The public can submit their favourite washrooms now through May 13

MISSISSAUGA, Ontario–(BUSINESS WIRE)–#bestrestroom—Cintas Canada, Ltd. is asking the public to help identify Instagrammable washrooms for the 2022 Canada’s Best Restroom contest. Are you a business owner with a fantastic facility? Have you visited a business’ washroom that left you with a positive lasting impression? Nominate a deserving washroom today at bestrestroom.com/Canada. Nominations will be accepted through May 13, 2022.

The Canada’s Best Restroom contest highlights businesses that have invested in developing and maintaining exceptional washrooms. Nominees for this year’s contest will be judged on five criteria: cleanliness, visual appeal, innovation, functionality and unique design elements. Cintas Canada will select five finalists and ask the public to vote for the grand prize winner between June 6 and July 8, 2022. The winner will receive $2,500 in facility services from Cintas to help maintain their award-winning washrooms.

“A customer’s experience in the washroom can affect their perceived cleanliness of the whole facility, which can impact their experience and potential repeat business,” said Candice Raynsford, Marketing Manager, Cintas Canada. “Finalists in this contest deserve the utmost recognition for investing in clean and memorable washrooms. Businesses big and small can earn invaluable national exposure by participating in the contest.”

Last year’s winner, Borden Park in Edmonton, Alberta was crowned the grand prize winner for its single-level pavilion washrooms surrounded by highly reflective glass. “It was a privilege to be recognized by Cintas Canada for having washrooms that are inviting and clean for people to use,” said Nicole Fraser, General Supervisor of Planning and Monitoring, Infrastructure Operations at the City of Edmonton. “The pandemic has highlighted the importance of having accessibility to washrooms in parks and open spaces so that all Edmontonians and visitors to Edmonton can continue to access them.”

For contest updates, fun facts and washroom trivia, “Like” Canada’s Best Restroom on Facebook at www.Facebook.com/CanadasBestRestroom.

For more information about the Canada’s Best Restroom contest or to receive a copy of the contest rules, contact Brianna Fitzpatrick at 847-340-5711 or bfitzpatrick@mulberrymc.com.

About Cintas Canada, Ltd.

Cintas Canada Ltd, with headquarters in Mississauga, Ontario is a subsidiary of Cintas Corporation. Cintas helps more than 55,000 Canadian businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe and looking their best. With offerings including uniforms, mats, mops, restroom supplies, first aid and safety products and training, Cintas helps customers get Ready for the Workday^®. The company is also the creator of the Cintas Total Clean Program™ — a first-of-its-kind service that includes scheduled delivery of essential cleaning supplies, hygienically clean laundering, and sanitizing and disinfecting products and services. Cintas is a publicly held company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of the Standard & Poor’s 500 Index.

Contacts

Brianna Fitzpatrick

Mulberry Marketing Communications

847-340-5711

bfitzpatrick@mulberrymc.com

The brownfield site in Mississauga will soon be home to one of the world’s most sustainable, future-ready waterfront communities

MISSISSAUGA, Ontario–(BUSINESS WIRE)–Lakeview Community Partners Limited (LCPL) is honoured to announce that Lakeview Village, a vibrant mixed-use community being built on a 177-acre brownfield site along Mississauga’s waterfront, has received the Award of Excellence for Sustainable Development in the 2022 National Urban Design Awards.

Presented by The Royal Architectural Institute of Canada (RAIC), the Canadian Institute of Planners (CIP), and the Canadian Society of Landscape Architects (CSLA), the National Urban Design Awards recognize individuals, organizations, firms, and projects that have contributed to enhancing the quality of life and the sustainability of Canadian communities through exceptional and thoughtful urban design.

In recognition of outstanding commitment to sustainability within the urban context, the jury presented Lakeview Village with the Award of Excellence in Sustainable Development, a coveted distinction provided to the project which best demonstrates the principles of sustainable urban development while exemplifying sensitive urban design.

“The proposed reduction in energy consumption centred around wastewater heat recovery and a district level energy plant is commendable,” noted the jury behind Lakeview Village’s selection. “The ’15-minute city’ is walkable and socially sustainable, and the myriad of practical, proven green technologies all come together to make this a model for future sustainable development.”

The Lakeview Village project team includes Sasaki, NAK Design Strategies, Glenn Schnarr & Associates, The Municipal Infrastructure Group, Urbantech Consulting and FVB Energy Incorporated.

“On behalf of LCPL and the incredible team behind the project, it is an honour to receive this designation as we work to transform a place that harmed the lakeshore ecosystem through industrial pollution into a sustainable, future-ready community,” said Brian Sutherland, Vice-President of Development, Argo Development Corporation and development lead for Lakeview Village. “This award represents our approach and big picture thinking with Lakeview Village, which is to bring one of the world’s most sustainable waterfront communities to the shores of Mississauga.”

Driven by LCPL’s long-term vision to build a connected, environmentally conscious and socially responsible community, Lakeview Village’s ’15-minute city’ design will meaningfully contribute to the growth of healthy communities in Canada and set the global standard for sustainable development. Through thoughtful and strategic urban planning, the design promotes sustainable modes of transit and will connect residents through a regional network of parks and trails. The developers have further incorporated a myriad of forward-thinking, cutting-edge technologies to reduce energy consumption, and will also feature a Sustainability Centre to propel the next generation of sustainable innovation locally.

“I’d like to congratulate LCPL and the entire project team for this outstanding achievement, which celebrates our dedication to creating a community that is built for the future with solutions to address climate change, energy resiliency, waste management and mobility challenges,” said Fabio Mazzocco, President at Argo Development Corporation. “Since the beginning, sustainability has been a driving force behind our approach to this project, and we look forward to executing on this mission. We believe Lakeview Village will be a community that sets a new standard for how Canada approaches sustainable development.”

More on the 2022 National Urban Design Awards, here: Canadian projects selected for the 2022 National Urban Design Awards

For complete jury comments, visit: National Urban Design Awards – 2022 Recipient – Sustainable Development

To learn more about Lakeview Village, visit: www.mylakeviewvillage.com.

About NUDA

The RAIC, CIP, and CSLA established the National Urban Design Awards in 2006 to promote awareness of the important role of urban design in maintaining and enhancing the quality of life in Canadian cities. The awards recognize the contributions of individuals, organizations, firms, and projects. NUDA is a biennial program and the only national awards program that exclusively recognizes urban design achievement.

About Lakeview Community Partners Limited

Lakeview Community Partners Limited is a partnership of community builders that includes TACC Construction Limited, Greenpark Group, CCI Development Group, Branthaven and Argo Development Corporation. The partnership represents an unprecedented collaboration dedicated to transforming Mississauga’s waterfront through the development of Lakeview Village, a sustainable mixed-use community and all-season destination on the former site of the Lakeview Generating Station, a decommissioned coal-fired power plant. This transformative 177-acre revitalization project will revolutionize the way people live, visit and experience the waterfront through its thoughtful design and curated collection of housing, retail, office and recreational programming. For more information, visit www.mylakeviewvillage.com.

Contacts

Kaiser & Partners, on behalf of Lakeview Community Partners Limited

Lauren Bech-Hansen

416-278-5685

lauren.bechhansen@kaiserpartners.com

VANCOUVER, British Columbia–(BUSINESS WIRE)–Metrie^®, North America’s leading manufacturer and distributor of millwork solutions, today announces a definitive agreement* to acquire EL & EL Wood Products Corp (“EL & EL”), the premier two-step distributor of moulding, millwork, and door products across the Southwest US.

“Metrie is growing,” commented Kent Bowie, President & CEO, Metrie. “As a company we are committed to bringing the best experience in the industry to our valued partners. However, until today’s announcement, we had a relatively small distribution footprint in California, the fifth largest economy in the world. This acquisition strengthens our efforts to provide the Millwork industry with innovative solutions and will solidify our leadership position for customers across all North American markets. Importantly, Metrie and EL & EL share similar values and approaches to our service offering. We are both family-owned and have been nurturing our customer partnerships for generations with a long-term view to success. Excellence is at the heart of both companies’ brands, and we will continue to cultivate that service excellence, alongside the California team.

“Combined with the 2020 acquisition of our Sacramento MDF manufacturing facility, we will add state-of-the-art distribution and fabrication facilities in Chino and Galt, CA and a talented team that is passionate about supporting their customers. More than anything else, we are excited to welcome the EL & EL team into our broader Metrie family of companies.”

“This transaction is the perfect one for the EL & EL team,” responded Cathy Wong, President & Chairwoman of the Board, EL & EL. “We have been family-owned for more than 50 years, and we want to ensure the excellence of operations and customer service, for which EL & EL is rightly proud, continues long into the future. It is time for me to pass the baton forward. We know that Metrie will take great care of that service promise and continue to grow the business and the relationships with our customers across the Southwest.”

About Metrie^®:

For nearly 100 years, Metrie has helped people transform their homes with high quality millwork products. The Metrie story began in 1926 as a small, family-owned and operated business in Vancouver, B.C. Since then, Metrie’s commitment to innovative design and fine craftsmanship has helped the company expand operations to include six solid wood and MDF manufacturing facilities, plus 24 distribution centers in the U.S. and Canada. Metrie has grown over the last nine decades to become the largest MDF moulding manufacturer in North America. For more information, please visit www.Metrie.com or visit us on social media: LinkedIn, Facebook, Instagram, Twitter, Pinterest, YouTube and Houzz.

*Completion of the Acquisition is subject to U.S. antitrust approval, as well as other conditions customary for a transaction of this nature. The acquisition is expected to close in mid-April. Transaction details will not be disclosed.

Contacts

Jonathan Anthony, Director, Corp. Communications | Jonathan.Anthony@metrie.com | 604-374-3240

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