First-of-its-kind 3D residence to develop by Summer 2022 in Ontario, Canada

WINDSOR, Ontario–(BUSINESS WIRE)–#3D–Habitat for Humanity Windsor-Essex, is partnering with the University of Windsor and nidus3D – Canada’s leaders in 3D construction printing, on the nation’s first permitted 3D printed residential homes.

This historic project – on the site of Leamington’s The Bridge Youth Resource Centre – is a key step in increasing access to affordable housing in Canada.

“This will be a historic build, the first 3D printed homes for residential use in this country, and potentially a game-changing solution to the current housing crisis. Habitat Windsor-Essex is working with the University of Windsor to learn more about how this new technology can potentially shorten construction times, and, over time, reduce input costs. Habitat W-E will benefit from the learning here, and those learnings could have a far-reaching impact for Habitat, and for the construction industry more broadly,” said Fiona Coughlin, Executive Director & CEO Habitat for Humanity Windsor.

This build is partially funded through Canada Mortgage and Housing Corporation’s Innovation Fund. And thanks to the latest partnership with nidus3D, Habitat for Humanity is leaning on the company’s cutting-edge 3D construction technology to make home ownership more affordable in Canada.

“In Windsor-Essex alone, there are currently 6,500 individuals that are homeless or at risk of homelessness, and the current solutions are simply not adequate in addressing this issue,” said, Ian Arthur, President & Founder nidus3D. “nidus3D is driven by the mission for increasing access to housing, and we’re deeply honoured for building the first multi-unit 3D printed homes in North America. This historic build serves as proof-of-concept for future builds, and paves the path for quicker and more cost-effective homes for Canadian families.”

During COVID, there was devastating impact of co-living on rooming houses and other communal living spaces. There was loss of life that could have been prevented.

Krista Rempel, Executive Director for The Bridge Youth Resource Centre states, “We’re grateful for the opportunity to be part of this historic build. The Bridge is investing in housing through this collaborative opportunity to not only do their part in addressing this housing crisis but the initiative will also support on-going operating dollars to sustain the organization long-term.”

This first-of-its-kind project will result in four units, in a self-contained home each unit measuring 560 square feet.

“We are very proud to be an active partner and research collaborator in this landmark research project of 3D printed home construction,” said Dr. Sreekanta Das, Professor of Civil Engineering at the University of Windsor.

This construction project will help forming the design codes and standards on 3D printed constructions.

“We are excited about this innovative solution to addressing the national housing crisis,” said Hilda MacDonald, Mayor of the Municipality of Leamington. “We are very grateful the Municipality of Leamington was selected as the location of this first-of-its-kind fully accessible 3-D multi-unit residential build.”

The 3D printed homes will be available by Summer 2022 for individuals and couples in need of attainable housing. For more information, visit: 3D Printed Homes Partnership.

About Habitat for Humanity Windsor-Essex

Habitat for Humanity Windsor-Essex is a non-profit organization working for a world where everyone has a safe and decent place to live. You can support Habitat for Humanity Windsor-Essex by donating or shopping at the Restore located at 51 Edinborough St. in Windsor. Visit www.habitatwindsor.org for more information.

About nidus3D

nidus3D is a strategic partner and distributor of COBOD BOD2 printers based out of Kingston, Ontario. With experience in construction, lean manufacturing, and public affairs, the team at nidus3D is actively deploying 3DCP (3D Construction Printing) technology to lower building costs and increase access to housing that is resilient, efficient and sustainable, all while complying with Canadian building standards. Visit nidus3d.com for more information.

About The Bridge Youth Resource Centre

The Bridge is a non-profit organization focused on the vision to help every youth reach their potential. Individuals can learn more about The Bridge, including giving opportunities, by visiting www.thebridgeyouth.ca.

About University of Windsor

The University of Windsor is a leading research and teaching university located in Windsor, Ontario, Canada. The Department of Civil and Environmental Engineering is an academic department within the Faculty of Engineering that has been researching the development of environmentally-friendly, sustainable printing materials, as well as the applications of 3D printing in construction to resolve the ongoing domestic housing crisis.

Contacts

Habitat for Humanity Windsor-Essex
Fiona Coughlin
Executive Director, CEO

Mobile: 519-969-3762 x225

Email: fcoughlin@habitatwindsor.org

nidus3D Inc.
Ian Arthur
President, CEO

Mobile: 613-449-2745

Email: ian@nidus3d.com

University of Windsor
Sreekanta Das, PhD, PEng
Professor of Civil Engineering

Ph: 519-253-3000 x2507

Email: sdas@uwindsor.ca

Media Inquiries:
Jay Sachdev
Founder, CEO

Breathe Purpose Media

Mobile: 647-203-3595

Email: jay@breathepurposemedia.com

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

TORONTO–(BUSINESS WIRE)–#valueforgenerations–Choice Properties Real Estate Investment Trust (“Choice Properties”) (TSX: CHP.UN) announced today that the trustees of Choice Properties have declared a cash distribution for the month of May, 2022 of $0.061667 per trust unit, representing $0.74 per trust unit on an annualized basis, payable on June 15, 2022 to Unitholders of record at the close of business on May 31, 2022.

About Choice Properties Real Estate Investment Trust

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

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

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

Contacts

Mario Barrafato

Chief Financial Officer

Choice Properties REIT

(416) 628-7872

Mario.Barrafato@choicereit.ca

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

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

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

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

Distributions on all unit classes of the REIT, and distributions on Exchangeable Units, will be payable on June 15, 2022 to unitholders of record as of the close of business on May 31, 2022.

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

Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate. The REIT owns and operates approximately U.S. $1.9 billion of critical real estate infrastructure across major U.S. metro markets that communities rely upon for their daily needs. The REIT’s resilient grocery-anchored portfolio and strong credit tenants provide unitholders with durable cash flows and the potential for capital appreciation over the longer term. Visit slategroceryreit.com to learn more about the REIT.

About Slate Asset Management

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

Forward-Looking Statements

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

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

SGR-Dist

Contacts

Investor Relations

+1 416 644 4264

ir@slateam.com

TORONTO–(BUSINESS WIRE)–Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of high-quality workplace real estate, announced today that each of the trustee nominees listed in the management information circular of the REIT dated March 23, 2022 were elected as trustees of the REIT at the annual meeting of unitholders held on May 12, 2022 (the “AGM”). Voting results for the individual trustees of the REIT are as follows:

Name of Nominee	Voted For	%	Voted Withheld	%
Monty Baker	16,505,064	59.55	11,212,396	40.45
Lori-Ann Beausoleil	15,857,837	57.22	11,854,623	42.78
Thomas Farley	16,517,769	59.59	11,199,691	40.41
Michael Fitzgerald	16,574,297	59.80	11,143,163	40.20
Meredith Michetti	15,841,132	57.15	11,876,328	42.85
Blair Welch	16,395,769	59.15	11,321,691	40.85
Brady Welch	16,525,394	59.62	11,192,066	40.38

The resolution to re-appoint KPMG LLP as the auditors of the REIT for the ensuing year and authorizing the trustees to fix the remuneration to be paid to the auditors was approved by 95.64% of the votes.

Final results on all matters voted upon at the AGM will be filed with the Canadian securities regulatory authorities and will be available on the REIT’s SEDAR profile at www.sedar.com.

Q1 2022 Earnings Call Transcript and Investor Update

Slate Office REIT’s 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 – Q1 2022 earnings call transcript
• Slate Office REIT – Q1 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 or 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

KV Capital’s newest division, Real Estate Equity Partners, will support development throughout western Canadian markets by providing equity backing to experienced and forward-thinking developers.

EDMONTON, Alberta–(BUSINESS WIRE)–Today, Edmonton-based real estate finance firm and investment manager, KV Capital, is launching its newest division, Real Estate Equity Partners, which will provide equity capital to experienced, western Canadian developers through joint ventures and strategic partnerships. Under the leadership of former President and CEO of Melcor Developments and Melcor REIT, Darin Rayburn, Real Estate Equity Partners enhances KV Capital’s ability to deliver both value to the development community and superior investment opportunities to its investors.

“We are thrilled to bring this solution to our clients and investors—and we couldn’t imagine doing so with anyone other than Darin at the helm,” says KV Capital’s CEO, Aleem Virani. “Darin is top tier. He is, quite deservedly, highly respected across North America’s real estate industry and we are very confident in the calibre of his leadership and ability to execute. Above all, we are excited to watch the positive impact he has on the success of our clients and investors, our team members and the communities in which we operate.”

Rayburn, who is joining the ownership group of KV Capital, has over 30 years of experience in the real estate industry and has a proven track record in all facets of development and portfolio management. The firm believes all stakeholders will benefit by the combination of his experience and leadership with KV Capital’s platform, including its access to high-quality real estate investment opportunities and expertise in areas like debt advisory, underwriting, lending and asset management.

“I’m always looking for innovative opportunities to drive value—and this new vertical does exactly that by providing a much-needed western Canadian based equity sponsor that sticks to its knitting, focusing on the markets we know intimately and where we have deep relationships,” says KV Capital’s President, Real Estate Equity Partners, Darin Rayburn. “Our aspiration with this new business line is simple: play a meaningful role in building thriving, vibrant communities by making prudent investment decisions which help developers bring their vision to life and provide superior returns to our investors. This is the work being done today by KV Capital through its debt platform—and we can now bring an equity component into the picture.”

KV Capital now offers services across six distinct business units and has been recognized on the Growth 500 ranking of Canada’s fastest growing companies for six consecutive years since 2015.

About KV Capital

Headquartered in Edmonton, Alberta, KV Capital has enjoyed rapid growth since its inception from a start-up venture in 2006 focused strictly on mortgage brokerage to a multi-faceted financial services and investment firm. Its operations now include capital raising, commercial mortgage brokerage and lending, private equity investments and asset management.

Today, KV Capital manages a portfolio with approximately $200M in commercial mortgages under management; has originated, underwritten, administered and funded over $1B in commercial mortgage financing; and has access to annual commercial mortgage deal flow in excess of approximately $2B.

Find KV Capital Online

Website: kvcapital.ca
LinkedIn: KV Capital
Facebook: @KVCapital
Instagram: @KV.Capital
Twitter: @KV_Capital

Contacts

Vanessa Tracy-Roth

Marketing Manager, KV Capital

vanessa.tracy-roth@kvcapital.ca | 780.999.5727

Fourth North American DNEG Studio Debuts with More Than 150 Hired in Greater Toronto Area Amidst Ongoing Worldwide Growth Plan

Studio Now Employs 1500+ in Canada Including Vancouver and Montreal Operations

LONDON & TORONTO–(BUSINESS WIRE)–DNEG, a leading visual effects (VFX) and animation studio for the creation of feature film, television and multiplatform content, officially opened its previously announced studio in the King West district of Toronto today, with more than 150 already hired, and revealed significant progress in its aggressive Canadian expansion efforts.

DNEG is in the midst of increasing its Canada-based VFX and animation operations and talent pool to meet surging worldwide multiplatform demand for its award-winning VFX, animation and leading-edge virtual production services.

The company remains on track to hire 200 employees for its Toronto studio in year one, including many new technology positions, and is planning to scale the studio even further in year two in response to demand from clients for its premium VFX and animation services. The company has embraced a flexible, hybrid in-office workforce approach to address ongoing COVID-19 precautions and to maximize the company’s appeal in securing the premier talent in the competitive VFX and animation labor marketplaces.

Fresh off another year of prestigious industry honors and recognition for its work at the Academy Awards^®, the BAFTAs and the Visual Effects Society (VES), DNEG also reported ongoing progress in its Canadian hiring efforts, with now more than 1,500 employed nationwide. Current headcount in Canada now includes approximately 850 in Montreal and 520 in Vancouver, which includes the company’s new DNEG Animation location in Vancouver, and its ReDefine brand, which has employees in Vancouver, Montreal and Toronto.

“I am thrilled with the progress DNEG has made over the past six months in establishing a strong presence in Ontario, with exciting career opportunities in visual effects work for film and episodic projects, feature animation, and technology,” said General Manager, Gavin Graham. “The welcome we have received from local trade associations, Toronto Mayor John Tory and his team, and of course the incredible talent pool in Toronto, has been overwhelming.”

“Toronto’s film and television production industry is second to none in the world, and I am delighted to welcome DNEG to be a part of this dynamic and thriving sector,” said Toronto Mayor John Tory. “DNEG will join industry leaders and our locally-based, globally-minded talent, to further grow and diversify the sector. We welcome DNEG to the Toronto Region and embrace its enhanced presence and partnership in original content production.”

“DNEG is proud to invest in its Canadian studios, providing the local VFX, animation and high-tech talent pool in the area with opportunities to work on some of the world’s biggest films as we experience increasing demand from the entertainment industry for our premium quality work,” said DNEG Chairman and CEO Namit Malhotra. “We remain committed to our long-term growth strategy as DNEG expands from feature film and episodic TV content to take advantage of opportunities in adjacent markets, including gaming and the metaverse.”

DNEG has been working closely with Toronto Global, a team of experienced business advisors assisting global businesses to expand into the Toronto Region.

“Toronto Global was pleased to work with DNEG to help establish its new studio in the Toronto Region, bringing hundreds of jobs and significant economic benefits to our world-class television and film production sector,” said Stephen Lund, CEO, Toronto Global. “DNEG’s investment is yet another signal that the spotlight continues to shine brightly on the Toronto Region.”

Current DNEG career opportunities worldwide are posted at DNEG.com.

DNEG Industry Awards

DNEG’s VFX work has won:

• Seven Academy Awards^®
  • Best Visual Effects
  • Winners:
    • Dune (2022)
    • Tenet (2021)
    • First Man (2019)
    • Blade Runner 2049 (2018)
    • Ex Machina (2016)
    • Interstellar (2015)
    • Inception (2011)
• Seven BAFTA Awards
• Eighteen Visual Effects Society (VES) Awards
• Three Primetime EMMY^® Awards

On January 25, 2022, DNEG announced its entry into a definitive business combination agreement with Sports Ventures Acquisition Corp. (Nasdaq: AKIC). Upon the closing of the business combination, which is expected in the first half of 2022, the combined public company will be named DNEG. For more information about the transaction, please visit https://investors.dneg.com/.

About DNEG

DNEG (www.dneg.com) is one of the world’s leading visual effects (VFX) and animation companies for the creation of feature film, television, and multiplatform content. DNEG employs nearly 7,000 people with worldwide offices and studios across North America (Los Angeles, Montréal, Toronto and Vancouver), Europe (London) and Asia (Bangalore, Chandigarh, Chennai and Mumbai).

DNEG’s critically acclaimed work has earned the company seven Academy Awards^® for Best Visual Effects and numerous BAFTA and Primetime EMMY^® Awards for its high-quality VFX work. Current and upcoming DNEG projects on behalf of its Hollywood and global studio and production company partners include “Stranger Things” (season 4) (May 2022), Bullet Train (July 2022), Shazam! Fury of the Gods (December 2022), Borderlands (2022) (December 2022), Knives Out 2 (2022), The Last of Us (2022), The School for Good and Evil (2022), Super/Natural (2022), Aquaman and the Lost Kingdom (March 2023), Haunted Mansion (March 2023), The Flash (June 2023) and Meg 2: The Trench (August 2023).

About Sports Ventures Acquisition Corp.

Sports Ventures Acquisition Corp. is a blank check company organized with the purpose of effecting a merger similar business combination with a major entertainment powerhouse. Sports Ventures Acquisition Corp. is led by Alan Kestenbaum, businessman and minority owner of the Atlanta Falcons of the NFL. Other leadership members include Robert Tilliss, who brings with him extensive sports and arena expertise, Daniel Strauss, and Steve Horowitz.

Additional Information About the Transaction and Where to Find It

This communication may be deemed to be solicitation material with respect to the proposed transaction for Sports Ventures Acquisition Corp. to acquire Prime Focus World NV. In connection with this proposed transaction, Sports Ventures Acquisition Corp. will file a definitive proxy statement with the SEC, which will be sent to the shareholders of Sports Ventures Acquisition Corp. Sports Ventures Acquisition Corp. will also file other documents regarding the proposed transaction with the SEC. This communication does not contain all the information that should be considered concerning the proposed transaction. It is not intended to provide the basis for any investment decision or any other decision in respect to the proposed transaction. SHAREHOLDERS OF SPORTS VENTURES ACQUISITION CORP. ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE DEFINITIVE PROXY STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the SEC by Sports Ventures Acquisition Corp. through the website maintained by the SEC at http://www.sec.gov.

The documents filed by Sports Ventures Acquisition Corp. with the SEC may also be obtained free of charge at Sports Ventures Acquisition Corp.’s website at https://www.sportsventuresacq.com or upon written request to Sports Ventures Acquisition Corp., 9705 Collins Ave 1901N, Bal Harbour, FL 33154.

Participants in Solicitation

Sports Ventures Acquisition Corp., Prime Focus World NV and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the holders of Sports Ventures Acquisition Corp. Class A

Ordinary shares in respect of the proposed transaction. Information about the directors and executive officers of Sports Ventures Acquisition Corp. and their ownership of Class A Ordinary shares are set forth in its Annual Reports on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 1, 2022, and its Reports on Form 8-K, which were filed with the SEC on April 6, 2021 and January 12, 2022, as modified or supplemented by any Form 3 or Form 4 since the date of that filing. Investors may obtain additional information regarding the interest of such participants by reading the preliminary proxy statement and the definitive proxy statement when available.

No Offer or Solicitation

This communication is for informational purposes only and is not intended to and does not constitute an offer to subscribe for, buy or sell, or the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, invitation, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Forward-Looking Statements

This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact contained in this communication including, without limitation, statements regarding Sports Ventures Acquisition Corp.’s or Prime Focus World NV’s financial position, expected operating performance, business strategy and the plans and objectives of management for future operations; anticipated financial impacts of the proposed transaction; the satisfaction of the closing conditions to the proposed transaction; and the timing of the completion of the proposed transaction, are forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that any such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of Prime Focus World NV, Sports Ventures Acquisition Corp. and their respective business, operations, financial condition and the industries in which they operate, the risk that the proposed transaction between Prime Focus World NV, and Sports Ventures Acquisition Corp. may not be consummated, and the factors described in the “Risk Factors” section of Sports Ventures Acquisition Corp.’s annual report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 1, 2022, the proxy statement discussed above and other documents filed by Sports Ventures Acquisition Corp. from time to time with the SEC. Prime Focus World NV and Sports Ventures Acquisition Corp. each disclaim any obligation to update any forward-looking statements contained herein.

Contacts

Media
Eric Becker, ICR

(303) 638-3469

DNEGPR@icrinc.com

Tony Bradley, DNEG

+44 (207) 268-5000

pr@dneg.com

Investors
Ashley DeSimone, ICR

(646) 677-1827

DNEGIR@icrinc.com

Brett Milotte, ICR

(332) 242-4344

DNEGIR@icrinc.com

Will create more than 300 full-time jobs over the next five years

MAUMEE, Ohio–(BUSINESS WIRE)–Fiberon, a leading manufacturer of outdoor living products, broke ground on a new manufacturing facility in Columbia, Tennessee, Tuesday, May 10. The facility is expected to be at least 500,000 square feet and is being built on a 130-acre plot of land.

During the groundbreaking event, multiple Fiberon representatives and local government officials spoke on how the new facility will impact the Columbia community.

“We’re excited to join the Columbia community,” said Fenton Challgren, president of Fortune Brands’ Outdoors Business Unit. “With our new, state-of-the-art facility, Fiberon will create more than 300 jobs including manufacturing and office positions. Plus, giving back is one of our core values and we look forward to supporting Columbia and the surrounding areas.”

Fiberon is making a $15,000 donation to the Youth Education Fund, a nonprofit based in Maury County, Tennessee, that provides funding for organizations focused on offering leadership, mentorship and educational resources to the youth in their community.

“Fiberon and Fortune Brands have made a significant investment in the community that will generate more than 300 quality job opportunities for the citizens of Columbia,” said Chaz Molder, mayor of the city of Columbia. “I would like to express my sincere appreciation to the company for its commitment, from the outset, to be a good corporate citizen and true community partner.”

Fiberon’s new plant in Columbia will manufacture polyethylene (PE) decking and composite cladding using the same sustainability measures utilized in their existing plants. There will also be an on-site recycling facility that will convert baled plastic waste into pellets used in Fiberon products. The building will feature LED lighting and energy-efficient windows, along with energy-efficient technology for all chillers and air compressors. The facility will also include cutting-edge digitalized product lines for continuous improvement, and automation for increased safety and efficiency.

The new facility in Columbia will increase availability of Fiberon product for Fiberon channel partners, helping them meet increased demand for outdoor living products.

“Fortune Brands Home & Security (FBHS) has built its foundation on enhancing the home – and Fiberon decking is a key part of that,” said Brett Finley, president of FBHS Outdoors & Security. “Since joining Fortune Brands in 2018, Fiberon has grown substantially and we’re excited to break ground on our newest facility right here in Columbia.”

Production is scheduled to begin at the new facility in late 2024.

For more information about Fiberon and the new facility in Columbia, download the digital press kit at fiberondecking.com/columbiaplant.

Shareable Highlights

• Fiberon, a leading manufacturer of outdoor living products, broke ground on a new manufacturing facility in Columbia, Tennessee, Tuesday, May 10.
• The new Fiberon facility in Columbia, Tennessee, is expected to be at least 500,000 square feet and is being built on a 130-acre plot of land.
• Fiberon’s new facility in Columbia will manufacture PE decking and composite cladding and will include a variety of sustainability best practices throughout the manufacturing process. Learn more at fiberondecking.com/columbiaplant.

About Fiberon

Founded in 1997, Fiberon is a leading U.S. manufacturer of wood-alternative decking, railing and cladding distributed worldwide. Fiberon also provides products like lighting and outdoor furniture, for a complete outdoor experience. Fiberon products are available in a wide range of styles and price points, all providing the warmth and beauty of natural wood without the costly, time-consuming maintenance. With a focus on sustainability and environmental responsibility, Fiberon PE decking contains a minimum of 94% recycled content. Fiberon maintains operations in North Carolina and Idaho. For more information, visit www.fiberondecking.com or call 800-573-8841.

Fiberon is part of the Outdoors & Security division of Fortune Brands Home & Security, Inc. (NYSE: FBHS), a Fortune 500 company, part of the S&P 500 Index and a leader in the home products industry. The Company’s growing portfolio of complementary businesses and innovative brands include Moen and the House of Rohl within the Global Plumbing Group, outdoor living and security products from Therma-Tru, LARSON, Fiberon, Master Lock and SentrySafe, and MasterBrand Cabinets’ wide-ranging offerings from Mantra, Diamond, Omega and many more. Visit www.FBHS.com to learn more about FBHS, its brands and how the Company is accelerating its environmental, social and governance (ESG) commitments.

Contacts

Darwin Minnis

Darwin.Minnis@fbhs.com
847.315.0960

CHICAGO–(BUSINESS WIRE)–The AZEK Company Inc. (NYSE: AZEK) (“AZEK” or the “Company”), the industry-leading manufacturer of beautiful, low-maintenance and environmentally sustainable outdoor living products, including TimberTech® decking, Versatex® and AZEK Trim®, and StruXure™ pergolas, today announced it has entered into an accelerated share repurchase agreement (“ASR”) with JPMorgan Chase Bank, National Association (“JPMorgan”) to repurchase $50 million of the Company’s Class A common stock.

The Company is funding the share repurchases under the ASR with existing cash resources. Under the terms of the ASR, the Company will receive an initial delivery of approximately 2.4 million shares of Class A common stock from JPMorgan, with the final settlement scheduled to occur no later than July, 2022. The final number of shares to be repurchased under the ASR will be based generally on the average of AZEK’s daily volume-weighted average price per share of Class A common stock during a repurchase period, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR.

At settlement, JPMorgan may be required to deliver additional shares of Class A Common Stock to the Company, or the Company may be required either to make cash payments or deliver shares of Class A Common Stock to JPMorgan, at the Company’s election. The ASR Agreement contains customary provisions for agreements of this type, including provisions for adjustments to the transaction terms, the circumstances under which the ASR Agreement may be accelerated, extended or terminated, and various representations and warranties made by the parties to one another.

About The AZEK® Company

The AZEK Company Inc. (NYSE: AZEK) is the industry-leading designer and manufacturer of beautiful, low maintenance and environmentally sustainable outdoor living products, including TimberTech^® decking and Versatex^® AZEK Trim^® and StruXure™ pergolas. Consistently recognized as the market leader in innovation, quality and aesthetics, products across AZEK’s portfolio are made from up to 100% recycled material and primarily replace wood on the outside of homes, providing a long-lasting, eco-friendly, and stylish solution to consumers. Leveraging the talents of its approximately 2,000 employees and the strength of relationships across its value chain, The AZEK Company is committed to accelerating the use of recycled material in the manufacturing of its innovative products, keeping millions of pounds of waste out of landfills each year, and revolutionizing the industry to create a more sustainable future. Headquartered in Chicago, Illinois, the company operates manufacturing facilities in Ohio, Pennsylvania, Georgia, and Minnesota, and recently announced a new facility will open in Boise, Idaho. For additional information, please visit azekco.com.

Cautionary Note Regarding Forward-Looking Statements

This release contains or refers to certain forward-looking statements within the meaning of the federal securities laws and subject to the “safe harbor” protections thereunder. Forward-looking statements are statements about future events and are based on our current expectations. These forward-looking statements may be identified by the words “believe,” “hope,” “expect,” “intend,” “will,” “target,” “anticipate,” “goal” and similar expressions. Projected financial information and performance are forward-looking statements. Other forward-looking statements may include, without limitation, statements with respect to the Company’s liquidity outlook, share repurchase plans and the expected completion date of the ASR. The Company bases its forward-looking statements on information available to it on the date of this release and undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of changed circumstances, new information, future events, or otherwise, except as may otherwise be required by law. Actual future events could also differ materially due to numerous factors that involve substantial known and unknown risks and uncertainties including, among other things, the risks and uncertainties set forth under “Risk Factors” and elsewhere in the Company’s reports on Form 10-K and Form 10-Q and the other risks and uncertainties discussed in any subsequent reports that the Company files with the Securities and Exchange Commission from time to time. Although we have attempted to identify those material factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors that could cause actual results or events to differ from those anticipated, estimated or intended. Given these uncertainties, investors are cautioned not to place undue reliance on our forward-looking statements.

Contacts

Investor Relations Contact:
Amanda Cimaglia

312-809-1093

ir@azekco.com

Media Contact:
Rachel Mihulka

402-980-9603

AZEKquestions@zenogroup.com

 

MONTREAL–(BUSINESS WIRE)–Devmont, a Montreal-based real estate development company, is proud to announce a significant donation of $150,000 to the MultiCaf Community Cafeteria for the year 2021. Devmont has been a MultiCaf partner since 2011 and to date has donated nearly $1M in support of the community organization’s mission in Montreal’s Côte-des-Neiges neighbourhood.

“We are thrilled to see that our donations and those of our partners are truly making a difference in our community,” says Sam Scalia, President of Devmont. “MultiCaf’s mission is one which we hold near and dear to our hearts, and knowing we are supporting its survival for many years truly brings us pride.”

The MultiCaf Community Cafeteria offers affordable meals and several food services to more than 3,000 civic addresses in the Côte-des-Neiges and Snowdon boroughs of Montreal. More than 7,000 low-income residents benefit from its healthy food services. MultiCaf’s goal is to further reduce the need for its services in the area. Thanks to Devmont’s donations, the organization was able to, among other things, expand its kitchen and upgrade its facilities in 2018, allowing it to serve more meals to those in need.

“Thanks to the significant funds granted by Devmont and its partners over the past few years, we have been able to help an extraordinary number of people by providing them with healthy food options and many other support resources,” says Jean-Sébastien Patrice, Executive Director of MultiCaf. “The pandemic and its effects severely impacted our community and our organization throughout 2020. This year, without the financial support of Devmont and its partners, we would have had to close our doors and cease operations. It is quite reassuring to have the support of responsible companies that care about the well-being of our communities, as it allows us to carry out our mission.”

Many of Devmont’s partners also rallied behind the cause, including Ventilation Volmair Inc, Portes & Fenêtres A.D.G., Entreprises électriques Grufil Inc, Plomberie Jacques Thibault & Fils Inc, Bau-Québec Ltée, Acier d’armature Vimada Inc, Forma Formwork, Carrelage Casco Inc, Systèmes Stekar Inc, B.S.G. Inc, Barwood Pilon Hardwood Floors, Béton Hi-Tech, Ébénisterie Hi-Teck Inc, Ramp-Art, Surface Imports, Ruel & Frère Ltée, DPE Ltée Contractors, Ritcher S.E.N.C.R.L./LLP, Urgo Hotels Canada, Crochetière, Petrin, Finition de béton Camitec Inc, Samcon, Proment, Supermarchés PA, Leroux Cote Burrogano, Peintures Filmar Inc, Lexcial Law Firm, Cathy Monticciolo and Frank Cianci.

About Devmont

Founded in 1999 by brothers Sam and Joseph Scalia, Devmont is a leader in the design, development and construction of residential properties, commercial properties and mixed-use developments, renowned for their design and architectural style, as well as creating thriving neighbourhoods. For more information, visit devmont.ca.

About MultiCaf

The MultiCaf Community Cafeteria’s mission is to provide food assistance to low-income residents of the Côte-des-Neiges and Snowdon boroughs of Montreal, in addition to offering various social intervention services, activities and workshops. MultiCaf has been embedded in the community for over 30 years and has a strong knowledge of the needs of the neighbourhood population and continues to build strong ties with its members. To learn more, visit multicaf.org.

Contacts

Tia Giannone

Tia@torchiacom.com
514-999-1732

Torchia Communications

LADERA RANCH, Calif.–(BUSINESS WIRE)–SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”), a self-managed and fully-integrated self storage company, today announced the acquisition of a self storage facility in Sacramento, CA. This is SmartStop’s 30th owned or managed location in California and 168th in North America.

The facility is located at 3970 Pell Circle, Sacramento, CA, with visibility from I-80, and serves the communities of Oak Knoll, Johnson Heights, Strawberry Manor, Northpointe, Del Paso Heights and Village Green. The property’s 860 storage units encompass approximately 79,800 square feet and are 100% climate controlled. The facility also offers over 60 spaces for Boat and RV storage. Additionally, the property offers amenities including multiple drive-in loading areas, state-of-the-art security systems, keypad access and large truck accessibility.

“This asset is located in a densely populated submarket within the Sacramento Metropolitan Area,” said Wayne Johnson, President & Chief Investment Officer of SmartStop. “The facility is user friendly, composed entirely of first floor, climate controlled units. As our third asset in the Sacramento market, this high quality property is a great addition to the SmartStop portfolio.”

About SmartStop Self Storage REIT, Inc. (SmartStop):

SmartStop is a self-managed REIT with a fully integrated operations team of approximately 420 self storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self storage programs. As of May 10, 2022, SmartStop has an owned or managed portfolio of 168 properties in 22 states and Ontario, Canada and comprising approximately 114,700 units and 13.0 million rentable square feet. SmartStop and its affiliates own or manage 19 operating self storage properties in the Greater Toronto Area, which total approximately 16,200 units and 1.7 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.

Contacts

David Corak
VP of Corporate Finance

SmartStop Self Storage REIT, Inc.

949-542-3331

IR@smartstop.com

TORONTO–(BUSINESS WIRE)–Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”), an owner and operator of single-family rental homes and multi-family rental apartments in the United States and Canada, announced today its consolidated financial results for the three months ended March 31, 2022.

All financial information is presented in U.S. dollars unless otherwise indicated.

The Company reported strong operational and financial results in the first quarter, including the following highlights:

• Net income from continuing operations increased by 290% year-over-year to $163.5 million compared to $41.9 million in Q1 2021; diluted earnings per share from continuing operations increased by 181% year-over-year to $0.59 compared to $0.21 per share in Q1 2021;

• Core FFO per share increased by 7.7% to $0.14, reflecting overall Core FFO growth of 32% driven by strong operating fundamentals and continued growth in the single-family rental portfolio, as well as higher fees generated from new Investment Vehicles created over the past year, partially offset by a 26% increase in weighted average diluted shares outstanding stemming largely from Tricon’s U.S. public offering in October 2021;¹

• Same home Net Operating Income (“NOI”) for the single-family rental portfolio grew by 11.6% year-over-year and same home NOI margin increased by 0.7% to 67.8%. Same home occupancy increased by 0.7% year-over-year to a record-high of 98.0%, same home turnover hit a record low of 14.7% and blended rent growth was 8.7% (comprised of new lease rent growth of 18.7% and renewal rent growth of 6.3%);

• The Company expanded its single-family rental portfolio by 6.5% (32% year-over-year) during the quarter through the organic acquisition of 1,935 homes at an average price of $347,000 per home (including closing and up-front renovations costs) for a total acquisition cost of $671 million, of which Tricon’s proportionate share was $202 million; and

• Positive trends continued into the second quarter, with same home rent growth of 8.6% in April 2022, including 17.9% growth on new leases and 6.5% growth on renewals, while same home occupancy increased to 98.4% and same home turnover remained low at 14.2%. The steady pace of acquisitions is expected to continue and management is on track to reach its target of 8,000 home acquisitions in 2022.

“After a tremendous 2021 highlighted by significant public and private capital raising, Tricon’s management team focused squarely on growth and operating performance to deliver a solid first quarter of 2022 featuring a 22.6% year-over-year increase in the total proportionate NOI. Our acquisition pace of 1,935 homes during a typically slow quarter puts us firmly on track to reach our goal of acquiring over 8,000 homes this year,” said Gary Berman, President and CEO of Tricon. “Meanwhile, our robust rent growth, record-high occupancy and record-low turnover resulted in 11.6% same home NOI growth. The strength we see in our results heading into Q2 gives us the conviction to increase our same home NOI growth guidance by 50 bps, to a range of 7.5% to 9.5% this year. Importantly, we have been able to accomplish these results while doing what’s right for our residents in today’s supply-constrained housing market. This quarter we continued to voluntarily cap rent increases on renewals for existing residents, and rolled out our pioneering Tricon Vantage program with close to 1,400 residents now enrolled in our Credit Builder program. We are off to a great start in 2022, and I want to thank our employees for their unwavering commitment to serving our residents, and our shareholders for their ongoing support.”

Financial Highlights

For the three months ended March 31
(in thousands of U.S. dollars, except per share amounts which are in U.S. dollars, unless otherwise indicated)		2022			2021
Financial highlights on a consolidated basis
Net income from continuing operations, including:	$	163,457		$	41,904
Fair value gain on rental properties		299,572			112,302
Basic earnings per share attributable to shareholders of Tricon from continuing operations		0.59			0.21
Diluted earnings per share attributable to shareholders of Tricon from continuing operations		0.59			0.21
Net loss from discontinued operations		—			(67,562	)
Basic loss per share attributable to shareholders of Tricon from discontinued operations		—			(0.34	)
Diluted loss per share attributable to shareholders of Tricon from discontinued operations		—			(0.35	)
Dividends per share(1)	$	0.058		$	0.056
Weighted average shares outstanding – basic		274,064,375			194,898,627
Weighted average shares outstanding – diluted		276,763,567			196,327,468
Non-IFRS(2) measures on a proportionate basis
Core funds from operations (“Core FFO”)	$	43,035		$	32,522
Adjusted funds from operations (“AFFO”)		33,658			25,817
Core FFO per share(3)		0.14			0.13
AFFO per share(3)		0.11			0.10

(1) Dividends are issued and paid in U.S. dollars. Prior to November 8, 2021, dividends were declared and paid in Canadian dollars; for reporting purposes, amounts recorded in equity were translated to U.S. dollars using the daily exchange rate on the applicable dividend record date.

(2) Non-IFRS measures are presented to illustrate alternative relevant measures to assess the Company’s performance. For the basis of presentation of the Company’s Non-IFRS measures and reconciliations, refer to the “Non-IFRS Measures” and Appendix A. For definitions of the Company’s Non-IFRS measures, refer to Section 6 of Tricon’s MD&A.

(3) Core FFO per share and AFFO per share are calculated using the total number of weighted average potential dilutive shares outstanding, including the assumed exchange of preferred units issued by Tricon PIPE LLC, which was 311,843,796 and 248,103,423 for the three months ended March 31, 2022 and March 31, 2021, respectively.

Net income from continuing operations in the first quarter of 2022 was $163.5 million compared to $41.9 million in the first quarter of 2021, and included:

• Revenue from single-family rental properties of $138.8 million compared to $99.4 million in the first quarter of 2021, largely as a result of a 32% expansion in the single-family rental portfolio to 31,032 homes and a 9.6% year-over-year increase in average effective monthly rent (from $1,483 to $1,625), partially offset by a 2.5% decrease in occupancy driven by an accelerated pace of acquisition of vacant homes.

• Direct operating expenses of $45.5 million compared to $33.2 million in the first quarter of 2021, primarily driven by the growth of the rental portfolio, higher property tax expenses associated with increasing property values, and elevated repairs and maintenance expenses as a result of an increased number and scope of work orders, and general inflationary pressures reflecting a tighter labor market and rising material costs.

• Revenue from private funds and advisory services of $12.4 million compared to $8.9 million in the first quarter of 2021, largely driven by property management and asset management fees from the U.S. multi-family portfolio after its syndication and the internalization of its property management functions, as well as higher development fees generated from Johnson communities.

• Fair value gain on rental properties of $299.6 million compared to $112.3 million in the first quarter of 2021 attributable to higher home values for the single-family rental portfolio. The appreciation in home prices reflected a number of factors, including strong population and job growth in the U.S. Sun Belt markets and a relatively low supply of existing and new homes for sale.

Core funds from operations (“Core FFO”) for the first quarter of 2022 was $43.0 million, an increase of $10.5 million or 32% compared to $32.5 million in the first quarter of 2021. The increase in Core FFO was driven by significant NOI growth from the single-family rental business and higher fees earned by the Company’s Private Funds and Advisory business from new Investment Vehicles.

Adjusted funds from operations (“AFFO”) for the three months ended March 31, 2022 was $33.7 million, an increase of $7.8 million (30%) from the same period in the prior year. This growth in AFFO was driven by the increase in Core FFO discussed above, partially offset by higher recurring capital expenditures associated with a larger single-family rental portfolio, inflationary cost pressures for both materials and labor, as well as a larger scope of work performed on properties as non-essential repairs and maintenance activities were deferred or foregone in the comparative period due to the pandemic.

Single-Family Rental Operating Highlights

The measures presented in the table below and throughout this press release are on a proportionate basis, reflecting only the portion attributable to Tricon’s shareholders based on the Company’s ownership percentage of the underlying entities and excludes the percentage associated with non-controlling and limited partners’ interests, unless otherwise stated. A list of these measures, together with a description of the information each measure reflects and the reasons why management believes the measure to be useful or relevant in evaluating the underlying performance of the Company’s businesses, is set out in Section 6 of Tricon’s MD&A.

For the three months ended March 31
(in thousands of U.S. dollars, except percentages and homes)		2022			2021
Total rental homes managed		31,146			23,535
Total proportionate net operating income (NOI)(1)	$	63,291		$	51,627
Total proportionate net operating income (NOI) growth(1)		22.6	%		8.3	%
Same home net operating income (NOI) margin(1)		67.8	%		67.1	%
Same home net operating income (NOI) growth(1)		11.6	%		N/A
Same home occupancy		98.0	%		97.3	%
Same home annualized turnover		14.7	%		21.2	%
Same home average quarterly rent growth – renewal		6.3	%		4.0	%
Same home average quarterly rent growth – new move-in		18.7	%		12.3	%
Same home average quarterly rent growth – blended		8.7	%		6.5	%

(1) Non-IFRS measures are presented to illustrate alternative relevant measures to assess the Company’s performance. For the basis of presentation of the Company’s Non-IFRS measures and reconciliations, refer to the “Non-IFRS measures” and Appendix A. For definitions of the Company’s Non-IFRS measures, refer to Section 6 of Tricon’s MD&A.

Single-family rental NOI was $63.3 million for the three months ended March 31, 2022, an increase of $11.7 million or 22.6% compared to the same period in 2021. The favorable variance in NOI was mainly attributable to a $14.7 million or 19.7% increase in rental revenues driven by a 9.6% increase in the average monthly rent ($1,625 in Q1 2022 vs. $1,483 in Q1 2021), growth in the portfolio size (Tricon’s proportionate share of rental homes was 20,253 in Q1 2022 compared to 18,091 in Q1 2021, an increase of 12.0%) as well as a decrease in bad debt expense as collection rates improved. Other revenue also increased by $1.9 million or 63.4% as ancillary services such as smart-home technology and renters insurance were provided to more residents. This favorable change in revenue was partially offset by a $5.0 million or 19.0% increase in direct operating expenses due to incremental costs associated with a larger portfolio of homes, higher property taxes and higher repairs and maintenance expense caused by wage and material price pressures and a deferral of non-essential activities in the same period in 2021 due to the pandemic.

Single-family rental same home NOI growth was 11.6% in the first quarter of 2022, primarily driven by revenue growth of 10.4% reflecting a 7.2% increase in average monthly rent ($1,589 in Q1 2022 compared to $1,482 in Q1 2021) coupled with a 70 basis point improvement in occupancy to a record-high 98.0%, ancillary revenue growth of 31.7% and lower bad debt expense. This favorable growth was partially offset by an 8.1% increase in operating expenses attributable to higher property taxes, higher repairs and maintenance expense as explained above, and additional costs incurred to provide ancillary services to more residents.

Single-Family Rental Investment Activity

The Company continued to expand its single-family rental portfolio through the acquisition of an additional 1,935 homes during the quarter, bringing its total managed portfolio to 31,032 rental homes. The homes were purchased at an average cost per home of $347,000, including up-front renovations, for a total acquisition cost of $671 million, of which Tricon’s share was approximately $202 million. Tricon plans to purchase over 2,000 homes in the second quarter of 2022.

Adjacent Residential Businesses Highlights

Quarterly highlights of the Company’s adjacent residential businesses include:

• Tricon’s share of U.S. multi-family rental NOI was $3.8 million compared to $3.2 million for the same period in 2021, a $0.6 million or 17.5% increase on a same-property basis. The growth in NOI is primarily attributable to a $0.7 million or 12.8% year-over-year increase in revenue driven by a 10.7% year-over-year increase in average monthly rent, aided by a 0.9% year-over-year improvement in occupancy to 95.5%. Total operating expenses moderately increased by $0.2 million to $2.5 million attributable to increased usage and rising prices of third-party contract services, partially offset by a decline in marketing and leasing costs due to stronger leasing demand;

• In the Canadian multi-family business, The Selby experienced a surge in leasing activity, with occupancy increasing 14.3% year-over-year and blended rent growth of 9.4%, resulting in year-over-year NOI growth of 24.2%;

• Across Tricon’s Canadian residential developments portfolio, construction continues to progress on schedule, with the majority of projects under construction being funded by construction loans. Of note, Queen & Ontario and the Canary Landing (West Don Lands) – Block 20 projects are on schedule to begin construction in Q2 2022, and The Taylor and Canary Landing (West Don Lands) – Block 8 projects are on schedule to achieve their first occupancy by the end of 2022;

• The Company and Canada Pension Plan Investment Board (“CPPIB”) successfully closed on their second joint venture investment (“Symington”), a 1.95 acre development site in the Junction, one of Toronto’s character neighborhoods undergoing rapid gentrification. Once complete, the project will be a 17-story, 341-unit rental apartment community; and

• Tricon’s investments in U.S. residential developments generated $11.9 million of distributions to the Company in Q1 2022, including $0.7 million in performance fees.

Change in Net Assets

As at March 31, 2022, Tricon’s net assets grew by $160.2 million to $3.2 billion compared to $3.1 billion as at December 31, 2021. The increase was largely driven by reported net income of $162.3 million for the quarter (including fair value gains of $299.6 million on the single-family rental portfolio or $215.4 million on a proportionate basis). Accordingly, Tricon’s book value (net assets) per common share outstanding also increased by 5% sequentially to $11.77 (C$14.71) as at March 31, 2022 compared to $11.22 (C$14.22) as at December 31, 2021.

Balance Sheet and Liquidity

Tricon’s liquidity consists of a $500 million corporate credit facility with approximately $415 million of undrawn capacity as at March 31, 2022. The Company also had approximately $143 million of unrestricted cash on hand, resulting in total liquidity of $558 million.

As at March 31, 2022, Tricon’s pro-rata net debt (excluding exchangeable instruments) was $2.5 billion, reflecting a pro-rata net debt to assets ratio of 35.7%. For the three months ended March 31, 2022, Tricon’s pro-rata net debt to Adjusted EBITDAre ratio was 8.1x.²

On April 7, 2022, SFR JV-2 closed a new securitization transaction involving the issuance and sale of six classes of fixed-rate pass-through certificates with a face amount of approximately $530 million, a weighted average coupon of 4.32% (including servicing fees) and a term to maturity of five years, secured indirectly by a pool of 2,484 single-family rental homes. The transaction proceeds were used to refinance existing short-term SFR JV-2 debt and net proceeds of $29.9 million were returned to SFR JV-2 to fund future acquisitions of rental properties.

2022 Guidance Update

As a result of the strong operating performance during the first quarter, the Company updated its guidance for the Core FFO per share and same home metrics for the current fiscal year as follows:

For the year ended December 31	Current 2022 Guidance							Previous 2022 Guidance
Core FFO per share	$	0.60		–	$	0.64		$	0.60		–	$	0.64
Same home revenue growth		7.5	%			9.5	%		7.0	%	–		9.0	%
Same home expense growth		7.0	%			9.0	%		6.5	%	–		8.5	%
Same home NOI growth		7.5	%			9.5	%		7.0	%	–		9.0	%
Single-family rental home acquisitions	8,000+							8,000+

Note: Non-IFRS measures are presented to illustrate alternative relevant measures to assess the Company’s performance. Refer to the “Non-IFRS Measures” and Section 6 of the Company’s MD&A for definitions. See also the “Forward-Looking Information” section, as the figures presented above are considered to be “financial outlook” for purposes of applicable securities laws and may not be appropriate for purposes other than to understand management’s current expectations relating to the future of the Company. The reader is cautioned that this information is forward-looking and actual results may vary materially from those reported. Although the Company believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information. The Company reviews its key assumptions regularly and may change its outlook on a going-forward basis if necessary.

Quarterly Dividend

On May 10, 2022, the Board of Directors of the Company declared a dividend of $0.058 per common share in U.S. dollars payable on or after July 15, 2022 to shareholders of record on June 30, 2022.

Tricon’s dividends are designated as eligible dividends for Canadian tax purposes in accordance with subsection 89(14) of the Income Tax Act (Canada), and any applicable corresponding provincial and territorial legislation. Tricon has a Dividend Reinvestment Plan (“DRIP”) which allows eligible shareholders of the Company to reinvest their cash dividends in additional common shares of the Company. Common shares issued pursuant to the DRIP in connection with the announced dividend will be issued from treasury at a 1% discount from the market price, as defined in the DRIP. Participation in the DRIP is optional and shareholders who do not participate in the plan will continue to receive cash dividends. A complete copy of the DRIP is available in the Investors section of Tricon’s website at www.triconresidential.com.

Conference Call and Webcast

Management will host a conference call at 11 a.m. ET on Wednesday, May 11, 2022 to discuss the Company’s results. Please call (888) 550-5422 or (646) 960-0676 (Conference ID #3699415). The conference call will also be accessible via webcast at www.triconresidential.com (Investors – News & Events). A replay of the call will be available from 2 pm ET on May 11, 2022 until midnight ET on June 11, 2022. To access the replay, call (800) 770-2030 or (647) 362-9199, followed by Conference ID #3699415.

This press release should be read in conjunction with the Company’s Interim Financial Statements and Management’s Discussion and Analysis (the “MD&A”) for the three months ended March 31, 2022, which are available on Tricon’s website at www.triconresidential.com and have been filed on SEDAR (www.sedar.com) as well as with the SEC as part of the Company’s filed Form 6-K. The financial information therein is presented in U.S. dollars.

The Company has also made available on its website supplemental information for the three months ended March 31, 2022. For more information, visit www.triconresidential.com.

About Tricon Residential Inc.

Tricon Residential Inc. is an owner and operator of a growing portfolio of approximately 39,000 single-family rental homes and multi-family rental apartments in the United States and Canada with a primary focus on the U.S. Sun Belt. Our commitment to enriching the lives of our residents and local communities underpins Tricon’s culture and business philosophy. We strive to continuously improve the resident experience through our technology-enabled operating platform and innovative approach to rental housing. At Tricon Residential, we imagine a world where housing unlocks life’s potential. For more information, visit www.triconresidential.com.

Forward-Looking Information

This news release contains forward-looking statements pertaining to expected future events, financial and operating results, and projections of the Company, including statements related to targeted financial performance and leverage, anticipated home acquisitions, the single-family rental unit acquisition and development pipeline and the benefits to the Company of such factors. Such forward-looking information and statements involve risks and uncertainties and are based on management’s current expectations, intentions and assumptions in light of its understanding of relevant current market conditions, its business plans, and its prospects. If unknown risks arise, or if any of the assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from management expectations as projected in such forward-looking statements. Examples of such risks include, but are not limited to the Company’s inability to execute its growth strategies; the impact of changing economic and market conditions, increasing competition and the effect of fluctuations and cycles in the Canadian and U.S. real estate markets; changes in the attitudes, financial condition and demand of the Company’s demographic markets; fluctuation in interest rates and volatility in financial markets; developments and changes in applicable laws and regulations; and the impact of COVID-19 on the operations, business and financial results of the Company. Accordingly, although the Company believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

Certain statements included in this press release, including with respect to 2022 guidance for Core FFO per share and same home metrics, are considered to be financial outlook for purposes of applicable securities laws, and as such, the financial outlook may not be appropriate for purposes other than to understand management’s current expectations relating to the future of the Company, as disclosed in this press release. These forward-looking statements have been approved by management to be made as at the date of this press release. Although the forward-looking statements contained in this press release are based upon what management currently believes to be reasonable assumptions (including in particular the revenue growth, expense growth and portfolio growth assumptions set out herein which themselves are based on, respectively: assumed ancillary revenue growth and continuing favorable market rent growth; increased internalization of maintenance activities and improved management efficiencies accompanying portfolio growth; and the availability of homes meeting the Company’s single-family rental acquisition objectives), there can be no assurance that actual results, performance or achievements will be consistent with these forward-looking statements.

Contacts

Wissam Francis

EVP & Chief Financial Officer

Wojtek Nowak

Managing Director, Capital Markets

Email: investorsupport@triconresidential.com

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Leveraging Strong ties to the Lone Star State, including investors and board members, and relationships with local realtors, including Texas Premier Realty, Brixstone Real Estate, eXp Realty LLC, and others, Nobul brings its award-winning, consumer-centric marketplace for home buyers and sellers to thriving Texas real estate market

TORONTO & HOUSTON–(BUSINESS WIRE)–#Marketplace–Nobul Technologies (www.nobul.com), a consumer-centric real estate technology company connecting home buyers and sellers to the right real estate agents that meet their needs, is proud to announce today that its marketplace is now available throughout the state of Texas, including but not limited to Dallas, Fort Worth, Houston, Austin, San Antonio, and El Paso. With Nobul, buyers and sellers in Texas now have the ability to review criteria and data that help them choose the right real estate agent for them, while agents compete for their business in real time. To date, Nobul has achieved billions of dollars in sales across more than 100 markets throughout North America, including Canada, Florida and Georgia. Nobul’s entry into the Texas real estate market is part of a national U.S. rollout strategy for the company.

“Texas is the second most popular state in the United States for relocation, with more than 500,000 people moving to the Lone Star State every year,” said Regan McGee, Founder, Chairman, CEO and of Nobul. “With our strong ties to the state, thanks to multiple investors and shareholders of Nobul’s residing there, not to mention the burgeoning technology industry growing in the state, Texas is a perfect fit for Nobul and there couldn’t be a better time for our technology to finally be available there. Our marketplace is both revolutionary and evolutionary. Consumers have grown accustomed to online marketplaces, price and product comparison tools, professional and consumer reviews to make purchases. Nobul is the next logical step in this evolution when it comes to real estate. With home sales on the rise, days on market continuing to fall, and more than 30 million people living in Texas alone, we couldn’t be prouder to provide our technology to the thriving Texas real estate market.”

Nobul saves home buyers and sellers the hassle of trying to find a real estate agent by providing easy access to verified reviews, track records, transaction history, services offered and commission rate comparisons, which allows consumers to choose the agent that best fits their needs. Nobul’s innovative platform is poised to help everyone in Texas, current residents and people looking to relocate alike, who are looking to buy or sell a home. The platform also provides prospective buyers with curated property listings.

To ensure its path to success in the Lone Star State, Nobul has already built relationships with realtors from numerous brokerages, including Texas Premier Realty, Brixstone Real Estate, eXp Realty LLC and more, who are getting to know the Nobul platform. In addition to Nobul’s marketplace empowering buyers and sellers in their real estate transactions, realtors and agents continue to see the value in the company’s platform for making the home buying and selling process more transparent and providing choice, accountability, and simplicity to the real estate industry. Since there is no cost for agents to participate, and through the agent ranking system, agents compete for consumers’ business with no preferential treatment.

“We’re happy to have Nobul’s innovative technology platform come to Texas to help Texas Premier Realty’s 600+ agents get quality client referrals, to improve our deal flow and give buyers and sellers a better experience,” said Daryl Zipp, Broker for Texas Premier Realty.

Since 2010, roughly 700,000 people have moved to Texas from California alone. The low cost of living, no state income tax, thriving economy, great schools, and recreation are named as some of the top reasons to move to Texas.

“I’ve lived in Texas for over 25 years and believe Nobul is a perfect fit for the market,” said Texas-based Nobul board member Scott Reed. “As the platform continues to gain traction, I believe the Texas real estate market could gain greatly from Nobul’s disruptive and transparent residential real estate marketplace technology. Tech-savvy home buyers and sellers here are looking for more customized and easier ways to evaluate agents submitting bids for their business. We believe Nobul is exactly what they’ve been looking for.”

ABOUT NOBUL

Nobul Technologies (www.nobul.com) is the world’s only open digital consumer-centric marketplace connecting home buyers and sellers to the best real estate agent for them. Nobul’s platform enables buyers and sellers to easily access real estate agents’ transaction histories, pricing, services offered, and genuine reviews from people who have actually used them. The platform brings transparency, choice, accountability and simplicity to the real estate industry through powerful innovative technology supported by real people who truly care. Nobul has won many prestigious awards including the CNBC Upstart 100 Award and has crossed over $5,000,000,000 (five billion dollars) in completed sales, since its inception. For more information on Nobul, visit www.nobul.com.

Contacts

Nicole Rodrigues

nicole@nrprgroup.com