TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris REIT”) (TSX: PMZ.UN) announced today that its Board of Trustees has declared a distribution of $0.0667 per unit for the month of November, 2022, representing $0.80 per unit on an annualized basis. The distribution will be payable on December 15, 2022 to unitholders of record on November 30, 2022.

About Primaris REIT

Primaris REIT is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in dominant enclosed shopping centres in growing markets. The portfolio totals 10.9 million square feet and is valued at approximately $3.2 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris REIT is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

Contacts

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

TORONTO & NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc. (“Real” or the “Company”) (TSX: REAX) (NASDAQ: REAX), the fastest growing publicly traded real estate brokerage, announced today that Chairman and Chief Executive Officer Tamir Poleg will be presenting at the Stephens Annual Investment Conference in Nashville on Thursday, November 17, 2022 at 1:00pm CT.

Real’s remarks will be broadcast live and can be accessed by interested parties at the link below, and in the investor section of www.onereal.com.

Date: November 17, 2022

Time: 1:00pm CT (2:00pm ET)

Webcast link: https://wsw.com/webcast/stph33/register.aspx?conf=stph33&page=reax&url=https://wsw.com/webcast/stph33/reax/1831248

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 7,000 agents. Additional information can be found on its website at www.onereal.com.

Contacts

For additional information, please contact:

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
201.564.4221

TORONTO–(BUSINESS WIRE)–Inovalis Real Estate Investment Trust (the “REIT”) (TSX: INO.UN) announced that it is advancing its plans to redevelop and revitalize the 110,000 square foot Arcueil property located in the prime Vache Noir urban district of Paris now that it has received formal notice from Orange S.A. the sole tenant of the property, that it will not be renewing its lease.

In August, the Board of Trustees already contemplated the risk of non-renewal of the Orange S.A. lease when it reduced the REIT’s annual distributions to Unitholders by 50%. This conservative measure was adopted in part due to the uncertainty about this lease renewal as well as the anticipated reduction in revenue from the other strategic vacancies in properties of the REIT being marketed for sale and redevelopment. Orange has now confirmed it will vacate the property in mid-2023. This lease currently represents 28% of the REIT’s overall property portfolio and contributes 36% towards the REIT’s annual rental revenue.

The REIT had previously adjusted the book value of the Arcueil property and deducted potential leasing costs based on the assumption there was a 75% chance of non-renewal. As a result of such changes, the book value of the property was previously reduced by 12%.

The delivery of the formal notice of non-renewal now allows the REIT to advance its 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. Inovalis S.A., the REIT’s manager, has a proven track record of transforming real estate projects using specialized financing structures to significantly enhance workspace environments.

Stéphane Amine, President of the REIT said, “Management is developing plans for a multi-use redevelopment of this 335,000 square foot asset. Its strategic location, 5 minutes away from Paris southern ring road and the planned focus on LEED certification will elevate this asset to the category of prime assets that are so greatly in demand in central Paris. Management is exploring strategic financing structures similar to that used for the 2016 – 2018 Rueil redevelopment project that provided a 20% return to Unitholders. We are very excited about this welcome opportunity.”

Forward Looking Statements

Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intends” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to the impact that the non-renewal of the sole lease on the Arcueil property may have on the REIT’s overall financial condition. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of the REIT to differ materially from those anticipated or implied by such forward-looking information. The REIT believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that the REIT will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release are not guarantees of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting the REIT’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form and in its most recent Management’s Discussion and Analysis, copies of each of which are available under the REIT’s profile on SEDAR at www.sedar.com. All of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the REIT. The forward-looking information included in this news release is presented as of the date of this news release and the REIT assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

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

David Giraud, Chief Executive Officer

Inovalis Real Estate Investment Trust

+33 1 5643 3313

david.giraud@inovalis.com

Khalil Hankach, Chief Financial Officer

Inovalis Real Estate Investment Trust

+33 1 5643 3323

khalil.hankach@inovalis.com

The Lily Lee Community Health Centre Hastings will be located at 58 West Hastings

VANCOUVER, British Columbia–(BUSINESS WIRE)–Vancouver Chinatown Foundation and VGH & UBC Hospital Foundation today announced that a new integrated community health unit located at 58 West Hastings will be named after one of Vancouver’s most community-minded and generous philanthropists, Lily Lee, proposed as the Lily Lee Community Health Centre Hastings. Lee was a former public health nurse in Vancouver’s Downtown Eastside (DTES) and has donated $3.8 million through the Chinatown Foundation.

Once complete, the Lily Lee Community Health Centre will be a 50,000-square-foot integrated health centre operated by Vancouver Coastal Health (VCH). It will provide critical resources and accessible health care to support the unique needs of the Chinatown and DTES residents, including access to specialized mental health and addiction care. The new centre will be purpose-built with culturally safe facilities and services to support all neighbourhood residents.

“After my graduation from the School of Nursing at UBC, my early days of working as a public health nurse in Strathcona created my passion for community health care. I believe this new health centre will have a tremendous impact in these unique neighbourhoods, and I am so happy to put my support behind it,” said Lily Lee.

Neighbouring Vancouver’s Chinatown, 58 West Hastings is a ten-storey community-oriented social housing and health centre led by the Vancouver Chinatown Foundation. The innovative project will provide 230 new units and brings together multiple levels of government support, including BC Housing and Canada Mortgage and Housing Corporation and $30 million from the Chinatown Foundation.

“This centre will provide much needed community-centred health care in the Downtown Eastside,” says Angela Chapman, President & CEO, VGH & UBC Hospital Foundation. “The Lee family has championed many community-focused initiatives that impact lives in Vancouver every day. Our Foundation is proud to be associated with the 58 West Hastings project and hopeful for the impact this facility will have on the neighbourhood.”

Lee and her late husband, Robert Lee, are prominent Vancouver philanthropists who feel strongly about championing building healthy communities and important causes in the city that means so much to them. “Once open, the proposed Lily Lee Community Health Centre Hastings will immediately have its impacts felt across these diverse neighbourhoods,” said Carol Lee, Chair of the Chinatown Foundation. “With the generosity of my mother, Lily, and in combination with support from multiple levels of government, this is an important moment for the Chinatown Foundation as we work to revitalize these neighbourhoods. And that starts with the health of the residents of these communities.”

“This new integrated health care centre will enable us to provide culturally appropriate and safe care for people living in the downtown eastside,” said Vivian Eliopoulos, president and CEO of Vancouver Coastal Health. “We are grateful for the generosity of Lily Lee and for the support from all of our partners on this health care initiative that will allow us to enhance access to quality care and services for the clients in the community.”

The Lily Lee Community Health Centre name is subject to the Government of British Columbia and VCH board approval and is expected to open in 2024. A generous private donor to VGH & UBC Hospital Foundation, whose transformational gift completed the Foundation’s commitment to the health care centre, will name the health care centre in honour of Lily Lee. To learn more about 58 West Hastings, visit: chinatownfoundation.org/58wh.

About Vancouver Chinatown Foundation

The Vancouver Chinatown Foundation is a registered charity committed to the revitalization of Chinatown, one of Canada’s most iconic neighbourhoods in the historic heart of Vancouver. The Foundation builds more resilient and inclusive communities by promoting the well-being of those in need, while preserving Chinatown’s irreplaceable cultural heritage.

About VGH & UBC Hospital Foundation

VGH & UBC Hospital Foundation is Vancouver Coastal Health’s primary philanthropic partner and the engine for health care innovation and transformation in British Columbia. By recruiting world-class medical professionals and equipping them with the tools and technology to do their best work we are improving the health of our communities and saving lives across the province.

Patients across BC with the most complex health care needs are referred to the Vancouver Coastal Health sites we support: VGH, UBC Hospital, GF Strong Rehab Centre, Vancouver Coastal Health Research Institute and Vancouver Community Health Services.

About Vancouver Coastal Health

Vancouver Coastal Health (VCH) is committed to delivering exceptional care for all 1.2 million people within the ancestral, traditional and unceded homelands of 14 First Nations. With more than 26,000 staff and medical staff, VCH is British Columbia’s hub of health-care innovation, research and academic excellence, providing specialized care to patients throughout the province. Learn more at vch.ca.

Contacts

Media
Stuart Martin

604-445-4675

stuart@talkshopmedia.com

TORONTO & NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc. (“Real” or the “Company”) (TSX: REAX) (NASDAQ: REAX), the fastest growing publicly traded real estate brokerage, announced today that Chairman and Chief Executive Officer Tamir Poleg will be presenting at the Investor Summit Group’s Q4 Conference in New York on Monday, November 14, 2022 at 10:30am ET.

Real’s remarks will be broadcast live and can be accessed by interested parties at the link below, and in the investor section of www.onereal.com.

Date: November 14, 2022

Time: 10:30am ET

Webcast link: https://us06web.zoom.us/webinar/register/WN_YpH1VFuJRnmIYF8mMMNS6g

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 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

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

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

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 everyday 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-FR

Contacts

Investor Relations

+1 416 644 4264

ir@slateam.com

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

TORONTO–(BUSINESS WIRE)–DREAM OFFICE REAL ESTATE INVESTMENT TRUST (D.UN-TSX) or (“Dream Office REIT”, the “Trust” or “we”) today announced its financial results for the three and nine months ended September 30, 2022 and provided a business update.

OPERATIONAL HIGHLIGHTS

(unaudited)	As at
	September 30,				June 30,			September 30,
		2022			2022			2021
Total properties(1)
Number of active properties		27			28			29
Number of properties under development		2			2			1
Gross leaseable area (“GLA”) (in millions of square feet)		5.4			5.5			5.5
Investment properties value	$	2,596,815		$	2,603,123		$	2,553,395
Total portfolio(2)
Occupancy rate – including committed (period-end)		85.7%			85.0%			84.6%
Occupancy rate – in-place (period-end)		81.8%			81.6%			82.7%
Average in-place and committed net rent per square foot (period-end)	$	23.71		$	23.35		$	23.08
Weighted average lease term (“WALT”) (years)		5.3			5.3			5.2
See footnotes at end.

		Three months ended
		September 30,			September 30,
		2022			2021
Operating results
Funds from operations (“FFO”)(3)	$	19,909		$	23,208
Comparative properties net operating income (“NOI”)(4)		26,394			27,492
Net rental income		26,738			27,327
Net income		28,044			91,716
Per unit amounts
FFO (diluted)(5)	$	0.37		$	0.41
Distribution rate		0.25			0.25
See footnotes at end.

“We have managed our business through COVID to continuously improve building quality to create a portfolio of excellent, safe and predictable assets while reducing risk and preserving long-term value,” said Michael Cooper, Chief Executive Officer of Dream Office REIT. “We are pleased to see our committed occupancy increase over last quarter and last year and hope to see continued occupancy gains. Given the equity market’s valuation of office REITs, we will continue to explore strategies that will generate higher returns and value on a per unit basis for our units.”

• Net income for the quarter: For the three months ended September 30, 2022, the Trust generated net income of $28.0 million. Included in net income for the quarter are net rental income totalling $26.7 million, share of net income from investment in Dream Industrial REIT totalling $9.6 million and positive fair value adjustments to financial instruments totalling $19.6 million, primarily due to the revaluation of the subsidiary redeemable units as a result of a decrease in the Trust’s unit price, partially offset by negative fair value adjustments to investment properties totalling $9.6 million due to maintenance capital spent but not capitalized.

• Diluted FFO per unit⁽⁵⁾ for the quarter: For the three months ended September 30, 2022, diluted FFO per unit decreased by $0.04 per unit to $0.37 per unit relative to $0.41 per unit in Q3 2021, driven by higher interest expense (-$0.04) and lower net rental income (-$0.02), partially offset by the accretive effect of repurchases under the Normal Course Issuer Bid (“NCIB”) in the current and prior year (+$0.02).

• Net rental income for the quarter: Net rental income for the three months ended September 30, 2022, decreased by $0.6 million relative to the prior year comparative quarter primarily due to lower weighted average occupancy in Toronto downtown and lower rents on renewals and new leases in the regions that we collectively refer to as Other markets, comprising our properties located in Calgary, Saskatchewan, Mississauga, Scarborough and the United States. Partially offsetting the year-over-year decrease were higher net rents on renewals and new leasing in Toronto downtown and higher parking revenues.

• Comparative properties NOI⁽⁴⁾ for the quarter: For the three months ended September 30, 2022, comparative properties NOI decreased by 4.0%, or $1.1 million, over the prior year comparative quarter, primarily driven by declines in weighted average occupancy in Toronto downtown. Partially offsetting the declines were higher rates on renewals and new leases along with rent steps in Toronto downtown, higher weighted average occupancy in the Other markets region and higher parking revenues of $0.3 million across the portfolio.

  We are actively managing our assets in the Toronto downtown region, which represent 82% of our active portfolio investment property fair values, to improve the quality of the buildings and to continue to improve rental rates in this market. For our assets in the Other markets region, which make up the remaining 18% of our total portfolio investment properties fair value, we are repositioning these assets to improve occupancy and liquidity in the private market.

• In-place and committed occupancy: Total portfolio in-place and committed occupancy on a quarter-over-quarter basis increased by 0.7% relative to Q2 2022. In the Other markets region, while 55,000 square feet of renewals and 10,000 square feet of new lease commencements substantially offset 69,000 square feet of expiries during the quarter, in-place and committed occupancy for the region increased by 1.1% as a result of the sale of Princeton Tower. In Toronto downtown, in-place and committed occupancy increased by 0.1% relative to Q2 2022 as 72,000 square feet of leasing with future commencements during the quarter and 39,000 square feet of renewals were partially offset by 89,000 square feet of expiries. As at September 30, 2023, vacancy committed for future occupancy totalled 205,000 square feet, or 3.9% of total GLA, primarily in Toronto downtown. The majority of these leases are scheduled to commence over the next nine months.

  Total portfolio in-place and committed occupancy on a year-over-year basis increased from 84.6% at Q3 2021 to 85.7% this quarter due to net positive leasing in Toronto downtown, the reclassification of 67 Richmond Street West in Toronto to properties under development in Q2 2022 and the sale of Princeton Tower during the quarter.

• Lease commencements for the quarter: For the three months ended September 30, 2022, excluding temporary leases, 55,000 square feet of leases commenced in Toronto downtown at $32.16 per square foot, or 26.5% higher than the previous rent in the same space with a weighted average lease term of 4.7 years. In the Other markets region, excluding temporary leases, 64,000 square feet of leases commenced at $22.46 per square foot or 6.0% lower than the previous rents in the same space as rental rates on renewals rolled down to market rates with a weighted average lease term of 7.6 years.

  The renewal and relocation rate to expiring rate spread for the quarter was 5.0% above expiring rates on 94,000 square feet of renewals.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE UPDATE

On March 31, 2022, the Trust entered into an unsecured non-revolving credit facility and term credit facility with the Canada Infrastructure Bank under its Commercial Building Retrofit Initiative. Under the facility, the Canada Infrastructure Bank will lend the Trust up to $112.9 million for commercial property retrofits in order to achieve certain energy efficiency savings and greenhouse gas (“GHG”) emission reductions. The non-revolving credit facility is available until the earlier of March 31, 2027 or the completion of all funded projects, at which point the aggregate drawings are converted to a 20-year amortizing term credit facility with an amended rate based on the GHG emission reductions achieved.

In May 2022, the Trust was awarded a Platinum Level award by the Green Lease Leader program during the Better Buildings, Better Plants Summit by the Institute for Market Transformation and the U.S. Department of Energy’s Better Buildings Alliance for ambitious building energy reduction and social impact goals. This is the first year that the Platinum Level award was implemented, and the Trust is one of the few applicants to achieve the highest level of recognition.

During Q3 2022, we made our inaugural draw on the Canada Infrastructure Bank credit facility. This $4.2 million draw represented 80% of the costs to date for capital retrofits at two of our downtown Toronto properties for projects to reduce the operational carbon emissions in these buildings by an estimated 299 tonnes of CO₂, or 48.4%, per year.

During 2022 we made our second submission to the GRESB assessment. We again achieved a five-star rating with a score of 92/100, an improvement from our prior year score of 91/100. Our higher score is attributable to policy updates to integrate ESG matters throughout the Trust and our work to align with the recommendations of the Task Force on Climate-related Financial Disclosures.

The Trust has also converted both of its revolving credit facilities to sustainability-linked credit facilities. The amended revolving credit facilities have certain performance targets relating to GHG intensity and green building certifications with pricing for the facilities decreasing or increasing based on whether the Trust meets, or fails to meet, the targets.

BUSINESS UPDATE

As at September 30, 2022, the Trust had $3.1 billion of total assets, $2.6 billion of investment properties and $1.3 billion of total debt. To date the Trust has collected 99.1% of Q3 2022 recurring contractual gross rent, our highest collections since March 2020. Approximately 2% of the Trust’s total portfolio is currently sublet, with a weighted average in-place net rent of just over $26 per square foot.

During Q3 2022, the Trust executed leases totalling approximately 165,000 square feet across our portfolio. In Toronto downtown, the Trust executed 133,000 square feet of leases at a weighted average initial net rent of $35.73 per square foot, or 34.2% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 8.1 years. In the Other markets region, we executed leases totalling 32,000 square feet at a weighted average net rent of $19.73 per square foot, an increase of 4.2% from the weighted average prior net rent on the same space, with a weighted average lease term of 4.1 years.

Since the beginning of the year to today’s date, we have executed leases totalling approximately 551,000 square feet across our portfolio. In Toronto downtown, the Trust executed 472,000 square feet of leases, including a 54,000 square foot lease with a flexible workspace provider where rents comprise a share of the tenant’s net revenues. The remaining 418,000 square feet of leases were at a weighted average initial net rent of $35.65 per square foot, or 38.3% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 5.5 years. In the Other markets region, we executed leases totalling 79,000 square feet at a weighted average initial net rent per square foot of $18.00, or 3.5% higher than the weighted average prior net rents on the same space, with a weighted average lease term of 4.8 years.

To date, the Trust has secured commitments for approximately 817,000 square feet, or 102%, of 2022 full-year natural lease expiries. In Toronto downtown, 42,000 square feet, or approximately 1.2% of the region’s gross leaseable area, is currently being held intentionally vacant for retail repositioning and property improvement purposes of which the Trust has deals that are either conditional or in an advanced state of negotiation to fill 5,000 square feet of the vacant space.

We remain committed to investing in our well-located real estate portfolio in downtown Toronto to distinguish our assets and attract unique tenants. Despite supply chain and labour constraints in the construction industry, we have substantially completed the Bay Street revitalization redevelopment within the initial budget with one façade and final work on the alley revitalization remaining to be completed. As part of our strategy to enhance our tenants’ experience at our buildings by providing premium retail options, we have completed leases with three high-end restaurants totalling 24,000 square feet in downtown Toronto, including a new location for Alo at Adelaide Place, which has been awarded a Michelin star at two of its other restaurants.

Since 2020, our successful redevelopment program has completed two other projects on time and on budget that have significantly increased the value of the assets and delivered significant incremental income to the Trust. 357 Bay Street in Toronto downtown was completed in Q4 2020 and in Q3 2022 contributed $3.1 million of annualized comparative properties NOI⁽⁴⁾. Co-operators Place in Regina, Saskatchewan, was completed in Q2 2021 and in Q3 2022 contributed $5.4 million of annualized comparative properties NOI⁽⁴⁾. We previously took 366 Bay Street in Toronto offline to fully revitalize the asset and during Q2 2022 a negotiated termination at 67 Richmond Street West in Toronto presented an opportunity to undertake a similar project at that property.

At 67 Richmond Street West and 366 Bay Street, the development projects comprise full modernizations of the properties, including technical systems, interior lighting and elevators, along with enhanced common areas and larger floorplates. The Trust is targeting certain building and project certifications as part of the development projects. A portion of the development costs for these buildings will satisfy the terms of the CIB Facility, allowing the Trust to access low-cost fixed-rate financing for the developments.

As at September 30, 2022, the Trust had $220.5 million of available liquidity⁽⁶⁾, comprising $14.1 million of cash, undrawn revolving credit facilities totalling $97.7 million and $108.6 million of availability on our CIB Facility. The Trust also had $112 million of unencumbered assets⁽⁷⁾ and a level of debt (net total debt-to-net total assets)⁽⁸⁾ of 42.6%.

Rising input costs and interest rates, supply chain disruptions, uncertainty about future economic trends, the impact of geopolitical conflicts and residual effects of the COVID-19 pandemic have made it difficult for our current and prospective tenants to plan for the future. The full impact that these disruptions will have on the market for office space in the near term and the wider economy in general is unclear and difficult to predict. However, we believe that there will continue to be demand for high-quality and well-located office space in urban markets in Canada, especially in Toronto. The Trust has ample financial resources to absorb near-term operational challenges and a program to drive value in the business through capital improvements and redevelopments to deliver best-in-class boutique office space to our tenants.

CAPITAL HIGHLIGHTS
KEY FINANCIAL PERFORMANCE METRICS					As at
(unaudited)		September 30,			December 31,
		2022			2021
Financing
Weighted average face rate of interest on debt (period-end)(9)		4.22%			3.28 %
Interest coverage ratio (times)(10)		2.7			3.0
Net total debt-to-normalized adjusted EBITDAFV ratio (years)(11)		10.6			9.8
Level of debt (net total debt-to-net total assets)(8)		42.6%			41.8 %
Average term to maturity on debt (years)		3.3			3.6
Undrawn credit facilities, available liquidity and unencumbered assets
Undrawn credit facilities (in millions)	$	206.4		$	192.4
Available liquidity (in millions)(6)		220.5			201.1
Unencumbered assets (in millions)(7)		111.7			178.3
Capital (period-end)
Total number of REIT A and LP B units (in millions)(12)		51.6			53.3
Net asset value (“NAV”) per unit(13)	$	33.15		$	31.49
See footnotes at end.

• NAV per unit⁽¹³⁾: As at September 30, 2022, our NAV per unit increased to $33.15 compared to $31.49 at December 31, 2021. The increase in NAV per unit relative to December 31, 2021 was primarily due to cash flow retention (FFO net of distributions), fair value gains on investment properties in Toronto downtown for four properties valued by qualified external valuation professionals in Q1 2022, incremental income from our investment in Dream Industrial REIT and the effect of accretive unit repurchases under our NCIB program during the period, partially offset by negative fair value adjustments to investment properties in Q2 and Q3 2022. As at September 30, 2022, equity per the condensed consolidated financial statements was $1.6 billion.

• Investment property disposition: On September 1, 2022, the Trust completed the sale of one investment property located in Saskatoon for total gross proceeds before adjustments and transaction costs of $14.0 million, in line with the carrying value for the building.

• Mortgage refinancing: On July 27, 2022, the Trust refinanced a $59.9 million mortgage secured by an investment property in Mississauga at maturity. The refinanced mortgage totals $64.9 million and bears variable interest at the bankers’ acceptance rate plus 1.55%. The Trust has entered into an interest rate swap to fix the interest rate on half the principal at a rate of 4.912%. 

• Credit facility extensions: As of today’s date, the Trust has completed extensions for both of its revolving credit facilities, extending the maturity dates to 2025. As part of the extensions the Trust also negotiated sustainability-linked pricing adjustments tied to targets relating to GHG intensity and obtaining green building certifications.

“We are pleased to partner with our lenders on mutually beneficial and creative sustainability-linked revolving credit facilities that include incentive mechanisms for the achievements of targets relating to greenhouse gas emissions and green building certifications,” said Jay Jiang, Chief Financial Officer of Dream Office REIT. “In addition, subsequent to the quarter, we fixed the interest rate on $150 million of principal on the revolving credit facility at a rate of 5.37% for five years by way of an interest rate swap to reduce our exposure to variable rate debt from 32% to 21%.”

CONFERENCE CALL

Dream Office REIT holds semi-annual conference calls following the release of second and fourth quarter results.

OTHER INFORMATION

Information appearing in this press release is a selected summary of results. The condensed consolidated financial statements and Management’s Discussion and Analysis (“MD&A”) of the Trust are available at www.dreamofficereit.ca and on www.sedar.com.

Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 3.5 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world. For more information, please visit our website at www.dreamofficereit.ca.

FOOTNOTES
(1)		Excludes joint ventures that are equity accounted at the end of each period.
(2)		Excludes properties under development and joint ventures that are equity accounted at the end of each period.
(3)		FFO is a non-GAAP financial measure. The most directly comparable financial measure to FFO is net income. The tables included in the Appendices section of this press release reconcile FFO for the three months ended September 30, 2022 and September 30, 2021 to net income. For further information on this non-GAAP measure please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release.
(4)		Comparative properties NOI is a non-GAAP financial measure. The most directly comparable financial measure to comparative properties NOI is net rental income. The tables included in the Appendices section of this press release reconcile comparative properties NOI for the three months ended September 30, 2022 and September 30, 2021 to net rental income. For further information on this non-GAAP measure please refer to the statements under the heading  “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release.
(5)		Diluted FFO per unit is a non-GAAP ratio. Diluted FFO per unit is calculated as FFO (a non-GAAP financial measure) divided by weighted average number of units. For further information on this non-GAAP ratio and non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release. A description of the determination of the weighted average number of units can be found in the Trust’s Management’s Discussion and Analysis for the three and nine months ended September 30, 2022 in the section “Supplementary Financial Measures and Other Disclosures” under the heading “Weighted average number of units”.
(6)		Available liquidity is a non-GAAP financial measure. The most directly comparable financial measure to available liquidity is undrawn credit facilities. The tables included in the Appendices section of this press release reconcile available liquidity to undrawn credit facilities as at September 30, 2022 and December 31, 2021. For further information on this non-GAAP financial measure please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release.
(7)		Unencumbered assets is a supplementary financial measure. For further information on this supplementary financial measure, please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release.
(8)		Level of debt (net total debt-to-net total assets) is a non-GAAP ratio. Net total debt-to-net total assets comprises net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). The most directly comparable financial measure to net total debt is total debt and the most directly comparable financial measure to net total assets is total assets. The tables in the appendices section reconcile net total debt and net total assets to total debt and total assets, respectively, as at September 30, 2022 and December 31, 2021. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release.
(9)		Weighted average face rate of interest on debt is calculated as the weighted average face rate of all interest-bearing debt balances excluding debt in joint ventures that are equity accounted.
(10)		Interest coverage ratio (times) is a non-GAAP ratio. Interest coverage ratio comprises trailing 12-month adjusted EBITDAFV divided by trailing 12-month interest expense on debt. Adjusted EBITDAFV, trailing 12-month Adjusted EBITDAFV and trailing 12-month interest expense on debt are non-GAAP measures. The tables in the Appendices section reconcile adjusted EBITDAFV to net income for the three and nine months ended September 30, 2022 and September 30, 2021 and for the year ended December 31, 2021 and trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense to adjusted EBITDAFV and interest expense, respectively, for the trailing 12-month period ended September 30, 2022. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP Financial Measures and Ratios and Supplementary Financial Measures” in this press release.
(11)		Net total debt-to-normalized adjusted EBITDAFV ratio (years) is a non-GAAP ratio. Net total debt-to-normalized adjusted EBITDAFV comprises net total debt (a non-GAAP financial measure) divided by normalized adjusted EBITDAFV – annualized (a non-GAAP financial measure). Normalized adjusted EBITDAFV – annualized comprises adjusted EBITDAFV (a non-GAAP measure) adjusted for NOI from sold properties in the quarter. The most directly comparable financial measure to adjusted EBITDAFV is net income. For further information on this non-GAAP ratio and non-GAAP financial measures, please refer to the statements under the heading “Non-GAAP Financial Measures and Ratios and Supplementary Financial Measures” in this press release.
(12)		Total number of REIT A and LP B units includes 5.2 million LP B Units which are classified as a liability under IFRS.
(13)		NAV per unit is a non-GAAP ratio. NAV per unit is calculated as Total equity (including LP B Units) divided by the total number of REIT A and LP B units outstanding as at the end of the period. Total equity (including LP B Units) is a non-GAAP measure. The most directly comparable financial measure to total equity (including LP B Units) is equity.  The tables included in the appendices section of this press release reconcile total equity (including LP B Units) to equity as at September 30, 2022 and December 31, 2021. For further information on this non-GAAP ratio and non-GAAP financial measure please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release.

Contacts

For further information, please contact:

Michael J. Cooper
Chairman and Chief Executive Officer

(416) 365-5145

mcooper@dream.ca

Jay Jiang
Chief Financial Officer

(416) 365-6638

jjiang@dream.ca

Read full story here

TORONTO–(BUSINESS WIRE)–Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of high-quality workplace real estate, announced today that the Q3 2022 earnings call transcript and investor update are now available on the REIT’s website and can be accessed by visiting the following links:

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

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

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

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

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

SOT-FR

Contacts

For Further Information
Investor Relations

+1 416 644 4264

ir@slateam.com

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

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

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

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

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

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

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

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

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

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

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

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

About Audette

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

Media assets are available here.

Contacts

Media:

Canada:

Kathleen Reid

604-724-1242

kreid@switchboardpr.com

United States:

Blakelee Hampshire

917-275-4925

blakelee@switchboardpr.com

Acquisition paves the way for expansion throughout province

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

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

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

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

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

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

Forward-Looking Information

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

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

About Real

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

Contacts

Investors, for more information:

Jason Lee

Vice President, Capital Markets & Investor Relations

investors@therealbrokerage.com
908.280.2515

Media, for more information:

Elisabeth Warrick

Director, Communications

elisabeth@therealbrokerage.com
201.564.4221

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

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

HIGHLIGHTS

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

________________________________

1 Diluted FFO per Unit is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. Diluted FFO per Unit is comprised of FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

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

3 NOI margin is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. NOI margin is defined as NOI (a non-GAAP financial measure) divided by investment properties revenue, as a percentage. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

4 NAV per Unit is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. NAV per Unit is comprised of total equity (including Class B Units) (a non-GAAP financial measure) divided by the number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

5 Net total debt-to-net total assets is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. Net total debt-to-net total assets ratio is comprised of net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

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

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

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

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

ORGANIC GROWTH

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

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

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

Value-Add Initiatives

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

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

FINANCING AND CAPITAL INFORMATION

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

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

OTCQX Best Market

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

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

CONFERENCE CALL

Senior management will host a conference call to discuss the financial results on Thursday, November 3, 2022, at 10:00 a.m. (ET). To access the conference call, please dial 1-866-455-3403 in Canada or 647-484-8332 elsewhere and use passcode 88134505#. To access the conference call via webcast, please go to Dream Residential REIT’s website at www.dreamresidentialreit.ca and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call.

OTHER INFORMATION

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

Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns an initial portfolio of 16 garden-style multi-residential properties, consisting of 3,432 units primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit www.dreamresidentialreit.ca.

Non-GAAP financial measures, ratios and supplementary financial measures

The REIT’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, the REIT discloses and discusses certain non-GAAP financial measures and ratios, including FFO, diluted FFO per Unit, NOI, NOI margin, total debt, net total debt-to-net total assets ratio, adjusted EBITDAFV ratio, interest coverage ratio (times), available liquidity, total equity (including Class B Units) and NAV per Unit as well as other measures discussed elsewhere in this press release. These non-GAAP financial measures and ratios are not defined by IFRS and do not have a standardized meaning under IFRS. The REIT’s method of calculating these non-GAAP financial measures and ratios may differ from other issuers and may not be comparable with similar measures presented by other issuers. The REIT has presented such non-GAAP financial measures and ratios as Management believes they are relevant measures of the REIT’s underlying operating and financial performance. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release have been incorporated by reference from the management’s discussion and analysis of the financial condition and results from operations of the REIT as at and for the period ended September 30, 2022, dated November 2, 2022 (the “MD&A for the third quarter of 2022”) and can be found under the sections “Non-GAAP Financial Measures and Ratios” and respective sub-headings labelled “Funds from operations (“FFO”)”, “NAV per Unit”, “Net operating income (“NOI”) and NOI Margin”, “Adjusted earnings before interest, taxed, depreciation, amortization and fair value adjustments (Adjusted EBITDAFV)”, “Available Liquidity”, “Total equity (including Class B Units)”, “Interest coverage ratio (times)” and “Net total debt-to-net total assets” )”. The composition of supplementary financial measures included in this press release have been incorporated by reference from the MD&A for the third quarter of 2022 and can be found under the section “Supplementary Financial Measures and Other Disclosures”. The REIT’s MD&A for the third quarter of 2022 is available on SEDAR at www.sedar.com under the REIT’s profile and on the REIT’s website at www.dreamresidentialreit.ca under the Investors section. Non-GAAP financial measures and ratios should not be considered as alternatives to net income, net rental income, cash flows generated from (utilized in) operating activities, cash and cash equivalents, total assets, non-current debt, total equity, or comparable metrics determined in accordance with IFRS as indicators of the REIT’s performance, liquidity, cash flow, and profitability.

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes statements regarding our intentions to implement our value-enhancing renovation initiatives at our properties and our expectations with respect to NOI growth and our belief that the OTCQX listing will broaden our investor base. Forward-looking information generally can be identified by the use of forward-looking terminology such as “will”, “expect”, “believe”, “plan”, or “continue”, or similar expressions suggesting future outcomes or events. Forward looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Residential REIT’s control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, global and local economic and business conditions; uncertainties surrounding the COVID-19 pandemic; risks associated with unexpected or ongoing geopolitical events; risks inherent in the real estate industry; financing risks; and interest and currency rate fluctuations. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, there are no unforeseen changes in the legislative and operating framework for our business, we will have access to adequate capital to fund our future projects and plans and that we will receive financing on acceptable terms; interest rates remain stable and geopolitical events will not disrupt global economies. All forward-looking information in this press release speaks as of the date of this press release. Dream Residential REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in Dream Residential REIT’s final long-form prospectus dated April 29, 2022, including under the heading “Risk Factors” therein.

FOOTNOTES

(1) FFO is a non-GAAP financial measure. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. The most directly comparable financial measure to FFO is net income. For further information on this non-GAAP measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. The table included in Appendices section of this press release reconcile FFO for the three months ended September 30, 2022 to net income.

(2) Diluted FFO per Unit is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. Diluted FFO per Unit is comprised of FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

(3) A description of the determination of diluted amounts per Unit can be found in the REIT’s MD&A for the period ended September 30, 2022, in the section “Supplementary Financial Measures and Other Disclosures”, under the heading “Weighted average number of Units”.

(4) Net total debt-to-net total assets ratio is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. Net total debt-to-net total assets ratio is comprised of net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

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

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

(7) Total equity (including Class B Units) is a non-GAAP financial measure. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. The most directly comparable financial measure to total equity (including Class B Units) is total equity. For further information on this non-GAAP measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. The table included in Appendices section of this press release reconciles total equity (including Class B Units) to total equity as at September 30, 2022.

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

(9) NAV per Unit is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. NAV per Unit is comprised of total equity (a non-GAAP financial measure) divided by the number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

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

(11) NOI Margin is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. NOI margin is defined as NOI (a non-GAAP financial measure) divided by investment properties revenue, as a percentage. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

Appendices

Reconciliation of F

Contacts

Dream Residential REIT
P. Jane Gavan
Chief Executive Officer

(416) 365-6572

jgavan@dream.ca

Derrick Lau
Chief Financial Officer

(416) 365-2364

dlau@dream.ca

Scott Schoeman
Chief Operating Officer

(303) 519-3020

sschoeman@dream.ca

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Acquisition provides the first international locations

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

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

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

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

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

About ABC Supply

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

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

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

Contacts

Marcie Waters

(608) 256-6357

mwaters@hiebing.com