Proptech investment and management services firm focused on technology solutions expands its reach through premium Canadian residential real estate brands.

TORONTO–(BUSINESS WIRE)–RealServus announced today that it has acquired online brokerage Property.ca, which includes the Condos.ca and MrLoft.ca brands. These brands complement RealServus’ focus on assembling proven residential real estate and ancillary service brands under one umbrella. Each brand will benefit from improved access to capital, technology and industry expertise as they scale under the RealServus ownership banner.

Launched in 2014, Property.ca along with its brands Condos.ca and MrLoft.ca have quickly risen in the real estate ranks to become the leading tools used to search and analyze all homes and condos for sale and rent in the Greater Toronto Area. With more than a million registered site users and over 1 billion dollars in sales volume in the last year, the brokerage is focused on inventing new tools, implementing innovative new technologies, and continuously introducing better ways to guide consumers and their agents on their real estate journey.

With the support of investors, including a significant investment from Round13 Capital, RealServus is Canada’s leading privately held company focused on increasing market share within the residential real estate sector. This latest acquisition adds to a growing portfolio of proven brands and ancillary service providers that support the industry.

“We are thrilled to bring Property.ca and its 250+ productive agents under the RealServus umbrella as they embody the values of our company and the offering we provide,” said Ron Peddicord, President and co-founder of RealServus. “The technology and innovation fueling each site are ground-breaking. And now, under the RealServus umbrella, we can provide the capital investment needed to fuel ongoing technological innovation and add services and expertise to help them flourish. These investments will help them become the most advanced lead generation tech brokerage in the country and expand into new market segments including new construction.”

Property.ca and its associated brands will continue to operate as Toronto’s leading property search tools.

“The residential real estate and proptech sectors have been on our radar for some time now, and we are thrilled to partner with RealServus to build the leading platform in the space,” said Brahm Klar, Partner at Round13 Capital. “The team at RealServus shares our vision around the potential for this market and has the experience needed to execute on the opportunity.”

Peddicord added, “This acquisition is a major milestone in our plan to invest in individual proptech-enabled brands in the Canadian residential real estate market.”

The transaction has closed, the terms of which have not been disclosed.

About RealServus

RealServus is Canada’s leading proptech investment and management services firm. Together with its strategic technology and capital investment partners, RealServus acquires and transforms residential real estate brands through expertise, technology and investments to accelerate growth. The RealServus brands include Real Access Capital, RealServus Brokerage Services Division, Property.ca, Condos.ca and Mr.Loft.ca.

Visit www.realservus.com

Contacts

Ray McIlroy

Kaiser & Partners

647.680.8316

ray.mcilroy@kaiserpartners.com

TORONTO–(BUSINESS WIRE)–Tokens.com Corp. (NEO Exchange Canada: COIN) (Frankfurt Stock Exchange: 76M) (OTCQB US: SMURF) (“Tokens.com” or “the Company”), a publicly-traded company that invests in Web3 crypto assets and businesses linked to the Metaverse and NFTs, is pleased to announce that its subsidiary company Metaverse Group has signed a lease agreement with Skechers USA, Inc. (NYSE: SKX), the third largest athletic footwear brand in the world.

Skechers has leased the equivalent of a 5,000-square-foot space on virtual land owned by Metaverse Group to build an experiential store on the Fashion Street Estate located in the Decentraland Metaverse.

“Our collaboration with Skechers marks a pivotal evolution in our Metaverse strategy. This partnership establishes our subsidiary, Metaverse Group, as one of the first virtual landlords to successfully lease out its Metaverse real estate,” commented Andrew Kiguel, Tokens.com CEO and Metaverse Group Executive Chairman. “We not only own valuable virtual real estate but also generate recurring revenue, similar to landlords in the physical world and online advertising platforms such as large search engines and social media networks.”

“Our Decentraland agreement is an investment in our future,” said Michael Greenberg, president of Skechers. “We look forward to embarking on this virtual era, and exploring creative ways for our brand to engage with new customers and audiences as we launch the new Skechers experience.”

Brands seeking to participate in the Metaverse or landowners seeking to sell virtual land are encouraged to reach out to landsales@metaversegroup.com for more information.

About Tokens.com

Tokens.com Corp is a publicly traded Web3 company that owns an inventory of Metaverse, P2E, DeFi and NFT based digital assets. Tokens.com is the majority owner of Metaverse Group, one of the world’s first virtual real estate companies. Hulk Labs, a wholly-owned Tokens.com subsidiary, focuses on investing in Play-to-Earn revenue generating gaming tokens and NFTs. Additionally, Tokens.com owns and stakes crypto assets to earn additional tokens. Through its growing digital assets and NFTs, Tokens.com provides public market investors with a simple and secure way to gain exposure to Web3.

Visit Tokens.com to learn more.

Keep up-to-date on Tokens.com developments and join our online communities at Twitter, LinkedIn, and YouTube.

About Metaverse Group

The Metaverse Group is a vertically integrated NFT based metaverse real estate company. The group, with its global headquarters in Decentraland’s Crypto Valley, also owns an eight-figure real estate portfolio across many leading virtual worlds. The company intends to continue to purchase, develop and rent out its portfolio of real estate assets. Tokens.com, a publicly- traded company, is the majority owner of Metaverse Group.

For further information please visit https://metaversegroup.com

About SKECHERS USA, Inc.

Skechers USA, Inc. (NYSE:SKX), The Comfort Technology Company™ based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in the United States and over 180 countries and territories via department and specialty stores, and direct to consumers through 4,306 Company and third-party-owned retail stores and e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia, Israel and Mexico, and wholly-owned subsidiaries in Canada, Japan, India, Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, Twitter, and TikTok.

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may,” “will,” “plan,” “expect,” “anticipate,” “estimate,” “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of cryptocurrencies, as described in more detail in our securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Contacts

For further information:

Tokens.com Corp.

Andrew Kiguel, CEO

Telephone: +1-647-578-7490

Email: contact@tokens.com

Jennifer Karkula, Head of Communications

Email: contact@tokens.com

Media Contact: Ryleigh Ebron – Talk Shop Media

Email: ryleigh@talkshopmedia.com

Technology Demonstrates Exceptional TSS and Total Phosphorus Removal in TAPE Field Study

TORONTO–(BUSINESS WIRE)–#ISO–Imbrium® Systems announced the receipt of a new ISO 14034 ETV Verification for its Jellyfish® Filter stormwater treatment technology. This latest verification is for exceptional Total Suspended Solids (TSS) and Total Phosphorus treatment performance demonstrated in field testing conducted in accordance with the Washington State Department of Ecology TAPE protocol. This is the second ISO 14034 ETV verification for Jellyfish Filter field testing performance, with the earlier verification based on treatment demonstrated in field monitoring conducted in accordance with the TARP Tier II protocol.

“We’re pleased to receive this latest third-party verification for our updated Jellyfish Filter technology,” noted Imbrium Regulatory Manager Joel Garbon. “We’ve made improvements to the technology over the years since the first field test verification, and this is reflected in the treatment performance for TSS and Total Phosphorus, with median removal values of 90% and 77%, respectively.” Garbon continued, “Lab testing alone is insufficient when it comes to stormwater filtration technologies. Real-world stormwater runoff contains a complex mixture of inorganic and organic pollutants and continuously varying water chemistry. Lab testing is typically performed with clean water and clean sand-like test sediment and does not mimic the dynamic and challenging pollutant characteristics and environmental conditions that will confront the technology in field conditions. We believe it is critical to demonstrate performance in the real world, and feedback from consultants and regulators consistently shows that they have more confidence in the technology that has performed well under the rigors of actual urban installation sites.”

The Jellyfish Filter combines gravitational pretreatment (sedimentation and floatation) and high flow rate membrane filtration in a single compact structure. When maintenance is required, the membrane filter cartridges are typically rinsed and re-commissioned, unlike filter systems that use granular media that must be disposed of after each maintenance.

GLOBE Performance Solutions conducted the ISO 14034 ETV verification in collaboration with the Centre for Advancement of Water and Wastewater Technologies, which provided the technical expertise. The Verification Statement is posted on the Canadian ETV website https://etvcanada.ca/home/verify-your-technology/current-verified-technologies/

Information about Imbrium Systems portfolio of stormwater treatment technologies, including Jellyfish® Filter, Stormceptor®, and Filterra®, can be found at Imbrium’s website https://www.imbriumsystems.com/

About Imbrium Systems

Imbrium Systems is a company that designs and manufactures engineered stormwater treatment solutions for the protection of water resources from harmful pollutants. By developing technologies to address the long-term impact of urban runoff, Imbrium ensures its clients’ projects are compliant with government water quality regulations. Imbrium’s Stormceptor® and Jellyfish® Filter technologies are sold through a network of value-added licensees, providing the highest level of service at every stage of your project.

Contacts

Media Contact:

David Corr

Marketing Director
Imbrium Systems
513-645-7130
dcorr@imbriumsystems.com

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO–(BUSINESS WIRE)–DREAM INDUSTRIAL REIT (DIR.UN-TSX) (“Dream Industrial REIT” or the “Trust”) announced today the closing of its previously announced equity offering of units of the Trust (“Units”) at a price of $16.30 per Unit (the “Offering”). The syndicate of underwriters, led by TD Securities Inc., elected to exercise its over-allotment option in full, resulting in a total of 14,110,500 Units being issued today for total gross proceeds of approximately $230 million.

The Trust intends to use the net proceeds from the Offering, together with cash on hand and the Trust’s credit facility to fund the closing of acquisitions, the Trust’s commitment to a private U.S. industrial fund, as well as development and value-add capital initiatives, and for general trust purposes.

This press release is not an offer of securities for sale in the United States (“U.S.”). The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the U.S., its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.

About Dream Industrial REIT

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at December 31, 2021, Dream Industrial REIT owns, manages and operates a portfolio of 239 industrial assets (351 buildings) comprising approximately 43 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT’s objective is to continue to grow and upgrade the quality of its portfolio which primarily consists of distribution and urban logistics properties and to provide attractive overall returns to its unitholders. For more information, please visit www.dreamindustrialreit.ca.

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”, “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 regarding the intended use of proceeds of the Offering. 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, general and local economic and business conditions; employment levels; mortgage and interest rates and regulations; the uncertainties around the timing and amount of future financings; uncertainties surrounding the COVID-19 pandemic; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, war, terrorism or other acts of violence, international sanctions and the disruption of the free movement and provision of goods and services across jurisdictions; the financial condition of tenants; leasing risks, including those associated with the ability to lease vacant space; rental rates and the strength of rental rate growth on future leasing; and interest and currency rate fluctuations. The Trust’s objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, historically low rates and rising replacement costs in the Trust’s operating markets remain steady, geopolitical events will not disrupt global economies, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. 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 contained in the Trust’s filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at the Trust’s website at www.dreamindustrialreit.ca.

Contacts

Dream Industrial REIT

Brian Pauls
Chief Executive Officer

(416) 365-2365

bpauls@dream.ca

Lenis Quan
Chief Financial Officer

(416) 365-2353

lquan@dream.ca

Alexander Sannikov
Chief Operating Officer

(416) 365-4106

asannikov@dream.ca

TORONTO–(BUSINESS WIRE)–Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol” or the “Company”), a leader in smart buildings and cities through IoT, Cloud and SaaS technology, has been awarded a $9.7 Million HVAC and Automation project, through its wholly owned subsidiary Global HVAC and Automation (“Global”) for a new high rise building in the Greater Toronto Area.

As described in the Company’s press release dated December 28, 2021, the Company has been quoting and bidding on various opportunities and this represents the awarding of one of those opportunities. Following the award of the project to Global a binding Letter of Intent (“LOI”) has been signed and a contract is in process of being drafted, with completion of that contract expected to take place in Q2, 2022. The project is anticipated to commence in Q3, 2022, with estimated completion in Q4, 2023.

“We are pleased that we are able to win these larger opportunities with our Global team,” says Paul Ghezzi, CEO of Kontrol Technologies. “Global provides us with a larger project footprint and capability that we seek to expand while we also focus on adding recurring revenues through an integrated building technology and service platform.”

Vertical Integration

Following the acquisition of Global in August of 2021, the Company has been focused on vertically integrating in-house capabilities around the inclusion of more energy efficient solutions such as heat pumps and VRV technology. Further, Global now offers ongoing service and asset management capabilities which the Company seeks to grow over time.

“We seek to lead the building efficiency market by offering our customers advanced solutions as part of our overall building integration and service platform,” continues Ghezzi. “Now more than ever, energy savings in buildings and the corresponding reduction in GHG emissions is critical to lower operating costs and improved sustainability.”

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

Kontrol Technologies Corp.

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

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

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

Forward-Looking Statements

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

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

However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking

statements. Such risks include, but are not limited to the following: that the Company will not enter into the CDCC contract described in this press release on such terms as are currently anticipated, or at all; that the Company may encounter delays in carrying out the activities contemplated in the LOI; that sufficient capital and financing cannot be obtained on reasonable terms, or at all; that the Company’s technologies will not prove as effective as expected; that customers and potential customers will not be as accepting of the Company’s product and service offering as expected; and government and regulatory factors impacting the energy conservation industry.

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

Contacts

Kontrol Technologies Corp.

Paul Ghezzi

CEO

info@kontrolcorp.com
180 Jardin Drive, Unit 9, Vaughan, ON L4K 1X8

Tel: (905) 766.0400

Investor Relations:

Brooks Hamilton

MZ Group – MZ North America

KNRLF@mzgroup.us
Tel: +1 (949) 546.6326

Investments from Luge Capital, IDEA Fund Partners, The Social Entrepreneurs’ Fund, the US National Association of Realtors, and others will support making real estate a source of prosperity and freedom for everyone

TORONTO–(BUSINESS WIRE)–Key, a Toronto-based real estate technology company, announced today that it raised $11M CAD ($8.5M USD) in seed funding. The funding round was supported by Plazacorp, N49P Ventures, Red Jar Capital, TSV Capital, Moderne Ventures, and other notable investors.

“The lack of accessibility to homeownership is a growing global crisis that needs innovation to solve. The support given, and the amount of funding raised in our first round further affirms our belief that homeownership should be, and can be, accessible to everyone,” shared Daniel Dubois, co-founder and president of Key. “We’re funded and excited to grow the Key community across North America, and then globally as we raise growth capital.”

Launched first in Toronto in November 2021, Key’s co-ownership model makes homeownership accessible without needing to qualify for a mortgage or save for the typical 20 percent down payment. Key provides the opportunity to co-own a home to live in and build equity from day one, with a small down payment of 2.5 percent of the home’s value, without having to take on a mortgage. Key aligns real estate investor capital with resident capital to underwrite the cost of homeownership, making it more affordable for residents.

“We’re looking forward to supporting Key as they continue their mission of making homeownership accessible to all,” adds David Nault, general partner of Luge Capital. “Key’s growing waitlist clearly shows it is time for a new way to buy and sell real estate.”

“The rising costs of homeownership are being felt across North America,” acknowledges Christopher Langford, partner at IDEA Fund Partners. “Key has created a first-of-its-kind digital real estate platform that provides an accessible and future-forward solution to a massive market need. IDEA Fund Partners is looking forward to growing with Key in making this model accessible to many Americans.”

As Key continues to partner with new property owners and investors, the company will expand its growing portfolio to include single-family homes and townhomes.

“Key provides property owners with a better asset management alternative than straight rental,” explained Rob Richards, co-founder and CEO of Key. “Thousands of people have joined our waitlist, from frontline workers to software engineers, which speaks to the broad and unprecedented demand for a new pathway to ownership. Our tech-enabled co-ownership model makes the benefits of homeownership accessible for so many in the missing middle of our society.”

To learn more about Key, visit lifeatkey.com.

About Key

Key is a Toronto-based real estate technology company founded in 2018. Key has developed the world’s first all-digital, on-demand homeownership platform. With Key’s patent-pending model, renters can become homeowners many years sooner. The model is enabled by property owners allowing owner-residents to contribute as little as 2.5% of the value of their home, without needing to qualify for a mortgage. To learn more, visit lifeatkey.com.

Contacts

Media
Lisa Cimini

Edelman for Key

lisa.cimini@edelman.com

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

OTTAWA, Ontario–(BUSINESS WIRE)–InterRent Real Estate Investment Trust (TSX-IIP.UN) (“ InterRent” or the “ REIT”) today reported financial results for the fourth quarter and year ended December 31, 2021.

InterRent REIT reports another quarter of sequential occupancy gains in Q4 2021 and continues to grow average monthly rent per suite across all regions

• Total portfolio occupancy for December 2021 reached 95.6% and is now back in line with the REIT’s long-term run-rate.
• Same property occupancy for December 2021 was 96.2%, an increase of 130bps compared to September 2021 and 440bps compared to December 2020.
• As of December 2021, year-over-year growth in average rent per suite of 5.0% for total portfolio and 4.4% for same property portfolio.
• Same property NOI of $27.0 million for the quarter and $102.8 million for the year, an increase of 9.5% compared to Q4 2020 and 3.1% compared to full year 2020.
• Same property NOI margin in Q4 2021 of 64.7%, an improvement of 100bps relative to Q4 2020. On a full year basis, same property NOI margin of 64.3%, up 20bps compared to 2020.
• FFO increased to $19.6 million ($0.137 per Unit – diluted) in Q4 2021; growth of 22.7% overall and 22.3% on a per Unit basis compared to Q4 2020. For the full year 2021, FFO grew to $72.8 million ($0.510 per Unit – diluted), an increase of 15.8% overall and 9.4% on a per Unit basis compared to full year 2020.
• Record acquisition performance in 2021 and continued external growth in Vancouver in first months of 2022.
• The REIT continues to harness the spirit of innovation and collaboration to drive our communities forward.

Positive NOI trajectory accelerates in the fourth quarter, leading to robust FFO performance in 2021

At 95.6% in December 2021, the occupancy rate in InterRent’s portfolio improved 120bps relative to September 2021 (94.4%) and 430bps compared to December 2020 (91.3%). The REIT’s same property portfolio saw consistent improvements, posting a quarter-over-quarter increase of 130bps and a year-over-year gain of 440bps as of December 2021. On a regional level, strong leasing activity in the Greater Montréal and Greater Toronto & Hamilton Areas drove to a sequential occupancy improvement of 170 bps in the REIT’s repositioned portfolio in the quarter.

As of December 31, 2021, InterRent had 100% ownership in 12,426 suites. Including properties that the REIT owns in its joint operations, InterRent owned or managed 12,877 suites as of December 31, 2021, up 16.6% from 11,047 at year-end 2020. Operating revenues grew 20.1% in Q4 2021 to $50.3 million, finishing the year at $185.1 million. The 15.8% improvement over full year 2020 was driven by occupancy gains, improvements in average rent per suite (+5.0%), and successful acquisition activity across the REITs core regions throughout 2021.

Narrowing to the same property portfolio, strong performance in the final quarter of 2021 led to full year NOI of $102.8 million (+3.1% over 2020) and NOI margin of 64.3% (+20bps compared to 2020), despite elevated promotional activity in select properties and higher costs in certain operating expense categories. Management expects the higher level of rebates granted during the pandemic to gradually normalize in the REIT’s financials over the next 12 months and remains confident that top line growth in 2022 should outpace inflationary pressure in operating costs.

Net income for 2021 was $369.7 million, an increase of $219.0 million compared to 2020. This difference was due primarily to the $327.2 million fair value gain on investment properties ($70.1 million in 2020) and increase in net operating income to $117.7 million ($102.1 million in 2020). These increases were offset by a net change in fair value on financial liabilities of $48.0 million (loss of $29.2 million in 2021 compared to a gain of $18.7 million in 2020).

The REIT posted another strong FFO result in the quarter. At $19.6 million ($0.137 per Unit – diluted), FFO increased by 22.7% compared to Q4 2020 ($16.0 million or $0.112 per Unit – diluted), resulting in 22.3% growth on a per Unit basis. AFFO likewise grew from $14.2 million ($0.100 per Unit – diluted) in Q4 2020 to $17.5 million ($0.122 per Unit – diluted) in Q4 2021, representing 23.2% and 22.0% growth on an absolute and per Unit basis, respectively. InterRent’s full year FFO of $72.8 million ($0.510 per Unit – diluted) translates to 15.8% growth compared to 2020 overall and +9.4% on a per Unit basis, capping off a solid set of financial results for the 2021.

Record acquisitions of 1,829 owned or managed suites in 2021 fuel repositioning opportunity

During 2021, InterRent acquired a total of 1,829 owned or managed rental suites at a total purchase price of $727.3 million⁽¹⁾. In the fourth quarter, the REIT closed on previously announced transactions in Vancouver and Montréal, and after the quarter end, InterRent acquired two properties in Vancouver with its partner for a combined purchase price of $25.6 million (of which InterRent’s interest is 50%). Comprising 57 suites, these two properties boast a weighted-average walk score of 92 and offer operational synergies with the REIT’s existing Vancouver portfolio.

Date	Property	City	Region	Ownership Interest	Suites	Price ($m)
Jan 21, 2021	388 Vine St	St. Catharines	Other Ontario	100%	114	22.0
Jan 28, 2021	Various	Vancouver	GVA	50%	614	292.5
Apr 13, 2021	2054 Comox St/8735 Selkirk St	Vancouver	GVA	50%	45	18.9
Apr 29, 2021	165 Ontario St	St. Catharines	Other Ontario	100%	158	31.4
May 13, 2021	150 Allan St	Oakville	GTHA	100%	55	26.4
May 13, 2021	265 Reynolds St	Oakville	GTHA	100%	45	20.3
Jun 1, 2021	920 Inverhouse Dr	Mississauga	GTHA	100%	95	32.7
Jun 9, 2021	774-778 Gladstone Ave, 174 Bell St N & Land	Ottawa	NCR	100%	5	4.0
Jul 26, 2021	2150 Roche Ct	Mississauga	GTHA	50%	94	30.1
Oct 18, 2021	30 Edith Dr/919 Dufferin St	Toronto	GTHA	100%	285	125.0
Oct 22, 2021	The Link (3583 Kingsway)	Vancouver	GVA	50%	104	52.0
Nov 8, 2021	418 Claremont Ave	Westmount	GMA	100%	48	18.5
Nov 26, 2021	2244 West 6th Ave	Vancouver	GVA	50%	46	19.5
Dec 2, 2021	3655 Papineau Ave	Montréal	GMA	100%	121	34.0
2021 Acquisitions					1,829	727.3(1)

¹ At 100% share; $520.8 million based on InterRent’s ownership interest.

On the back of a record acquisition year, the REIT closed 2021 with 4,112 suites in its non-repositioned property portfolio. These properties will undergo repositioning in the coming years, with individual suite upgrades following the cadence of natural resident turnover. InterRent’s approach of applying repositioning expertise to create beautiful, safe, and quality communities for residents to call home simultaneously extends the useful life of existing housing supply and creates value for Unitholders. The REIT believes this strategy is also a climate-conscious option, as the program extends the benefit of the embodied carbon in existing structures, while also loading up on energy-saving measures and fixtures.

Interactive 2021 annual report brings innovation to life for InterRent’s stakeholders

InterRent is publishing its 2021 annual report today alongside its Q4 2021 results in a new, media-rich HTML format. With this innovative approach, the REIT aims to bring its stakeholders into the conversation by sharing the personal stories and experiences that move us forward, together.

Commenting on the results published today, Mike McGahan, CEO of InterRent, said: “Innovation is not about technology. It’s about a collective desire on the part of our incredible Team to constantly strive to find new ways to improve the way we serve our residents and engage with our various stakeholders. Our strong financial results, both for the fourth quarter and the full year 2021, demonstrate just how powerful the combination of being back together and being bold can be as we move our communities forward. We thank all our stakeholders for their continued support of the REIT, and we are excited for what’s to come.”

Financial Highlights

Selected Consolidated Information In $000’s, except per Unit amounts and other non-financial data	3 Months Ended December 31, 2021	3 Months Ended December 31, 2020	Change	12 Months Ended December 31, 2021	12 Months Ended December 31, 2020	Change
Total suites	–	–	–	12,426	11,047	+12.5%
Average rent per suite (December)	–	–	–	$1,381	$1,315	+5.0%
Occupancy rate (December)	–	–	–	95.6%	91.3%	+430bps
Operating revenues	$50,265	$41,864	+20.1%	$185,148	$159,955	+15.8%
Net operating income (NOI)	$32,155	$26,365	+22.0%	$117,658	$102,139	+15.2%
NOI %	64.0%	63.0%	+100bps	63.5%	63.9%	-40bps
Same Property average rent per suite (December)	–	–	–	$1,380	$1,322	+4.4%
Same Property occupancy rate (December)	–	–	–	96.2%	91.8%	+440bps
Same Property NOI	$26,968	$24,639	+9.5%	$102,834	$99,699	+3.1%
Same Property NOI %	64.7%	63.7%	+100bps	64.3%	64.1%	+20bps
Net Income	$99,399	$57,517	+72.8%	$369,686	$150,648	+145.4%
Funds from Operations (FFO)	$19,583	$15,964	+22.7%	$72,826	$62,868	+15.8%
FFO per weighted average unit – diluted	$0.137	$0.112	+22.3%	$0.510	$0.466	+9.4%
Adjusted Funds from Operations (AFFO)	$17,489	$14,193	+23.2%	$64,925	$55,577	+16.8%
AFFO per weighted average unit – diluted	$0.122	$0.100	+22.0%	$0.455	$0.412	+10.4%
Distributions per unit	$0.08413	$0.08008	+5.1%	$0.32825	$0.31258	+5.0%
Adjusted Cash Flow from Operations (ACFO)	$28,403	$20,177	+40.8%	$78,094	$62,780	+24.4%
Debt-to-GBV	–	–	–	36.7%	31.1%	+560bps
Interest coverage (rolling 12 months)	–	–	–	3.39x	3.45x	-0.06x
Debt service coverage (rolling 12 months)	–	–	–	1.84x	1.95x	-0.11x

Conference Call

Management will host a webcast and conference call to discuss these results and current business initiatives on Tuesday, March 8, 2022 at 10:00 AM EST. The webcast will be accessible at: https://www.interrentreit.com/2021-q4-results. A replay will be available for 7 days after the webcast at the same link. The telephone numbers for the conference call are 1-888-440-6928 (toll free) and 646-960-0328 (international). No access code required.

About InterRent

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

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

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

*Non-GAAP Measures

InterRent prepares and releases unaudited quarterly and audited consolidated annual financial statements prepared in accordance with IFRS (GAAP). In this and other earnings releases, as a complement to results provided in accordance with GAAP, InterRent also discloses and discusses certain non-GAAP financial measures, including Gross Rental Revenue, NOI, Same Property results, Repositioned Property results, FFO, AFFO, ACFO and EBITDA. These non-GAAP measures are further defined and discussed in the MD&A dated March 8, 2022, which should be read in conjunction with this press release. Since Gross Rental Revenue, NOI, Same Property results, Repositioned Property results, FFO, AFFO, ACFO and EBITDA are not determined by GAAP, they may not be comparable to similar measures reported by other issuers. InterRent has presented such non-GAAP measures as Management believes these measures are relevant measures of the ability of InterRent to earn and distribute cash returns to Unitholders and to evaluate InterRent’s performance. These non-GAAP measures should not be construed as alternatives to net income (loss) or cash flow from operating activities determined in accordance with GAAP as an indicator of InterRent’s performance.

Cautionary Statements

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

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

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

Contacts

For further information, please contact:

Sandy Rose, CFA

Director – Investor Relations & Sustainability

(514) 704-2459

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

TORONTO–(BUSINESS WIRE)–Slate Asset Management (“Slate”), a global alternative investment platform targeting real assets, and Carlyle Communities, a leading developer of mixed-use communities in the Greater Toronto Area, have announced today that they have sold the jointly owned three-acre site at 6 Dawes Road in Toronto, Ontario (“6 Dawes” or “the site”) to Fitzrovia Real Estate (“Fitzrovia”), a vertically integrated developer and asset manager of Class-A rental communities across the Greater Toronto Area, alongside an institutional capital partner.

The site, which is currently operating as a self-storage facility, has been rezoned for high-rise residential use by Slate, together with Carlyle Communities, and will be developed by Fitzrovia into a premier rental community comprising approximately 1,000 Class-A residential units.

6 Dawes sits at the intersection of Main Street and Danforth Avenue in Toronto’s popular Danforth Village neighbourhood. Located adjacent to the Danforth GO Train Station and a short walk from the TTC’s Main Street Subway Station, the site offers exceptional access to transit and connectivity to the City of Toronto’s downtown core, making it uniquely positioned for a residential rental offering.

Slate acquired the site together with Carlyle Communities in 2019. Recognizing the value of the site’s unique location near public transportation, Slate and Carlyle Communities began the entitlement process to rezone 6 Dawes into a high-rise, mixed-use residential development in late 2019. Through private mediation with the City, neighbouring landowners and other local agencies, a settlement offer was reached with the City in late 2021 allowing for approximately 1.1 million square feet of buildable density at the site.

“From the outset, we saw 6 Dawes as an exciting city building opportunity, recognizing the site’s potential to become a vibrant residential hub providing a range of housing options, invaluable connectivity and premium amenities,” said Lucas Manuel, Partner at Slate. “We took a creative, partnership approach to a complex project, working in collaboration with various stakeholder groups to bring to bear a truly unique residential development site that will soon provide an entirely new class of rental product.”

Naram Mansour, President at Carlyle Communities added: “Large, under-utilized, transit-oriented sites like this one are increasingly rare in Toronto. Against the backdrop of Ontario’s affordable housing crisis, we knew the best and highest use for this site was as a residential development, and we are very pleased to have reached an agreement with the team at Fitzrovia, who shares our vision of turning 6 Dawes into a premier residential community.”

“We are proud to bring to life another major rental project for the City of Toronto,” said Adrian Rocca, Founder and CEO at Fitzrovia. “This development will directly target young families and downsizers who continue to seek very limited options in the market. We look forward to not only delivering a beautiful product but also leveraging our passion for hospitality and programming to bring an exceptional living experience to the Danforth neighbourhood.”

Fitzrovia will implement a variety of ESG initiatives across the site including a significant public park with enhanced connectivity to the neighbourhood, water re-use and retention programs, lower window-to-wall ratios to reduce energy consumption and will target a minimum of LEED Gold certification.

The transaction closed in February 2022. Fitzrovia expects to complete the development in early 2026.

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.

About Carlyle Communities

Carlyle Communities is a Toronto based real estate developer specializing in the development of infill communities across the Greater Toronto Area. Carlyle Communities invests in residential and commercial real estate strategically located in urban growth markets with scale in close proximity to higher order transit. Since its founding in 2010, Carlyle Communities has invested in 10+ development projects across the Greater Toronto Area, representing 2,000+ residential units and $1.3 billion of real estate. For more information, please visit https://www.carlylecommunities.com.

About Fitzrovia

Fitzrovia is a vertically integrated developer and asset manager of rental communities across the Greater Toronto Area with approximately $4.6 billion of assets under management. Fitzrovia partners with public institutions, pension plans and high net worth investors who have an investment bias towards long term cash flow generating assets. The firm’s “build-to-core” strategy is focused on institutional quality development of well-located rental properties near major employment nodes and/or public transit. Fitzrovia places an intense focus on active lifestyle management and offering exceptional customer service to our valued residents. Fitzrovia’s customer-first approach means all design and construction decisions are deeply rooted in consumer insights to ensure our resident needs are not only met but exceeded. At Fitzrovia we think differently and build differently.

For more information, please visit https://fitzrovia.ca/ and follow @FitzroviaRealEstate on Instagram

Contacts

Slate Asset Management
Karolina Kmiecik

Director of Communications

Karolina@slateam.com

Carlyle Communities
Brandon Young

Director of Investments and Asset Management

brandon@carlylecommunities.com

Fitzrovia
Ryan Funt

Director of Marketing

rfunt@fitzrovia.ca

TORONTO–(BUSINESS WIRE)–#ChoiceProperties–Choice Properties Real Estate Investment Trust (“Choice Properties” or the “Trust”) (TSX: CHP.UN) announced today that it has entered into an agreement to sell six high-quality office properties in Toronto, Vancouver, and Montreal (the “Portfolio”) to Allied Properties Real Estate Investment Trust (“Allied”) for an aggregate purchase price of $794 million, excluding transaction costs (the “Transaction”). The purchase price will be satisfied through the issuance of approximately 11.8 million exchangeable Class B limited partnership units (“Class B Units”) of Allied Properties Exchangeable Limited Partnership, an affiliated entity of Allied, and a promissory note in the amount of $200 million. The Class B Units were valued at $50.30 per unit and are exchangeable into, and economically equivalent to, publicly traded trust units of Allied (“Allied Units”).

“We have made the strategic decision to focus our time and capital on the opportunities available in our core business of essential retail and industrial, our growing residential platform and our robust development pipeline,” said Rael Diamond, President and Chief Executive Officer of Choice Properties. “The transaction allows us to exchange our interest in the portfolio for equity in Canada’s leading office operator, and gives us greater flexibility to manage capital allocation in future years.”

Choice Properties currently holds an interest in 16 office properties representing 8% of the Trust’s total portfolio. After the completion of the Transaction, Choice Properties will continue to hold an interest in 10 office properties representing approximately 4% of the Trust’s total portfolio. Approximately 70% of the value of the remaining 10 office properties is comprised of properties in the Greater Toronto Area that are primarily leased to other affiliated entities in the Weston Group and are strategic assets for Choice Properties.

Choice Properties has significant opportunities in the medium-term to deploy capital to its core asset classes of essential retail, industrial and residential. These opportunities include a robust development pipeline representing over 10.5 million square feet of gross leasable area.

Transaction Details

The Portfolio includes office properties at 110 Yonge Street, 525 University Avenue, and 175 Bloor Street East in Toronto, 1508 West Broadway and 1185 West Georgia Street in Vancouver, and 1010 Sherbrooke Street West in Montreal.

The Portfolio is being sold in a tax-efficient manner. The Class B Units are exchangeable into, and economically equivalent to, Allied Units, and will be accompanied by a corresponding number of special voting units of Allied. There will be no restriction on the exchange of Class B Units into Allied Units, but the Allied Units (if exchanged) will be subject to a lock-up on the closing of the Transaction, such that 25% of the Class B Units or Allied Units, as applicable, will be released from lock up every three months following the first anniversary of closing of the Transaction.

The promissory note will mature on December 31, 2023 and bear interest at a 1% annual coupon in 2022 and a 2% annual coupon in 2023, payable quarterly in arrears.

The Transaction is subject to compliance with the Competition Act (Canada), approval of the Toronto Stock Exchange for the issuance of Class B Units, and other closing conditions customary in transactions of this nature. Subject to the receipt of all regulatory approvals and satisfaction of customary closing conditions, Choice Properties expects to close the Transaction before the end of the second quarter of 2022. RBC Capital Markets is acting as financial advisor to Choice Properties and Torys LLP is acting as legal advisor. Goldman Sachs Canada, Scotiabank and Aird & Berlis advised Allied in connection with the Transaction.

About Allied Real Estate Investment Trust

Allied is a leading operator of distinctive urban workspace in Canada’s major cities and network-dense urban data center (“UDC”) space in Toronto. Allied’s mission is to provide knowledge-based organizations with workspace and UDC space that is sustainable and conducive to human wellness, creativity, connectivity and diversity. Allied’s vision is to make a continuous contribution to cities and culture that elevates and inspires the humanity in all people.

For more information, visit Allied’s website at www.alliedreit.com and Allied’s issuer profile at www.sedar.com.

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.

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Choice Properties’ current expectations regarding future events, including the expected closing of the Transaction. 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 Choice Properties’ control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed in Choice Properties’ current Annual Information Form and 2021 Annual Report to Unitholders. Choice Properties does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements contained in this press release are made as of the date hereof and are qualified by these cautionary statements.

Contacts

For further information, please contact investor@choicereit.ca

Mario Barrafato

Chief Financial Officer

t: (416) 628-7872 e: Mario.Barrafato@choicereit.ca

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or “the Trust”) (TSX: PMZ.UN) announced today financial results for its inaugural year end.

Business Update Highlights

• Formed an experienced executive management team to execute the Trust’s strategy, and a diverse Board of independent Trustees to provide oversight and guidance;
• Began trading on the TSX January 5, 2022;
• Added to the S&P/TSX Capped REIT Index and S&P/TSX Composite Index; and
• Received TSX approval for normal course issuer bid.

Financial and Operating Results Highlights

• 10.2% Net Operating Income** growth for the Primaris Properties for the year ended 2021;
• 86% In-place occupancy (including HOOPP Properties), representing an opportunity for future organic growth;
• 8 properties (HOOPP Properties) acquired and integrated, enhancing geographical diversification, tenant mix and scale;
• $700 million unsecured credit facility established;
• 28.4% Debt to Total Assets;
• $1.88 billion in unencumbered assets (including HOOPP Properties);
• 27 brands under contract on Primarché platform; and
• $22.07 Net Asset Value** per Unit.

“We are in the unique position of introducing the public markets to a “new REIT” with a 20-year track record of strong operating performance at an important point of inflection in the industry,” said Alex Avery, Chief Executive Officer. “Primaris REIT is exceptionally well positioned to participate in the recovery of the Canadian enclosed shopping centre industry, with a differentiated financial model, gold-standard governance, a fully-internal, specialized management platform and a portfolio of well-maintained, well-located shopping centres across Canada with significant occupancy improvement potential. We believe there is a great opportunity to deliver compelling investment returns to investors, and look forward to delivering on that potential.”

Important Note to Financial Statement Users

On December 31, 2021, Primaris became a stand-alone entity following the completion of a tax-free spin-off (the “Spin-Off Transaction”) of 27 investment properties to Primaris from H&R Real Estate Investment Trust (“Former Parent”). The results include the continuing operations of those 27 properties (“Primaris Properties”) and, unless otherwise indicated, the 8 additional investment properties (“HOOPP Properties”) which were acquired on December 31, 2021, immediately following the Spin-Off Transaction. The results have been prepared on a continuity-of-interests basis.

As a result:

• The December 31, 2021 financial statements reflect the operating results of approximately 74% of the REIT’s assets by IFRS Fair Value for the 3 months and 12 months ended December 31, 2021 and 2020.
• The December 31, 2021 balance sheet reflects ownership of 100% of the REIT’s assets, including the HOOPP Properties acquired December 31, 2021.
• Operating results during 2020 and 2021 were impacted by a number of unusual items, including pandemic related costs, bad debt expenses, temporary and permanent lease amendments, and transaction related expenses, including costs reflected in the 3 months ended December 31, 2021 that related to prior periods, as discussed in Management’s Discussion and Analysis.
• A financial forecast for the 12 months ended December 31, 2022 is included in section 16 of Management’s Discussion and Analysis.

Select Financial and Operational Metrics
As at or for the year ended December 31, (in thousands of Canadian dollars unless otherwise indicated) (unaudited)								2021								2020								2019
Number of investment properties								35								27								27
Gross leasable area (in millions of square feet)								11.5								7.6								7.7
In-place Occupancy								86.0%								88.2%								87.5%
Total assets				$				3,247,842				$				2,134,955				$				2,732,713
Total liabilities				$				1,056,516				$				1,133,255				$				1,156,810
Primaris Properties only:
Total revenue				$				253,979				$				270,230				$				273,666
Net Operating Income**				$				141,594				$				128,474				$				159,329
Net income (loss)1				$				340,989				$				(574,478)				$				(44,450)
** Net operating income is a non-GAAP financial measure. See Section 3, “Non-GAAP Financial Measures”.
1. As net income (loss) was calculated on the continuity-of-interests basis and does not reflect the capital structure of the newly created Trust, net income (loss) on a per unit basis would not be a relevant calculation.

Operating Results

For the year ended December 31, 2021, NOI** was $13.1 million, or 10.2%, higher than the same period in 2020. The increase was primarily due to a decrease in bad debt expense of $35.1 million, and a $2.3 million increase in lease surrender fees. These changes were partially offset by a decrease in base rent of $8.4 million, a decrease in net recovery revenue of $11.0 million and an increase in other non-recoverable expenses of $4.4 million. Base rent and recovery revenue were impacted by temporary rent adjustments provided to support tenants and maintain occupancy.

In return for this support, Primaris received relief from certain restrictive lease clauses and extended lease term from major tenants that should benefit Primaris in the future. Primaris chose to partner with tenants on affordable lease deals to maintain occupancy levels, avoid bad debt expenses, and build lasting tenant relationships. Management believes such deals provide attractive opportunities for rent growth in the future.

For the three months ended December 31, 2021, NOI** was $3.6 million, or 8.9%, lower than the same period in 2020. The decrease was primarily due to a decline in net recovery revenue due to temporary rent adjustments provided to support tenants and a $1.2 million impact from straight-line rent and lease surrender fees.

Occupancy & Leasing Results

As at December 31, 2021, the Primaris Properties, had an in-place occupancy rate of 87.5% and a committed occupancy rate of 89.4%. The in-place occupancy rate of the Primaris Properties remained relatively stable during the pandemic. The in-place occupancy rate of the HOOPP Properties, was 83.2% and represents an opportunity for future organic growth.

With respect to the Primaris Properties, Primaris completed a total of 1.4 million square feet of new and renewal leasing under 352 leasing deals for the year ended December 31, 2021, and 0.3 million square feet under 108 leasing deals for the three months ended December 31, 2021.

As at December 31, 2021, for the Primaris Properties, the weighted average net rent was $24.12 (2020 – $24.66). The average net rent for the HOOPP Properties was $22.21, for a combined average net rent of $23.53 as at December 31, 2021 for all of the Trust’s investment properties.

Acquisitions

Immediately following the Spin-Off Transaction, Primaris completed the acquisition of 8 investment properties from Healthcare of Ontario Pension Plan (“HOOPP”) for $800 million. The acquisition provided Primaris with added economies of scale, and geographic and tenant diversification.

Development

During 2021, Primaris obtained approval from the City of Toronto, subject to certain procedural matters being completed by June 30, 2022, to develop 4 acres at Dufferin Mall to include 1,200 residential units and 120,000 square feet of commercial space. Subsequent to obtaining conditional approval, the valuation for Dufferin Mall was increased in accordance with a third-party appraisal of the property which included the additional density. Management is considering plans to develop or monetize this land.

Robust Liquidity and Differentiated Balance Sheet

On January 4, 2022, Primaris entered into $700 million credit facility with a syndicate of Canadian banks. The availability on the credit facility will reduce from $700 million to $400 million on June 30, 2023. The credit facility has a maturity date of December 31, 2024. Primaris has $1.88 billion of unencumbered assets and a calculated net asset value** per unit of $22.07.

Year ended December 31,   ($ thousands unless otherwise indicated)		2021
Investment Properties	$	3,204,188
Other Assets		43, 654
Total Assets		3,247,842
Mortgages Payable		(580,000)
Credit Facilities		(143,000)
Note Payable		(200,210)
Total Debt		(923,210)
Other Liabilities		(78,328)
Net Assets	$	2,246,304
Units outstanding December 31, 2021 – diluted (in thousands)		101,784
Debt to Total Assets1		28.4%
Net Asset Value** per unit1	$	22.07
** Net asset value is a non-GAAP financial measure. See Section 3, “Non-GAAP Financial Measures”.
1 No meaningful comparative values exist for the combined carve-out results of the year ended December 31, 2020.

Subsequent Events

In January 2022, the Former Parent exchanged all of the exchangeable units of the Primaris subsidiary limited partnership, that they subscribed for under the Arrangement, for Trust Units.

On January 4, 2022, Primaris entered into a $700.0 million unsecured syndicated revolving term facility, maturing on January 4, 2025, greatly expanding its liquidity.

In connection with the acquisition of the HOOPP Properties, Primaris assumed a $200.2 million non-interest-bearing note payable to HOOPP. The note was subsequently repaid on January 5, 2022 utilizing a draw on Primaris’ unsecured syndicated credit facility.

Primaris declared and paid its first distributions subsequent to December 31, 2021. On February 15, 2022, Primaris paid a distribution of $0.0667 per unit for unitholders of record January 31, 2022, and on February 10, 2022, Primaris declared a distribution of $0.0667 per unit, for unitholders of record February 28, 2022, payable on March 15, 2022. The monthly distributions, to date, reflect an annualized distribution of $0.80 per unit.

In January 2022, Primaris sold 2 acres of land to a residential developer for $5.8 million.

On February 28, 2022, Primaris received approval from the TSX for a normal course issuer bid (“NCIB”) which will enable the Trust to purchase for cancellation up to a maximum of 7,498,679 of its Units on the open market. The NCIB will commence on March 9, 2022 and remain in effect until the earlier of March 8, 2023 and the date Primaris has purchased the maximum number of Units permitted.

Conference Call and Webcast

Webcast details:

Date: Monday, March 7th, 2022, at 10:00 a.m. (ET)

Link: Please go to the Investor Relations section on Primaris’ website or click here.

Conference call details:

Dial: For Canada please dial: 1-833-950-0062

For International please dial: 1-929-526-1599

Passcode: 439910

The call will be accessible for replay until March 21, 2022, by dialing 226-828-7578 with access code 646604, or on the Investor Relations section of the website.

About Primaris Real Estate Investment Trust

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in dominant enclosed shopping centres in growing markets. The portfolio totals 11.5 million square feet and is valued at approximately $3.2 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

Non-GAAP Measures

Information in this press release is a select summary of results. This press release should be read in conjunction with the Trust’s Management Discussion and Analysis and the consolidated statement of financial position and combined carve-out financial statements and the accompanying notes for the years ended December 31, 2021 and 2020 (together the “Financial Statements”).

Primaris’ Financial Statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). However, Primaris also uses a number of measures which do not have a standardized meaning prescribed under generally accepted accounting principles (“GAAP”) in accordance with IFRS. These non-GAAP measures, which are denoted in this press release by the suffix “**” may include non-GAAP financial measures and/or non-GAAP ratios, each as defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. None of these non-GAAP measures should be construed as an alternative to financial measures calculated in accordance with GAAP. Furthermore, these non-GAAP measures may not be comparable to similar measures presented by other real estate entities and should not be construed as an alternative to financial measures determined in accordance with IFRS.

Net Operating Income** is calculated as the rental revenue as calculated in accordance with IFRS less property operating costs as calculated in accordance with IFRS. Management calculates and analyzes NOI** to monitor the performance of its income producing investment properties; in particular, the period over period NOI** results for properties continuously in operation for the duration of the measurement period.

Net Asset Value** is calculated as the net of the assets and liabilities from the statement of financial conditions calculated in accordance with IFRS, excluding exchangeable units. Management believes that net asset value is a useful measure of the intrinsic value of the Trust.

Below is a reconciliation of NOI** to IFRS measures:
For the periods ended December 31, ($ thousands) (unaudited)			Three months										Year
			2021				2020						2021				2020
Rental Revenue			$		67,243		$		70,023				$		253,979		$		270,230
Property operating costs					(30,664)				(29,886)						(112,385)				(141,756)
Net Operating Income**					36,579				40,137						141,594				128,474
Exclude variances from:
Straight-line rent					(869)				(2,108)						(3,133)				(3,637)
Lease surrender fees					(73)				(334)						(3,348)				(1,088)
Adjusted NOI**			$		35,637		$		37,695				$		135,113		$		123,749

Forward-Looking Statements Disclaimer

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

Contacts

For more information:

Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

TSX: PMZ.UN

www.primarisreit.com www.sedar.com

TORONTO–(BUSINESS WIRE)–Tricon Residential Inc. (“Tricon” or the “Company”) (NYSE: TCN; TSX: TCN), an owner and operator of single-family rental homes and multi-family rental apartments in the United States and Canada, announced today that Gary Berman, President & CEO will participate in a roundtable discussion at the 2022 Citi Global Property CEO Conference on Monday, March 7, 2022, at 3:30pm Eastern Time. A live audio webcast of the presentation will be available on the Investor Relations section of the Company’s website at https://triconresidential.com under “News and Events”. A replay of the webcast will be available through April 7, 2022.

About Tricon Residential Inc.

Tricon Residential is an owner and operator of a growing portfolio of approximately 37,000 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.

Contacts

Investors
Wissam Francis

EVP & Chief Financial Officer

Tel: 416-323-2484

Email: wfrancis@triconresidential.com

Wojtek Nowak

Managing Director, Capital Markets

Tel: 416-925-2409

Email: wnowak@triconresidential.com

Media
Tara Tucker

Vice President, Communications

Tel: 416-925-4041

Email: ttuccker@triconresidential.com

DUBLIN–(BUSINESS WIRE)–The “Fire Stopping Materials Market: Opportunity Analysis and Industry Forecast” report has been added to ResearchAndMarkets.com’s offering.

The global fire stopping material market size was valued at $1,352.8 million in 2020, and is projected to reach $2,002.4 million by 2030, registering a CAGR of 4.1% from 2021 to 2030.

Fire stopping materials are used to protect people in a building or establishment from fire hazards by controlling, detecting, and controlling the spread of fire. These materials assist in the extinguishment of smoke or fire and the alerting of building inhabitants, reducing property and life damage. Materials such as sealants, mortar and putty and putty pads prevent spread of fire and smoke and buy time for safe evacuation and reduce property damage. These fire stopping materials are widely used in commercial, residential and industrial sectors.

The rise in construction sector such as residential and commercial and also increase in industrial sector such as oil and gas, petrochemicals and food industry act as a major driver for fire stopping materials. Construction of new residential and commercials are expected to provide new prospects for fire safety materials. For employee safety, fire protection systems are commonly used in commercial and industrial areas. Furthermore, the market is driven by an increase in the number of property losses as a result of fires. Hence, many organizations and residential projects have been forced to utilize fire stopping materials to reduce fire hazards and property losses as a result of the rising norm. Such factors will support market growth during the forecast period.

Government investments in construction sectors will fuel the fire stopping materials market growth. For instance, in July 2021, Canada’s federal government and the Canada Housing & Mortgage Corporation have committed $35 million to the development of over 100 new residential units in Toronto. The project will be part of a 15-storey apartment at 2346 Weston Road, North York district. Such investments will create growth opportunity for fire stopping materials during the forecast period.

Various key players are launching fire stopping materials such as sealants and boards to prevent spreading of fire and reduce fire hazards. For instance, in November 2021, Rectorseal has launched Orange Draft Block sealant for North America costumers. This fire stopping sealant has ability to expand up to three times to fill openings and insulate pipe and cables. Such factors are expected to provide lucrative growth in the market during the forecast period.

The global fire stopping materials market is segmented on the basis of type, application, end-user, and region. On the basis of types, the market is segmented into sealants, mortar, boards, and others. Application segmentation includes electrical, mechanical, and plumbing. By end-user, the market is segmented into residential, commercial, and industrial. Region wise, the fire stopping materials market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Key Benefits

• The report provides an extensive analysis of the current and emerging fire stopping materials market trends and dynamics.
• In-depth market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2030.
• Extensive analysis of the fire stopping materials market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
• A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
• The global fire stopping materials market forecast analysis from 2020 to 2030 is included in the report.
• The key market players within fire stopping materials market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the fire stopping materials industry.

Market Dynamics

Drivers

• Increase in demand for passive fire protection systems
• Increased emphasis on fire safety codes and regulations
• Rise in residential and commercial sectors

Restraint

• Fluctuation in raw material prices

Opportunity

• Advancement in fire stopping materials

Market Segmentation

By Type

• Sealants
• Mortar
• Boards
• Others

By Application

• Electrical
• Mechanical
• Plumbing

By End-user

• Residential
• Commercial
• Industrial

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• UK
• Italy
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Key Players

• 3M Company
• BASF SE
• Etex Group
• Hilti Group
• Knauf Insulation
• Morgan Advanced Materials
• RectorSeal Corporation
• RPM International, Inc.
• Sika AG
• Specified Technologies, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/k0qto3

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

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