Procore will provide one of Canada’s largest home builders’ GTA Urban Division with a single source of truth for project information, which can scale as the company grows

TORONTO–(BUSINESS WIRE)–Procore Technologies, Inc. (NYSE: PCOR), a leading global provider of construction management software, today announced that the GTA Urban Division of Mattamy Homes Canada has chosen Procore as its construction management platform.

After an extensive search and evaluation, Mattamy selected Procore as its construction management software, including the Project Management, Financial Management and Tender Management products. In the future, it plans to incorporate BIM as it continues to digitize its processes.

The platform will provide the GTA Urban Division with a single source of truth for project information, including drawings, photos, specifications, RFIs and financials. The division plans for aggressive growth in the coming years, and needed a platform that could scale with its digital transformation ambitions.

Procore will initially be used on the sold-out Martha James project, which is steps from the waterfront in downtown Burlington, Ontario. All stakeholders will enjoy a unified experience with Procore’s unlimited user licensing model. All staff, consultants and contractors will be able to work together on the platform. This will be key as the GTA Urban Division pursues growth and Mattamy rolls out more projects managed with Procore.

Mattamy Homes is the largest privately owned homebuilder in North America. The vertically integrated developer performs its own construction, and plans to grow its midrise and highrise residential property offering with speed and scale, and will be building as many multi-family units per year as single-family homes in the next five years. It was recognized with Canada’s Best Managed Companies designation for 2022, 2021 and 2020.

“Of all the solutions we considered, Procore was the best fit for our team and how we work,” said David Stewart, Division President, GTA Urban, at Mattamy Homes. “Having all project information accessible on one platform will help us get the right information to the right stakeholders without delays or friction. It’s most important to us to use a platform that scales, in our case from the Martha James development to many future residential projects. Procore will deliver insights that will help drive our decision making.”

“We’re proud to begin our relationship with Mattamy Homes, GTA Urban Division,” said Jas Saraw, vice president, Canada at Procore. “The company’s vertical integration allows it to execute high-quality projects with control over every aspect of construction. We look forward to helping Mattamy Homes gain real-time insights into its projects, share information among stakeholders seamlessly and scale as the division grows.”

About Mattamy Homes

Mattamy Homes is the largest privately owned homebuilder in North America, with 40-plus years of history across the United States and Canada. Every year, Mattamy helps more than 8,000 families realize their dream of home ownership. In the United States, the company is represented in 11 markets – Dallas, Charlotte, Raleigh, Phoenix, Tucson, Jacksonville, Orlando (where its US head office is located), Tampa, Sarasota, Naples and Southeast Florida – and in Canada, its communities stretch across the Greater Toronto Area, as well as in Ottawa, Calgary and Edmonton. Visit www.mattamyhomes.com for more information.

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. Procore’s platform connects key project stakeholders to solutions Procore has 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 Procore’s 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.

Contacts

Steve Gold/Anita Wong

StrategicAmpersand Inc. (on behalf of Procore)

ProcorePR@stratamp.com

And Refiles the 2021 Audited Annual Financial Statements, 2021 MD&A, 2021 Annual Information Form and Q1 2022 Unaudited Financial Statements and MD&A.

TORONTO–(BUSINESS WIRE)–Inovalis Real Estate Investment Trust (the “REIT”) (TSX: INO.UN) today reported strong financial results for the quarter ended June 30, 2022. The Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for Q2 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 Q2 2022 financial results were in line with our internal forecast. In Q2 2022, the REIT reported FFO and AFFO of CAD$0.14 per Unit, versus CAD$0.13 for the same period last year”, said Stéphane Amine, President of the REIT. He further commented “As we face persistent stock market volatility and believe in our core + strategy to drive FFO results and NAV growth, we are reducing the rate of distributions to an annual $0.4125 and suspending the distribution reinvestment plan, while we allow for lease terminations to continue as part of our asset recycling strategy .” Mr. Amine also explained that “the REIT is reclassifying $24m of senior debt as short term in the Q4 2021 and the Q1 2022 financial results to adjust for non-compliance with certain banking covenants arising from the strategic reduction in occupancy and the planned repositioning of these assets and their financing. This revised disclosure is being made for the sole purpose of satisfying IFRS reporting requirements and has no effect on the REIT’s results or cashflows.”

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 June 30, 2022 (“Q2 2022”), was CAD$6,718 (EUR€4,834) compared to CAD$6,918 (EUR€4,602) for the three months ended June 30, 2021 (“Q2 2021”). The slight operational EUR€232 year-on-year increase was not sufficient to offset the negative impact of the foreign exchange rate of CAD$522, leading to a CAD$200 decrease.

The positive impacts came from additional NOI contribution of the new acquisitions, Gaia and Delgado in the amount of CAD$1,574 (EUR€1,133), completed at the end of March 2022, as well as from the lease renewals in the Bad Homburg and Metropolitain properties for CAD$374 (EUR€269).

The sale of Jeuneurs at the end of 2021 and the redevelopment-driven lease terminations in the Baldi, Sabliere and Courbevoie properties in 2021, negatively impacted the Q2 2022 NOI respectively for CAD$853 (EUR€614) and CAD$855 (EUR€615). The three properties are positioned in the asset recycling plan and the complete vacancy of each of the three assets is required for redevelopment or sale of these assets. Long-standing banking covenants on the debt for each of these three assets necessitate minimum occupancy and revenue levels which cannot be maintained throughout the asset recycling program. The REIT has been in communication with banking officials prior to and throughout implementation of this strategy on the implications of these lease terminations on the covenants. Management has requested and expects to receive, formal waivers of these covenants by the lenders for a period of at least 12 months or a modification of the financing terms before the end of the year 2022. The REIT continues to meet all other obligations, covenants, and payments required as per the mortgage loan contracts.

In Q2 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$7,595 (EUR€5,462), compared to CAD$8,085 (EUR€5,378) for Q2 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$610.

Leasing Operations

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

In the REIT’s Total Portfolio, nearly 10,000 sq. ft. of previously vacant office space were leased over the first half of 2022, primarily in the Metropolitain property which is now 100% occupied, and in the Delizy building which is 75% occupied. A lease extension has been signed on the Trio property for five years for six percent of the property’s leaseable space. Voluntary lease terminations are progressing in the Courbevoie property which are required to facilitate the sale of the property on the terms set out in the December 2020 undertaking to sell.

As at June 30, 2022, occupancy for the REIT’s IP Portfolio was 78.2% and the Total Portfolio was 82.6%. 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 95.1% occupancy at June 30, 2022. The weighted average lease term (“WALT”) of the Total Portfolio stands at 2.8 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 82.6% was negatively impacted by the voluntary lease terminations at the Courbevoie property. Excluding Courbevoie, the REIT’s Total Portfolio occupancy rate was 87%. Gaia’s occupancy rate of 84% belies 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.

Renewed interest from prospective tenants during Q2 2022 evidences growing 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 by providing a superior investment opportunity 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 Q2 2022 of CAD$572 in finance income.

The REIT’s Unitholders’ equity on June 30, 2022 was CAD$301,648 (EUR€223,493), which implies a book value per Unit at that date of CAD$9.26/Unit or CAD$9.20/Unit on a fully-diluted basis, using the weighted average number of outstanding Units for the six-month period, despite a $0.58/unit negative foreign exchange impact over the first half of 2022, on a fully-diluted basis.

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 Q2 2022, the REIT reported FFO and AFFO of CAD$0.14 per Unit, versus CAD$0.13 for the same period last year¹. The AFFO payout ratio, a non-GAAP measure of the sustainability of the REIT’s distributions, is 149% for the Q2 2022. Management has established the goal of reducing the AFFO payout ratio to <95% by the end of Q4 2022, by investing available cash in accretive assets, asset recycling, and improving global occupancy.

Financing Activity

The REIT is financed almost exclusively with asset-level, non-recourse financing with an average term to maturity of 3.9 years for the Total Portfolio (4.2 years on the IP Portfolio).

As at June 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 in 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

On the Stuttgart property, 50% held in a joint venture partnership, lease extension negotiations with the main tenant (93% occupancy) Daimler Trucks, are near completion. The new lease which is on the same financial terms (CAD$3,692; EUR€2,735 annual rent for 100% ownership), will lead to a WALT on the building of 6.7 years with a firm period of 4.8 years. Upon finalization of the lease, a total of CAD$1,215 (EUR€900) for 100% ownership will be invested in a capital expenditure subsidy that will be partially recoverable if early lease break options are exercised. The lease is currently in the process for obtaining signatures. The increased occupancy of this asset may provide an opportunity for refinancing before maturity of the current CAD$33,203 (EUR€24,600) bullet mortgage loan on improved terms.

Courbevoie (Veronese), France

The pending sale of the Courbevoie asset for CAD$36,711 (EUR€27,200) is contingent on the buyer obtaining a building permit and the REIT terminating all leases for tenants currently occupying the asset. At the end of June 2022, in line with the agreements signed in Q4 2021, two more tenants vacated the property. In Q2 2022, an extension to the commitment to sell was agreed on with the buyers for a sale to be completed by the end of December 2022 when the permit recourses are cleared and vacancy conditions are to be fulfilled. Management has estimated the terminations will cost a total of CAD$3,447 (EUR€2,554) to complete. Given the uncertainty related to the conditions attached to the promise to sell and the final timing of closing which has been deferred from Q1 2022 to the end of 2022, the Courbevoie property does not qualify for the presentation as an asset held for sale as of June 30, 2022.

Duisburg, Germany

The Duisburg property is 100% leased as at June 30, 2022, with a WALT of 4.8 years. In May 2022 the refinancing was completed on the previous CAD$33,067 (EUR€24,500) mortgage loan with a replacement CAD$44,540 (EUR€33,000) five-year term mortgage loan at a 2.47% fixed interest rate with a new financing institution. The refinancing generated for the REIT share about CAD$5,736 cash for joint venture loan repayment.

The main tenant in the Duisburg asset exercised an early break option, effective in December 2022 that will lead to a 87.6% occupancy if the space has not been leased to a new tenant by year end. Leasing activity for this space is underway.

Distributions

The Board of Trustees has determined to reduce the REIT’s monthly distribution to Unitholders from $0.068750 per unit to $0.034375 per unit, or from $0.8250 to $0.4125 on an annualized basis. The reduction in distributions will normalize the yield on distributions for the current Unit price of $7.20 to 5.7% from the previous yield of 11.5% and will contribute to the objective of reducing the FFO ratio to <95% by the end of 2022. The REIT’s Units are currently trading at a 22% discount to net asset value. The reduction in the distributions will provide the REIT with additional retained cash flow of approximately $13 million per annum. The decrease in distributions will be effective beginning with the REIT’s September 2022 distribution (the “September Distribution”), payable to Unitholders in October 2022. The retained cash flow available as a result of the reduction in distributions will be used to fund redevelopment projects that drive long-term net asset value growth. The Board of Trustees will reevaluate the distribution policy on a quarterly basis.

Th Board of Trustees also announced today that it has decided not to proceed with its previously announced initiative to automatically distribute to unitholders 50% of all profits received from the sale of its properties. The Board of Trustees has determined that, rather than implement this as a defined practice, it would be prudent to make such determination for any potential special distribution resulting from a sale of a property on a case by case basis, based on then prevailing opportunities .

Distribution Reinvestment Plan

The REIT has suspended its Distribution Reinvestment and Unit Purchase Plan (the “DRIP”) effective as of the September Distribution. The DRIP will remain suspended until further notice and commencing with the September Distribution, distributions of the REIT will be paid only in cash. Upon reinstatement of the DRIP, plan participants enrolled in the DRIP at the time of its suspension who remain enrolled at the time of its reinstatement will automatically resume participation in the DRIP. The decision to suspend the DRIP was taken by the Board of Trustees given that the current trading price of the REIT is currently below the REIT’s net asset value and therefore the Trustees do not believe it is in the best interests of the REIT or its Unitholders to issue Units at current prices.

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 invest 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.

Refiled Financial Statements, MD&A and Annual Information Form As a result of the requirement to reclassify $24 million of senior debt as short term debt, the REIT has refiled its 2021 audited financial statements and unaudited Q1 2022 financial statements in addition to the MD&A accompanying each of those statements, and the 2021 Annual Information Form. The reclassification of the $24 million of senior debt to short term debt was required as a result of the non-compliance with certain banking covenants during such periods arising from the strategic reduction in occupancy of these assets and planned repayment of these loans pursuant to the REIT’s asset recycling strategy. This revised disclosure has been made pursuant to IFRS reporting requirements and has no effect on the REIT’s results or cashflows. All loans are paid to date and the financial institutions involved are fully aware of the situation and have not indicated any intention to enforce the terms of these particular covenants. No further adjustments have been made to the previously released financial statements of the REIT.

ABOUT INOVALIS REAL ESTATE INVESTMENT TRUST

The REIT is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been created for the purpose of acquiring and owning office properties primarily located in France and Germany but also opportunistically in other European countries where assets meet the REIT’s investment criteria.

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.

Contacts

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

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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 August 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 September 15, 2022 to unitholders of record as of the close of business on August 31, 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. A 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

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 August 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 September 15, 2022 to unitholders of record as of the close of business on August 31, 2022.

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

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

About Slate Asset Management

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

Forward-Looking Statements

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

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

SGR-Dist

Contacts

Investor Relations

+1 416 644 4264

ir@slateam.com

TORONTO & NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc. (“Real” or the “Company”) (NASDAQ: REAX) (TSX: REAX), an international, technology-powered real estate brokerage, announced today that Chief Financial Officer Michelle Ressler will be presenting at the D.A. Davidson Big Sky Technology Summit on Monday, August 22, 2022 at 10:30am MT (12:30pm ET). 

Real’s remarks will be broadcast live and can be accessed by interested parties at the link below and through Real’s website, www.onereal.com, in the “Investors” section.

Date: August 22, 2022

Time: 10:30am MT / 12:30pm ET

Webcast link:  https://wsw.com/webcast/dadco61/reax/1910304

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 two Canadian provinces with over 6,000 agents. Additional information can be found on its website at www.onereal.com.

Contacts

Jason Lee

Vice President, Capital Markets & Investor Relations

investors@therealbrokerage.com
908.280.2515

For media inquiries:

Elisabeth Warrick

Director, Communications

elisabeth@therealbrokerage.com

TORONTO & NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc. (“Real” or the “Company”) (NASDAQ: REAX) (TSX: REAX), an international, technology-powered real estate brokerage, announced today that Chief Financial Officer Michelle Ressler will be presenting at the Investor Summit Group’s Q3 Virtual Conference on Tuesday, August 16, 2022 at 9:30am ET.

Real’s remarks will be broadcast live and can be accessed by interested parties at the link below.

Date: August 16, 2022

Time: 9:30am ET

Webcast link: https://us06web.zoom.us/webinar/register/WN_-hxOTAr1SVaGYao7dxDBSg

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 two Canadian provinces with over 6,000 agents. Additional information can be found on its website at www.onereal.com.

Contacts

Jason Lee

Vice President, Capital Markets & Investor Relations

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Director, Communications

elisabeth@therealbrokerage.com

TORONTO & NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc. (“Real” or the “Company”) (NASDAQ: REAX) (TSX: REAX), an international, technology-powered real estate brokerage, announced today that Tamir Poleg, Chairman and Chief Executive will be presenting at the 2022 Sidoti Micro-Cap Virtual Conference on Thursday, August 18, 2022 at 11:30am ET.

Real’s remarks will be broadcast live and can be accessed by interested parties at the link below.

Date: August 18, 2022

Time: 11:30am ET

Webcast link: https://sidoti.zoom.us/webinar/register/WN_fo-k9xLgT7SHisKCcaMJ4g

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 two Canadian provinces with over 6,000 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

Family trade business focused on plumbing, heating and gas adopts technology to change the way they work and improve site-to-office communications for young team

TORONTO–(BUSINESS WIRE)–Procore Technologies, Inc. (NYSE: PCOR), a leading global provider of construction management software, today announced that Alex Leclerc, a mechanical contractor based in Donnacona, Québec, has selected Procore as its construction management platform.

Formed in 1945, Alex Leclerc is a family business focused on plumbing, heat and gas. Four generations later, the company is a leader in the commercial and residential markets. With a large employee base, the company prides itself on its dedication to understanding the needs of its employees and customers.

Alex Leclerc’s Financial Director, Jean-Simon Boulanger, has a passion for digital transformation. Boulanger saw the value technology was bringing to the industry and wanted to digitize the company’s processes. He led the charge to find an all-in-one technology solution that could facilitate employees’ day-to-day activities and help them do their jobs efficiently with tools that could, for example, allow them to see plans digitally. The company was also looking for a way to improve site-to-office communications.

As a Québec-based organization, it was important the solution be available in French, and that anyone supporting their team – whether it was sales, training or customer service – was able to communicate with them in their native language.

After a thorough search and evaluation, the company selected Procore as its first construction management software. Alex Leclerc will use Procore to submit bids, approve commitments, track RFIs and respond to punch list items with Procore Project Management Pro. The company will use tools including Drawings, RFIs, Submittals and Daily Log to provide an overview of the status of projects in real-time, to ensure a continuous flow of information between sites and the office, and more.

“We wanted to support our teams onsite and in the office with a solution that would improve how we all work,” said Mélanie Lajeunesse, Vice-President and CEO of Alex Leclerc. “Procore met all of our requirements and stood out to us for many reasons, including its history and reputation in the industry as well as its unlimited user model. It’s also customizable to the way we work so we know we can adapt it as we grow or as things change. We look forward to continuing to collaborate with the Procore team as we implement the platform.”

“At Procore, we regularly solicit feedback from customers across the globe, including Québec, to see how we can better meet local needs,” said Jas Saraw, vice president, Canada at Procore. “Alex Leclerc is a family business with a meaningful history in the Québec construction market. Procore is proud to support them in this next phase of their journey as they move forward with new insights and processes that will not only improve the way they work, but also how they deliver services to their customers.”

Procore supports construction companies of all sizes. To learn more about how the solution supports subcontractors, visit https://www.procore.com/en-ca/subcontractors.

About Alex Leclerc

Alex Leclerc is set apart by the quality of the company’s work and its personalized approach. Founded in 1945, the company began with a focus on the residential sector and continued with that specialization with Alex’s son, Michel. In 2001, the founder’s grandson, Patrice Leclerc (President, Operations Director), took over the family business with his wife, Mélanie Lajeunesse. The two owners have surrounded themselves with a young, dynamic team which is giving new impetus to the business. More than 20 years later, the family tradition continues with Alex’s great-grandson, Félix Leclerc (Operations Assistant Director) who recently became part of the ownership. The family teamed up with two other partners: Patrice Gauthier (Projects Director) and Jean-Simon Boulanger. The company has succeeded in establishing itself as a leader in the commercial market, in addition to confirming its presence in the residential market. Today, Alex Leclerc is a team of more than 60 employees led by five young owners who are dedicated to make their employees happy, respect the needs of their customers and create a difference in their community. www.alexleclerc.ca

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. Procore’s platform connects key project stakeholders to solutions Procore has 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 Procore’s 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.

Procore is a leading global provider of construction management software, built specifically for the owner, the general contractor, and the subcontractor.

Contacts

Steve Gold/Cindy Watson

StrategicAmpersand Inc. (on behalf of Procore)

ProcorePR@stratamp.com

CALGARY, Alberta–(BUSINESS WIRE)–#buildingprogress–Lafarge Canada, a member of Holcim Group, today announced the opening of the company’s first four Electric Vehicle Charging Stations in Canada at its Kent Ave Ready Mix Concrete Plant in Vancouver, British Columbia.

The project was initiated in March of 2022 by Lafarge’s Vancouver team with support from Lafarge Canada for secured funding of $50 thousand and an additional $20 thousand from the CleanBC Go Electric Vehicle (EV) charger rebate program administered by BC Hydro.

The Kent Ave stations are the first of 100 charging stations planned for installation at 30 sites across British Columbia, Alberta, Saskatchewan and Manitoba to create the infrastructure to support Lafarge Western Canada’s transition of its *light-duty vehicle fleet to electric vehicles by 2025. The fleet initiative creates the potential to eliminate 188 tons of CO2 (carbon dioxide) emissions over the next five years.

The Kent Ave stations are accessible to all employees who drive electric vehicles or would like to transition their personal vehicle to electric or hybrid models.

The migration to electric vehicles is in line with Holcim’s (US and Canada) overarching goal to reduce indirect carbon emissions from sources like transportation (Scope 3 emissions). By investing in emerging technology, Lafarge Canada is progressing towards generating benefits for people and the planet.

“We are thrilled that Western Canada has opened the first electric vehicle charging stations to kick-start this exciting effort planned across our Canada operations to advance our goal of net-zero as part of our environmental commitments.” -Brad Kohl, CEO, Lafarge, Western Canada

*Lafarge Western Canada’s transition of its light-duty fleet to hybrid and electrical vehicles by 2025 will include the full-time sales and logistics operations in British Columbia, Northern Alberta and Southern Alberta.

About Lafarge Canada Inc.

Lafarge is Canada’s largest provider of sustainable construction materials and a member of the global group, Holcim. With 6,000 employees and 350 sites across Canada, our mission is to provide construction solutions and products that build progress for people and the planet. The cities where Canadians live, work, and raise their families along with communities’ infrastructure benefit from the sustainable portfolio provided by Lafarge, consisting of Aggregates, Asphalt and Paving, Cement, Precast Concrete, Ready-Mix Concrete, and Road Construction.

Contacts

Christa Broadfoot – christa.broadfoot@lafarge.com

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

OTTAWA, Ontario–(BUSINESS WIRE)–InterRent Real Estate Investment Trust (TSX-IIP.UN) (“InterRent” or the “REIT”) today reported financial results for the second quarter ended June 30, 2022.

InterRent REIT achieves 8.9% growth in same property NOI in Q2 2022

• Same property occupancy of 95.6% in June 2022, an increase of 340bps compared to June 2021.
• Same property operating expenses continue to track in line with expectations, resulting in same property NOI of $29.8 million for the quarter and growth of 8.9% compared to Q2 2021.
• Administrative costs of $4.3 million in Q2 2022 capture increased bench strength relative to prior year, as well as advances toward sustainability commitments.
• Refinancing activity in the quarter lengthens average term to maturity to 4.8 years and increases share of CMHC-insured mortgages to 73%.
• FFO of $18.9 million ($0.131 per Unit – diluted) in Q2 2022; growth of 6.3% overall and 5.6% on a per Unit basis compared to Q2 2021.
• Enhancing environmental profile with new build acquisition in Brossard in Q2 2022.

Solid net operating income serves to offset higher expense base in the second quarter

As of June 30, 2022, InterRent had 100% ownership in 12,573 suites, up 6.1% from 11,850 as of Q2 2021. Including properties that the REIT owns in its joint operations, InterRent owned or managed 13,180 suites as of June 30, 2022. At 95.1%, the June 2022 occupancy rate in InterRent’s portfolio improved 360bps over June 2021 (91.5%) and is in line with seasonal expectations against March 2022 backdrop (95.5%). The REIT’s same property portfolio likewise saw year-over-year occupancy gains in Q2 2022, posting an improvement of 340bps over June 2021 to reach 95.6%.

Within the same property portfolio, June 2022 occupancy slipped 80bps relative to March 2022 (96.4%), largely driven by a dip in the National Capital Region. Encouragingly, this region is seeing strong demand post-quarter, which should support an improved figure in Q3.

Total portfolio operating revenues in Q2 2022 were up +17.5% over Q2 2021 following a strong year of external growth in 2021. Narrowing to the same property portfolio, operating revenues grew 9.5% in Q2 2022 to $46.7 million, driven by improvements in average rent per suite (+6.2%). Though the current inflationary environment is impacting operating expenses for the REIT’s portfolio, property operating costs and utility consumption for Q2 2022 are tracking in line with internal budget expectations. Total and same property portfolios both saw mild NOI margin contraction of 30bps relative to Q2 2021, with top line strength generating year-over-year NOI growth of 16.9%, and 8.9%, respectively, in the quarter.

Administrative costs of $4.3 million in Q2 2022 are higher compared to both Q2 2021 ($3.2 million) and Q1 2022 ($3.5 million) and are more representative of the REIT’s expected run-rate following the strategic build out of its team in 2021 and ongoing sustainability efforts. Of note, approximately 7% of the Q2 2022 figure relates to ESG actions, including the impact of InterRent’s initiative to support refugees from Ukraine and Afghanistan, foundational work for the REIT’s climate commitments, and various biodiversity initiatives across the portfolio.

Financing costs in Q2 2022 came in at $10.4 million, reflecting the higher rate environment relative to Q2 2021 ($7.5 million). During the quarter, the Trust closed on three new mortgages totaling an additional $71.0 million, renewed three mortgages totaling $54.6 million, and closed on six up-financings totaling $161.6 million (maturing loans totaled $50.5 million). As a result, the average term to maturity of the REIT’s mortgage debt was approximately 4.8 years at June 30, 2022, compared to 4.5 years at March 31, 2022, and the share of mortgage debt backed by CMHC insurance increased from 71% at the end of Q1 2022 to 73% at the end of Q2 2022. Given the higher rate environment in Q2 2022, this refinancing activity saw the weighted average cost of mortgage debt increase to 2.8%, 29bps higher relative to March 31, 2022. Subsequent to the quarter, the REIT has continued to work through its remaining 2022 mortgage maturities with only $92 million of 2022 maturities remaining to be renewed or up-financed as of July 31, 2022. As of July 31^st, the variable rate debt exposure has been reduced to 7.2%, the weighted average interest rate has increased to 2.99% and the average life to maturity has been extended to over 5 years.

Net income for Q2 2022 was $77.6 million, an increase of $16.5 million compared to Q2 2021. This difference was due primarily to the fair value gain on financial liabilities which was $31.2 million in Q2 2022, versus a loss of $16.0 million in Q2 2021 due to movements in the REIT’s unit price. Also contributing was a fair value gain on investment properties of $27.8 million and an increase in net operating income of $4.9 million offset by a $2.9 million increase in financing costs, as well as a $1.0 million increase in administrative costs.

At $18.9 million ($0.131 per Unit – diluted), FFO increased by 6.3% compared to Q2 2021 ($17.8 million or $0.124 per Unit – diluted), resulting in 5.6% growth on a per Unit basis. AFFO grew from $15.7 million ($0.110 per Unit – diluted) in Q2 2021 to $16.3 million ($0.113 per Unit – diluted) in Q2 2022, representing 3.8% and 2.7% growth on an absolute and per Unit basis, respectively.

Enhancing environmental profile with new build acquisition in Q2 2022

On June 30, 2022, InterRent closed on the acquisition of a recently constructed luxury 254-suite apartment community in Brossard on the south shore of Montreal for $109.3 million⁽¹⁾. With stand-out sustainability features, the community boasts 25% better GHG emissions and energy performance than building code requirements and led to CMHC-insured financing that qualified under the MLI Select program using energy efficiency and GHG emission criteria.

Date	Property	City	Region	Ownership Interest	Suites	Price ($m)
Jan 24, 2022	2183 W 44th Ave	Vancouver	GVA	50%	36	16.5
Feb 28, 2022	1918 Haro St	Vancouver	GVA	50%	21	9.1
Jun 30, 2022	8405 Place St-Charles	Brossard	GMA	50%	254	109.3
Total YTD Acquisitions					311	134.9(2)

(1)		At 100% share; $54.6 million based on InterRent’s ownership interest.
(2)		At 100% share; $67.4 million based on InterRent’s ownership interest.

Commenting on the results published today, Brad Cutsey, President & CEO of InterRent, said: “Our financial results for the second quarter of 2022 demonstrate the resilience of our business model despite ongoing macro headwinds. Although we are navigating short-term challenges of inflation and interest rate volatility, one constant remains – at InterRent, we remain steadfast in our mission to create communities where people are proud to call home. We see encouraging demand trends going into Q3 and look forward to sharing our progress in the coming months.”

Financial Highlights

Selected Consolidated Information In $000’s, except per Unit amounts and other non-financial data	3 Months Ended June 30, 2022			3 Months Ended June 30, 2021			Change
Total suites		12,573(1	)		11,850(1	)	+6.1%
Average rent per suite (June)	$	1,433		$	1,339		+7.1%
Occupancy rate (June)		95.1	%		91.5	%	+360 bps
Operating revenues	$	52,831		$	44,966		+17.5%
Net operating income (NOI)	$	33,635		$	28,765		+16.9%
NOI %		63.7	%		64.0	%	-30 bps
Same Property average rent per suite (June)	$	1,416		$	1,334		+6.2%
Same Property occupancy rate (June)		95.6	%		92.2	%	+340 bps
Same Property operating revenues	$	46,698		$	42,660		+9.5%
Same Property NOI	$	29,772		$	27,333		+8.9%
Same Property NOI %		63.8	%		64.1	%	-30 bps
Net Income	$	77,607		$	61,066		+27.1%
Funds from Operations (FFO)	$	18,880		$	17,766		+6.3%
FFO per weighted average unit – diluted	$	0.131		$	0.124		+5.6%
Adjusted Funds from Operations (AFFO)	$	16,262		$	15,672		+3.8%
AFFO per weighted average unit – diluted	$	0.113		$	0.110		+2.7%
Distributions per unit	$	0.0855		$	0.0814		+5.0%
Adjusted Cash Flow from Operations (ACFO)	$	16,648		$	17,738		-6.1%
Debt-to-GBV		37.3	%		34.4	%	+290 bps
Interest coverage (rolling 12 months)	3.19x			3.53x			-0.34x
Debt service coverage (rolling 12 months)	1.82x			1.90x			-0.08x

(1)

Represents 11,965 (2021 – 11,520) suites fully owned by the REIT and 1,214 (2021 – 659) suites owned 50% by the REIT.

Conference Call

Management will host a webcast and conference call to discuss these results and current business initiatives on Tuesday, August 9, 2022 at 10:00 AM EST. The webcast will be accessible at: https://www.interrentreit.com/2022-q2-results. A replay will be available for 7 days after the webcast at the same link. The telephone numbers for the conference call are 1-888-886-7786 (toll free) and 416-764-8658 (international). No access code required.

About InterRent

InterRent REIT is a growth-oriented real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties.

InterRent’s strategy is to expand its portfolio primarily within markets that have exhibited stable market vacancies, sufficient suites available to attain the critical mass necessary to implement an efficient portfolio management structure, and offer opportunities for accretive acquisitions.

InterRent’s primary objectives are to use the proven industry experience of the Trustees, Management and Operational Team to: (i) grow both funds from operations per Unit and net asset value per Unit through investments in a diversified portfolio of multi-residential properties; (ii) provide Unitholders with sustainable and growing cash distributions, payable monthly; and (iii) maintain a conservative payout ratio and balance sheet.

*Non-GAAP Measures

InterRent prepares and releases unaudited quarterly and audited consolidated annual financial statements prepared in accordance with IFRS (GAAP). In this and other earnings releases, as a complement to results provided in accordance with GAAP, InterRent also discloses and discusses certain non-GAAP financial measures, including Gross Rental Revenue, NOI, Same Property results, Repositioned Property results, FFO, AFFO, ACFO and EBITDA. These non-GAAP measures are further defined and discussed in the MD&A dated August 9, 2022, which should be read in conjunction with this press release. Since Gross Rental Revenue, NOI, Same Property results, Repositioned Property results, FFO, AFFO, ACFO and EBITDA are not determined by GAAP, they may not be comparable to similar measures reported by other issuers. InterRent has presented such non-GAAP measures as Management believes these measures are relevant measures of the ability of InterRent to earn and distribute cash returns to Unitholders and to evaluate InterRent’s performance. These non-GAAP measures should not be construed as alternatives to net income (loss) or cash flow from operating activities determined in accordance with GAAP as an indicator of InterRent’s performance.

Cautionary Statements

The comments and highlights herein should be read in conjunction with the most recently filed annual information form as well as our consolidated financial statements and management’s discussion and analysis for the same period. InterRent’s publicly filed information is located at www.sedar.com.

This news release contains “forward-looking statements” within the meaning applicable to Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “anticipated”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent’s most recently publicly filed information located at www.sedar.com. InterRent cannot assure investors that actual results will be consistent with these forward looking statements and InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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

^{___________________________________}

Contacts

Sandy Rose, CFA

Director – Investor Relations & Sustainability

(514) 704-2459

sandy.rose@interrentreit.com
www.interrentreit.com

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or “the Trust”) (TSX: PMZ.UN) announced today it has entered into a $200 million term loan, aligning to Primaris’ unsecured debt strategy, enhancing financing flexibility and liquidity.

The $200 million, unsecured, non-revolving, delayed-draw term loan carries an annual rate of BA + 150 basis points, maturing on February 5, 2026. Primaris may fix the interest rate on all or a portion of this term loan. Six Canadian banks participated in the syndicate, led by Desjardins Capital Markets and TD Securities. Proceeds from the loan will repay the mortgages maturing in the fourth quarter of 2022.

“This term loan provides us with funds to refinance most of the remaining 2022 expiring mortgage debt at very attractive terms, and complements our well-laddered debt maturity profile,” said Rags Davloor, Chief Financial Officer. “Secured debt as a percentage of total debt drops below 30% and our unencumbered asset pool reaches 85% by year end. This loan allows us to actively manage our property portfolio while providing maximum flexibility to maintain a well-laddered debt maturity profile and optimize our cost of capital.”

LSERM Eligibility

As per the IIROC Notice 22-0124, as of August 26, 2022, units of Primaris will be listed on the “List of Securities Eligible for Reduced Margin” (“LSERM”). LSERM provides guidance for investment dealers allowing enhanced margin lending, contributing to greater trading liquidity. More information can be found on IIROC’s website or by clicking here.

About Primaris Real Estate Investment Trust

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in dominant enclosed shopping centres in growing markets. The portfolio totals 11.3 million square feet and is valued at approximately $3.2 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

Forward-Looking Statements Disclaimer

Certain statements included in this news release constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws. The words “will”, “expects”, “plans”, “estimates”, “intends” and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements made or implied in this news release include but are not limited to statements regarding: statements with respect to expected future distributions, the Trust’s development activities, the expected benefits from the integration of the HOOPP properties and the normal course issuer bid. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in the MD&A which will be available on SEDAR, and in Primaris’ other materials filed with the Canadian securities regulatory authorities from time to time. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Primaris undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.

Contacts

Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

TSX: PMZ.UN

www.primarisreit.com www.sedar.com

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 Q2 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 – Q2 2022 earnings call transcript
• Slate Office REIT – Q2 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. A 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