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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

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 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 Grocery REIT – Q2 2022 earnings call transcript
• Slate Grocery REIT – Q2 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

TORONTO–(BUSINESS WIRE)–Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol” or the “Company”), a leader in smart buildings and cities through IoT, Cloud and SaaS technology, has entered into a binding Letter of Intent (“LOI”) for a $10 Million HVAC and Automation project (the “Project”), through its wholly owned subsidiary, Global HVAC and Automation Inc. (“Global”). The project relates to a new high rise building in the Greater Toronto Area. The LOI represents a repeat order from an existing customer.

The Project has commenced in Q3 2022 and will be completed over the next 12 months. A final contract is anticipated to be completed in Q3 2022.

“This is a new order from an existing customer and demonstrates our ability to generate repeat business in our solutions and offerings,” said Paul Ghezzi, CEO of Kontrol Technologies. “As we work diligently to consolidate our technology platform, we can offer our customers a unified platform which includes building automation, ongoing software and service as well as large project integration. This unified approach is a key strategic initiative to drive ongoing and repeat business.”

The customer for the project described above is a leading Canadian developer in the multi-family high rise sector with a significant number of projects in various stages of development. For industry competitive purposes the customer will not be named.

Kontrol Technologies Corp.

Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings.

Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedar.com

Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. Forward-looking statements in this press release include, but are not limited to, statements with respect to the following: entering into of the CDCC contract described in the press release and the timing of completion thereof; completion of the activities contemplated in the LOI and the timing thereof; and the Company’s future business plans and operations.

Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation: that sufficient capital will be available to the Company and that technology will be as effective as anticipated; that the Company will be able to enter into the final contract described in this press release on the terms and in the timeframe as currently anticipated; that the activities contemplated in the LOI will be completed on the timeframe as currently anticipated; and that the Company’s customers will continue to utilize the Company’s products as currently anticipated.

However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to the following: that the Company will not enter into the CDCC contract described in this press release on such terms as are currently anticipated, or at all; that the Company may encounter delays in carrying out the activities contemplated in the LOI; that sufficient capital and financing cannot be obtained on reasonable terms, or at all; that the Company’s technologies will not prove as effective as expected; that customers and potential customers will not be as accepting of the Company’s product and service offering as expected; and government and regulatory factors impacting the energy conservation industry.

Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.

Contacts

Kontrol Technologies Corp.
Paul Ghezzi

CEO

info@kontrolcorp.com
601 Rowntree Dairy Road, Unit B

Vaughan, ON L4L 5T8

Tel: 905.766.0400

Technology, Real Estate and the Environment Come Together With the Release of Sustainable Proptech Canada Report 2022

TORONTO–(BUSINESS WIRE)–Sustainable PropTech, a collaborative think tank of industry leaders in real estate and technology, has released an extensive report on Sustainable PropTech as well as the opportunities and advancements within that field. This is a cohesive and deep dive into Canada’s sustainable property technology industry.

Sustainable PropTech, was founded by Deena Pantalone and Joanna Creed, the principals behind Venturon, a Canadian-owned investment group that consults with and makes strategic investments in Real Estate Technology start-up companies. Sustainable PropTech, is a community designed to help the industry navigate through the fast and ever-changing technology landscape and make an important contribution to ESG and Real Estate in Canada.

While the real estate industry has traditionally been slow to incorporate new innovations, that is rapidly changing with the introduction of new technology, products and services that are not only making the property industry more efficient, but also creating opportunities for the industry to be more sustainable. The report shows $326M in was invested into companies in the Canadian Sustainable Construction segment. This could help towards addressing affordability for new home purchasers as well as a myriad of environmental concerns.

The only report of this kind, it includes a comprehensive list of Canadian Sustainable PropTech companies, a Market Map of Canada’s Sustainable PropTech ecosystem, expert interviews, and an analysis of current Sustainable PropTech trends.

Sustainable PropTech Co-Founder, Deena Pantalone, said, “We connect the built world of real estate with sustainability experts, tech entrepreneurs, investors, and fresh thinkers. When it comes to protecting the planet, time isn’t on our side. That’s why our clear mission is to accelerate the achievement of sustainability goals.”

Joanna Creed, Sustainable PropTech Co-Founder adds, “This Report brings together a wealth of information, with usable data and important insights designed to help industry players share ideas. Collaboration is how the digitization of real estate can be accelerated, and our goal is to create real change.”

For more information on Venturon, visit www.venturon.com.

To receive the Sustainable PropTech Canada Report 2022, visit www.sustainableproptech.com.

ABOUT SUSTAINABLE PROPTECH

We are Sustainable PropTech, a meeting of minds where you can learn, connect, collaborate, and create the next generation of PropTech. Our community of innovators, forward-thinking individuals and thought leaders represent a full spectrum of organizations with commitments to strong ESG criteria.

We connect the built world of real estate with sustainability experts, tech entrepreneurs, investors, and fresh thinkers with the clear mission of accelerating the achievement of sustainability goals. Our platform helps innovators and thought leaders interact and share ideas that can create new innovations and real change.

SUSTAINABLE PROPTECH REPORT SPONSOR QUOTES:

“We’re starting to see a shift in the way property technology is adapting to improve building sustainability and meet building operator needs. The application of design principles such as digital twins and Passive House will set the stage for the future of sustainable urban development,”

Mansoor Kazerouni, Global Director, Buildings, IBI Group

“We’ve seen a growing focus by the real estate community on PropTech solutions as an enabler to assist in solving business issues. With real estate companies increasingly recognizing the urgency to accelerate their decarbonization efforts and the measurement of related efforts, sustainable PropTech will play a key role in addressing an emerging challenge today. We are proud to support the SUSTAINABLE PROPTECH CANADA REPORT that is filling the need for more information about sustainable PropTech and the innovative solutions that can help.”

Fred Cassano, National Real Estate Tax Leader at PwC

“ESG and technology are really relevant factors for young people entering this industry and becoming more progressive. So I would say pay attention to it, become knowledgeable and associate with people that really know what they’re talking about. Because this will be one of two or three things that shape our industry over the next few decades.”

Gary Whitelaw, former CEO, BentallGreenOak

“You all are onto something really interesting and important. Real estate is going through a major disruption, and you are on it.”

Richard Florida

Contacts

Media:
Carol King
Senior Account Executive
McOuat Partnership

Cell: 905-903-9059

carol@partnership.ca

NOVI, Mich.–(BUSINESS WIRE)–#onelineage–Lineage Logistics, LLC (“Lineage” or the “Company”), one of the world’s leading and most innovative temperature-controlled industrial REITs and logistics solutions providers, today announced it has closed the acquisition of VersaCold Logistics Services (“VersaCold”).

The acquisition was first announced on April 13, 2022.

VersaCold is a leading cold chain solution provider in Canada that operates 24 temperature-controlled facilities spanning 114 million cubic feet of capacity across nine provinces. Its strategically-positioned network includes properties in Canada’s most populous metropolitan markets – including Toronto, Calgary, Vancouver, Edmonton and Montreal. VersaCold also runs an asset-based inbound and outbound transportation business out of nine terminals across the country, providing customers an integrated, coast-to-coast logistics solution.

“Welcoming VersaCold into the One Lineage family extends our Company’s reach in Canada and creates exciting opportunities to provide more efficient cross-border solutions for customers in North America and beyond,” said Greg Lehmkuhl, President and CEO of Lineage Logistics. “The combination of our complementary facility networks, our differentiated and fully integrated transportation offerings and our world-class teams creates an even more dynamic global organization – one that is committed to our purpose of transforming the food supply chain to eliminate waste and help feed the world.”

Wells Fargo Securities, LLC acted as the exclusive financial advisor to VersaCold and TorQuest and Stikeman Elliott LLP served as legal counsel. JP Morgan Chase and Scotiabank acted as Lineage’s financial advisors and Latham & Watkins as well as Bennett Jones acted as its legal counsel.

About Lineage Logistics

Lineage Logistics is one of the world’s leading temperature-controlled industrial REITs and logistics solutions providers. It has a global network of over 400 strategically located facilities totaling over 2 billion cubic feet of capacity which spans 20 countries across North America, Europe and Asia-Pacific. Lineage’s industry-leading expertise in end-to-end logistical solutions, its real estate network, and development and deployment of innovative technology help increase distribution efficiency, advance sustainability, minimize supply chain waste, and most importantly, as a Visionary Partner of Feeding America, help feed the world. In recognition of the company’s leading innovations and sustainability initiatives, Lineage was a 2022 U.S. Best Managed Company, No. 3 in the 2022 CNBC Disruptor 50 list, No. 17 in the 2021 CNBC Disruptor 50 list, the No 1. Data Science company, and 23rd overall, on Fast Company’s 2019 list of The World’s Most Innovative Companies, in addition to being included on Fortune’s Change The World list in 2020. (www.lineagelogistics.com)

About VersaCold Logistics Services

VersaCold is one of Canada’s leading supply chain solutions companies focused exclusively on the handling of temperature sensitive food products. VersaCold delivers a suite of fully integrated logistics services through its national network of industry leading facilities, transportation fleet and advanced technologies that set the benchmark for accessibility, information visualization, real-time tracking and inventory management. VersaCold is proud to play a key role in ensuring the safety, quality and freshness of some of North America’s most beloved food brands, protecting the health and wellness of families across Canada from coast to coast. For more information about VersaCold, please visit www.versacold.com.

Contacts

Lineage Logistics
Megan Hendricksen

949.247.5172

mhendricksen@lineagelogistics.com

VersaCold Logistics Services
Brian Dove

416.557.3948

Brian.Dove@versacold.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. All dollar amounts in our tables are presented in thousands of Canadian dollars, except unit and per unit amounts, unless otherwise stated.

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

“We are pleased with our progress in creating further stability for our portfolio over the first half of the year,” said Michael Cooper, Portfolio Manager. “With the current economic climate, securing one of the few public offerings in 2022 and continuing to expand our multi-family platform demonstrates our ability to execute on a transactional level and successfully navigate challenging markets. With half of the portfolio invested in recurring income, we continue to focus on making the company safer and sustainable for the long term and are well positioned for adapting to changes in the real estate environment.”

Since January 1, 2021, the Trust has acquired $244.0 million of income properties and completed $103.0 million in development assets for a total of $347.0 million added to our recurring income portfolio. Aside from $108.0 million in commercial properties which are primarily at Zibi, the balance is exclusively best-in-class residential rental properties.

In the second quarter, the Trust closed on a $40.0 million convertible impact debenture offering (the “Offering”). The Offering bears a 5.75% coupon and an $8.00 per unit conversion price, maturing on December 31, 2027. This is the Trust’s second convertible impact debenture offering, for which proceeds will be used for eligible impact investments in accordance with the Trust’s Impact Financing Framework.

Subsequent to June 30, 2022, the Trust acquired a 50% interest in 70 Park, a 210-unit multi-family rental building located next to the Port Credit GO station, and in close proximity to our Brightwater development. The site includes land adjacent to the rental building which is slated for redevelopment and was acquired for net proceeds of $19.6 million (inclusive of deposits), or $381,000 on a per door basis. The building was 99% occupied upon closing of the transaction. Inclusive of 70 Park, in 2022 the Trust has invested $23.9 million to further grow our recurring income segment, adding an additional 290 multi-family rental units. As of June 30, 2022, nearly 50% of the Trust’s portfolio was invested in assets that generate recurring income.

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

	Three months ended June 30,				Six months ended June 30,
		2022		2021		2022		2021
Condensed consolidated results of operations
Net income (loss)	$	623	$	(1,451)	$	972	$	(7,663)
Net income (loss) per unit(1)		0.01		(0.02)		0.01		(0.12)
Distributions declared and paid per unit		0.10		0.10		0.20		0.20
Units outstanding – end of period		65,673,190		64,935,685		65,673,190		64,935,685
Units outstanding – weighted average		65,636,263		64,780,095		65,461,638		64,868,057

During the second quarter, the Trust reported net income of $0.6 million compared to a net loss of $1.5 million in the comparative period. The improvement in earnings was driven by the composition of fair value changes on income properties and financial and equity instruments across our segments, the impact of foreign exchange on our investment in the Virgin Hotels Las Vegas (“U.S. hotel”), and growth in our recurring income segment. This was partially offset by higher interest expense and marketing costs associated with the launch of Forma Condos, as further discussed in our segmented discussion below.

As at June 30, 2022, the Trust had $31.2 million of cash-on-hand, which included unused proceeds from the Trust’s convertible debenture issuance. Subsequent to quarter-end, $18.5 million was deployed for the acquisition of 70 Park. The Trust’s debt-to-asset value⁽¹⁾ as at June 30, 2022 was 25.7%, an increase relative to 20.4% as of March 31, 2022, primarily due to draws on the credit facility, net of certain project-level financing in the period. For similar reasons, the Trust’s debt-to-total asset value, inclusive of project-level debt⁽¹⁾ and assets within our development segment, including equity accounted investments, was 57.4% as at June 30, 2022, compared to 54.5% as at March 31, 2022. This includes long-term high ratio government debt provided as part of creating affordable housing within our communities. As at June 30, 2022, the Trust had drawn $15.2 million on its $50.0 million credit facility.

Subsequent to quarter-end, the Trust refinanced an existing mortgage payable, upsizing the facility from $60 million to $65 million, at the Trust’s share, extending the maturity date to 2027. At the time of closing, the Trust hedged half of the balance at a fixed interest rate of 4.91% per annum. Inclusive of the refinancing, approximately 75% of the Trust’s consolidated debt was subject to a fixed interest rate.

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

Recurring Income

During the second quarter, the Trust’s recurring income segment generated net income of $2.3 million compared to $0.5 million in the comparative period. The increase relative to prior year was due to income contribution from the completion of commercial blocks at Zibi in the past year. In addition, the Trust recognized a provision on a loan within the lending portfolio in the prior year with no similar adjustment in the current period.

In the three months ended June 30, 2022, the Trust acquired a 50% interest in 111 Cosburn, a 23-unit multi-family rental building located in Toronto’s East York neighbourhood, positioned close to the planned Ontario Subway Line. The multi-family building was acquired for $8.2 million ($4.1 million at the Trust’s share).

Based on the Trust’s current development pipeline, we have an additional 2,819 residential units and 153,000 square feet (“sf”) of commercial and retail (at 100%) with an estimated value on completion of $496.6 million that will be completed and contribute to recurring income over the next three years. For further details, refer to the “Three-Year Recurring Income” table in Section 2.1, “Recurring Income”, in the Trust’s MD&A for the three and six months ended June 30, 2022.

Development

In the second quarter, the development segment generated net income of $0.5 million, compared to a net loss of $0.6 million in the comparative period. The improvement relative to prior year was driven by the net impact of foreign exchange on the U.S. hotel, partially offset by sales and marketing expenses at Forma Condos and fair value adjustments on income properties under development in the prior year.

In the second quarter, sales for the East tower at Forma Condos launched. To date, approximately half the units have been sold for the tower, designed by renowned Canadian architect Frank Gehry and located in the heart of downtown Toronto in the entertainment district. The development will feature two towers at 84 and 73 storeys, comprising over 2,000 units. The buildings will include unique views, luxurious finishes and elevated lifestyle amenities including entertainment, co-working and wellness spaces. The East tower is expected to be ready for occupancy in 2028. The Trust has a 25% interest in the development.

In addition, Bridge House, the next condominium building at Brightwater was brought to market. Bridge House is comprised of 468 units, of which nearly half are available for sale with an expected construction start date of 2023. Brightwater is a 72-acre waterfront community located in Port Credit which once completed will have nearly 3,000 residential units and over 350,000 sf of vibrant retail and commercial space, and will include 18 acres of parks and outdoor space. The Trust has a 23.25% interest in the development.

Other⁽²⁾

In the second quarter, the Other segment generated a net loss of $2.2 million compared to $1.4 million in the prior year. The increase was primarily driven by interest expense on the Trust’s convertible debentures and credit facility.

Unit Buyback Activity

From the inception of the Trust’s unit buyback program in December 2014 to August 2, 2022, the Trust has repurchased 15.4 million units for cancellation, for a total cost of $96.0 million.

As at August 2, 2022, the Trust’s asset manager, DAM, owns 19.3 million units of the Trust, inclusive of 1.3 million units acquired under the Trust’s previous distribution reinvestment plan, 4.2 million units acquired in satisfaction of the asset management fees and the remainder acquired on the open market for DAM’s own account. In aggregate, DAM owns approximately 29% of the Trust as at August 2, 2022.

Cash Generated from Operating Activities

Cash utilized in operating activities for the three months ended June 30, 2022 was $2.0 million compared to $0.1 million in the prior year, an increase due to acquisition pipeline deposits and changes in non-cash working capital.

Distribution Reinvestment Plan (“DRIP”)

Effective with the August 2022 distribution payable on September 15, 2022 to unitholders of record as at August 31, 2022, the Trust’s DRIP will be reinstated, allowing unitholders to reinvest their distributions into new units of the Trust, with no bonus distribution and no commissions. Eligible unitholders that had not previously opted into the DRIP but now wish to do so may elect to participate by contacting their broker, investment dealer or financial institution holding their units. Refer to the Trust’s website for a copy of the Distribution Reinvestment and Unit Purchase Plan.

Impact Update

In the second quarter, we were pleased to publish Dream’s annual 2022 Impact Report. The report highlights the Trust’s decarbonization and net zero initiatives, affordable housing case studies, inclusivity programs and annual impact metrics. Refer to the following link for the complete 2022 Impact Report.

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

Conference Call

Senior management will host a conference call on Wednesday August 3 at 2:00 pm (ET). To access the call, please dial 1-866-455-3403 in Canada or 647-484-8332 elsewhere and use passcode 6397 7471#. To access the conference call via webcast, please go to the Trust’s website at www.dreamimpacttrust.ca and click on Calendar of Events in the News and Events section. A taped replay of the conference call and the webcast will be available for 90 days.

About Dream Impact

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

Specified Financial Measures and Other Measures

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

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

As at	June 30, 2022		December 31, 2021
Total debt	$	189,062	$	133,150
Unamortized discount on host instrument of convertible debentures		1,218		809
Conversion feature		(460)		(357)
Unamortized balance of deferred financing costs		2,985		1,300
Total debt payable	$	192,805	$	134,902
Total assets		749,614		701,702
Debt-to-asset value		25.7%		19.2%

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

	June 30, 2022		December 31, 2021
Debt payable within our development and investment holdings, and equity accounted investments	$	557,406	$	493,217
Total assets		749,614		701,702
Total assets, inclusive of project-level debt	$	1,307,020	$	1,194,919
Debt payable within our development and investment holdings, and equity accounted investments		557,406		493,217
Total debt payable		192,805		134,902
Total debt, inclusive of project-level debt	$	750,211	$	628,119
Debt-to-total asset value, inclusive of project-level debt and assets within our development segment, including equity accounted investments		57.4%		52.6%

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

	Three months ended June 30,				Six months ended June 30,
		2022		2021		2022		2021
Net income (loss)	$	623	$	(1,451)	$	972	$	(7,663)
Units outstanding – weighted average		65,636,263		64,780,095		65,461,638		64,868,057
Net income (loss) per unit	$	0.01		(0.02)	$	0.01	$	(0.12)

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events. Some of the specific forward-looking information in this press release may include, among other things, statements relating to the Trust’s objectives and strategies to achieve those objectives; the Trust’s ability to execute on transactions and successfully navigate markets; the Trust’s focus on increasing safety and sustainability of its portfolio by investing in recurring income assets, and expected adaptability benefits thereof; expected use of proceeds of the Offering in accordance with the Trust’s Impact Financing Framework; expected growth of the Trust’s recurring income segment; the Trust’s goals of pursuing financing opportunities that mitigate interest rate risk and tender development costs prior to construction commencement to mitigate inflationary risk; our development pipeline; the expected construction commencement date and number of units of Bridge House; the expected total number of units, commercial and retail square footage, park acreage and outdoor space of Brightwater; the expected reinstatement of the Trust’s DRIP; the Trust’s ability to achieve its impact and sustainability goals, and implementing other sustainability initiatives throughout its projects; and the 2,819 residential units and 153,000 sf of commercial and retail (at 100%) with an estimated value upon completion of $496.6 million which are expected to be completed and contribute to recurring income over the next three years. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: adverse changes in general economic and market conditions; the impact of the novel coronavirus (COVID-19 and variants thereof) pandemic on the Trust; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, and international sanctions; inflation; the disruption of free movement of goods and services across jurisdictions; the risk of adverse global market, economic and political conditions and health crises; risks inherent in the real estate industry; risks relating to investment in development projects; impact investing strategy risk; risks relating to geographic concentration; risks inherent in investments in real estate, mortgages and other loans and development and investment holdings; credit risk and counterparty risk; competition risks; environmental and climate change risks; risks relating to access to capital; interest rate risk; the risk of changes in governmental laws and regulations; tax risks; foreign exchange risk; acquisitions risk; and leasing risks. Our objectives and forward-looking statements are based on certain assumptions with respect to each of our markets, including that the general economy remains stable; the gradual recovery and growth of the general economy continues over 2022; that no unforeseen changes in the legislative and operating framework for our business will occur; that there will be no material change to environmental regulations that may adversely impact our business; that we will meet our future objectives, priorities and growth targets; that we receive the licenses, permits or approvals necessary in connection with our projects; that we will have access to adequate capital to fund our future projects, plans and any potential acquisitions; that we are able to identify high quality investment opportunities and find suitable partners with which to enter into joint ventures or partnerships; that we do not incur any material environmental liabilities; interest rates remain stable; there will not be a material change in foreign exchange rates; that the impact of the current economic climate and global financial conditions on our operations will remain consistent with our current expectations; our expectations regarding the impact of the COVID-19 pandemic and government measures to contain it; our expectation regarding ongoing remote working arrangements; and competition for and availability of acquisitions remains consistent with the current climate.

All forward-looking information in this press release speaks as of August 2, 2022. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in the Trust’s filings with securities regulators filed on the System for Electronic Document Analysis and Retrieval (www.sedar.com), including its latest annual information form and MD&A. These filings are also available at the Trust’s website at www.dreamimpacttrust.ca.

Contacts

For further information:

Meaghan Peloso
Chief Financial Officer

416 365-6322

mpeloso@dream.ca

Kimberly Lefever
Director, Investor Relations

416 365-6339

klefever@dream.ca

TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (“Real” or the “Company”) (NASDAQ: REAX) (TSX: REAX), an international, technology-powered real estate brokerage, today announced that it has surpassed 6,000 agents. The Company appeals to agents interested in an attractive financial incentive structure, innovative technology tools and an enterprising, ambitious culture.

Over the past year, the Company experienced several significant milestones. July 21, 2022 marked just one year since the Company rang the bell in celebration of its Nasdaq Stock Exchange listing, and as recently as July 22, the Company announced it had graduated from the TSX Venture Exchange to the Toronto Stock Exchange. Between August 2021 and today, the Company broadened its brokerage operations to 44 states and the District of Columbia, as well as expanding internationally, commencing operations in Alberta and Ontario, Canada.

“We are both pleased and energized by the successes Real has demonstrated over the past year,” said Chairman and Chief Executive Officer Tamir Poleg. “We see these achievements as an indication that our model—based on innovative technology and a collaborative culture—is what agents are looking for.”

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 onereal.com.

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 second quarter earnings call, the release of the second quarter financial results 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.

Contacts

For additional information:

Elisabeth Warrick

Director, Communications

elisabeth@therealbrokerage.com

Investors, for more information:

Jason Lee

Vice President, Capital Markets & Investor Relations

investors@therealbrokerage.com
908.280.2515

Axonic holds first close on its inaugural Private Credit Strategy

NEW YORK–(BUSINESS WIRE)–Axonic Capital, New York-based structured credit, commercial real estate and systematic fixed income specialist with $4.8 billion in assets under management, announced the first closing of its inaugural Private Credit Offering in the middle of July. The strategy will hold subsequent closings throughout the remainder of the year.

The Axonic Private Credit Strategy will offer an alternative structure for allocators who want to take advantage of capital market inefficiencies in a closed-end structure. The strategy will target assets across commercial real estate (“CRE”), commercial mortgage back securities (“CMBS”) and residential transitional loans (“RTL”). The strategy will deploy capital into asset based cashflows that have asymmetric risk reward profiles at favorable valuations. More broadly, Axonic’s structuring will allow for the firm to mitigate default risk by structuring these cashflows with a sufficient margin of safety. By their nature, these more illiquid, private credit investments should provide low correlation to public credit markets and provide investors access to loans sourced through proprietary channels.

“We are more optimistic than ever regarding the opportunity set for this strategy,” said Clay DeGiacinto, Chief Investment Officer and Managing Partner of Axonic. “Private credit is an ideal vehicle for investing during periods of economic dislocation. In fact, this is an environment we have been anticipating since late last year. During such a time, the strategy will provide a patient source of capital designed to take advantage of the many dislocations we expect in the private markets. Some of that dislocation may be driven by relative value in public markets.”

Axonic has also recently hired Dominick Negrotto as a Managing Director on the Business Development team. Dominick previously was a Principal on the Business Development and Investor Relations team at Atalaya, an asset-based private credit and special opportunities firm. Prior to joining Atalaya, Dominick was a Director on the Capital Introduction team at Wells Fargo. Earlier in his career, Dominick was a Managing Director at Advanced Portfolio Management, where he oversaw manager selection and due diligence for the firm’s alternative investments.

“Given Dominick’s extensive background in the private markets space he will be instrumental in the fundraising for our Private Credit efforts,” said Peter Carey, Partner, Head of Business Development. “We are very excited to have Dominick on board as he brings invaluable experience that will benefit our longstanding institutional investors and support the development of new partnerships.”

About Axonic Capital

Founded in 2010, Axonic Capital offers commercial and residential real estate strategies, systematic fixed income and commercial lending strategies along with its structured credit expertise. Axonic Capital manages investment portfolios across Limited Partnerships, Separate Accounts, and two publicly registered Funds. The firm employs 55 professionals.

Contacts

Axonic Capital Media Contact:

Melissa Parvis

Head of Investor Relations

+ 1 212 828 7209

TORONTO & NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc. (” Real ” or the ” Company “) (NASDAQ: REAX) (TSX: REAX), an international, technology-powered real estate brokerage, today announced that it will release its second quarter 2022 financial results before market open on Thursday, August 11, 2022.

The Company will subsequently hold a conference call to discuss second quarter 2022 operating and financial results on Thursday, August 11, 2022, 11:00 AM EST. An archived replay of the webcast will also be available for one year by clicking the link below.

Conference Call Details:

Date:		Thursday, August 11, 2022
Time:		11:00 a.m. EST*
Dial-in Number:		North American Toll Free: 877-545-0523
		International: 973-528-0016
Access Code:		611683
Webcast:		https://www.webcaster4.com/Webcast/Page/2699/46223
Replay Number:		North American Toll Free: 877-481-4010
		International: 919-882-2331
Passcode:		46223
Webcast Replay:		https://www.webcaster4.com/Webcast/Page/2699/46223
*Participants are encouraged to dial in 5 to 10 minutes before the beginning of the conference call.

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 5,000 agents. Additional information can be found on its website at onereal.com.

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 second quarter earnings call, the release of the second quarter financial results 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.

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

ICC Expands Product Line to Grow Industrial Markets

SAINT-JÉRÔME, Québec–(BUSINESS WIRE)–Industrial Chimney Company (ICC), manufacturer of prefabricated chimneys along with high-efficiency fireplaces, has acquired Cheminee Lining, the exhaust solutions division of premier boiler manufacturer, The Cleaver-Brooks Company, Inc. The move to acquire Cheminee Lining occurred quickly after Cleaver-Brooks announced its intention to discontinue the sale of exhaust stacks and venting in May 2022. ICC seized the opportunity, finding it aligned well with its continued focus on global expansion and development of new markets.

The combination of ICC and Cheminee Lining will strengthen their position as a market leader in the commercial industrial chimney industry.

As part of the sale, ICC will continue to lease 56,000 square feet of manufacturing space and 21,000 square feet of office space located in Terrebonne, Quebec, as well as provide employment for more than 44 existing Cheminee Lining employees.

Both Cleaver-Brooks and ICC will honor current customer commitments and will maintain contact with customers regarding future activities.

Cleaver-Brooks continues to provide best-in-industry integrated boiler room solutions for steam and hydronic applications throughout the North American and international markets.

About ICC

Established in 1991, ICC employs more than 200 people dedicated to providing the safest and highest quality products. With a recent 30,000-square-foot addition, the 120,000-square-foot factory runs 24/7 all year round. It is located on more than 20 acres of prime industrial property and is filled with state-of-the-art machinery. Visit icc-rsf.com for more information.

About Cleaver-Brooks

Cleaver-Brooks is the premier boiler industry innovator and only boiler manufacturer in the world to offer The Power of Total Integration™. The company engineers and manufactures entirely integrated boiler room solutions for steam and hydronic applications, offers superior sales and service from a world-class representative network, and shares its expertise through a robust training and education program and engineering support. Cleaver-Brooks is committed to providing efficient solutions that help its customers operate boiler systems at optimum reliability, promote sustainability, and reduce costs. Visit cleaverbrooks.com for more information.

Contacts

Darren K. Allen

Cleaver-Brooks

229-558-5503

dallen@cleaverbrooks.com

Steven Rea

Industrial Chimney Company

(514) 591-2505

srea@icc-rsf.com