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 the entry into a new first lien term loan credit agreement (the “New Credit Agreement”) with Bank of America, N.A., as administrative agent and collateral agent, and the lenders and financial institutions party thereto. The New Credit Agreement provided the Company with a $600 million first lien term loan facility (the “Credit Facility”), the proceeds of which were applied, among other uses, to prepay the obligations in full under the Company’s existing first lien term loan credit agreement, which was due in May 2024 (the “Existing Credit Agreement”). In connection with the entry into the New Credit Agreement, the Existing Credit Agreement was terminated.

The Credit Facility will mature in April 2029, subject to acceleration or prepayment. Commencing on December 31, 2022, the Credit Facility will amortize in equal quarterly installments of 0.25% of the aggregate principal amount of the loans outstanding, subject to reduction for certain prepayments.

The interest rate applicable to loans under the Credit Facility will be based on Term SOFR for the applicable interest period at AZEK’s option, plus an applicable margin of 2.50%.

“We are pleased to announce the closing of this refinancing which provides additional liquidity, strengthens AZEK’s financial position and improves our capital structure to support our future growth ambitions,” said AZEK CFO Peter Clifford. “We believe the successful completion of this transaction on favorable terms reflects the recognition by the credit market of the significant achievements we have made in executing our growth strategy as well as our continued maturation as a public company.”

In connection with the closing of the Credit Facility, the Company also received a corporate credit rating of BB- from S&P Global Ratings, which is an upgrade from its prior rating.

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 our future financial performance, liquidity and our ability to service or repay our existing indebtedness and to secure additional financing in the future. 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 Contact:
Eric Robinson

312-809-1093

ir@azekco.com

Media Contact:
Rachel Mihulka

402-980-9603

AZEKquestions@zenogroup.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 months ended March 31, 2022 (“first quarter”) .

In the first quarter, the National Capital Commission announced, in partnership with Canada Mortgage and Housing Corporation (“CMHC”), that the Trust and Dream Unlimited, the Trust’s asset manager (“Dream”), were the successful proponents to develop the first phase of the Building LeBreton project in Ottawa, Ontario. The site, which is adjacent to a light-rail station and in close proximity to the Trust’s 34-acre Zibi development, will be a 601-unit net zero rental project of which 40% will be affordable. Subsequent to March 31, 2022, the Trust closed on the land with construction expected to commence within the next two years.

Separately, in the first quarter, the Trust, Dream and Great Gulf Group were selected by Waterfront Toronto to develop the Quayside site in downtown Toronto. The 3.4 million square feet (“sf”) net zero carbon community will include over 800 affordable housing units, a two-acre forested green space and a significant urban farm. The site is adjacent to the Trust’s 5.3-acre Victory Silos site which received zoning approval for 1.3 million sf in 2021.

“We have entered 2022 with strong momentum as we were selected to develop both Quayside and LeBreton,” said Michael Cooper, Portfolio Manager. “Alongside Zibi, with these projects the Trust has access to develop and own it’s share in over $6 billion in net zero communities. We continue to make progress on tackling some of Canada’s largest societal issues, as we address climate change head on, continue to increase the affordable housing supply and partner with stakeholders across our communities to be innovative, all while creating further value for our unitholders. With nearly $300 million of income properties, at the Trust’s share, either built-out or acquired over the last year, we are demonstrating our ability to successfully execute on developments and asset acquisitions to support the Trust’s growth targets.”

On April 28, 2022, the Trust published its net zero roadmap, an important achievement as it outlines our path to be carbon neutral by 2035. As part of our ongoing commitments for transparency and accountability across our impact objectives, we anticipate releasing Dream’s annual impact report later in May 2022. For further details on the Trust’s net zero targets, refer to the following link.

Selected financial and operating metrics for the three months ended March 31, 2022, are summarized below:

	Three months ended March 31,
		2022			2021
Condensed consolidated results of operations
Net income (loss)	$	349		$	(6,212)
Net income (loss) per unit(1)		0.01			(0.10)
Distributions declared and paid per unit		0.10			0.10
Units outstanding – end of period		65,337,152			64,885,017
Units outstanding – weighted average		65,285,072			64,956,996

During the first quarter, the Trust reported net income of $0.3 million compared to a net loss of $6.2 million in the comparative period. The improvement in earnings was driven by the composition of fair value changes in each respective period, reduced G&A expense, partially offset by higher interest expense related to the Trust’s convertible debentures and a fluctuation in income tax recovery.

As at March 31, 2022, the Trust had $3.9 million of cash-on-hand. The Trust’s debt-to-asset value⁽¹⁾ as at March 31, 2022 was 20.4%, relatively consistent with the debt-to-asset value⁽¹⁾ as at December 31, 2021 of 19.2%. 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 54.5% as at March 31, 2022, compared to 52.6% as at December 31, 2021, primarily due to additional project-level financing. As at March 31, 2022, the Trust had access to a credit facility to borrow up to $50.0 million, from which the Trust had drawn $8.7 million.

Recurring Income

During the first quarter, the Trust’s recurring income segment generated net income of $6.2 million compared to a net loss of $0.2 million in the comparative period. The increase relative to the prior year was due to the timing of fair value gains and transaction costs incurred on commercial properties acquired in early 2021. Included in the Trust’s recurring income segment in the period were $4.5 million of fair value gains on the Trust’s multi-family rental portfolio, of which nearly 80% was supported by third-party appraisals driven by favourable market conditions.

In the three months ended March 31, 2022, the Trust closed on a first-of-its-kind loan with Canada Infrastructure Bank under its Commercial Building Retrofits Initiative (“CBRI”) to finance building retrofits across the Trust’s income properties and support our net-zero targets. The Trust anticipates the first decarbonization project within this initiative to be Sussex Centre, the Trust’s 655,000 sf co-owned commercial building with Dream Office Real Estate Investment Trust located in the GTA.

Subsequent to March 31, 2022, the Trust alongside Dream, announced $153 million in insured financing under CMHC’s new MLI Select insurance product through TD Bank. This financing will preserve and increase the number of affordable units at the Trust’s recently acquired Residence at Weston, in addition to decreasing energy consumption and greenhouse gas (“GHG”) emissions by at least 15% and 25%, respectively. Innovative financing solutions such as MLI Select and CBRI provide the Trust with the ability to efficiently meet our impact targets with more attractive financing compared to traditional debt, reduced equity, and further demonstrates our ability to work effectively with government stakeholders.

The Trust is actively pursuing further growth in this segment. Based on the Trust’s current development pipeline, we have an additional 2,218 residential units and 127,000 sf of commercial and retail (at 100%) 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 months ended March 31, 2022.

Development

In the first quarter, the development segment generated a net loss of $2.3 million, compared to a net loss of $4.7 million in the comparative period. The improvement relative to prior year was primarily attributable to a fair value loss on the Trust’s legacy investment in Empire Lakeshore in 2021, partially offset by the net impact of fair value adjustments on certain development blocks at Zibi in each period.

We continue to make steady progress on the Trust’s active projects under construction, as well as those in the pre-development and rezoning stage. With approximately one-third of the Trust’s portfolio being in the rezoning process, we expect to unlock additional value within the next two years as approvals are obtained. This includes 49 Ontario Street which is an 88,000 sf commercial property located in downtown Toronto, for which the Trust has resubmitted its zoning application. We are targeting approval for approximately 800,000 sf of density, inclusive of an adjacent land assembly currently in the Trust’s acquisition pipeline. As at March 31, 2022, the Trust carried 49 Ontario Street at $95.0 million.

Other⁽²⁾

In the first quarter, the Other segment generated a net loss of $3.5 million compared to $1.3 million in the prior year. The variance was primarily driven by interest expense on the Trust’s convertible debentures and fluctuations in our income tax recovery period over period. This was partially offset by the management fee expense and one-time consulting costs incurred in the prior period.

In June 2021, the Trust renewed its arrangement to satisfy the management fees payable to DAM in units of the Trust converted at the most recent year-end NAV per unit⁽¹⁾ as determined by the Trust and recorded for accounting purposes based on the trading price on the date of settlement, until the end of 2023. Accordingly, the management fee payable for the three months ended March 31, 2022, was recorded at a discount relative to the comparative period which was recorded gross.

Unit Buyback Activity

From the inception of the Trust’s unit buyback program in December 2014 to May 2, 2022, the Trust has repurchased 15.4 million units for cancellation, for a total cost of $96.0 million. In the first quarter, the Trust renewed its normal course issuer bid, allowing the Trust to repurchase up to a maximum of 4.6 million units.

As at May 2, 2022, the Trust’s asset manager, DAM, owns 18.9 million units of the Trust, inclusive of 1.3 million units acquired under the Trust’s distribution reinvestment plan, 3.9 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 May 2, 2022.

Cash Generated from Operating Activities

Cash utilized in operating activities for the three months ended March 31, 2022 was $1.2 million compared to cash generated of $6.0 million in the prior year. The decrease in cash generated from operating activities was driven by timing of proceeds received from certain development and investment holdings, interest payments on the Trust’s convertible debentures and changes in non-cash working capital.

Trustee Appointed to the Board

On March 28, 2022, the Trust appointed Robert Goodall to the Board of Trustees. Mr. Goodall is the President and founder of Canadian Mortgage Capital Corporation, a company which operates various real estate debt and equity platforms and has a total of $1.8 billion of assets under management. Mr. Goodall is also President and CEO of Atrium Mortgage Investment Corporation, a $775 million non-bank lender which trades on the TSX.

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.

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 months ended March 31, 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	March 31, 2022		December 31, 2021
Total debt	$	142,110	$	133,150
Unamortized discount on host instrument of convertible debentures		765		809
Conversion feature		(564)		(357)
Unamortized balance of deferred financing costs		1,137		1,300
Total debt payable	$	143,448	$	134,902
Total assets		704,137		701,702
Debt-to-asset value		20.4%		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.

	March 31, 2022		December 31, 2021
Debt payable within our development and investment holdings, and equity accounted investments	$	529,385	$	493,217
Total assets		704,137		701,702
Total assets, inclusive of project-level debt	$	1,233,522	$	1,194,919
Debt payable within our development and investment holdings, and equity accounted investments		529,385		493,217
Total debt payable		143,448		134,902
Total debt, inclusive of project-level debt	$	672,833	$	628,119
Debt-to-total asset value, inclusive of project-level debt and assets within our development segment, including equity accounted investments		54.5%		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 March 31,
		2022		2021
Net income (loss)	$	349	$	(6,212)
Units outstanding – weighted average		65,285,072		64,956,996
Net income (loss) per unit	$	0.01		(0.10)

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, our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, future growth and drivers thereof, results of operations, performance, business prospects and opportunities, market conditions, acquisitions or divestitures, leasing transactions, future maintenance and development plans and costs, capital investments, financing, the availability of financing sources, income taxes, litigation and the real estate and lending industries in general, in each case, that are not historical facts; as well as statements regarding: our development pipelines; the Trust’s focus on impact investing and expectations; the Trust’s ability to achieve its impact and sustainability goals, and implementing other sustainability initiatives throughout its projects; the Trust’s plans and proposals for current and future development projects, including their expected sustainability impact; expectations regarding Zibi’s rental affordability and the number of affordable housing units, green space and urban farm to be developed at the Quayside site; development timelines and rezoning applications, including commencement of construction of our development projects; expectations regarding the Trust’s access to developing and owning over $6 billion in net zero communities, partnering with stakeholders and creating value for unitholders; the intended use of proceeds of the insured financing obtained from TD Bank under the MLI Select insurance product for certain investments at Residence at Weston and of the loan obtained under Canada Infrastructure Bank’s Commercial Building Retrofits Initiative in respect of the decarbonization of Sussex Centre and other projects; the Trust’s expectation of adding 91,000 sf of commercial space at Zibi over the next twelve months; the approval of the Trust’s rezoning application resubmitted for 49 Ontario for 800,000 sf of density inclusive of closing on an adjacent land assembly; and the 2,218 residential units and 127,000 sf of commercial and retail (at 100%) 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; 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 May 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, please contact:

Meaghan Peloso
Chief Financial Officer

416 365-6322

mpeloso@dream.ca

Kimberly Lefever
Director, Investor Relations

416 365-6339

klefever@dream.ca

WALLER, Texas & HAWTHORNE, N.J.–(BUSINESS WIRE)–#HVAC–Daikin Comfort Technologies North America, Inc. (Daikin) closed on the acquisition of CCOM Group, Inc. (OTC Pink: “CCOM”, “CCOMP”) and its wholly owned subsidiaries for $2.71 per share of common stock and convertible preferred stock today.

Earlier in the year Daikin announced a unified strategy to leverage strengths from Goodman and Daikin brands to expand business under one unified vision and to promote environmental solutions in the North American market. In its strategic management plan, FUSION 25, Daikin has set its sights on becoming the top provider of HVAC solutions in North America. This acquisition will contribute to the success of both strategies in the Northeast.

CCOM’s subsidiaries, Universal Supply Group, Inc., RAL Supply Group, Inc., and S&A Supply, Inc., have shaped it into a leading, full line distributor of HVAC products, building management systems, plumbing and electrical supplies, and parts and accessories in the Northeastern United States.

CCOM will continue to supply and promote the full line of residential unitary Goodman and Amana® brand equipment, Daikin ductless and light commercial HVAC products as well as a diverse lineup of additional brands and products. This includes building management systems and controls, other HVAC, indoor air quality, hydronic, plumbing and electrical equipment and supplies throughout its 15 locations across New Jersey, New York and Massachusetts.

CCOM and its subsidiaries will operate as a wholly owned business unit of Daikin, while maintaining their headquarters in Hawthorne, New Jersey with more than 165 employees.

About Daikin

Daikin Industries, Ltd. (DIL) is a Fortune 1,000 company with more than 84,870 employees worldwide and is the world’s #1 indoor comfort solutions provider company. Daikin Comfort Technologies North America, Inc. (DNA) is a subsidiary of DIL, providing Daikin, Goodman, Amana® and Quietflex brands products. DNA and its affiliates manufacture heating and cooling systems for residential, commercial and industrial use and are sold via independent HVAC contractors. DNA engineering and manufacturing is located at Daikin Texas Technology Park near Houston, Texas. For additional information, visit www.northamerica-daikin.com. Amana® is a registered trademark of Maytag Corporation or its related companies and is used under license. All rights reserved.

About CCOM Group

CCOM Group, Inc., based in Hawthorne, New Jersey with 15 total locations, has been an industry leader in HVAC, climate control systems, plumbing and electrical supplies for more than 100 years. Through its subsidiaries and divisions, Universal Supply Group, RAL Supply Group, Inc., S&A Supply, Inc., and the Universal Energy Products Division, CCOM distributes equipment, parts, and accessories throughout the Northeast. The company’s reach extends from Albany, New York and Western Massachusetts (S&A Supply) down through the Hudson Valley, Westchester County, and Long Island (RAL Supply) and through all of New Jersey (Universal Supply Group). For additional information, visit https://ccom-group.com/.

This release includes forward-looking statements, including those regarding the benefits of the transactions, the combined company’s plans and prospects, and other statements that are not historical facts. The forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking statements, some of which are beyond our control. Forward-looking statements speak only as of the date of this release and we disclaim any duty to update them except as required by law.

Contacts

Marc Bellanger

713.263.5505

marc.bellanger@daikincomfort.com

Wendy Hall

713.232.9229

wendy.hall@daikincomfort.com

Angie Meyer

201.249.4874

ameyer@usginc.com

SWTCH is poised to improve electric vehicle charging accessibility with low-cost solutions tailored to multi-family buildings at all income levels

TORONTO–(BUSINESS WIRE)–SWTCH Energy Inc. has closed $13 million USD in new financing to expand its electric vehicle (EV) charging solutions to multi-family buildings across North America, with an emphasis on serving the transition to electrified transportation for market-rate and low-to-moderate income (LMI) communities. The new capital includes a $10 million USD Series A round led by the venture capital arm of Aligned Climate Capital and a $3 million USD credit facility from Silicon Valley Bank. Additional Series A investors include Landmark Management Inc., Elemental Energy, IBI Group, Active Impact Investments, and Pacific Reach.

SWTCH provides EV charging and energy management solutions that address the unique challenges of EV ownership in multi-family buildings of all kinds. SWTCH’s unique approach to EV charging and energy management lowers the financial and technological barriers to EV ownership by employing cost-effective, software-based energy management solutions to multi-family buildings where electrical infrastructure hardware upgrades can be prohibitively expensive. Additionally, SWTCH’s charging-as-a-service model reduces the financial barriers to providing equitable access to EV charging infrastructure, which eliminates the upfront costs and reduces the operational costs of EV charging management by incorporating clean fuel standard credits, charging infrastructure incentives, and ancillary service market participation as part of the core offering.

“SWTCH’s mission is centered on realizing the social, economic, and environmental benefits of widespread EV adoption,” said Carter Li, CEO of SWTCH. “We know that more than 80% of EV charging occurs at home and 30% of homes in North America are multi-family, so improving access to EV charging infrastructure in multi-family buildings is critical to enabling widespread EV adoption. With over 75% of our charging stations currently deployed in multi-family buildings, SWTCH strongly believes in the importance of providing equitable, convenient, and affordable charging access at home, where people need it the most. This round of new financing will help us accelerate our growth into these locations by expanding our ability to fund more charging-as-a-service projects in low- and moderate-income communities across North America.”

“With rising gas prices, more and more Americans are looking to purchase electric vehicles. But that means we need more charging infrastructure and we need it where people live,” said Peter Davidson, CEO of Aligned Climate Capital. “We are proud to invest in a company that makes it easier for people to go electric, save money, and be a part of the climate solution.”

“SVB is excited to support SWTCH as they scale EV charger deployments in the critical multi-family building segment,” said Graeme Millen, Managing Director at SVB Canada. “Providing creative capital to enable SWTCH’s Charging-as-a-Service model is aligned with our commitment to the Climate Tech and Sustainability sector and helping accelerate the impact of companies and founders developing and scaling game-changing technology.”

SWTCH charging systems are currently installed in 200 multi-family buildings, 50% of which are classified as low-to-moderate income. As a current cohort of the Clean Fight Program, a not-for-profit climate-tech accelerator supported by the New York State Energy Research and Development Authority (NYSERDA) and New Energy Nexus, SWTCH is collaborating with other clean building technology providers to decarbonize and electrify the mass of New York’s non-luxury residential and commercial buildings, in order to generate equitable climate impacts while providing health, comfort, and savings benefits to LMI communities most impacted by the climate crisis. Under the new $2.5 billion Discretionary Grant Program for Charging and Fueling Infrastructure established by President Biden’s $7.5 billion Bipartisan Infrastructure Law, at least 50 percent of this funding will be used for a community grant program where priority is given to projects that expand access to EV charging and alternative fueling infrastructure within LMI communities.

“SWTCH was selected as one of just a handful of cohort companies from a very competitive applicant pool to participate in the Clean Fight program that’s focused on high impact solutions that bring the environmental, economic and health benefits of deep decarbonization to non-luxury buildings. After less than six months in the program, SWTCH is already working on new installations in LMI communities in NY with two different partners in The Clean Fight, in collaboration with two other participating cohort companies,” said Thatcher Bell, Program Director at The Clean Fight.

By the end of 2022, SWTCH expects to manage 5,000 charging ports in over 900 locations in all 50 U.S. states and 10 Canadian provinces, of which over 50% will be in low-to-moderate income multi-family buildings.

About SWTCH Energy Inc.

SWTCH is headquartered in Toronto, Ontario with offices in Brooklyn, New York and Boston, Massachusetts. The company electric vehicle (EV) charging and energy management solutions streamline charging for drivers while optimizing usage and revenue for multi-family building operators. SWTCH is a proud member of Open Charge Alliance (OCA), OpenADR Alliance, and CharIN, basing its EV charging platform on open communication standards to ensure interoperable, scalable, and future-proof charging solutions to its clients.

About Aligned Climate Capital

Aligned Climate Capital LLC is an asset manager investing exclusively in the people, companies, and real assets that are decarbonizing the global economy. Founded in 2019, Aligned is a dynamic and mission-driven firm that believes solving climate change is a unique opportunity to generate strong financial returns, while also achieving meaningful environmental and social impact. The team works at the intersection of finance, technology, and public policy with a particular focus on ESG metrics. For more information, please visit www.AlignedClimateCapital.com.

About Silicon Valley Bank

Silicon Valley Bank (SVB) helps innovative companies and their investors move bold ideas forward, fast. SVB provides a full range of financial services and expertise to companies of all sizes in innovation centers around the world. SVB is recognized as one of the world’s best employers by Forbes, and is a member of the Bloomberg Gender Equality Index. In 2022, SVB committed to provide at least $5 billion by 2027 in loans, investments and other financing to support sustainability efforts and the company has set a goal to achieve carbon neutral operations by 2025. SVB’s sustainable finance commitment aims to support companies that are working to decarbonize the energy and infrastructure industries and hasten the transition to a sustainable, net zero emissions economy. Learn more at svb.com/Canada.

About The Clean Fight – New Energy Nexus

The Clean Fight is a not-for-profit clean energy accelerator designed to attract growth-stage startups to scale business in New York State. Supported by The New York State Energy Research and Development Authority (NYSERDA) and New Energy Nexus, this accelerator is open to companies from across the United States and around the world who are aggressively advancing ways to meet carbon reduction mandates, while boosting economic opportunity and job creation for all. www.thecleanfight.com.

Contacts

SWTCH Energy Inc.

info@swtchenergy.com
1-844-798-2438

Isaac Steinmetz

Antenna Group for SWTCH Energy

swtch@antennagroup.com

NEW YORK–(BUSINESS WIRE)–#AssetClass–H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with over $48 billion of equity capital under management, is pleased to announce that its affiliate, H.I.G. Realty Credit Partners, has originated a loan for the acquisition of a 5-property, 4,000-unit self-storage portfolio located across three states in New England.

The loan was made to an affiliate of Prime Group Holdings, LLC, a self-storage owner and operator. The properties are newly-built, best-in-class assets that are well-located within their respective markets.

“We are excited to finance an asset class with such strong fundamentals. Given Prime’s excellent track record, we look forward to their continued success in these markets,” said Michael Mestel, Managing Director at H.I.G. Realty Credit Partners.

About H.I.G. Realty Partners

H.I.G. Realty Partners is the real estate platform of H.I.G. Capital, a leading global alternative assets investment firm with over $48 billion of equity capital under management. H.I.G. Realty Partners manages $8.2 billion of assets and focuses on small-to-mid cap real estate, targeting both equity and debt investments across all property types located throughout the U.S., Europe, and Latin America. Debt investments include senior bridge loans, mezzanine loans and preferred equity collateralized by transitional properties and portfolios. Equity investments are concentrated on the acquisition of value-add assets, employing a hands-on, operationally focused approach that seeks to generate substantial cash flow and asset appreciation through rehabilitating, redeveloping, repositioning and rebranding assets that have been capital starved and/or poorly managed. For more information, please refer to the H.I.G. website www.higcapital.com.

About H.I.G. Capital

H.I.G. is a leading global alternative assets investment firm with over $48 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

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

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

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

Contacts

Michael Mestel

Managing Director

mmestel@higrealty.com

Steven Schwartz

Managing Director

sschwartz@higcapital.com

LADERA RANCH, Calif.–(BUSINESS WIRE)–Strategic Storage Trust VI, Inc. (“SST VI”), a publicly-registered real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”), announced today the acquisition of two recently-constructed self storage facilities in the Greater Philadelphia MSA. These represent the 11^th and 12^th acquisitions in SST VI. Since SST VI launched as a private REIT in the first quarter of 2021, the REIT has purchased approximately $165 million of self storage facilities and land parcels to be developed into self storage.

“We are excited to add these two newly-constructed properties to the SST VI portfolio, and simultaneously enter the Philadelphia market,” said Wayne Johnson, Chief Investment Officer of SST VI. “With our tenth acquisition in program, we believe we are amassing a very high quality portfolio that we expect will create strong value for stockholders.”

Located at 401 Bellevue Road, the newly constructed facility in Newark, DE, a suburb of Philadelphia, is a state-of-the-art facility that is well positioned to serve the areas of Wilson, Brookside, Ogletown, and The University of Delaware. Opened in August 2021, the four-story facility is comprised of approximately 80,650 square feet of rental space. The facility’s 830 units are 100% climate controlled with a blend of first-floor and elevator access units. Further, it is the only storage facility offering climate-controlled units within a 2-mile radius.

The Levittown, PA facility, which opened in October 2021, is located at 1723 Woodbourne Road in the Levittown, PA, the largest suburb of Philadelphia. The three-story facility offers approximately 78,000 square feet of rental space and 810 units, 100% of which is interior climate controlled. This location serves the areas of Fairless Hills, Langhorne, Woodbourne and Fallsington. The new SmartStop® Self Storage location has desirable amenities including a sophisticated security system, secured and alarmed doors, gated entry and interior climate-controlled units with spacious elevators for second and third level units.

About Strategic Storage Trust VI, Inc. (SST VI):

SST VI is a Maryland corporation that intends to qualify as a REIT for federal income tax purposes. SST VI’s primary investment strategy is to invest in income-producing and growth self storage facilities and related self storage real estate investments in the Unites States and Canada. As of April 26, 2022, SST VI has a portfolio of ten operating properties in the United States comprising approximately 6,830 units and 701,850 rentable square feet and joint venture interests in two development properties in Toronto, Ontario.

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 April 26, 2022, SmartStop has an owned and managed portfolio of 167 properties in 22 states and Ontario, Canada, and comprising approximately 113,800 units and 12.9 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.

949-429-3331

IR@smartstop.com

CONDITIONAL COMMITMENT FROM THE DOE’S LOAN PROGRAMS OFFICE IS THE LATEST MILESTONE IN THE DEVELOPMENT OF THE WORLD’S LARGEST GREEN HYDROGEN HUB, WHICH HAS ALSO SECURED ALL OTHER MAJOR CONTRACTS.

SALT LAKE CITY, Utah–(BUSINESS WIRE)–#ChangeInPower–The U.S. Department of Energy’s (DOE) Loan Programs Office announced today that it has issued a conditional commitment to Advanced Clean Energy Storage I, LLC, and Mitsubishi Power Americas, Inc. and Magnum Development, LLC, and Haddington Ventures, LLC, for up to $504.4MM in debt financing for the Advanced Clean Energy Storage Project, expected to be the world’s largest industrial green hydrogen production and storage facility (the “Project”). This conditional funding commitment signifies the latest development milestone for the Project.

The industry-leading Advanced Clean Energy Storage hydrogen hub, located in Delta, Utah, was announced in May 2019, and within three years is in the final stages of debt and equity closing. Currently, the hub has secured all major contracts including offtake; engineer, procure and construct (EPC) contractors; major equipment suppliers, and Operations and Maintenance (O&M) providers. Haddington Ventures, the financial advisor for the hub and equity sponsor of Magnum Development, is securing $650MM through its Equity Syndication Program. These critical financial investments will ensure the future growth and scalability of the hub.

“We are unbelievably excited to reach this important milestone, not just for our hub, but for the hydrogen industry as a whole,” said Michael Ducker, Senior Vice President of Hydrogen Infrastructure for Mitsubishi Power Americas and President of Advanced Clean Energy Storage I. “Equally rewarding is having spent the past year partnering and working with such a forward-thinking and incredibly talented team from the Intermountain Power Agency to trail blaze this market leading facility. We are honored to be sharing this industry moment with them along with all of our world-class partners joining this effort.”

The hub will initially be designed to convert renewable energy through 220 MW of electrolyzers to produce up to 100 metric tonnes per day of green hydrogen, which will then be stored in two massive salt caverns each capable of storing 150 GWh of energy. Financed with support from the DOE loan guarantee, this facility will supply hydrogen feedstock to the Intermountain Power Agency’s (IPA) IPP Renewed Project — an 840 MW hydrogen capable gas turbine combined cycle power plant — that will initially run on a blend of 30 percent green hydrogen and 70 percent natural gas by volume starting in 2025 and will increase to 100 percent by 2045.

“The IPP Renewed Project is committed to helping the region meet its carbon targets by utilizing green hydrogen as a tool to integrate affordably and reliably with the significant build-out of renewables. The scale, experience, and collaboration offered by the Advanced Clean Energy Storage hydrogen hub made their team the ideal partner for us to work with as we realize our vision towards 100% green hydrogen at the site,” said Greg Huynh, Operating Agent, IPA.

Multiple industry-leading entities are also involved in the hub, which broke ground this Spring, including:

• Black & Veatch, an industry leader in engineering, procurement, and construction which will provide EPC services for the energy conversion facility and will draw on its extensive experience building complex energy infrastructure projects to construct the hydrogen production facilities.
• Mitsubishi Power, an industry leader in technology offerings, will provide the hydrogen equipment integration including the 220 MW of electrolyzers, gas separators, rectifiers, medium voltage transformers, and distributed control system.
• NAES Corporation, one of the energy industry’s largest independent providers of operations, maintenance, and repair services, will initially provide the O&M services for the plant and will oversee the current projected team of 20 plant-related personnel.
• Utah School and Institutional Trust Lands Administration, a subdivision of the State of Utah, leases the site and utilizes revenue generated from the hydrogen hub to benefit Utah schools.
• WSP, a global leader in engineering that develops creative, comprehensive and sustainable solutions to help communities thrive, will provide EPC Management services for the development of two large salt cavern storage facilities. WSP has been developing underground storage facilities since the 80s and has developed over 200 salt caverns for top tier midstream companies.

“The Advanced Clean Energy Storage Project is well on its way to achieving its goal in the creation of a world-class green hydrogen hub,” said Craig Broussard, CEO of the joint venture. “Through our network of partners, we have the potential to provide low-cost green hydrogen to verticals in addition to power, including refineries, heavy industrials, and the transportation sector.”

While this conditional commitment demonstrates the Department’s intent to finance the project, several steps remain, and certain conditions must be satisfied before DOE issues a loan guarantee.

The hub is actively seeking partners to bring green jobs and green hydrogen to support rural Utah and greater decarbonization across industries. For more information, visit www.aces-delta.com.

About Mitsubishi Power Americas, Inc.

Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered in Lake Mary, Florida, employs more than 2,300 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North, Central, and South America. Mitsubishi Power’s power generation solutions include gas, steam, and aero-derivative turbines; power trains and power islands; geothermal systems; PV solar project development; environmental controls; and services. Energy storage solutions include green hydrogen, battery energy storage systems, and services. Mitsubishi Power also offers intelligent solutions that use artificial intelligence to enable autonomous operation of power plants. Mitsubishi Power is a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace, and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.

About Magnum Development

Magnum Development, LLC is developing the only known “Gulf Coast” style domal-quality salt formation in the western United States. Magnum was founded in 2008 to create an energy hub centered around a large, little known salt body near Delta, Utah. Site viability and profitability has been proven with one business, Magnum NGLs, LLC, which was successfully developed, brought to commercialization, and sold in 2015. In March 2018, Magnum Development entered into a joint venture with Sawtooth by contributing its refined products business for an 8% ownership interest in the Sawtooth JV. A second JV was formed with Mitsubishi Power Systems in 2019 to add the storage and conversion of fossil free energy to the energy hub’s portfolio of products. As the Delta, Utah energy hub grows, Magnum will pursue additional strategic partners to broaden the strengths and products of the enterprise.

About Haddington Ventures

Founded in 1998, Haddington Ventures, LLC oversees a growing portfolio of successful conventional and renewable energy businesses that are bringing innovative new infrastructure to the U.S. energy sector. Haddington Ventures, through its private equity funds, generally makes control-oriented investments in portfolio companies acquiring or developing energy infrastructure underwritten by long term contracts. Haddington Ventures is led by a team of senior energy professionals who have invested more than $1.5 billion in companies focused on energy infrastructure across multiple private equity funds and co-investment partnerships.

About ACES Delta

ACES Delta is a joint venture between Mitsubishi Power Americas and Magnum Development. ACES Delta is developing the world’s largest renewable energy hub to produce, store, and deliver green hydrogen to the Western United States. Located in Delta, Utah, the Advanced Clean Energy Storage hub will serve as the country’s largest hydrogen gas and storage hub, initially providing over 300GWh of clean energy annually to the region. For more information, visit www.aces-delta.com.

Contacts

Communications Contacts
Mitsubishi Power Americas

Christa Reichhardt

+1 407-484-5599

Christa.Reichhardt@amermhi.com

Magnum Development

Michelle Judd

+1 801-748-5561

mjudd@magnumdev.com

Haddington Ventures

Sam Pyne

+1 713-532-7992

spyne@hvllc.com

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

OTTAWA, Ontario–(BUSINESS WIRE)–InterRent Real Estate Investment Trust (TSX-IIP.UN) (“InterRent”) announced today changes to its senior leadership and Board of Trustees (the “Board”). Effective May 1, 2022, Mike McGahan will step down from his current role as CEO and become Executive Chairman of the Board. At the same time, Brad Cutsey will succeed Mike to become President & CEO of InterRent REIT and will join the REIT’s Board and the current Chairman of the Board, Paul Amirault, will become the Lead Trustee.

Mike McGahan has been CEO of InterRent since 2009 and has successfully led the company through an initial period of portfolio rationalization, followed by tremendous growth in the REIT’s core regions, including its recent entry into the Greater Vancouver Area in early 2021. Throughout his tenure, Mike has embodied the entrepreneurial spirit that makes InterRent such a special place, ensuring that its unique culture remained intact as the company has grown and continues to mature. Under his leadership, the company has flourished to nearly 500 Team members and now provides homes to more than 13,000 households across Canada. In his role as Executive Chairman, Mike will provide ongoing guidance to the REIT over the next several years and will continue to be intimately involved with the strategic planning and capital allocation decisions of the REIT, while taking a step back from the operational side of the business.

Brad Cutsey has spent seven years honing his skillset with the REIT after being both an Equities Analyst and Investment Banker with prominent financial institutions. During his time with InterRent, Brad has explored all facets of the business and has spent a significant amount of time immersed in the operations of the REIT. Brad is uniquely positioned to hit the ground running and drive continued success across the company’s strategic priorities. Brad will work closely with Mike on strategic and growth initiatives and will focus on further enhancing InterRent’s operational platform and will continue to develop and nurture the exceptional Team that serves as its backbone. Brad’s positive attitude and boundless energy are contagious and matched only by his unwavering integrity and competitive spirit, a combination that will propel the REIT and its talented Team forward under his leadership.

Paul Amirault has been an independent Trustee since 2010 and in addition to serving as the current Chairman of the Board is a member of the Audit Committee and Nominations and Governance Committee. Paul brings extensive knowledge of capital markets and corporate governance to the role of independent Lead Trustee and will act as the effective leader of the Board in circumstances where it is inappropriate for the Executive Chairman of the Board to carry out the role due to an actual or perceived conflict of interest.

“I feel very fortunate to have been able to lead such a great Team for the last 12 years and I will continue to stay connected to my InterRent family and to be a significant REIT unitholder. I believe that Brad has the vision, tools, and a very deep bench of talent to deliver outsized returns and we are extremely lucky to have this talented individual lead the REIT into its next growth phase. On a personal note, I am looking forward to spending time with my sons and daughter in our private family real estate business, as well as on the development side with a very dynamic partner and exceptional Team” commented Mike McGahan, CEO.

“We always talk about our culture being our competitive advantage, and Mike has been the heart and soul of InterRent for more than a decade. I’ve had the pleasure to work alongside a wonderful leader and friend, and I could not be happier to see Mike make this decision to spend more time with his family after such an illustrious run with InterRent. Like Mike, I am passionate about the REIT’s role in supporting our communities and I will continue to be a strong advocate for the need to increase the supply of housing in Canada. We are clear in our strategic aspirations, and I am confident in our dedicated and talented Team to execute as we move forward together,” said Brad Cutsey, President.

“In his 12 years of serving InterRent, Mike has displayed his passion for providing homes for Canadians and building stronger communities. In his tenure as CEO, we have all come to appreciate Mike’s relentless work ethic and commitment to create a high-performing Team that feels like a family, and I personally look forward to working together with Mike in his new role as Executive Chairman. Since joining InterRent seven years ago, Brad has played an instrumental role in building the company to what it is today and has created strong personal relationships with the REIT’s many stakeholders. Under his leadership, we look forward to a vibrant future for our organization and for the thousands of families who call an InterRent community home,” commented Chairman of the Board of Trustees Paul Amirault. “Please join me in thanking Mike for his contributions to the REIT to date and in congratulating Brad on his new appointment.”

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) to grow both funds from operations per Unit and net asset value per Unit through investments in a diversified portfolio of multi-residential properties; (ii) to provide Unitholders with sustainable and growing cash distributions, payable monthly; and (iii) to maintain a conservative payout ratio and balance sheet.

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

Contacts

For further information:
Sandy Rose, CFA

Director – Investor Relations & Sustainability

(514) 704-2459

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

HOUSTON–(BUSINESS WIRE)–Westlake Royal Building Products™, one of North America’s largest manufacturers and distributors of exterior and interior building products, is pleased to announce that its parent company Westlake Corporation (NYSE: WLK) has achieved two years of +Vantage Vinyl certification.

+Vantage Vinyl is a voluntary, independent, third-party verification program, which Vinyl Sustainability Council (VSC) members use to certify their contributions toward continuous improvement in each of the impact categories – resource recovery, emissions, health and safety. To secure the +Vantage Vinyl mark, Westlake must prove each year that it has met the rigorous requirements outlined by the program’s guiding principles and has integrated sustainability activities and key performance indicators into the business as required by the initiative.

“We are thrilled that Westlake has received the +Vantage Vinyl certification for a second year, which is a demonstration of our company’s dedication to sustainable business practices,” said Steve Booz, vice president of marketing, Westlake Royal Building Products. “While we realize sustainable initiatives are ongoing, we hope to inspire other organizations to be responsible leaders in advancing an industry-wide approach to sustainability.”

Westlake uses Building for Environmental and Economic Sustainability (BEES) software, which was developed by the National Institute of Standards and Technology (NIST) to analyze the environmental life cycle of its products, from raw materials to waste management policies. The BEES software has shown that throughout its life cycle, vinyl releases significantly fewer toxic chemicals into the environment than other siding materials and has a lower overall environmental impact.

Westlake Royal Building Products uses PVC resin as the backbone of Royal^® vinyl and Exterior Portfolio^® vinyl siding. This is derived from components in nature, such as common salt and natural gas, that make PVC weather-resistant, chemically stable and lightweight.

“Compared to vinyl siding, fiber cement contributes almost four times the global warming potential; more than two times the acidification; and more than three-and-a-half times the air pollution,” added Booz. “We are also leading the charge, along with the Vinyl Siding Institute, in investigating methods of post-consumer recycling of PVC.”

+Vantage Vinyl is the only sustainability initiative that allows participation from all companies within the entire vinyl value chain with U.S. operations, ranging from raw material manufacturers and suppliers to final product manufacturers and retailers. To learn more about the +Vantage Vinyl program visit https://vantagevinyl.com/.

About Westlake Royal Building Products

Westlake Royal Building Products USA Inc., a Westlake company (NYSE:WLK), is a leader throughout North America in the innovation, design, and production of a broad and diverse range of exterior and interior building products, including Siding and Accessories, Trim and Mouldings, Roofing, Stone, Windows and Outdoor Living. For more than 50 years, Westlake Royal Building Products has manufactured high quality, low maintenance products to meet the specifications and needs of building professionals, homeowners, architects, engineers and distributors, while providing stunning curb appeal with an unmatched array of colors, styles, and accessories.

For more information, please visit WestlakeRoyalBuildingProducts.com. Follow us on LinkedIn and Instagram and “Like” us on Facebook.

Contacts

Kriss Swint

Westlake Royal Building Products

kswint@westlake.com

CALGARY, Alberta–(BUSINESS WIRE)–Westphalia Dev. Corp. (the “Corporation”) announced today its results for the fiscal year and fourth quarter ended December 31, 2021. Launched in March 2012, the Corporation acquired for development the 310-acre Westphalia Property (the “Property or the “Project”) located in Prince George’s County, Maryland, United States.

Review of Operations

The Corporation continues to actively seek purchasers and developers for the remaining lands associated with Phases 2 and 3 as well as other more immediate opportunities associated with the Phase 1 retail lands. The key activities undertaken by the Corporation during the year ended December 31, 2021, were as follows:

Construction Activities

• Continued construction on the Woodyard Road Interchange project. Construction is on schedule and expected to be completed in September 2022.

• The Presidential Parkway East project is substantially complete pending paving of the final top coat; final surveys are being prepared.

• Continued construction on the Presidential Parkway West project, which is expected to be completed by Q3 2022.

Sales Activities & Financing

• The Corporation amended the purchase and sale agreement to increase the purchase price for the commercial/industrial land in Phases 2 and 3 of the Project.

• A purchase and sale agreement expired in accordance with its terms on the residential for sale sites. The Corporation is in discussions with the same buyer regarding a potential alternative agreement pursuant to which that buyer would purchase fully engineered fee simple lots in lieu of raw land for condominium development. The Corporation will also take this out to market and discuss the opportunity with other builders.

The single-family market in the Washington, D.C. metropolitan statistical area, and specifically in the Prince George’s County submarket, continues to show strength which has led to increased builders’ interest in purchasing raw land for the development and construction of their own lots.

Management continues to focus on strategies to maximize the returns of the Project, which include, but are not limited to:

• Subsequent to year end, on April 1, 2022, the Corporation renegotiated its senior debt with its existing lender, WWMN, LLC. The Corporation has also begun reaching out to a third-party bank for an additional short-term loan.

• The Corporation is working to advance the planning of its current Phase 1 retail lands which are being considered on a for sale basis or a vertical joint venture basis. There are three sites in which a vertical strategy is being pursued to work with national or regional retail commercial and senior living builders. The Corporation is evaluating options for consultants to be engaged for this strategy and is seeking partners to build and lease out the two commercial sites and the senior living site.

• The Corporation continues to work with the local community, County leadership, and internal staff to re-plan additional development within the Westphalia Town Center. The Corporation also continues to work with the various consultants to implement a shift in the project’s scope after having received input from those detailed above.

Fourth Quarter and Year End Financial Results

The Corporation did not recognize any revenue in the fourth quarter of 2021. During the year ended December 31, 2021, the Corporation recognized revenue on contracts of $nil (2020 – $18,868,800). The cost of sales relating to the lot sales was $nil (2020 – $18,716,794), including selling costs and commissions. Cost of sales for the year ended December 31, 2021, included impairments on land development inventory of $nil (2020 – $2,469,865). Revenue and cost of sales recognized for the year ended December 31, 2020, was in respect to the sale of 18 Phase 1 single family lots to home builders and the Phase 1A bulk land sale to Galaxy NC, LLC.

For the year ended December 31, 2021, the Corporation generated a comprehensive loss of $1,917,091. When compared to the year ended December 31, 2020, total comprehensive loss of $3,419,241, there is a variance of $1,502,150 between the respective period ends. The variance is largely due to an impairment of $ 2,469,865 recognized during the year ended December 31, 2020. The breakdown of the comprehensive loss generated is detailed in the Management Discussion & Analysis.

Additional Information

The Corporation is managed by Walton Global Investments Ltd. and the development of the project is managed by Walton Development & Management (USA), Inc., both of which are members of Walton.

Walton is a privately owned, leading global real estate investment, land asset management and administration group that has focused on strategically located land in major growth corridors for more than 43 years. Walton manages and administers US$3.4 billion of real estate assets in North America on behalf of its investors and business partners. Walton has more than 98,000 acres of land under ownership, management and administration in the United States and Canada. Key entities in Walton include Walton Global Holdings, LLC, Walton International Group and Walton Development & Management (USA), Inc. For more information visit Walton.com.

This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. Forward-looking information is based on the current expectations, estimates and projections of the Corporation at the time the statements are made. They involve a number of known and unknown risks and uncertainties which would cause actual results or events to differ materially from those presently anticipated. The risks, uncertainties and other factors that could cause the Corporation’s actual results and performance in future periods to differ materially from the forward looking information contained in this news release include, among other things, the development of Westphalia Town Center, general economic and market factors, including interest rates, a decline in the real estate market, changes in government policies and regulations or in tax laws, changes in municipal planning strategies and whether certain development approvals are obtained and changes in the Canadian/U.S. dollar exchange rate, in addition to those factors discussed or referenced in documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.

Except as otherwise noted, all amounts are in Canadian dollars, and are based on unaudited condensed interim consolidated financial statements for the three months ended December 31, 2021, and related notes, prepared in accordance with International Financial Reporting Standards.

Contacts

Media Contact:
Megan Wahl

LAVIDGE

480-998-2600

DL-Walton@lavidge.com

LADERA RANCH, Calif.–(BUSINESS WIRE)–SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”), an internally-managed real estate investment trust and a premier owner and operator of self storage facilities in the United States and Canada, today filed a registration statement on Form S-11 with the U.S. Securities and Exchange Commission (the “SEC”) on April 22, 2022, relating to a proposed underwritten public offering in conjunction with the listing of its common stock on a national securities exchange. SmartStop intends to apply to list its common stock on the New York Stock Exchange under the ticker symbol “SMST.”

The number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market conditions, and there can be no assurance as to whether, or when, the offering may be contemplated or as to the actual size or terms of the offering.

Citigroup, Wells Fargo Securities, KeyBanc Capital Markets and BMO Capital Markets, are acting as joint book-running managers of the offering.

The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this offering, when available, may be obtained from: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146 or email to: Prospectus@citi.com); Wells Fargo Securities, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, at (800) 326-5897 or email a request to cmclientsupport@wellsfargo.com; KeyBanc Capital Markets Inc., Attention: Equity Syndicate, 127 Public Square, 4th Floor, Cleveland, OH 44114, by telephone at 1.800.859.1783 or by fax at 1-216-689-0845; or BMO Capital Markets Corp., Attention: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, by telephone at (800) 414-3627 or by email: bmoprospectus@bmo.com.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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 April 22, 2022, SmartStop has an owned and managed portfolio of 165 properties in 20 states and Ontario, Canada and comprising approximately 112,000 units and 12.8 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.

Contacts

David Corak
VP of Corporate Finance

SmartStop Self Storage REIT, Inc.

949-542-3331

IR@smartstop.com

HBC Gifts Landmark Building to Southern Chiefs’ Organization

A Bold Vision for a Better Future – Grand Chief Daniels

ANISHINAABE & DAKOTA TERRITORY, Manitoba–(BUSINESS WIRE)–The Southern Chiefs’ Organization (SCO) is proud to announce its project to transform the iconic Hudson’s Bay Company (HBC) heritage building in downtown Winnipeg. Following traditional ceremony over two days, culminating in an announcement event held on Friday, HBC announced its intention to gift the building to SCO. Working closely with HBC and federal and provincial Treaty partners, SCO has developed a visionary plan to turn the building into a space for economic and social reconciliation.

“Today can be another step forward to a brighter future, one that reflects what our ancestors dreamed of,” stated Grand Chief Jerry Daniels. “This project is an act of reconciliation and is our vision to revitalize the heart of Winnipeg’s downtown, for the benefit of all, in line with our traditional, holistic approach to sustainable economic development.”

The project’s working title is Wehwehneh Bahgahkinahgohn, or ‘it is visible’, and it will be a public act of reclamation and reconciliation as First Nations become the new owners of the historic building. This year marks the 352^nd anniversary of Hudson’s Bay Company (HBC), the oldest company in North America and one entwined with the fur trade. This project can begin to tell a new story for First Nations, for HBC, and for Canada.

“As we considered the future for the Winnipeg building, it was important to ensure a sustainable plan for the site that also had meaningful purpose for the city of Winnipeg,” said Richard Baker, Governor and Executive Chairman of Hudson’s Bay Company. “HBC’s Truth and Reconciliation journey requires actions that demonstrate our commitment to moving forward together with Indigenous communities. We believe SCO is the right steward for this location, and can create a new community landmark that will help advance reconciliation.”

Everyone deserves a safe and affordable place to call home,” said The Right Honourable Justin Trudeau, Prime Minister of Canada. “By reimagining the iconic Hudson’s Bay Company building in Winnipeg’s downtown core, the Southern Chiefs’ Organization is helping preserve this historic building, while creating almost 300 much-needed housing units for members of the southern First Nations in Manitoba.”

Following an unprecedented year, with the discovery of unmarked graves of children who died at residential school, and the disproportionate economic, health, and social hardships brought on by the pandemic, now is the time to create a new and brighter future for First Nations people. The SCO project will give new life to the Bay building, including a place of reflection to honour residential and day school Survivors and the children who did not make it home. It will also create social and economic opportunity, including significant long-term employment and over a million working hours during the construction phase, putting people back to work after the COVID-19 pandemic.

“With this project, we are working with HBC and creating a new way of living and working together with Treaty partners to create better outcomes for us all,” said Peguis First Nation Chief Hudson, member of the SCO Chiefs’ Executive Committee. “This will be a new beginning for our people, for this important heritage building, and for everyone who will be brought together to live, work and visit this ground-breaking space.”

“The iconic Hudson’s Bay building is part of our province’s heritage and the social fabric of downtown Winnipeg,” said Premier Heather Stefanson. “We are pleased to see this unique partnership and act of reconciliation move forward that will certainly have a positive impact on the redevelopment of this landmark building and vibrant neighbourhood while also supporting our collective commitment to work collaboratively with Indigenous communities to build a brighter future for all Manitobans.”

“At the centre of Canada and at the crossroads of an Indigenous meeting place that is thousands of years old, Winnipeg is leading the way forward on Canada’s journey of reconciliation and today’s announcement is another step in the right direction,” said Mayor Brian Bowman. “I am proud to participate in today’s announcement of a vision led by the Southern Chiefs’ Organization and supported by the Hudson’s Bay Company and governments. Our country’s path to reconciling with Indigenous Peoples will be long, and will require the support of many, and steps like the actions here today.”

Environmental sustainability will be championed throughout the renewal of the Bay building, with the use of technologies to support the low carbon, low energy ideals including a 35 per cent reduction in energy consumption and an 81 per cent reduction in greenhouse gas emissions that closely align with First Nation values of treading lightly on the earth. Conservation principles will be incorporated throughout the renovation, while maintaining the distinguished and historic façade, making the building a showpiece of heritage preservation and sustainability.

The building will be further reimagined by a transformation of the main floor, creating a public space that honours our lands and waters, in an atrium illuminated by skylights and the soaring sky above. Once complete, the building will attract people from across Turtle Island and beyond as the area becomes a key draw for the celebration of First Nation heritage and culture with a museum and living art gallery, where for the first time First Nations will tell our own story. Two restaurants will attract downtown office employees, students from the nearby university as well as locals and tourists, drawn to a main floor featuring a café with a fresh take on First Nations’ cuisine and a rebooted Paddlewheel Restaurant.

“It’s been a difficult year for us all, but we are resilient and continue to work towards a better future,” added Sagkeeng Anicinabe Chief Derek Henderson, member of the SCO Chiefs’ Executive Committee and the Chiefs’ Finance and Personnel Committee. “The transformation of this historic building is a way out of the darkness and towards a better tomorrow. This project can set the standard for what reconciliation can look like, in the city with the largest Indigenous population in Canada.”

The improvement of First Nation peoples’ health and wellness is also incorporated into SCO’s project, with a health and healing centre that embraces both western and traditional medical practices. The rooftop garden will provide further space for wellness, as children in the child care centre can explore and plant their own garden, and residents and employees will be able to find fresh air and space to exercise or enjoy the natural world.

The historic building will also become the future Governance House for the Chiefs of the southern First Nations, the voice for 34 Anishinaabe and Dakota Nations, and more than 81,000 First Nation citizens, 10 per cent of all First Nation people in Canada. As leaders and stewards of this land, the Governance House will be a symbol of reclamation for our people for years to come.

The project team includes senior advisor Dr. Phil Fontaine, Founder and President of Ishkonigan, former three time National Chief of the Assembly of First Nations, and negotiator of the Indian Residential Schools Settlement Agreement which created the Truth and Reconciliation Commission of Canada. The Honourable Dr. Lloyd Axworthy, Nobel Peace Prize nominee and former Minister of Foreign Affairs Canada who revitalized the west end of downtown Winnipeg when he was President of the University of Winnipeg, is also a senior advisor to the project.

“This project represents SCO’s bold vision of what the future can hold,” concluded Grand Chief Jerry Daniels. “It can be a new world of hope and possibility, filled with place and space for our people to come together, to grow, create, and lead. A place for us to connect with people who come from across Turtle Island. A place for us to stand together in unity, speaking with one voice, proud of who we are. This is the vision of our ancestors.”

About SCO

The Southern Chiefs’ Organization represents 34 Anishinaabe and Dakota Nations and more than 81,000 citizens in what is now called southern Manitoba. SCO is an independent political organization that protects, preserves, promotes, and enhances First Nations peoples’ inherent rights, languages, customs, and traditions through the application and implementation of the spirit and intent of the Treaty-making process. For more information, visit https://scoinc.mb.ca/

About HBC

HBC is a holding company of investments and businesses at the intersection of technology, retail operations and real estate. It is the majority owner of iconic ecommerce companies: Saks, a leading online destination for luxury fashion; The Bay, a Canadian ecommerce marketplace; and Saks OFF 5TH, a premier luxury off-price ecommerce company offering top brands at the best prices. These businesses were established as separate operating companies in 2021. HBC also wholly owns Hudson’s Bay, the operating company for Hudson’s Bay’s brick-and-mortar stores, as well as SFA, the entity that operates Saks Fifth Avenue’s physical locations, and O5, the operating company for Saks OFF 5TH stores.

With assets spanning top markets and prime locations across North America, HBC owns or controls—either entirely or with joint venture partners—approximately 40 million square feet of gross leasable area. HBC Properties and Investments, the company’s real estate and investments portfolio business, manages these assets along with additional real estate offerings, including Streetworks Development, its property development division.

Founded in 1670, HBC is North America’s longest continually operating company and is headquartered in New York and Toronto. For more information visit: www.hbc.com.

Contacts

For Media Inquiries:

Southern Chiefs’ Organization

Email: Media@scoinc.mb.ca
www.scoinc.mb.ca

Tiffany Bourré, DVP of Communications, PR and Heritage, The Bay

416-571-1301 | Email: tiffany.bourre@thebay.com