TORONTO–(BUSINESS WIRE)–Granite Real Estate Investment Trust (“Granite”) (TSX: GRT.UN / NYSE: GRP.U) announced today that its board of trustees has declared a distribution of CDN $0.2583 per stapled unit for the month of November 2022. The distribution will be paid by Granite on Thursday, December 15, 2022 to stapled unitholders of record at the close of trading on Wednesday, November 30, 2022. The stapled units will begin trading on an ex-dividend basis at the opening of trading on Tuesday, November 29, 2022 on the Toronto Stock Exchange and on the New York Stock Exchange.

Granite confirms that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes. A qualified notice providing the breakdown of the sources of the distribution will be issued to the Depository Trust & Clearing Corporation subsequent to the record date of November 30, 2022, pursuant to United States Treasury Regulation Section 1.1446-4.

ABOUT GRANITE

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 141 investment properties representing approximately 58.8 million square feet of leasable area.

OTHER INFORMATION

Copies of financial data and other publicly filed documents about Granite are available through the internet on the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) which can be accessed at www.sedar.com and on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which can be accessed at www.sec.gov. For further information, please see our website at www.granitereit.com or contact Teresa Neto, Chief Financial Officer, at 647-925-7560 or Andrea Sanelli, Associate Director, Legal & Investor Services, at 647-925-7504.

Contacts

Teresa Neto

Chief Financial Officer

647-925-7560

or

Andrea Sanelli

Associate Director, Legal & Investor Services

647-925-7504.

TORONTO–(BUSINESS WIRE)–#DeloitteFast50—Nobul Technologies (www.nobul.com), a consumer-centric real estate technology company and digital marketplace that connects home buyers and sellers with the right real estate agent to meet their needs, received recognition as part of the 2022 Deloitte Technology Fast 50™ awards program for its rapid revenue growth, entrepreneurial spirit, and bold innovation.

Celebrating its 25^th anniversary, the program recognizes Canada’s 50 fastest-growing technology companies based on the highest revenue-growth percentage over the past four years. Nobul tops the list at #1 with a 72,944 percent in revenue growth from 2018 to 2021.

Deloitte’s Technology Fast 50 program winners consist of public and private companies in the technology sector that are transforming the industry. The program runs alongside the broader Deloitte North American Technology Fast 500™, with winners automatically eligible for this elite ranking.

Nobul’s founder and CEO, Regan McGee, credits the transparency, simplicity and exceptional consumer centric technology driven marketplace with the company’s 72,944 percent growth. McGee said, “I am honored to have Nobul recognized as a leading Canadian technology disruptor and innovator. This award is a true testament to the company’s commitment to meet the evolving needs of consumers who are entering the real estate market and demanding more comprehensive, consumer centric digital tools to help guide them through the complex home buying and selling transaction process. We are proud to be at the forefront in giving consumers the solution they need to make more informed, confident decisions when it comes to one of the most significant transactions of their lives.”

“It’s inspiring how this year’s exceptional cohort of Technology Fast 50 winners have delivered outstanding revenue growth even in the face of prevailing uncertainties in the economy and marketplace,” commented Anders McKenzie, partner and national leader for the Technology Fast 50 program at Deloitte Canada. “Fueled by exemplary innovation, creativity, resilience, adaptability, along with superior business leadership, these companies are paving the way as catalysts in their respective sectors and delivering growth and value to the Canadian economy both at home and beyond.”

To qualify for the Deloitte Technology Fast 50 ranking, companies must have been in business for at least four years, have revenues of at least $5 million, be headquartered in Canada, own proprietary technology, conduct research and development activities in Canada, and invest a minimum of five percent of gross revenues in R&D.

ABOUT THE DELOITTE TECHNOLOGY FAST 50™ PROGRAM

The Deloitte Technology Fast 50 program is Canada’s pre-eminent technology awards program. Celebrating its 25th anniversary, the program recognizes business growth, innovation, and entrepreneurship in four distinct categories: Technology Fast 50 ranking, Enterprise Fast 15, Clean Technology, and Companies-to-Watch. The program also recognizes companies within the North American Technology Fast 500 ranking, identifying thriving technology companies in the United States and Canada. The 2022 program sponsors include Deloitte, RBCx, Osler, EDC, CBRE, Vector Institute, Council of Canadian Innovators (CCI), Clarity Recruitment, Lafond, and TMX. For further information, visit www.fast50.ca.

ABOUT NOBUL

Nobul Technologies (www.nobul.com) is the world’s only open digital consumer-centric marketplace connecting home buyers and sellers to the best real estate agent for them. Nobul’s platform enables buyers and sellers to easily access real estate agents’ transaction histories, pricing, services offered, and genuine reviews from people who have actually used them. The platform brings transparency, choice, accountability and simplicity to the real estate industry through powerful innovative technology supported by real people who truly care. To date, Nobul has achieved billions of dollars in sales across hundreds of markets throughout North America, including Canada, Delaware, Florida, Georgia, Louisiana, Maine, Massachusetts, Missouri, North Carolina, North Dakota, South Carolina, and Texas. The company has won many prestigious awards including the CNBC Upstart 100 Award and has crossed over $5,000,000,000 (five billion dollars) in completed sales, since its inception. For more information, please visit www.nobul.com.

Contacts

Nicole Rodrigues

NRPR Group for Nobul

nicole@nrprgroup.com

TORONTO–(BUSINESS WIRE)–Inovalis Real Estate Investment Trust (the “REIT”) (TSX: INO.UN) announced today that its Board of Trustees has declared the REIT’s monthly cash distribution for the months of December 2022, January and February 2023 as per the following schedule:

Month	Record Date	Distribution Date	Distribution Amount
December, 2022	December 30, 2022	January 16, 2023	$0.034375
January, 2023	January 31, 2023	February 15, 2023	$0.034375
February, 2023	February 28, 2023	March 15, 2023	$0.034375

About Inovalis REIT

Inovalis REIT is a real estate investment trust listed on the Toronto Stock Exchange in Canada. It was founded in 2013 by Inovalis and invests in office properties in primary markets of France, Germany and Spain. It holds 14 assets representing 470 million Euros of AuM. Inovalis REIT acquires (indirectly) real estate properties via CanCorpEurope, authorized Alternative Investment Fund (AIF) by the CSSF in Luxemburg, and managed by INOVALIS S.A.

About Inovalis Group

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

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

Contacts

For further information, please contact:

David Giraud, Chief Executive Officer
Inovalis Real Estate Investment Trust

Tel: +33 1 5643 3323

david.giraud@inovalis.com

Khalil Hankach, Chief Financial Officer
Inovalis Real Estate Investment Trust

Tel:+33 1 5643 3313

khalil.hankach@inovalis.com

10 service veterans win roof replacements to secure their homes

HERNDON, Va.–(BUSINESS WIRE)–$becn #Ambition2025—Beacon (Nasdaq: BECN) proudly announced on Veteran’s Day, Friday, November 11 the winners of its annual Beacon of Hope contest, a program awarding U.S. and Canadian Veterans with new roofs. Together with local roofing companies, Beacon will deliver and facilitate roof replacements for 10 Veteran contest winners at no cost to the award recipients.

“Veterans are important members of our employee team and local communities, so it is our honor to support them beyond their years of service,” said Jonathan Bennett, Chief Commercial Officer at Beacon. “The Beacon of Hope contest ensures they have a safe home secured by a reliable roof. To extend the impact of this program in the Veteran community, we are also excited to be replacing the roof on an American Legion Post this year.”

Now in its fourth year, Beacon of Hope reflects Beacon’s values to put people first and make every day safer. Every year, people from across the U.S. and Canada come together to nominate Veterans whose roofs are in dire need of replacement. Beacon takes great pride in joining with community and roofing industry partners to help transform Veterans’ lives as they regain confidence in the safety of their homes.

The 10 Veteran 2022 Beacon of Hope recipients include:

VFM Post 7302 – Michigan Ann Q. – California Clifford T. – Maine Francois R. – Quebec Kuuleme S.- Arizona							Margot B. – Ontario Matthew A. – Georgia Ralph H.- Pennsylvania Randy R. – Virginia Steven G. – North Carolina

To learn more about the contest, including past winners and official contest rules, visit go.becn.com/beaconofhope.

About Beacon

Founded in 1928, Beacon is a Fortune 500, publicly traded distributor of building products, including roofing materials and complementary products, such as siding and waterproofing. The company operates over 470 branches throughout all 50 states in the U.S. and 6 provinces in Canada. Beacon serves an extensive base of over 80,000 customers, utilizing its vast branch network and diverse service offerings to provide high-quality products and support throughout the entire business lifecycle. Beacon offers its own private label brand, TRI-BUILT®, and has a proprietary digital account management suite, which allows customers to manage their businesses online. Beacon’s stock is traded on the Nasdaq Global Select Market under the ticker symbol BECN. To learn more about Beacon, please visit www.beacon-canada.com.

Contacts

INVESTOR CONTACT
Binit Sanghvi

Director, Investor Relations

Binit.Sanghvi@becn.com
972-369-8005

MEDIA CONTACT
Jennifer Lewis

VP, Communications and Corporate Social Responsibility

Jennifer.Lewis@becn.com
571-752-1048

Not for distribution to U.S. News Wire Services or dissemination in the United States.

TORONTO–(BUSINESS WIRE)–#valueforgenerations–Choice Properties Real Estate Investment Trust (“Choice Properties”) (TSX: CHP.UN) announced today that the trustees of Choice Properties have declared a cash distribution for the month of November, 2022 of $0.061667 per trust unit, representing $0.74 per trust unit on an annualized basis, payable on December 15, 2022 to Unitholders of record at the close of business on November 30, 2022.

About Choice Properties Real Estate Investment Trust

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties.

We believe that value comes from creating spaces that improve how our tenants and communities come together to live, work, and connect. We strive to understand the needs of our tenants and manage our properties to the highest standard. We aspire to develop healthy, resilient communities through our dedication to social, economic, and environmental sustainability. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence.

For more information, visit Choice Properties’ website at www.choicereit.ca and Choice Properties’ issuer profile at www.sedar.com. 

Contacts

Mario Barrafato

Chief Financial Officer

Choice Properties REIT

(416) 628-7872

Mario.Barrafato@choicereit.ca

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

The distribution will be payable on December 15, 2022 to unitholders of record as of the close of business on November 30, 2022.

About Slate Office REIT (TSX: SOT.UN)

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

About Slate Asset Management

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

Forward-Looking Statements

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

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

SOT-Dist

Contacts

For Further Information
Investor Relations

+1 416 644 4264

ir@slateam.com

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

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

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

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

Distributions on all unit classes of the REIT, and distributions on Exchangeable Units, will be payable on December 15, 2022 to unitholders of record as of the close of business on November 30, 2022.

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

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

About Slate Asset Management

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

Forward-Looking Statements

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

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

SGR-Dist

Contacts

For Further Information

Investor Relations

+1 416 644 4264

ir@slateam.com

TORONTO–(BUSINESS WIRE)–The Board of Trustees (the “Board”) of Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of high-quality workplace real estate, announced today that it has scheduled an Annual and Special Meeting of Unitholders for March 28, 2023 (the “Meeting”). The Meeting has been called in response to the previously announced unitholder requisition from G2S2 Capital Inc., an entity chaired by George Armoyan (the “dissident unitholder”). The dissident unitholder has requisitioned the Meeting to, among other items, remove five Trustees from the Board and elect four dissident unitholder nominees in their place. The requisition also proposes an advisory resolution requesting the Board to terminate the management agreement with Slate Asset Management.

The timing of the Meeting provides sufficient time for the Board to present information material to the unitholders of the REIT with respect to the items raised by the dissident unitholder, as well as information relevant to the previously announced review of strategic alternatives. The REIT intends to move up the timing of its Annual Meeting to combine it with the requisitioned Meeting, sparing unitholders the costs of the REIT hosting two separate meetings in quick succession.

The REIT is disappointed that the dissident unitholder has chosen to abandon constructive discussions in favour of commencing a potentially costly and distracting proxy contest. Despite this, the Board and the REIT’s senior management team remain willing to continue engaging with the dissident unitholder – as with all other unitholders – to identify a productive resolution. The REIT’s leadership remains focused on the day-to-day business of the REIT in a challenging and fluid operating environment, protecting the interests of all unitholders, and maximizing value. The REIT will provide fulsome analysis and voting recommendations in a proxy circular, to be issued ahead of the Meeting; there is no action for unitholders to take at this time.

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.

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-SA

Contacts

For Further Information

Investor Relations

+1 416 644 4264

ir@slateam.com

Operations and customer service leader will drive operational efficiencies while building the residential real estate industry’s leading agent-centric brokerage platform

TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (TSX: REAX) (NASDAQ: REAX), the fastest growing publicly traded real estate brokerage, today announced Andrew Kazeniac has been appointed Chief Operating Officer, effective immediately. As COO, Kazeniac will be responsible for driving operational efficiencies and continuing to enhance the level of service provided to Real agents through its technology platform.

Kazeniac brings nearly 15 years of experience in key operations and customer service roles at fast-growth companies in rapidly changing industries. Most recently, he served as Vice President of Retail Operations at Drizly, the world’s largest alcohol marketplace, where he spent six years taking on various leadership roles and responsibilities. Earlier, he held operations and customer service roles at both TripAdvisor and FlipKey.

“Our rapid agent growth and addition of mortgage and title capabilities puts Real at an important crossroad in our growth trajectory, especially as we expect to see more real estate professionals gravitate to our performance-oriented platform in the current environment,” said Real Chairman and CEO Tamir Poleg. “Andy’s operational experience and customer-first approach will be a valuable addition to our team as we set the stage for our continued growth.”

While at Drizly, Kazeniac grew retail operations from a small service team in Boston to a complex, multi-team group working closely with more than 6,000 retail locations across the United States. He and his teams coordinated closely with partners and product teams to build efficient logistics tools, including integrated partnerships with national couriers and data-based recommendations to grow retailer and Drizly revenue. Kazeniac replaces Raj Naik, who recently left Real to pursue other opportunities.

“It’s an exciting time to be joining Real. The introduction of technology to make processes more efficient and improve the experience for agents and their customers is long overdue for the industry, and 2022 is shaping up to be a pivotal year at Real,” Kazeniac said. “Both the travel and food delivery industries have undergone sweeping changes in recent years, and my experience driving operational efficiencies and customer satisfaction align with Real’s growth objectives. There is a great foundation and community in place at Real, and I’m looking forward to working closely with the leadership team to continue to deliver value to our rapidly expanding agent base.”

Kazeniac holds an MBA from the University of Massachusetts and a bachelor’s degree from Loyola University, Baltimore.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, expectations regarding Real’s growth and the business and strategic plans of the Company.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

About Real

The Real Brokerage Inc. (TSX: REAX) (NASDAQ: REAX) is revolutionizing the residential real estate industry by pairing best-in-class technology with the trusted guidance of the agent-led experience. Real delivers a cloud-based platform to improve efficiencies and empower agents to provide a seamless end-to-end experience for homebuyers and sellers. The company was founded in 2014 and serves 44 states, D.C., and three Canadian provinces with over 7,000 agents. Additional information can be found on its website at www.onereal.com.

Contacts

For additional information:

Jason Lee

Vice President, Capital Markets & Investor Relations

investors@therealbrokerage.com
908.280.2515

For media inquiries:

Elisabeth Warrick

Director, Communications

elisabeth@therealbrokerage.com
201.564.4221

NEW YORK–(BUSINESS WIRE)–#Architecture–H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $52 billion of equity capital under management, is pleased to announce that its affiliate, H.I.G. Realty Credit Partners, has originated a loan totaling $67 million secured by a 314-unit multifamily property in Charlotte, North Carolina.

The loan was made to Panorama Holdings (“Panorama”), an experienced real estate owner and developer based in Charlotte, who developed the property and completed lease-up in late 2021. The property directly serves the high growth employment area of the University City submarket, and benefits from its immediate proximity to the Lynx Blue Line which connects it to the greater Charlotte area.

“We are excited to finance this brand new, high-quality asset in the Charlotte MSA. Panorama has developed an excellent product that has been well received by the market, and we are delighted to support this project,” said Michael Mestel, Managing Director at H.I.G. Realty Credit Partners.

About H.I.G. Realty Credit Partners

H.I.G. Realty Credit Partners is the real estate debt platform of H.I.G. Capital, a leading global alternative assets investment firm with $52 billion of equity capital under management. H.I.G. Realty Credit Partners has completed debt investments with a gross asset value of over $3 billion, including multifamily, logistics, self-storage, office and hospitality. Debt investments include senior bridge loans, mezzanine loans and preferred equity collateralized by transitional properties and portfolios. H.I.G. Realty Credit Partners employs a hands-on, operationally focused approach that seeks to generate substantial current income and strong downside protection through creative and thoughtful deal structure, combined with detailed, intensive, bottoms-up underwriting. For more information, please refer to the H.I.G. website www.higcapital.com.

About H.I.G. Capital

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

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

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

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

Contacts

Michael Mestel

Managing Director

mmestel@higrealty.com

Steven Schwartz

Managing Director

sschwartz@higcapital.com

CARPINTERIA, Calif.–(BUSINESS WIRE)–Procore Technologies, Inc. (NYSE: PCOR), a leading global provider of construction management software, today announced the winners of the 2022 Groundbreaker Awards at Procore’s annual industry event in New Orleans, Groundbreak. The Groundbreaker Awards celebrate the companies, projects and individuals that drive excellence across the construction industry.

“Behind every great project, there are outstanding people. The Groundbreaker Awards honor our customers who are leading and positively influencing the construction industry on a daily basis,” said Tooey Courtemanche, President, Founder and CEO of Procore. “Congratulations to all of the winners of the Groundbreaker Awards.”

Procore selected 27 companies, projects and individuals as finalists for groundbreaking achievements. Kassy Morris, Head of Procore Construction Learning, presented the nine awards to the winners of the 2022 Groundbreaker Awards:

• Excellence in Sustainability: Hathaway Dinwiddie Construction Company
• Excellence in Workforce Development: Roebbelen Contracting, Inc.
• Excellence in Innovation: Truebeck Construction
• Excellence in Safety: McCarthy Building Companies, Inc.
• Excellence in Community: Blue Door – Construct
• Groundbreaker of the Year: Atul Paralkar, Executive Director of Business Intelligence | Operational Excellence, Holt Construction Corp.
• General Contractor Project Excellence: Skanska USA
• Specialty Contractor Project Excellence: Willmar Electric Service
• Owner Project Excellence: Duke Energy in partnership with Ameresco & D3Energy.

“We applied to the Groundbreaker Awards to highlight the Capital Career and College Academy because they are doing incredible work help prepare high school students for a future career in architecture and construction,” said Crystal Harper, business development manager at Roebbelen Contracting, Inc. and winner of Excellence in Workforce Development. “It’s humbling to be able to spotlight the impact they are making.”

To learn more about the 2022 Groundbreaker Awards finalists and winners, please click here.

About Procore

Procore is a leading global provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore’s platform. Our platform connects every project stakeholder to solutions we’ve built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore’s App Marketplace has a multitude of partner solutions that integrate seamlessly with our platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices in the United States, Canada, and around the globe. Learn more at Procore.com.

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TORONTO–(BUSINESS WIRE)–Inovalis Real Estate Investment Trust (the “REIT”) (TSX: INO.UN) today reported strong financial results for the quarter ended September 30, 2022. The Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for Q3 2022 are available on the REIT’s website at www.inovalisreit.com and at www.sedar.com¹. All amounts are presented in thousands of Canadian dollars or Euros, except rental rates, square footage, per unit amounts or as otherwise stated.

“Inovalis REIT’s Q3 2022 financial results reflect operational results that are stable and in-line with our internal forecast and significant gains due to foreign exchange. In Q3 2022, the REIT reported FFO and AFFO of CAD$0.18 per Unit, up $0.06 compared to the same period last year,” said Stéphane Amine, President of the REIT. He further commented “Our performance is very strong when analyzed in the context that the REIT is managing a transitional reduction in revenue due to the strategic vacancies in properties being marketed for sale and redevelopment. When we are in a position before too long, to announce our planned redevelopments or dispositions for the Baldi, Sabliere, Courbevoie and Arcueil assets, we will be able to adjust the internal forecast.”

Net Rental Income

For the portfolio that includes only assets owned entirely by the REIT (“IP Portfolio”), Net Rental Income (“NOI”) for the three months ended September 30, 2022 (“Q3 2022”), was stable at CAD$6,337 (EUR€4,645) compared to CAD$7,022 (EUR€4,692) for the three months ended September 30, 2021 (“Q3 2021”). The slight operational CAD€685 year-over-year decrease was mainly attributable to the impact of the foreign exchange rate of CAD$621.

The positive impacts on NOI came from the contribution of the new acquisitions, Gaia and Delgado in the amount of CAD$1,316 (EUR€965), completed at the end of March 2022, as well as from the lease renewals in the Metropolitain and Bad Homburg properties for CAD$294 (EUR€216).

The sale of Jeuneurs at the end of 2021 and the redevelopment-driven lease terminations in the Baldi, Sablière and Courbevoie properties in 2021, negatively impacted the Q3 2022 NOI respectively for CAD$883 (EUR€647) and CAD$930 (EUR€682).

In Q3 2022, Net Rental Income, adjusted for IFRIC 21 for the portfolio that includes the REIT’s proportionate share in joint ventures (“Total Portfolio”), was CAD$7,191 (EUR€5,271), compared to CAD$8,303 (EUR€5,548) for Q3 2021, a slight decrease for the same reasons described above with respect to the IP Portfolio except for a slightly larger negative foreign exchange loss of CAD$734.

Leasing Operations

All of the REIT’s lease contracts in France, Germany and Spain have rental indexation that offset the impact of inflation. Rent is increased annually to reflect the rising cost of living which protects returns to Unitholders.

_______________________

¹ This press release contains certain Non-GAAP and other financial measures. Refer to “Non-GAAP Financial Measures and Other Financial Measures” in this press release for a complete list of these measures and their meaning.

In the REIT’s Total Portfolio, nearly 10,000 sq. ft. of previously vacant office space were signed for leasing over the first nine months of 2022, primarily in the Metropolitain property which is now 100% occupied, and in the Delizy building. On the Courbevoie property, the last voluntary evictions, required to facilitate the sale, have occurred in Q4 2022. The final closing of the sale should occurred by the end of 2022, and the proceeds should be ready for redeployment in early 2023.

Daimler Trucks has renewed its lease taking 93% of the space in the Stuttgart asset for 6.5 years with a firm period of 4.6 years increasing the appraised value of this asset by 16% compared to the June 30, 2022 valuation. Management will consider a refinancing opportunity for the existing $33 million mortgage loan that matures in May 2023.

According to its break option, the main tenant on the Duisburg property, held in joint venture, will vacate the 5^th floor (12% total area) by December 31, 2022. Leasing activity for this space is underway with high interest from a prospective tenant.

In early November, the REIT announced that it is advancing plans to redevelop and revitalize the 335,000 square foot Arcueil asset in the Southern suburbs of Paris. The current long term sole tenant has indicated their intention to vacate the occupied space in mid-2023. The REIT is considering alternative plans for mixed use re-development of this asset that will offer LEED certified best-in-class operational, environmental, life-safety and health and wellness systems.

As at September 30, 2022, occupancy for the REIT’s IP Portfolio was 77.6% and the Total Portfolio was 81.7%. Seven of the properties are at, or close to, 100% occupancy, and excluding the three properties in the asset recycling plan (Baldi, Courbevoie and Sablière), the occupancy rate would be 93%.

The Investment Portfolio (joint-venture assets) had 93.6% occupancy at September 30, 2022. The weighted average lease term (“WALT”) of the Total Portfolio is 3.2 years, with two major lease maturities in 2023 for the main tenants of the Arcueil and Neu-Isenburg properties. The Total Portfolio occupancy rate of 81.7% was negatively impacted by the strategic lease terminations at the Courbevoie property.

Excluding Courbevoie, the REIT’s Total Portfolio occupancy rate was 86.1%. Gaia’s occupancy rate of 84% understates the effective 100% rental revenue stream due to the 3-year rental guarantee on the vacant premises that the REIT received in advance at acquisition and which, for accounting purposes, was treated as a reduction in the acquisition price and not as rental income. The 16% vacancy has an impact of 1.1% on Total Portfolio occupancy.

Persistent interest from prospective tenants during Q3 2022 evidences confidence in our Parisian and German portfolio. To bolster leasing efforts, management will selectively complete capital expenditure improvements on vacant areas to attract tenants and maximize rent.

Capital Market Considerations

The REIT has delivered returns to Unitholders on the basis of:

• Investment diversification via exposure to selected European markets with a deeply experienced local asset manager;
• Compelling risk/return ratio for commercial real estate, given low rates on 10-year government bonds;
• Lower borrowing costs in the European community compared to Canada, fueled by the European Central Bank (“ECB”) policies; and
• A Euro-currency backed hedge on distributions paid in CAD$, with a benefit in Q3 2022 of CAD$807 in finance income, added to a CAD$1,927 realized gain on the partial sale of the forward exchange contracts.

The REIT’s Unitholders’ equity on September 30, 2022 was CAD$312,743 (EUR€230,679), which implies a book value per Unit at that date of CAD$9.58/Unit or CAD$9.43/Unit on a fully-diluted basis, using the weighted average number of outstanding Units for the nine-month period, despite a $0.55/unit negative foreign exchange impact over the first nine months of 2022, on a fully-diluted basis.

Funds From Operations and Adjusted Funds From Operations

The REIT follows the recommendations of the Real Property Association of Canada (“REALPAC”) (January 2022 White Paper) with certain exceptions. Funds from Operations (“FFO”) per unit and Adjusted Funds from Operations (“AFFO”) per unit are Non-GAAP ratios. Non-GAAP ratios do not have standardized meaning under IFRS. These measures as computed by the REIT may differ from similar computations as reported by other entities and, accordingly, may not be comparable to other entities. Refer to the Non-GAAP Financial Measures and Other Measures section of this MD&A for a more detailed discussion on FFO and AFFO.

In Q3 2022, the REIT reported FFO and AFFO¹ of CAD$0.18 per Unit, up $0.06 from the same period last year as a result of the gain on the partial sale, in September 2022, of the exchange forward contracts. The AFFO payout ratio, a non-GAAP measure of the sustainability of the REIT’s distributions, is 96.3% for Q3 2022. Prior to the Board’s decision to reduce the distribution by half in August 2022, management had established the goal of reducing the AFFO payout ratio to <95% by the end of Q4 2022.

Financing Activity

The REIT is financed almost exclusively with asset-level, non-recourse financing with an average term to maturity of 3.3 years for the Total Portfolio (3.6 years on the IP Portfolio).

As at September 30, 2022, the weighted average interest rate was 1.92% across the IP Portfolio and 1.93% on the Total Portfolio. The latest mortgage loan refinancing undertaken on the Duisburg property bears interest at 2.47%, reflecting the increase in interest rates on global financing markets.

Although hikes of the ECB key lending rates are anticipated for the remainder of 2022, management is confident that the REIT will continue to access financing opportunities. Historically low interest rates in Europe are less costly than those offered by traditional financing in Canada and the REIT has leveraged this advantage through its access to banking networks in Europe, as evidenced by the latest transactions.

Stuttgart, Germany

In August 2022, at the Stuttgart property, 50% which is held in a joint venture partnership, management extended the lease with the main tenant (93% occupancy), Daimler Trucks. The new lease which is on the same financial terms (CAD$3,707;EUR€2,735 annual rent), results in a WALT for the building of 6.5 years with a firm period of 4.6 years. A total of CAD$1,215 (EUR€900) for 100% ownership is being invested in a capital expenditure subsidy that will be partially recoverable if early lease break options are exercised.

The long-term secured cash flows on this asset provides a refinancing opportunity of the current CAD$33,350 (EUR€24,600) bullet mortgage loan maturing in May 2023. As at September 30, 2022 the property was externally appraised at EUR48,600 (CAD$34,113), an increase of 16% compared to the June 30, 2022 valuation, representing a LTV of 50.6%.

¹ FFO and AFFO are non-GAAP measures. See the section “Non-GAAP Financial Measures and Other Measures” for more information on the REIT’s Non-GAAP measures. A reconciliation of FFO and AFFO to Net Income can be found under the section Non-GAAP Reconciliation (FFO and AFFO).

Courbevoie (Veronese), France

All hurdles have been cleared for the pending sale of the Courbevoie asset for CAD$36,875 (EUR€27,200) which had been contingent on the buyer obtaining a building permit and the REIT terminating all leases for tenants currently occupying the asset. The final closing for this property is scheduled for mid-December.

Environmental, Social and Governance (ESG)

Integrating ESG objectives and strategies into the REIT’s business reflects the growing importance these factors play with many of our key stakeholders. Investors recognize the risks associated with changing regulatory requirements, tenants are including sustainability considerations in their leasing decisions, and employees want to work for responsible and socially-focused organizations. The REIT is working to improve its long-term environmental performance, and also investing in “human capital” for the implementation and monitoring of all ESG initiatives. Management is overseeing a portfolio-wide ESG independent audit of all assets, with the view to formalizing ESG priorities. The exercise will identify clear and measurable ESG practices and disclosures which we will apply and ensure are addressed by our third-party service providers.

FORWARD-LOOKING INFORMATION

Although management believes that the expectations reflected in the forward-looking information are reasonable, no assurance can be given that these expectations will prove to be correct, and since forward-looking information inherently involves risks and uncertainties, undue reliance should not be placed on such information.

Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such forward-looking statements. The estimates and assumptions, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth in this document as well as the following:

1. the ability to continue to receive financing on acceptable terms;
2. the future level of indebtedness and the REIT’s future growth potential will remain consistent with current expectations;
3. the success of the asset recycling program;
4. there will be no changes to tax laws adversely affecting the REIT’s financing capability, operations, activities, structure, or distributions;
5. the REIT will retain and continue to attract qualified and knowledgeable personnel as the portfolio and business grow;
6. the impact of the current economic climate and the current global financial conditions on operations, including the REIT’s financing capability and asset value, will remain consistent with current expectations;
7. there will be no material changes to government and environmental regulations that could adversely affect operations;
8. conditions in the international and, in particular, the French, German, Spanish and other European real estate markets, including competition for acquisitions, will be consistent with past conditions;
9. capital markets will provide the REIT with readily available access to equity and/or debt financing; and
10. the impact the COVID-19 pandemic and geopolitical conflict in the Ukraine and Russia will have on the REIT’s operations, the demand for the REIT’s properties and global supply chains and economic activity in general.

The REIT cautions that this list of assumptions is not exhaustive. Although the forward-looking statements contained in this press release are based upon assumptions that management believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements.

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. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not, or 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, including, but not limited to:

• the REIT’s ability to execute its growth and capital deployment strategies;
• the REIT’s ability to execute its asset recycling program;
• the impact of changing conditions in the European office market;
• the marketability and value of the REIT’s portfolio;
• changes in the attitudes, financial condition and demand in the REIT’s demographic markets;
• fluctuation in interest rates and volatility in financial markets;
• the duration and ultimate impact of the COVID-19 pandemic and related government interventions as well as the geopolitical conflict in the Ukraine and Russia on the REIT’s business, operations and financial results;
• general economic conditions, including any continuation or intensification of the current economic downturn;
• developments and changes in applicable laws and regulations; and
• such other factors discussed under “Risk Factors and Uncertainties” in the REIT’s Annual Information Form.

If any risks or uncertainties with respect to the above materialize, or if the opinions, estimates or assumptions underlying the forward-looking statements prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements.

Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Certain statements included in this press release may be considered a “financial outlook” for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than this press release. All forward-looking statements are based only on information currently available to the REIT and are made as of the date of this press release. Except as expressly required by applicable Canadian securities law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements in this press release are qualified by these cautionary statements.

NON-GAAP FINANCIAL MEASURES AND OTHER MEASURES

Information in this press release is a select summary of results. There are financial measures included in this press release that do not have a standardized meaning under IFRS. These measures include funds from operations, adjusted funds from operations, and other measures presented on a proportionate share basis. These measures have been derived from the REIT’s financial statements and applied on a consistent basis as appropriate. Management includes these measures as they represent key performance indicators to management, and it believes certain investors use these measures as a means of assessing relative financial performance. These measures, as computed by the REIT, may differ from similar computations as reported by other entities and, accordingly, may not be comparable to other such entities. These measures should not be considered in isolation or used in substitute for other measures of performance prepared in accordance with IFRS. The REIT has adopted the guidance under National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure for the purpose of this press release. These measures and ratios are defined below:

“Accretive Assets” means that, at the time of the asset acquisition, the pro forma (post-deal) net income per Unit is forecast as higher than the REIT’s (pre-deal) net income per Unit.

“Adjusted Funds From Operations” or “AFFO” is a meaningful supplemental measure that can be used to determine the REIT’s ability to service debt, fund expansion capital expenditures, fund property development, and provide distributions to unitholders after considering costs associated with sustaining operating earnings.

AFFO calculations are reconciled to net income, which is the most directly comparable IFRS measure. AFFO should not be construed as an alternative to net income or cash flow generated from operating activities, determined in accordance with IFRS.

AFFO is defined as FFO subject to certain adjustments, including adjustments for: (i) the non-cash effect of straight-line rents, (ii) the cash effect of the lease equalization loans, (iii) amortization of fair value adjustment on assumed debt, (iv) the non-cash portion of the asset management fees paid in Exchangeable securities, (v) capital expenditures, excluding those funded by a dedicated cash reserve or capex financing, and (vi) amortization of transaction costs on mortgage loans.

“Adjusted Funds From Operations / Unit” or “AFFO / Unit” is AFFO divided by the issued and outstanding Units, plus Exchangeable securities (fully diluted basis).

“AFFO Payout Ratio” is the value of declared distributions on Units and Exchangeable Securities & promissory notes (if any), excluding any Participatory Distribution, divided by AFFO.

“Fully diluted basis” refers to a nominal value divided by the issued and outstanding Units, plus Exchangeable securities.

“Funds From Operations” or “FFO” follows the definition prescribed by REALPAC’s white paper on Funds From Operations & Adjusted Funds From Operations, dated January 2022.

Management considers FFO to be a meaningful supplemental measure that can be used to determine the REIT’s ability to service debt, fund capital expenditures, and provide distributions to unitholders.

As an exception, considering the significant amount of cash held in Euros in Canada and the volatility of the Canadian dollar against the Euro, the unrealized gain (loss) recognized for the quarters ended June 30, 2022, and 2021, have been excluded from the FFO calculation. Finally, non-recurring administrative expenses relating to items that are not reasonably likely to occur within two years prior to, or following the disclosure, are adjusted have also been excluded from FFO.

FFO is reconciled to net income, which is the most directly comparable IFRS measure. FFO should not be construed as an alternative to net income or cash flow generated from operating activities, determined in accordance with IFRS.

FFO for the REIT is defined as net income in accordance with IFRS, subject to certain adjustments including adjustments for: (i) acquisition, eviction and disposal costs, (ii) net change in fair value of investment properties, (iii) net change in fair value of derivative financial instruments at fair value through profit and loss, (iv) net changes in fair value of Exchangeable securities, (v) finance costs related to distribution on Exchangeable securities, (vi) adjustment for property taxes accounted for under IFRIC 21 (if any), (vii) loss on exercise of lease option (if any), (viii) adjustment for foreign exchange gains or losses on monetary items not forming part of an investment in a foreign operation, (ix) gain or loss on disposal of investment properties or an interest in a subsidiary, (x) finance income earned from loans to joint ventures (if any), (xi) loss on extinguishment of loans, (xii) deferred taxes, (xiii) non-controlling interest, (xiv) goodwill / bargain purchase gains upon acquisition, and (xv) income taxes on sale of investment properties and provision for tax reassessment.

Exchangeable securities are recorded as liabilities. Exchangeable securities are recorded at fair value through profit and loss in accordance with IFRS. However, both are considered as equity for the purposes of calculating FFO and AFFO, as they are economically equivalent to the REIT’s Units, with the same features and distribution rights, that are economically equivalent to the distribution received by unitholders.

“Funds From Operations / Unit” or “FFO / Unit” is FFO divided by the issued and outstanding Units, plus Exchangeable securities (fully diluted basis).

“Investment Property Portfolio” or “IP Portfolio” refers to the six wholly owned properties of the REIT.

“Net Rental Income Adjusted for IFRIC 21” refers to Net Rental Income excluding property taxes recorded under IFRIC 21 rules.

“Net Rental Income” refers to the rental income plus operating cost recoveries income plus other property revenue, less property operating costs and other costs.

“Participatory Distribution” means a special distribution paid to Unitholders based on 50% of the cash attributable to the excess of the sale price of assets over IFRS fair market value, in addition to the regular monthly distribution to Unitholders;

“Total Portfolio” refers to the six properties referred to as the Investment Property Portfolio and the six properties of the REIT held in joint-ownership with other parties.

“Units” means the issued and outstanding units in the capital of the REIT.

“Weighted Average Lease Term” or “WALT” is a metric used to measure a property portfolio’s risk of vacancy and refers to the average period in which all leases in a property or portfolio will expire. It is calculated as the sum of the percentages of rentable area multiplied by the number of years in each remaining lease term.

Contacts

David Giraud, Chief Executive Officer
Inovalis Real Estate Investment Trust

+33 1 5643 3323

david.giraud@inovalis.com

Khalil Hankach, Chief Financial Officer
Inovalis Real Estate Investment Trust

+33 1 5643 3313

khalil.hankach@inovalis.com

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