundation for our expansion into British Columbia,” said Real Chairman and Chief Executive Officer Tamir Poleg.

“When we joined Real, we were excited to align our team with a company that is bringing real estate into the digital age in a way that empowers agents to best serve clients while creating a culture of innovation, inclusion and trust,” said Darren Langille, Co-Founder of Redline Realty. “Now, one year later we are thrilled to be the catalyst for Real’s Canadian expansion into British Columbia.”

Brett Turner, President and Co-Founder of Redline echoed this sentiment: “Our agents continue to be impressed with Real Brokerage’s revolutionary approach to the brokerage industry, and we are pleased to incorporate our BC arm into their model.”

Real’s anticipated expansion into British Columbia is the company’s latest milestone in 2022, which includes increasing its agent base by 82% year-to-date to more than 7,000 agents, an agreement to acquire LemonBrew Lending Corp., a tech-enabled home loan platform, and the acquisition of Expetitle, a digital title and settlement company now operating as Real Title. Each acquisition is consistent with Real’s strategy to build a seamless end-to-end home buying experience.

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, information relating to Real’s brokerage operations in British Columbia and the business and strategic plans of Real.

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. (NASDAQ: REAX) (TSX: 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

Investors, for more information:

Jason Lee

Vice President, Capital Markets & Investor Relations

investors@therealbrokerage.com
908.280.2515

Media, for more information:

Elisabeth Warrick

Director, Communications

elisabeth@therealbrokerage.com
201.564.4221

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) (“Dream Residential REIT” or the “REIT” or “we” or “us”) today announced its financial results for the quarter ended September 30, 2022 (Q3 2022) and the period from February 24, 2022, to September 30, 2022 (“YTD 2022”). The YTD 2022 period reflects the period from May 6, 2022, the date on which the REIT completed its initial public offering (“IPO”) of trust units (“Trust Units”). The REIT had no operations prior to May 6, 2022. The results for Q3 2022 are compared to the financial forecast (the “Forecast”) contained in the REIT’s final prospectus dated April 29, 2022. Management will host a conference call to discuss the financial results on November 3, 2022 at 10:00 a.m. (ET).

HIGHLIGHTS

• For the period ended September 30, 2022, net income was $23.4 million, which comprises net rental income of $7.0 million, fair value adjustments to investment properties of $1.2 million and fair value adjustments to financial instruments of $18.9 million, primarily from the revaluation of Class B units of DRR Holdings LLC, a subsidiary of the REIT (“Class B Units” and together with the Trust Units, “Units”). Partially offsetting these items were cumulative other income and expenses of $(3.7) million.
• Diluted funds from operations (“FFO”)¹ per Unit was $0.15 for Q3 2022, in line with the Forecast.
• Net operating income (“NOI”)² was $5.5 million in Q3 2022, consistent with the Forecast.
• NOI margin³ in Q3 2022 was 49.9% compared to 50.0% for the Forecast.
• Average monthly rent as at September 30, 2022 was $1,060 per unit compared to $1,018 per unit at June 30, 2022, an increase of 4.1%.
• Portfolio occupancy was 93.7% as of September 30, 2022, with Greater Oklahoma City at 94.3%, Dallas-Fort Worth at 90.3% and Greater Cincinnati at 96.5%.
• Total assets were $432.7 million as at September 30, 2022, comprised primarily of $414.5 million of investment properties and $15.4 million of cash and cash equivalents.
• Total equity (per condensed consolidated financial statements) was $216.2 million as at September 30, 2022.
• Net asset value (“NAV”)⁴ per Unit was $14.58 as at September 30, 2022.
• Net total debt-to-net total assets⁵ was 29.0% as at September 30, 2022, total mortgages payable were $136.3 million and total assets were $432.7 million.
• On October 18, 2022, the Trust Units commenced trading on the OTCQX marketplace under the ticker DRREF.
• The REIT declared distributions totaling $0.105 per Unit during Q3 2022.

________________________________

1 Diluted FFO per Unit is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. Diluted FFO per Unit is comprised of 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.

2 Net operating income (“NOI”) is a non-GAAP financial measure. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. The most directly comparable financial measure to NOI is net rental income. The tables included in the Appendices section of this press release reconcile NOI for the period from May 6, 2022 to September 30, 2022 to net rental income. 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.

3 NOI margin is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. NOI margin is defined as NOI (a non-GAAP financial measure) divided by investment properties revenue, as a percentage. 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.

4 NAV per Unit is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. NAV per Unit is comprised of 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.

5 Net total debt-to-net total assets is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. Net total debt-to-net total assets ratio is comprised of net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). 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.

FINANCIAL HIGHLIGHTS			Actual		Forecasted		Variance			Actual
(unaudited) (in thousands unless otherwise stated)			Three months ended September 30, 2022		Three months ended September 30, 2022					For the period from May 6, 2022 to June 30, 2022
Operating results
Net income		$	23,445		3,443		20,002		$	84,825
Funds from operations (“FFO”)(1)			2,923		2,957		(34)			1,868
Net rental income			6,951		7,064		(113)			4,050
Net operating income (“NOI”)(10)			5,491		5,528		(37)			3,516
NOI Margin(11)			49.9%		50.0%		(10) bps			52.2%
Per Unit amounts
Distribution rate per Trust Unit		$	0.105		0.105		—		$	0.064
Diluted FFO per Unit(2)(3)			0.15		0.15		—			0.09
See footnotes at end

Net income for Q3 2022 was $23.4 million, which is $20.0 million higher than the Forecast primarily due to fair value gains on properties and financial instruments. Investment property revenue of $11.0 million during Q3 2022, was in line with the Forecast, with strong rental rate increases offset by induced vacancy as the REIT accelerated its value-add program during the quarter. NOI for Q3 2022 was $5.5 million or approximately 0.7% lower than the Forecast, primarily due to the induced vacancy from the value-add program during the quarter. Q3 2022 funds from operations was $2.9 million, which was 1.1% lower than the Forecast. Lower NOI was partially offset by interest income earned on cash deposits and lower interest expense due to lower than forecasted amortization of discounts related to the fair valuation of mortgage debt that occurred upon the REIT’s acquisition of 13 multi-family residential properties from AWH Holdings LLC on the closing of its IPO. Q3 2022 diluted FFO per unit at $0.15 was consistent with the Forecast.

PORTFOLIO INFORMATION			As at
(unaudited)			September 30, 2022
Total portfolio
Number of assets			16
Investment properties fair value (in thousands)		$	414,460
Rental units			3,432
Occupancy rate – in place (period-end)			93.7%
Average in-place base rent per unit		$	1,060
Estimated market rent to in-place base rent spread (%) (period-end)			7.0%
Retention rate (period-end)			53.7%

“We are pleased with the REIT’s results for our first full quarter which are tracking in line relative to our IPO Forecast,” said Jane Gavan, Chief Executive Officer of Dream Residential REIT. “Fundamentals in our primary markets remain strong and our value-add program continues to generate impressive returns.”

ORGANIC GROWTH

Dream Residential REIT continued to achieve attractive organic growth across the portfolio, capturing rental rate growth in its primary markets and progressing on implementing its value-add initiatives.

Weighted average monthly rent as at September 30, 2022 was $1,060 per unit, representing a 4.1% increase from June 30, 2021. Rental rate increases were experienced across all of the REIT’s primary markets including Greater Oklahoma City at 4.2%, Greater Dallas Fort-Worth at 4.3% and Greater Cincinnati at 3.9% from June 30, 2022.

Leasing momentum remained strong during Q3 2022, with blended lease trade outs averaging 13.6%, comprised of an average increase on new leases of approximately 16.2% and an average increase on renewals of approximately 11.1%. At September 30, 2022, estimated market rents were $1,134 per unit, or an average lease trade out for the portfolio of 7.0%. The retention rate for the quarter ended September 30, 2022 was 53.7%.

Value-Add Initiatives

The REIT continued to expand its value-add initiatives during Q3 2022, launching its renovation program in Greater Oklahoma City in July 2022. As of September 30, 2022, renovations were completed on 141 suites across Greater Dallas-Fort Worth and Greater Oklahoma City with an additional 45 suites under renovation. The average new lease trade-out on renovated suites was $429 higher than expiring leases, or a premium of 37%. Lease trade-outs on classic suites were $234 higher than expiring leases, or a premium of 22%.

“Our renovation program continues to drive value and is a key pillar of future organic growth,” said Scott Schoeman, Chief Operating Officer of Dream Residential REIT. “In addition to driving rent growth, value-add investment is improving the quality as well as lifespan of our assets and improving the overall tenant experience. We remain on track to complete our targeted 200 renovations by year-end.”

FINANCING AND CAPITAL INFORMATION

			As at
(unaudited)			September 30, 2022
Financing
Net total debt-to-net total assets(4)			29.0%
Average term to maturity on debt (years)			5.8
Interest coverage ratio (times)(5)			3.4
Undrawn credit facilities (in thousands)		$	70,000
Available liquidity(6) (in thousands)		$	85,392
Capital
Total equity (excluding Class B Units) (in thousands)		$	216,234
Total equity (including Class B Units) (in thousands)(7)		$	288,443
Total number of Trust Units and Class B Units (in thousands)(8)			19,788
Net asset value (NAV) per Unit(9)		$	14.58
Trust Unit price		$	7.25

As of September 30, 2022, net total debt-to-net total assets was 29.0%, total mortgages payable were $136.3 million and total assets were $432.7 million. The REIT ended Q3 2022 with total available liquidity of approximately $85.4 million⁽⁶⁾, comprised of $15.4 million of cash and cash equivalents and $70 million available on its undrawn revolving credit facility.

OTCQX Best Market

On October 18, 2022, the Trust Units commenced trading on the OTCQX marketplace under the symbol DRREF. The OTCQX provides U.S. investors with the opportunity to trade directly from their accounts so that more potential investors have access to buying and selling Trust Units.

“With a strong balance including low leverage, limited near term debt maturities and ample liquidity, we are well positioned to deal with an uncertain economic environment,” said Derrick Lau, Chief Financial Officer of Dream Residential REIT. “We continue to evaluate strategic initiatives to deploy capital and create value for our unitholders. With the Trust Units now trading on the OTCQX, we believe that this will provide increased visibility and broaden our investor reach going forward.”

CONFERENCE CALL

Senior management will host a conference call to discuss the financial results on Thursday, November 3, 2022, at 10:00 a.m. (ET). To access the conference call, please dial 1-866-455-3403 in Canada or 647-484-8332 elsewhere and use passcode 88134505#. To access the conference call via webcast, please go to Dream Residential REIT’s website at www.dreamresidentialreit.ca and click on the link for News, then click on Events. 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.sedar.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 an initial portfolio of 16 garden-style multi-residential properties, consisting of 3,432 units primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit www.dreamresidentialreit.ca.

Non-GAAP financial measures, ratios and supplementary financial measures

The REIT’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). 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, NOI, NOI margin, total debt, net total debt-to-net total assets ratio, adjusted EBITDAFV ratio, 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 IFRS and do not have a standardized meaning under IFRS. 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 have been incorporated by reference from the management’s discussion and analysis of the financial condition and results from operations of the REIT as at and for the period ended September 30, 2022, dated November 2, 2022 (the “MD&A for the third quarter of 2022”) and can be found under the sections “Non-GAAP Financial Measures and Ratios” and respective sub-headings labelled “Funds from operations (“FFO”)”, “NAV per Unit”, “Net operating income (“NOI”) and NOI Margin”, “Adjusted earnings before interest, taxed, depreciation, amortization and fair value adjustments (Adjusted EBITDAFV)”, “Available Liquidity”, “Total equity (including Class B Units)”, “Interest coverage ratio (times)” and “Net total debt-to-net total assets” )”. The composition of supplementary financial measures included in this press release have been incorporated by reference from the MD&A for the third quarter of 2022 and can be found under the section “Supplementary Financial Measures and Other Disclosures”. The REIT’s MD&A for the third quarter of 2022 is available on SEDAR at www.sedar.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, 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 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 our intentions to implement our value-enhancing renovation initiatives at our properties and our expectations with respect to NOI growth and our belief that the OTCQX listing will broaden our investor base. 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 that 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, global and local economic and business conditions; uncertainties surrounding the COVID-19 pandemic; risks associated with unexpected or ongoing geopolitical events; risks inherent in the real estate industry; financing risks; and interest and currency rate fluctuations. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, there are no unforeseen changes in the legislative and operating framework for our business, we will have access to adequate capital to fund our future projects and plans and that we will receive financing on acceptable terms; interest rates remain stable and geopolitical events 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 and risks and uncertainties is contained in Dream Residential REIT’s final long-form prospectus dated April 29, 2022, including under the heading “Risk Factors” therein.

FOOTNOTES

(1) FFO is a non-GAAP financial measure. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. 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 Appendices section of this press release reconcile FFO for the three months ended September 30, 2022 to net income.

(2) Diluted FFO per Unit is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. Diluted FFO per Unit is comprised of 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 MD&A for the period ended September 30, 2022, 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 ratio is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. Net total debt-to-net total assets ratio is comprised of net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). 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.

(5) Interest coverage ratio (times) is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. Interest coverage ratio is comprised of adjusted EBITDAFV (a non-GAAP financial measure) divided by interest expense on debt. The table included in the Appendices section of this press release reconcile Adjusted EBITDAFV to net income. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures and ratios and supplementary financial measures” in this press release.

(6) Available liquidity is a non-GAAP financial measure. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. The most directly comparable financial measure to available liquidity is cash and cash equivalents. The table included in the Appendices section of this press release reconcile available liquidity to cash and cash equivalents as at September 30, 2022. 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.

(7) Total equity (including Class B Units) is a non-GAAP financial measure. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. The most directly comparable financial measure to total equity (including Class B Units) is total equity. 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 Appendices section of this press release reconciles total equity (including Class B Units) to total equity as at September 30, 2022.

(8) Total number of Units includes 9,827,791 Trust Units and 9,959,830 Class B Units that are classified as a liability under IFRS.

(9) NAV per Unit is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. NAV per Unit is comprised of total equity (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.

(10) NOI is a non-GAAP financial measure. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. The most directly comparable financial measure to NOI is net rental income. The table included in the Appendices section of this press release reconciles NOI for the period from February 24, 2022 2022 to September 30, 2022 and to June 30, 2022 to net rental income. 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.

(11) NOI Margin is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. NOI margin is defined as NOI (a non-GAAP financial measure) divided by investment properties revenue, as a percentage. 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.

Appendices

Reconciliation of F

Contacts

Dream Residential REIT
P. Jane Gavan
Chief Executive Officer

(416) 365-6572

jgavan@dream.ca

Derrick Lau
Chief Financial Officer

(416) 365-2364

dlau@dream.ca

Scott Schoeman
Chief Operating Officer

(303) 519-3020

sschoeman@dream.ca

Read full story here

Acquisition provides the first international locations

BELOIT, Wis.–(BUSINESS WIRE)–ABC Supply Co., Inc., the nation’s largest wholesale distributor of roofing, siding and other select exterior and interior building products, has acquired the Monarch Group of Companies, which includes Monarch Siding Centre Inc., Monarch Exterior Centre Inc. and Monarch Metal Systems Inc. Monarch is a premier supplier of siding, roofing and select exterior building materials throughout Alberta, Canada.

The acquisition adds the first international ABC Supply branches. The five acquired locations in Calgary, Edmonton, Acheson, Red Deer and Lethbridge will operate under the Monarch trade name.

“This is an exciting time for the ABC Supply family,” said Keith Rozolis, ABC Supply’s president and chief executive officer. “Monarch is a strong, deeply rooted and highly regarded distributor of building products in Alberta, and we’re thrilled to have them join ABC Supply.”

Founded in 1992 and based in Calgary, Alberta, Canada, the Monarch Group distributes exterior building products, including vinyl, aluminum and fiber-cement siding; residential roofing materials; and related accessories, decking and gutters.

Visit abcsupply.com to learn more about the company and see all of ABC Supply’s locations.

About ABC Supply

ABC Supply Co., Inc. is the largest wholesale distributor of roofing in the United States and one of the nation’s largest wholesale distributors of select exterior and interior building products. Since its founding by Ken and Diane Hendricks in 1982, ABC Supply’s sole focus has been serving professional contractors and “making it easy” for them to do their jobs by offering the products, support and services they need — including myABCsupply, a tool that allows contractors to request measurement services, order materials, track deliveries, pay invoices and more.

A 16-time Gallup Exceptional Workplace Award winner and two-time recipient of Glassdoor’s Employees’ Choice Award for Best Places to Work, ABC Supply is an “employee-first” company that treats its associates with respect and gives them the tools they need to succeed. The company was also named a Best Employer for New Grads by Forbes in 2021.

Headquartered in Beloit, Wisconsin, ABC Supply has over 860 locations. More information is available at www.abcsupply.com. Contractors can find resources for growing and improving their businesses on ABC Supply’s blog and the company’s LinkedIn page.

Contacts

Marcie Waters

(608) 256-6357

mwaters@hiebing.com

Innovative Volumetric Prefabrication through Design-Assist & Manufacturing

LAS VEGAS–(BUSINESS WIRE)–#digitalfabrication—KHS&S, an industry leader in producing exterior finished wall panels, façades, interior framed walls, specialties, and themed construction, continues to pioneer prefabrication and offsite construction solutions. Now providing, Prefabricated Bathrooms Units (PBUs), Prefabricated Kitchen Units (PKUs), and prefabricated façades as Spek. KHS&S launches Spek at the Design-Build Conference & Expo (DBIA), Booth #654 in Las Vegas.

“Spek is a natural extension of the KHS&S brand. We’re excited to be back in the prefabricated bathroom and kitchen business while adding our prefabricated façade solutions to the brand,” said Bruce Holleran, Vice President, KHS&S. “Inquiries and increased interest from clients, general contractors and architects around PBUs and PKUs prompted us to launch Spek, which is positioned for success, because of our extensive history and experience.”

Industries geared toward volumetric prefabrication include healthcare, student housing, multi-family residential, education and hospitality, where projects require more than 100 repeatable PBUs or PKUs and are sized for trucking transport. For exterior prefabricated façades, feasibility is based on the number of building stories, finishes and integration of scope possibilities.

Optimal locations are metropolitan areas or remote areas. Busy city centers have limited laydown areas for onsite work, while rural areas may have difficulties securing materials, machinery, and a skilled workforce. Offsite construction solutions, eliminates these problematic areas that raise cost and increase timelines.

Design-Assist services coupled with Digital Fabrication is at the core of offsite construction. Digital Fabrication, the process where manufacturing is driven by technology, uses exact computer-generated measurements. This service allows clients to visualize their final Spek solution in an accurate 3D model prior to production. Once the drawings have been modeled and approved, output files are submitted to the Spek Fabrication Facility to construct.

“Whether designing PBUs, PKUs or prefabricated façades, collaboration in the Preconstruction phase is the driving force behind reducing costs, accelerating the schedule and improving constructability,” said Holleran. “Value analysis early in the process is important in driving long-term success.”

Located in Rancho Cucamonga, Calif., the Spek Fabrication Facility has the space and technology for mass production. More than 27 union associates work at the facility prefabricating all components of PBUs, PKUs, and prefabricated façades, including framing, drywall, tile, finishes and key MEP point of connection elements.

About Spek

Spek, an extension of the KHS&S brand, brings innovative prefabrication and manufacturing solutions to the construction industry. Providing the freedom to design and prefabricate volumetric units such as bathrooms, kitchens, and exterior facades in a controlled manufacturing environment. To learn more about Spek by KHS&S and its award-winning projects, please visit spek-ocs.com.

Contacts

Naomi Martin

Naomi.Martin@khsswest.com
+1 714-695-3670

The Ontario-based center will cater to Canadian & North American customers in Transportation Engineering Services and Digital Products

LTTS to hire 100 engineers over the next 18-24 months

TORONTO–(BUSINESS WIRE)–$LTTS #CommunicationsSystems–L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a leading global pure-play engineering services company, announced today the unveiling of its Engineering Research & Development (ER&D) Center in Toronto, Ontario (Canada), marking its third nearshore global design center in two quarters.

The ER&D Center in Toronto will initially focus on developing digital solutions for the transportation sector including railway engineering, for a global aerospace & rail major. The area of specialization would cover rail track defect detection, advanced mobility solutions, digital asset management, digital flyboard, sensors and communications systems.

The center will cater to LTTS’ Canada-based clients for developing cutting-edge solutions in Digital Products and also act as a nearshore site for North America-based customers to enable transformative, new-age initiatives in digital engineering.

With plans to hire over 100 engineers in the next 18-24 months, the ER&D center is expected to become a focal point to hire local talent and further bolster the region’s reputation as a hub for engineering and innovation.

The center was inaugurated by Mr. Amit Chadha, CEO and Managing Director of L&T Technology Services in the presence of Mr. Chris Pogue, CEO, Thales Canada, Mr. Ziad Rizk, COO of Ground Transportation Systems (GTS), Canada, Ms. Apoorva Srivastava, Consul General of India, The Hon. Victor Fedeli, Provincial Minister of Economic Development, Job Creation and Trade of Ontario, and Mr. Alind Saxena, Chief Sales Officer of LTTS.

Speaking on the occasion, Amit Chadha, Chief Executive Officer & Managing Director, L&T Technology Services said, “LTTS is recognized for being the engineering partner of choice for global leaders and developing new-age and sustainable technologies. Through this new ER&D center, our customers in Canada and North America can leverage our cutting-edge technologies and digital products. LTTS is committed to building exciting opportunities in the Canadian business ecosystem, while strategically expanding its North American footprint.”

Ziad Rizk, Chief Operating Officer, Ground Transportation Systems (GTS), Canada said, “With the vision to invest in new-age digital technologies in the railway engineering sector, we are delighted to partner with an ER&D leader like LTTS in Canada. We have over a decade-long partnership with LTTS which is further strengthened with the inauguration of this ER&D Center. Through this partnership, we are confident of continued innovation and providing effective, safe and modern railway capabilities for our customers.”

The Hon. Victor Fedeli, Ontarios’ Minister of Economic Development, Job Creation and Trade, said, “The City of Toronto is known to be the fastest growing city in North America due to its thriving technology ecosystem. We are delighted to welcome an industry leader like LTTS into our community and envision technological advancements and development of local talent through their ER&D centre. We look forward to LTTS’ participation in helping build economic value in the region, while supporting clients globally.”

His Excellency Mr. Manish, Acting High Commissioner of India to Canada, said, “The inauguration of this ER&D center is a big step towards further strengthening the relations between the two countries and promoting the Canada-India economic corridor. With the dedication to deliver innovative solutions and services to the North American clientele with the use of local resources, LTTS is establishing a strong technological footprint here in the region that is expected to benefit local communities and businesses.”

Earlier this year, LTTS inaugurated an Engineering Design Centre in Toulouse (France) and an ER&D Centre in Krakow (Poland), as part of its strategic global business expansion plans.

About L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 57 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 21,400 employees spread across 20 global design centers, 28 global sales offices and 90 innovation labs as of September 30, 2022. For more information, please visit https://www.LTTS.com/

Contacts

Media Contact:
Aniruddha Basu

L&T Technology Services Limited

E: Aniruddha.Basu@LTTS.com
T: +91-80-67675707

Through an extensive RFP process, Plugzio was selected for investment by RET on behalf of its group of over 40 multifamily owners and operators

RICHMOND, British Columbia–(BUSINESS WIRE)–Plugzio, the premier end-to-end technology for scaling electric vehicle (EV) charging at multifamily properties, announced the close of its seed round led by RET Ventures (‘RET’) — a leading, industry-backed venture fund focused on single family rental and multifamily real estate technologies.

This investment in Plugzio is the culmination of RET’s comprehensive evaluation of the EV charging space. In December 2021, RET launched a working group including over a dozen multifamily experts to explore EV charging technologies for multifamily properties. The group determined a focus on Level 1 (L1) charging with Level 2 (L2) support was the most suitable pathway to wide EV adoption for the multifamily industry, based on convenience, reliability, and affordability for both landlords and residents.

“Compared to L2 products that typically burden users with limited charger availability, peak charging rates, and idle fees for prolonged use, L1 and 1B (240V/20A) charging is the most suitable solution for owners,” said LCOR Chief Technology Officer Brian Bozeman, who participated in the working group.

With the goal of finding an L1 provider, RET’s working group launched an RFP to identify the best solution. After assessing more than 20 platforms, the working group decided on Plugzio, an ideal end-to-end solution that provides both L1 and L2 hardware options with a hardware-agnostic, cloud-based charger management system that integrates with established L2 providers.

“With Plugzio, residents can take advantage of off-peak rates with a guaranteed overnight charge in their dedicated spot, all while they sleep,” said RET Vice President Jameson Hartman, who led the working group. “If they need more power, Plugzio can provide L2 options or integrate with L2 chargers already at multifamily properties.”

Mohammad Akhlaghi, founder and CEO of Plugzio, added: “In today’s world, landlords must look at EV charging less as a luxury offering and more as a baseline amenity that residents will increasingly come to expect. Despite the development of more high-powered chargers, studies have shown that using an affordable L1/1B charger overnight is more than adequate for end-users and is more convenient and cost-friendly.”

Co-founded by Akhlaghi in 2018, Plugzio was created with the vision to simplify EV charging for every stakeholder and developed with an eye toward scalability, superior economics, and operational ease. Landlords can centrally manage all of their chargers with custom charging plans and access rights for residents and non-residents. All of this charging data is aggregated under a central dashboard for easy monitoring and analysis. The platform is also configured to streamline EV charging regardless of property type or charger type— while Plugzio offers an ideal solution for L1-focused multifamily properties, it also supports L2-heavy commercial and retail deployments with its best-in-class software and integrations.

Notably, lifetime costs for Plugzio’s L1/1B chargers are 80% lower than other EV charging options — a Plugzio device can be installed for under $500 and maintained by onsite staff without the need for a certified technician — which enables property owners to quickly and easily scale this solution. Plugzio also provides owners with a project management portal that gives real-time visibility into the entire process from site analysis through installation.

“EV charging today is similar to laundry decades ago,” said Shawn Mahoney, Senior Advisor at RET Ventures. “Residents do not want to pay more for a shared EV charger, just like they do not want to go to a laundromat, and Plugzio solves this issue.”

Since its launch four years ago, Plugzio has rapidly established itself as one of the leading EV solutions for the multifamily space, with more than 1,000 units deployed throughout North America.

About Plugzio

Plugzio is a charging platform that helps customers monitor, manage and monetize power at a micro-level. The Plugzio platform can be used to recoup the electricity cost consumed by EVs in shared spaces with benefits including scalability due to a small electrical footprint, extremely low upfront, and operational costs, and flexibility of the installations and use cases. Plugzio has installations in more than 20 cities around the world.

About RET Ventures

A leading real estate technology investment firm, RET Ventures is the first industry-backed, early-stage venture fund strategically focused on building cutting-edge “rent tech” — technology for multifamily and single-family rental real estate. RET invests out of core venture funds and a Housing Impact Fund, backing companies that address a range of pain points for real estate operators.

Through its deep expertise and connections, RET provides solutions to issues ranging from housing affordability and sustainability to risk management and operational efficiency.

The firm’s Strategic Investors include some of the largest REITs and private real estate owner-operators and managers, who control over 2.5 million rental units worth over $600bn dollars.

For more information, please visit www.ret.vc

Contacts

Isabella Sarlo

Antenna | Spaces

isabella.sarlo@antennagroup.com
551-287-2989

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

TORONTO–(BUSINESS WIRE)–DREAM IMPACT TRUST (TSX: MPCT.UN) (“Dream Impact”, “we”, “our” or the “Trust”) today reported its financial results for the three and nine months ended September 30, 2022 (“third quarter”).

For the second consecutive year, the Trust is pleased to achieve a five-star rating from GRESB, the Global Real Estate Sustainability Benchmark, which is recognition of its placement in the top 20% global benchmark with an overall score of 88/100. The Trust’s score can be attributed to excellent performance in Leadership, Policies, Reporting, Targets and, Data Monitoring and Review. Annual participation in the GRESB assessment provides the Trust with the opportunity for a third-party assessment of our continued progress towards achieving the Trust’s impact/ESG related goals. Further details on specific ESG metrics will be disclosed as part of our 2021 Sustainability Update report, which will be published in November.

“We are pleased with the Trust’s steady progress to create a more resilient portfolio,” said Michael Cooper, Portfolio Manager. “As we add an additional 210 multi-family units to our recurring income segment in the quarter, and construction continues on our 1,863-unit rental buildings in the West Don Lands, we believe we are well positioned to weather ongoing market disruptions by investing in high-quality assets, and contributing meaningfully to important societal issues. While our pace of external acquisitions may slow in the near term, with the largest portfolio of net-zero development and our extensive residential pipeline, we have tremendous internal growth.”

Selected financial and operating metrics for the three and nine months ended September 30, 2022, are summarized below:

		Three months ended September 30,						Nine months ended September 30,
			2022			2021			2022			2021
Condensed consolidated results of operations
Net income (loss)		$	337		$	2,154		$	1,309		$	(5,509)
Net income (loss) per unit(1)			0.01			0.03			0.02			(0.08)
Distributions declared and paid per unit			0.10			0.10			0.30			0.30
Units outstanding – end of period			66,094,687			64,939,362			66,094,687			64,939,362
Units outstanding – weighted average			65,982,734			65,066,259			65,637,245			64,934,850

During the three months ended September 30, 2022, the Trust reported net income of $0.3 million compared to net income of $2.2 million in the prior year. The change in earnings was primarily driven by timing of fair value adjustments on our income properties and developments, upon milestone achievements, as well as higher interest expense. This was partially offset by the impact of foreign exchange fluctuations on the Trust’s investment in the U.S. hotel.

As at September 30, 2022, the Trust had $9.0 million of cash-on-hand, which included unused proceeds from the Trust’s convertible debenture issuance. The Trust’s debt-to-asset value⁽¹⁾ as at September 30, 2022 was 27.3%, an increase relative to 25.7% as of June 30, 2022, primarily due to draws on the credit facility. For similar reasons, the Trust’s debt-to-total asset value, inclusive of project-level debt⁽¹⁾ and assets within our development segment, including equity accounted investments, was 60.0% as at September 30, 2022, compared to 57.4% as at June 30, 2022. This includes long-term government debt at low interest rates and high leverage, providing financial benefits that help us pay for the social benefits we provide, including our affordable housing and sustainability programs within our communities. As at September 30, 2022, the Trust had drawn $24.8 million on its $50.0 million credit facility.

As part of the Trust’s ongoing risk management practices, the Trust monitors the impact of macroeconomic factors on the business. This includes assessing the impact of cost escalations on operations and construction projects, and the impact of rising interest rates on our portfolio. We continue to monitor our capital allocation on an ongoing basis, pursue refinancing opportunities which mitigate interest rate risk, and tender a significant portion of development costs prior to construction commencement which helps contain inflationary risk.

Recurring Income

In the third quarter, the Trust’s recurring income segment generated net income of $1.2 million, consistent with prior year, although the composition of earnings differed in each period due to transaction costs, fair value adjustments and occupancy rates across the portfolio.

Throughout the period, we have continued to see strong leasing momentum across our multi-family rental buildings, ending the quarter with in-place and committed residential occupancy at 93.5% as of September 30, 2022, up from 82.5% as of June 30, 2022. Notably, Aalto Suites, a 162-unit multi-family rental building at Zibi, ended the quarter with in-place and committed occupancy at 74.7%, up from 34.6% at June 30, 2022. Aalto Suites has 95% of its units designated as affordable and we anticipate achieving stabilization for the asset in early 2023.

In the third quarter, the Trust acquired a 50% interest in 70 Park, a 210-unit multi-family rental building adjacent to the Port Credit GO station and in close proximity to the Trust’s Brightwater development. The gross purchase price for the site was $105.5 million (at 100%), of which approximately $25 million was allocated to land slated for redevelopment on the site. Inclusive of 70 Park, the Trust’s multi-family rental portfolio is comprised of nearly 1,600 units of which 25% are considered affordable.

Based on the Trust’s current development pipeline, we have an additional 2,826 residential units and 153,000 square feet (“sf”) of commercial and retail (at 100%) with an estimated value on completion of $508.5 million that will be completed and contribute to recurring income over the next three years. For further details, refer to the “Three-Year Recurring Income” table in Section 2.1, “Recurring Income”, in the Trust’s MD&A for the three and nine months ended September 30, 2022.

Development

In the third quarter, the development segment generated net income of $2.9 million compared to $4.2 million in the prior period. The decrease relative to prior year was driven by fair value gains recognized in 2021 within the Trust’s equity accounted investments, partially offset by higher foreign exchange gains on the Trust’s investment in the U.S. hotel this year.

In the period, we completed the acquisition of the Berkeley land assembly, which comprises five income properties adjacent to the Trust’s commercial asset, 49 Ontario, located in downtown Toronto. Inclusive of one property purchased in 2021, the Berkeley land assembly was purchased for $16.9 million, including transaction costs. The Trust has submitted a rezoning application for over 800,000 sf for this site and expects rezoning to be achieved by 2023. As of September 30, 2022, 49 Ontario was carried at $95.0 million per the Trust’s financial statements.

Other⁽²⁾

In the third quarter, the Other segment generated a net loss of $3.8 million compared to $3.3 million in the prior year. The increase was primarily driven by interest expense on the Trust’s convertible debentures and credit facility. Partially offsetting this was a deferred compensation recovery and decrease in the asset management fee as a result of fluctuations in the Trust’s share price.

Cash Generated from Operating Activities

Cash generated in operating activities for the three months ended September 30, 2022 was $1.5 million compared to cash generated of $4.3 million in the prior year, a decrease driven by proceeds received from a legacy development in the prior year and timing of deposits made on the Trust’s acquisitions.

Footnotes
(1)		For the Trust’s definition of the following specified financial measures: debt-to-asset value, debt-to-total asset value, inclusive of project-level debt, net income (loss) per unit, please refer to the cautionary statements under the heading “Specified Financial Measures and Other Measures” in this press release and the Specified Financial Measures and Other Disclosures section of the Trust’s MD&A.
(2)		Includes other Trust amounts not specifically related to the segments.

Conference Call

Senior management will host a conference call on Thursday November 3 at 2:00 pm (ET). To access the call, please dial 1-866-455-3403 in Canada or 647-484-8332 elsewhere and use passcode 24662328#. To access the conference call via webcast, please go to the Trust’s website at www.dreamimpacttrust.ca and click on Calendar of Events in the News and Events section. A taped replay of the conference call and the webcast will be available for 90 days.

About Dream Impact

Dream Impact is an open-ended trust dedicated to impact investing. Dream Impact’s underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and investment holdings, and recurring income, that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of Dream Impact are to create positive and lasting impacts for our stakeholders through our three impact verticals: environmental sustainability and resilience, attainable and affordable housing, and inclusive communities; while generating attractive returns for investors. For more information, please visit: www.dreamimpacttrust.ca.

Specified Financial Measures and Other Measures

The Trust’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain specified financial measures, including debt-to-asset value, debt-to-total asset value inclusive of project-level debt, and net income (loss) per unit, as well as other measures discussed elsewhere in this release. These specified financial measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such specified financial measures as management believes they are relevant measures of our underlying operating performance and debt management. Specified financial measures should not be considered as alternatives to unitholders’ equity, net income, total comprehensive income or cash flows generated from operating activities, or comparable metrics determined in accordance with IFRS as indicators of the Trust’s performance, liquidity, cash flow and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to Section 6, “Specified Financial Measures and Other Disclosures” in the Trust’s MD&A for the three and nine months ended September 30, 2022.

“Debt-to-asset value” represents the total debt payable for the Trust divided by the total asset value of the Trust as at the applicable reporting date. This non-GAAP ratio is an important measure in evaluating the amount of debt leverage; however, it is not defined by IFRS, does not have a standardized meaning, and may not be comparable with similar measures presented by other issuers.

As at		September 30, 2022				December 31, 2021
Total debt		$	203,585			$	133,150
Unamortized discount on host instrument of convertible debentures			1,152				809
Conversion feature			(345)				(357)
Unamortized balance of deferred financing costs			3,023				1,300
Total debt payable		$	207,415			$	134,902
Total assets			760,203				701,702
Debt-to-asset value			27.3%				19.2%

“Debt-to-total asset value, inclusive of project-level debt” represents the Trust’s total debt payable plus the debt payable within our development and investment holdings, and equity accounted investments, divided by the total asset value of the Trust plus the debt payable within our development and investment holdings, and equity accounted investments, as at the applicable reporting date. This specified financial measure is an important measure in evaluating the amount of debt leverage inclusive of project-level debt within our development and investment holdings, and equity accounted investments; however, it is not defined by IFRS, does not have a standardized meaning, and may not be comparable with similar measures presented by other issuers.

		September 30, 2022				December 31, 2021
Debt payable within our development and investment holdings, and equity accounted investments		$	622,683			$	493,217
Total assets			760,203				701,702
Total assets, inclusive of project-level debt		$	1,382,886			$	1,194,919
Debt payable within our development and investment holdings, and equity accounted investments		$	622,683			$	493,217
Total debt payable			207,415				134,902
Total debt, inclusive of project-level debt		$	830,098			$	628,119
Debt-to-total asset value, inclusive of project-level debt and assets within our development segment, including equity accounted investments			60.0%				52.6%

“Net income (loss) per unit” represents net income (loss) of the Trust divided by the weighted average number of units outstanding during the period.

		Three months ended September 30,						Nine months ended September 30,
			2022			2021			2022			2021
Net income (loss)		$	337		$	2,154		$	1,309		$	(5,509)
Units outstanding – weighted average			65,982,734			65,066,259			65,637,245			64,934,850
Net income (loss) per unit		$	0.01		$	0.03		$	0.02		$	(0.08)

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events. Some of the specific forward-looking information in this press release may include, among other things, statements relating to the Trust’s objectives and strategies to achieve those objectives; the publication and details of the 2021 Sustainability Update Report; the resiliency of the Trust’s portfolio; the belief that the Trust is well positioned to withstand market disruptions by investing in high-quality assets; the expectation that external acquisitions may slow in the near term; the Trust’s internal growth potential; the expectation that long-term government debt at low interest rates will provide certain financial benefits; the Trust’s ongoing monitoring of capital allocation, pursuit of refinancing opportunities to mitigate interest rate risks, and tender significant portions of development costs prior to construction commencement to contain inflationary risk; the Trust’s ability to execute on transactions and successfully navigate markets; expected growth of the Trust’s recurring income segment; our development and redevelopment pipeline; expectations regarding rezoning applications and related square footage and finalization dates, including in respect of the Berkeley land assembly; the Trust’s ability to achieve its impact and sustainability goals, and implementing other sustainability initiatives throughout its projects; and the 2,826 residential units and 153,000 sf of commercial and retail (at 100%) with an estimated value upon completion of $508.5 million which are expected to be completed and contribute to recurring income over the next three years.

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 Trust’s control, which 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: adverse changes in general economic and market conditions; the impact of the novel coronavirus (COVID-19 and variants thereof) pandemic on the Trust; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, and international sanctions; inflation; the disruption of free movement of goods and services across jurisdictions; the risk of adverse global market, economic and political conditions and health crises; risks inherent in the real estate industry; risks relating to investment in development projects; impact investing strategy risk; risks relating to geographic concentration; risks inherent in investments in real estate, mortgages and other loans and development and investment holdings; credit risk and counterparty risk; competition risks; environmental and climate change risks; risks relating to access to capital; interest rate risk; the risk of changes in governmental laws and regulations; tax risks; foreign exchange risk; acquisitions risk; and leasing risks. Our objectives and forward-looking statements are based on certain assumptions with respect to each of our markets, including that the general economy remains stable; the gradual recovery and growth of the general economy continues over 2022; that no unforeseen changes in the legislative and operating framework for our business will occur; that there will be no material change to environmental regulations that may adversely impact our business; that we will meet our future objectives, priorities and growth targets; that we receive the licenses, permits or approvals necessary in connection with our projects; that we will have access to adequate capital to fund our future projects, plans and any potential acquisitions; that we are able to identify high quality investment opportunities and find suitable partners with which to enter into joint ventures or partnerships; that we do not incur any material environmental liabilities; interest rates remain stable; inflation remains relatively low; there will not be a material change in foreign exchange rates; that the impact of the current economic climate and global financial conditions on our operations will remain consistent with our current expectations; our expectations regarding the impact of the COVID-19 pandemic and government measures to contain it; our expectation regarding ongoing remote working arrangements; and competition for and availability of acquisitions remains consistent with the current climate.

All forward-looking information in this press release speaks as of October 31, 2022. The Trust 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 and risks and uncertainties is disclosed in the Trust’s filings with securities regulators filed on the System for Electronic Document Analysis and Retrieval (www.sedar.com), including its latest annual information form and MD&A. These filings are also available at the Trust’s website at www.dreamimpacttrust.ca.

Contacts

For further information, please contact:

Meaghan Peloso
Chief Financial Officer

416 365-6322

mpeloso@dream.ca

Kimberly Lefever
Director, Investor Relations

416 365-6339

klefever@dream.ca

• GRESB Improvements Achieved, Building on Longstanding Climate Transparency and Accountability Efforts
• Scored 91/100, Ten Points above GRESB Global Development Benchmark Average
• Placed 1^st in both GRESB score and Development score within Americas, Non-listed, Core, Closed end
• Earned a 4 Green Star rating for Development

VANCOUVER, British Columbia–(BUSINESS WIRE)–Grosvenor, a privately held property owner and developer with a 70-year track record in North America, announces increased ratings in the 2022 Global Real Estate Sustainability Benchmark (GRESB®) Real Estate Assessment for both its property Development and Investment activity, exceeding benchmark averages in Leadership, Policies, Reporting and Stakeholder Engagement.

“Grosvenor has been publicly disclosing our reduction efforts for the last 15 years. 2022 marks our second GRESB reporting cycle, and we are pleased to see improved rankings across all categories,” said Steve O’Connell, CEO of Grosvenor’s North American property business. “Our history of public reporting reflects our belief in the importance of transparency and accountability; GRESB is a globally-recognized benchmarking tool that helps us focus our activities and provides clarity on our performance for our like-minded capital partners.”

In release of this year’s GRESB scores, Grosvenor has shown significant increases in its annual ratings, particularly in Development, which led the way with a score of 91, a 17-point improvement from 2021, securing four Green Stars and eleven points above industry peer average of 80. Grosvenor placed 1^st in both GRESB score and Development score within Americas, Non-listed, Core, Closed end ranking.

Additional highlights from the Development assessment include scoring top marks in the ESG Requirements, Materials, Waste, and Water Consumption categories. In the Standing Investment assessment, Grosvenor increased 7 points to 72 and earned higher than benchmark average scores in the Targets, Waste, Tenants & Community and Data Monitoring & Review categories.

According to GRESB, an independent group that measures the ESG performance of individual assets and portfolios based on self-reported data, 1,820 entities participated in the 2022 Real Estate Benchmark, covering USD 6.9 trillion of gross asset value (GAV) across 74 countries.

“Earning 4-stars for Development in our second GRESB reporting year makes a powerful statement about our commitment to managing Grosvenor’s impacts on the places in which we build and invest. Being validated by GRESB, a respected tool that has helped standardize reporting across our industry, speaks volumes,” said Tanja Milosevic, Grosvenor’s Associate Vice President of ESG in North America. “We will continue to improve our business operations to meet and exceed our sustainability, social, and governance goals.”

In 2019, Grosvenor was among the first real estate companies in North America to sign the World Green Building Council’s Net Zero Carbon Buildings Commitment. In the U.S. and Canada, Grosvenor is aiming to exceed that commitment through several reduction targets for 2030:

• Carbon neutrality: 100 per cent Scope 1 and 2 operational emissions and 40% Scope 3 embodied carbon emissions reductions.
• Energy efficiency: 20 per cent reduction in tenant spaces; continuing and expanding the ‘green’ leases that we have been pursuing for the last 12 years; and engaging with existing tenants to obtain emissions data to work toward reduction.
• Clean energy: 50 per cent​ of electricity consumption provided from renewable sources; investing in on-site renewables now and using some green tariffs, especially in California.
• Partnerships: 75 per cent ​of suppliers, tenants and investors agreeing to an internal supply chain charter.

About Grosvenor

Grosvenor has been an active property owner and developer in the U.S. and Canada for 70 years. We focus on vibrant urban locations, making positive contributions to neighborhoods and communities. As of December 31, 2021, we had assets under management of USD$3.6bn.

In North America, we signed the World Green Building Council’s Net Zero Carbon Buildings Commitment in 2019 and have been publicly reporting our annual consumption and reduction values for 15 years. We are guided by industry leading ESG business principles and we report to the Global Real Estate Sustainability Benchmark (GRESB).

Part of an international property company with a track record of over 340 years, we develop, manage, and invest to improve property and places across many of the world’s leading cities, promoting sustainability within the built environment, and enhancing the wellbeing of our customers and communities.

We are a values-led organization which represents the Grosvenor family. Our work in property, alongside Grosvenor’s other activities in food & agtech, rural estate management and support for charitable initiatives, shares a common purpose – to deliver lasting commercial, social and environmental benefit –​​​​​​​ addressing today’s needs while taking responsibility for those of future generations. www.grosvenor.com

Follow us on

Twitter: @GrosvenorGRP | LinkedIn: Grosvenor| Instagram: ThisisGrosvenor

Copyright © Grosvenor ALL RIGHTS RESERVED

Contacts

For more information:
Great Ink Communications
Roxanne Donovan, Tom Nolan, Rick Van Warner, Eric Waters

+1 212-741-2977

Grosvenor@GreatInk.com

Free, Open-Access Tool for Built Environment Sector to Support Carbon-Smart Procurement Decisions

SEATTLE–(BUSINESS WIRE)–Building Transparency, a nonprofit organization that provides open-access data and tools to foster a better building future, today announces the launch of the beta version of its latest tool, Tally Climate Action Tool (tallyCAT), which is keenly focused on carbon reductions. Developed in collaboration with Perkins&Will and C-Change Labs and funded by the Province of British Columbia, this free and open-access tool provides the data necessary to prioritize low-carbon products and make environmentally responsible decisions early, swiftly, and confidently – all while working within Revit, a building information modeling (BIM) software.

tallyCAT beta marks an important milestone for the building and construction industry as it is being launched at a time when attention to embodied carbon reduction is a growing priority. The tool provides designers with real-time information on material performance and carbon impacts via direct access to the Embodied Carbon in Construction Calculator’s (EC3’s) global database of Environmental Product Declarations (EPDs) – the primary pathway for manufacturers to communicate the environmental impacts of their products. It will also integrate directly into Revit, saving designers time and allowing them to scale up.

“Our team at Building Transparency is hyper-focused on providing the tools and resources needed to help the built environment industry understand, measure, and reduce its embodied carbon emissions,” said Stacy Smedley, Executive Director at Building Transparency. “The tallyCAT beta tool is another step for us in providing a robust ecosystem of tools to enable action and the prioritization of low-carbon design and procurement decisions. With this new tool, we’re able to meet designers where they are in Revit and provide the data necessary to drive green specification and procurement.”

Development & Support of tallyCAT

The development of tallyCAT beta is made possible through a partnership between Building Transparency Canada, Perkins&Will, and C-Change Labs, who are focused on driving carbon reductions in the industry. This group of innovators was awarded a $460,000 grant from the Province of British Columbia’s 2021 CleanBC Building Innovation Fund to bolster development of this project.

The tallyCAT team aims to ignite widespread change in the building, design, and construction sectors. “We are co-developing tallyCAT with the aspiration of bringing low-carbon product selection into the design process, developing data-informed workflows that can become integral to every project,” said Jesce Walz, a designer and carbon leader at Perkins&Will. “Our team is focused on leveraging the power of open access tools and collaborative partnerships to improve our industry’s environmental impacts.”

Also in 2021, world-renowned architecture firm, KieranTimberlake, gifted Tally, the life cycle assessment (LCA) tool to Building Transparency for its continued management, hosting, and development. The tallyCAT design team is leveraging the capabilities of Tally LCA and EC3 to develop tallyCAT into a free and open-access next-generation climate action tool. The early-access beta version of tallyCAT is the initial socialization of a Revit-based carbon reduction tool that integrates with EC3 and is a significant milestone on the journey to make low-carbon product decisions earlier in the design lifecycle.

“We are grateful for the financial support from the Province of British Columbia through the Ministry of Energy, Mines and Low Carbon Innovation and to KieranTimberlake for trusting our team with Tally LCA,” said Smedley. “These organizations have made the development of tallyCAT possible as we work to drive climate action in the built environment sector.”

Today, the Tally LCA tool and now, tallyCAT, support the direct export of material quantities from Revit to EC3, streamlining the process to evaluate project material conditions. Additionally, tallyCAT allows for synchronization between Revit and EC3, making it easier to identify carbon reduction opportunities within the Revit environment. Building Transparency, Perkins&Will and C-Change Labs hope to make tallyCAT a whole-life carbon tool and plans to release an updated version in 2023.

Ongoing Management of Tally LCA

At the same time, the nonprofit will continue to maintain Tally as an LCA tool. Moving forward, this tool will be referred to as tallyLCA, reflecting its ability to help measure multiple categories of environmental impact beyond embodied carbon and support users looking to inform sustainable design from a holistic perspective of ecosystem impact reduction. Building Transparency has also kicked off a project to create a free, open-access building material LCA dataset, which will enable tallyLCA to become the nonprofit’s third free tool offering upon its completion.

“We are thrilled to continue our support of Building Transparency’s ecosystem of open-access carbon-reduction tools,” said Billie Faircloth, Partner and Research Director of KieranTimberlake. “We look forward to transitioning tallyLCA into a free and open-access tool.”

tallyCAT beta Launch at Greenbuild

tallyCAT beta will be launched at and demoed throughout the Greenbuild Conference and Expo, taking place from November 1 – 3, 2022, at the Moscone Center in San Francisco, CA. Attendees will be able to learn more about tallyCAT and other updates and initiatives from Building Transparency at Booth #1839. The team will lead demos and participate in panel discussions and sessions about embodied carbon, low-carbon procurement, and the need for material innovations within the built environment sector.

Attendees can learn more about the education sessions and other experiences at Greenbuild at: https://informaconnect.com/greenbuild/

About Building Transparency

Building Transparency is a 501(c)3 nonprofit organization that provides open-access data and tools that support broad and swift action across the building industry in addressing embodied carbon’s role in climate change. Formed in 2020, Building Transparency hosts, manages, and maintains the Embodied Carbon in Construction Calculator (EC3) tool, which provides thousands of digitized EPDs in a free, open-source database, and tallyLCA, the nonprofit’s life cycle assessment tool. Building Transparency strives to provide the resources and education necessary to shape a better building future through promoting the adoption of the EC3 tool and tallyLCA, establishing the official materialsCAN and ownersCAN programs, and working with global policymakers.

About Perkins&Will

Perkins&Will, an interdisciplinary, research-based architecture and design firm, was founded in 1935 on the belief that design has the power to transform lives. Guided by its core values—design excellence, diversity and inclusion, living design, research, resilience, social purpose, sustainability, and well-being—the firm is committed to designing a better, more beautiful world. Fast Company has named Perkins&Will one of the World’s Most Innovative Companies in Architecture three times, and in 2021, it added the firm to its list of Brands That Matter—making Perkins&Will the only architecture practice in the world to earn the distinction. With an international team of more than 2,000 professionals, the firm has over 20 studios worldwide, providing integrated services in architecture, interior design, branded environments, urban design, and landscape architecture. Industry rankings consistently place the firm among the world’s top design practices. Partners include Danish architects Schmidt Hammer Lassen; retail strategy and design consultancy Portland; sustainable transportation planning consultancy NelsonNygaard; and luxury hospitality design firm Pierre-Yves Rochon (PYR). For more information, visit www.perkinswill.com.

Contacts

Building Transparency Contact
Kelly Ronna

Trevelino/Keller

kronna@trevelinokeller.com

Perkins&Will Contact
Vicky Su

Perkins&Will

Vicky.su@perkinswill.com

The Impact Awards Seek to Recognize Exemplary Commercial Real Estate Projects and Transactions in the United States, Canada and the United Kingdom

RICHMOND, Va.–(BUSINESS WIRE)–CoStar Group (NASDAQ: CSGP) is excited to formally announce that submissions have opened for the second annual CoStar Impact Awards. The CoStar Impact Awards seek to identify and highlight commercial real estate projects and transactions that have had a signifcant influence in neighborhoods or submarkets accross 128 major international markets in the United States, Canada and the United Kingdom. The awards will recognise exemplary projects and transactions completed in 2022, as selected by a panel of industry professionals drawn from each respective market.

Judges panels comprised of commercial real estate industry professionals will select winners from each market based on the following categories in the United States and Canada: Lease of the Year, Commercial Development of the Year, Multifamily Development of the Year, Redevelopment of the Year and Sale/Acquisition of the Year; and the following categories in the United Kingdom: Lease of the Year, Commercial Development of the Year and Sale/Acquisition of the Year. Judges will choose impactful and innovative projects that represent growth and diversification and overcame unique challenges in each market or submarket as winners. Award winners will receive a customized trophy, as well as promotion on the CoStar platform and marketing channels.

“We are thrilled to announce this year’s CoStar Impact Awards, which will recognize and amplify the incredible accomplishments made in 2022 by real estate professionals across the US, Canada, and the UK,” said Lisa Ruggles, CoStar Group’s Senior Vice President of Global Operations.

Examples of winning submissions from 2021 include a $39 million sale and acquisition of two acres in Chicago’s booming Fulton Market area, a mixed-use apartment building featuring 1,600 apartment units, 70,000 square feet of office space and 30,000 square feet of retail in one of the biggest transit-oriented developments in Miami, and a $1.6 billion mega mixed-use project composed of nine sites totaling nearly 2 million square feet on Manhattan’s Lower East Side.

In addition to a call for entries, CoStar Group is also searching for judges. To be considered for these roles, applicants must be a commercial real estate industry professional with deep knowledge of their respective market. If you fit these criteria and are interested in evaluating nominations, please email impactawards@costar.com.

For those looking to submit their work for awards consideration, CoStar Group is now accepting submissions through their US/Canada website and UK website. Nominations will be accepted through January 31, 2023.

About CoStar Group, Inc.

CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the property markets. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information.

Contacts

News Media Contact
Matthew Blocher

CoStar Group

(202) 346-6775

mblocher@costargroup.com