CALGARY, Alberta–(BUSINESS WIRE)–In Q4, Mainstreet achieved our fourth consecutive quarter of double-digit, year-over-year growth across our most important operating metrics, with rental revenues increasing 12%, funds from operations (“FFO”) growing 11% and net operating income (“NOI”) rising 10%.

Bob Dhillon, Founder, President & CEO of Mainstreet, said, “These latest year-end results yet again point to the inherent value of Mainstreet’s core business model, wherein we have continued to generate 23-years of shareholder growth.” He added, “We remain deeply committed to our position as a critical supplier of affordable living for Canadians, which we deliver through our highly diversified portfolio situated in highly strategic regions across British Columbia, Alberta, Saskatchewan and Winnipeg.”

By adhering to our proven corporate strategy, we have insulated Mainstreet from external changes in our operating environment while continuing to generate non-dilutive growth.

These positive quarterly results capped off what was another challenging but successful year for Mainstreet, highlighted by the following FY 2022 achievements:

• Boosted annual rental revenue (13%), FFO (11%) and NOI (12%)
• Improved vacancy rates (7.2% in 2022 compared with 8.9% in 2021). Calgary’s vacancy rate is now approximately 2%, Edmonton is less than 5%, and Vancouver/Lower Mainland is approximately 1%. (Overall YTD vacancy is 4.7%)
• Expanded our portfolio (acquired 815 residential apartment units for $91 million, with an additional 548 units acquired subsequent to year end for $57.6 million, totaling $148 million or 1,363 units)
• Refinanced debt (secured $161 million in long-term mortgages, raising $104 million in low-cost capital for future growth)
• Achieved a one-time gain on the sale of a broken condo project acquired for resale (totaling $4.2 million)

We believe these positive results once again prove the viability of Mainstreet’s value-add business model, which has allowed our management team to deliver real growth to shareholders no matter where in the economic cycle we happen to be operating. In the last seven years of severe volatility—including the 2015 commodity market crash and the COVID-19 pandemic—Mainstreet has continued to generate positive returns without exception.

Mainstreet’s Q4 and FY2022 results also underscore the resilience of the mid-market rental space in Western Canada. While many sectors encountered major disruption in recent years, the rental market has proven itself an essential asset for working-class Canadians, particularly as inflationary pressures increase the cost of owning a home. For years, new supply in the rental market has lagged demand, creating a persistent imbalance in the market. Meanwhile, demand is growing fast: renters in Canada have grown at three times the rate of homeowners in the last decade, according to recent research by Royal Bank of Canada (Proof Point: Is Canada becoming a nation of renters?), suggesting the country has become “a nation of renters.”

Mainstreet is well-positioned amid that supply-demand imbalance due to our tangible position in the real estate space. Given the unique nature of our portfolio, which includes more than 16,500 affordable rental units strategically concentrated around urban centres, Mainstreet believes that it is, and will, remain a crucial provider of quality affordable homes and millennial living in Western Canada, particularly for students and young people, new immigrants and middle-income earners.

As we enter fiscal 2023, Management anticipates more economic and market turbulence ahead (see Challenges section). However, backed by solid market fundamentals and sound management, we remain confident Mainstreet will continue our 23-year legacy of creating non-dilutive growth.

The MEQ intangibles

Underlying those efforts are our many intangible assets, which evidence the inherent value of Mainstreet. They include:

• Residual lands and low density on existing apartment portfolio: Many of Mainstreet’s assets are ripe for further development and expansion, allowing new capacity to be added to our existing portfolio at low cost
• Unstabilized units: 14% of Mainstreet’s portfolio is currently unstabilized, offering substantial room for same store NOI growth
• Mark-to-market rent catch up: Rental rates in some Mainstreet buildings remain below market value—particularly in Vancouver/Lower Mainland and increasingly in Calgary— but will increase once current leases expire
• Strong management: Mainstreet’s highly experienced team has operated through countless cycles in the market, giving them the ability to adapt as operating environments change
• Efficient operations: Mainstreet has invested resources over the past decade by embracing technology and building a strong operating platform to streamline operational oversight
• Non-dilutive organic growth supported by ample liquidity: A $360-million pool of liquidity¹ currently sits at Mainstreet’s disposal, allowing for future growth during counter-cyclical periods

CHALLENGES

Despite opportunities for growth in the coming year, inflation and rising costs continue to pose a challenge. Inflationary pressures increase the cost of everything from labour to materials, raising our operating costs. As supply shortages for materials linger, renovation and maintenance costs have also increased. While we have lessened the impact of such constraints by securing dependable suppliers in Asia, higher expenses associated with global bottlenecks cannot be entirely avoided.

Labour markets remain tight, with job vacancies reaching 1.03 million in Q2 2022, according to Statistics Canada, the highest in several quarters. This has raised Mainstreet’s labour costs and made hiring more challenging. That said, Mainstreet enjoys a well-established hiring record, especially through foreign worker programs. As long as such programs remain available, we will continue to utilize these programs to fill worker shortages.

Major fixed expenses like property taxes, insurance, and utilities have also increased. Carbon taxes, which place the financial burden on property owners, are scheduled to rise annually. We have addressed higher energy costs by entering into various longer-term natural gas contracts, pursuant to which Mainstreet currently pays well below current spot prices. We have also managed to reduce our insurance costs by more than 13% for fiscal 2023 by obtaining improved rates and coverage.

Increased interest rates will also sharply raise the cost of Mainstreet debt, our largest expense alongside acquisitions. Years ago, Mainstreet’s management team began taking steps to establish a long-term debt position as a way to minimize our exposure to increasing interest rates. By securing early finance pre-matured debts and agreeing to pay higher up-front borrowing costs on certain mortgages, we extended our debt obligations over longer periods (10 years instead of the historical, typical five years). Those efforts have allowed Mainstreet to lock in 99% of our debt at fixed-term mortgages with an average maturity of 6.2 years and an average interest rate of 2.57%, as of September 30, 2022.

Regardless of our efforts to counteract inflation and rising interest rates, higher costs erode our operating margins and negatively impact our bottom line. Some of the financial burden will ultimately be passed onto tenants through soft rent increases. However, we are confident Mainstreet will remain the leading provider of quality, affordable housing in Western Canada, given our track record of operational efficiencies, value creation and sound management.

OUTLOOK

As we look ahead, our management team expects several favourable trends to underpin future growth. We believe high commodity prices and a continued post-pandemic recovery will continue to drive a sharp economic rebound in our Alberta, Saskatchewan and British Columbia markets amid shortages of oil, natural gas, grains, and other essential products. While oil prices have come down from their summer highs, U.S. benchmark West Texas Intermediate has continued to trade above recent averages at around US$80 per barrel as of early December.

Alberta is calling

An improved economy in Alberta has led to highly encouraging interprovincial migration rates, a trend we expect to continue in 2023. A total of 34,883 people came to Alberta in Q2 2022, the largest inflow to the province in more than a decade, according to Government of Alberta data.

Combined with net international migration, Alberta’s overall population in Q2 2022 grew at the fastest rate since before 2015, according to Government of Alberta data, bringing the province’s total population to 4.54 million. Earlier this year, the provincial government launched an ‘Alberta is Calling’ campaign to attract more skilled workers from major Canadian urban centres like Vancouver and Toronto, underscoring what we view as a broader trend of continued migration into the prairies.

Vancouver/Lower Mainland remains robust

We believe that similarly positive macro trends will continue to support Mainstreet across our portfolio. We expect Vancouver/Lower Mainland will continue to drive growth and performance, as vacancies remain among the lowest in the country and rental rates among the highest. Vancouver/Lower Mainland has become central to Mainstreet’s portfolio, accounting for 43% of our net asset value (“NAV”) based on IFRS appraised fair market value. With an average monthly mark-to-market gap of $513 per suite per month, 98% of our customers in the region are below the average market rent. That translates into approximately $19 million in NOI growth potential after closing the mark-to-market gap of $513 per unit per month, according to our internal estimates.

Breaking into the Winnipeg market

Given the abundance of opportunity we’ve seen across Western Canada, Mainstreet has continued to diversify our asset base. We entered the Winnipeg market for the first time in 2021, and now hold three properties in the city. Our management team is currently acquiring another 287 units in Winnipeg (expected to close subsequent to FY2022), bringing the total to 401 units, or 2.4% of our portfolio.

Canada re-opens the immigration taps

We expect rising immigration levels to complement inter-provincial migration, reversing the pandemic-era slowdown caused by border closures. The federal government now plans to accept around 500,000 newcomers a year, which is higher than previous annual averages. Roughly 1.8 million people came to Canada between 2016 and 2021, the fastest rate of growth among G7 countries (Statistics Canada). As campuses return to in-person classes, we also expect more foreign students to enter the country to undertake their studies.

Buying low during counter-cyclical times

Mainstreet believes macroeconomic volatility will continue to keep inflation elevated in 2023. While the Consumer Price Index has come down from its June peak, inflation remained at 6.9% in November, according to Statistics Canada. Still, core economic theory suggests prices cannot rise in perpetuity, and therefore we believe inflationary periods are ultimately transitory in nature.

Given the current period of monetary tightening, we believe the acquisition environment has entered a period of transition. In the near term, higher interest rates could force more distressed sellers onto the market, which would create further opportunities for acquisitions and risk-adjusted growth (as ever, we will maintain our counter-cyclical strategy of acquiring assets only when it prioritizes true value creation). In the event that interest rates fall in the longer term, Mainstreet will pivot away from our temporary position of short-term interim financing and revert back to our baseline longer-term debt strategy. That positioning will allow Mainstreet to benefit not just from competitive acquisition costs in the near term, but also potentially lower interest expenses (resulting in higher FFO) on refinancing after stabilization.

Current market conditions also create opportunities to extract more value out of existing assets. Mainstreet vacancy rates dropped in Q4 2022, but we still see ample room to continue repositioning units in coming quarters to further lower vacancies and boost operating income. In Q4 2022, 2,277 units out of a total 15,895 (14% of our portfolio) remain un-stabilized, largely due to our high rate of counter-cyclical acquisitions over the past two years.

RUNWAY ON EXISTING PORTFOLIO

1. Pursuing our 100% organic, non-dilutive growth model: Using our strong potential liquidity position, estimated at $360 million², we believe there is significant opportunity to continue acquiring underperforming assets at attractive valuations.
2. Boosting NOI: As at Q4 2022, 14% of Mainstreet’s portfolio was going through the stabilization process. Once stabilized, we remain confident same-asset revenue, vacancy rate, NOI and FFO will be meaningfully improved. We are cautiously optimistic that we can boost cash flow in coming quarters. In the BC market alone, we estimate that the potential upside for NOI growth is approximately $19 million, which mainly represents leveraging our mark-to-market gaps. The Calgary market also has substantial room for rent-to-market catch up after stabilizing its overall vacancy rate at around 2% for several quarters.
3. Buying back shares at a discount: We believe MEQ shares continue to trade below their true NAV, and that ongoing macroeconomic volatility could intensify that trend.

Forward-Looking Information

Certain statements contained herein constitute “forward-looking statements” as such term is used in applicable Canadian securities laws. These statements relate to analysis and other information based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning estimates related to the effect of rising interest rates on the Corporation, the effect that inflation will have on the Corporation’s tenants and the effect on credit risk, as well as in respect of the cost of renovations and other expenses, disruptions effecting the global supply chain and energy and agricultural markets, including as a result of geopolitical turmoil including Russia’s invasion of Ukraine, future acquisitions, dispositions and capital expenditures, future vacancy rates, increase of rental rates and rental revenue, future income and profitability, timing of refinancing of debt, access to low-cost long-term Canada Mortgage and Housing Corporation (“CMHC”) insured mortgage loans, the potential changes in interest and mortgage rates, the potential changes in inflation rates, the effect of the novel strain coronavirus (“COVID-19”) pandemic and other possible future pandemics and governmental responses thereto on the Corporation and the economy, the effect of actual or potential travel restrictions and post-secondary restrictions on the Corporation’s operations and financial performance, the effect that COVID-19 has had and may have on valuations of the Corporation’s properties, completion timing and costs of renovations, benefits of renovations, funds to be expended on renovations in fiscal year 2023 and the sources thereof, increased funds from operations and cash flow, minimization of operating costs, the Corporation’s liquidity and financial capacity, improved rental conditions, potential increases in rental revenue if optimal operations achieved, the period of time required to stabilize a property, future climate change impact, the Corporation’s strategy and goals and the steps it will take to achieve them, the Corporation’s anticipated funding sources to meet various operating and capital obligations, key accounting estimates and assumptions used by the Corporation, the attraction and hiring of additional personnel, the effect of changes in legislation on the rental market, expected cyclical changes in cash flow, net operating income and operating margins, the effect of environmental regulations on financial results, the handling of any future conflicts of interests of directors or officers and other factors and events described in this document should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using such words or phrases as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements.

Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Corporation’s AIF, dated December 8, 2022 under the heading “Risk Factors”, that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, , the effect of inflation on consumers and tenants, the effect of rising mortgage and interest rates on the Corporation, including its financing costs, the duration and severity of future waves of the pandemic or future pandemics, public health measures, disruptions in global supply chains, labour shortages, the length and severity of the conflict in Ukraine and the occurrence of additional global turmoil and its effects on global markets and supply chains, costs and timing of the development or renovation of existing properties, availability of capital to fund stabilization programs, other issues associated with the real estate industry including availability of labour and costs of renovations, supply chain issues, fluctuations in vacancy rates, general economic conditions, competition for tenants, unoccupied units during renovations, rent control, fluctuations in utility and energy costs, carbon tax increases, environmental and other liabilities, effects of climate change, credit risks of tenants, fluctuations in interest and mortgage rates, availability of capital, changes in legislation and regulatory regime applicable to the corporation, loss of key personnel, a failure to realise the benefit of acquisitions and/or renovations, the effects of severe weather events on the Corporation’s properties, cyber-attacks, climate change, uninsured losses, fluctuations in the capital markets and the trading price of the Common Shares, conflicts of interest of the Corporation’s directors and officers, and other such business risks as discussed herein. This is not an exhaustive list of the factors that may affect Mainstreet’s forward-looking statements. Other risks and uncertainties not presently known to the Corporation could also cause actual results or events to differ materially from those expressed in its forward-looking statements.

Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements include, among others, the impact of economic conditions in Canada and globally including as a result of inflation, interest rate increases, pandemics, supply shortages and geopolitical turmoil, including the Russian invasion of Ukraine, the Corporation’s future growth potential, prospects and opportunities, the rental environment compared to several years ago, relatively stable interest and mortgage costs, access to capital markets to fund (at acceptable costs), the future growth program to enable the Corporation to refinance debts as they mature, changes in tax laws, mortgage rules and other temporary legislative changes in respect of pandemics or otherwise, and the availability of purchase opportunities for growth in Canada.

Although the forward-looking information contained in this MD&A is based upon what management believes are reasonable assumptions, there can be no assurance actual results will be consistent with these forward-looking statements and no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur at all, or if any of them do so, what benefits that Mainstreet will derive from them. As such, undue reliance should not be placed on forward-looking statements. Certain statements included in this MD&A may be considered “financial outlook” for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this MD&A.

Forward-looking statements are based on management’s beliefs, estimates and opinions on the date the statements are made, and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions should change except as required by applicable securities laws.

Management closely monitors factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and will update those forward-looking statements where appropriate in its annual and quarterly financial reports.

This MD&A includes forward-looking information about prospective results of operations, financial position or cash flows, based on assumptions about future economic conditions and courses of action and that is not presented in the format of a historical balance sheet, income statement or cash flow statement (“Financial Outlook”). Actual results may vary from the Financial Outlook summarized in this MD&A. Management of the Corporation has approved the Financial Outlook as of December 8, 2022. The Financial Outlook has been included in this MD&A to provide readers with disclosure regarding the Corporation’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the Financial Outlook may not be appropriate for other purposes.

¹Including $45 million cash-on-hand, $185 million expected funds to be raised through re-financing and financing of clear titled assets after stabilization and a $130 million line of credit.

² Including $45 million cash-on-hand, $185 million expected funds to be raised through re-financing and financing of clear titled assets after stabilization and a $130 million line of credit.

Contacts

For further information:

Bob Dhillon, Founder, President & CEO
D: +1 (403) 215-6063

Executive Assistant: +1 (403) 215-6070

100, 305 10 Avenue SE, Calgary, AB T2G 0W2 Canada TSX: MEQ

https://www.mainst.biz/
https://www.sedar.com

MONTREAL–(BUSINESS WIRE)–BentallGreenOak (BGO) today announced that it has achieved the first perfect score in WiredScore’s history for a Platinum certified property in Canada, demonstrating an exceptional level of digital leadership and connectivity. 1250, boulevard René-Lévesque in Montreal, QC, is a class AAA, 1,000,000+ sq. ft. flagship office building owned jointly between Sun Life Assurance Company of Canada and BGO’s core, open-ended strategy in Canada, that adds to its class-leading accolades in ESG (BOMA BEST Platinum and LEED Gold certified), and health and wellness (Fitwel Viral Response Module), with this latest achievement in digital connectivity.

For the first time in Canada, 1250, boulevard René-Lévesque achieved perfect scores in each of the 4 areas of WiredScore’s scorecard: Connectivity, Infrastructure, Readiness, and Innovation. The perfect 100/100 score places the property into elite standing alongside only 20 other buildings worldwide that have achieved the same mark.

“In a world in which virtually every aspect of our working lives consumes or transmits data, it is important that BentallGreenOak-managed office properties demonstrate exceptional performance in connectivity and digital capability for our tenants,” said Yves-André Godon, Managing Director, Quebec and Ottawa, BentallGreenOak. “The world class community of tenants at 1250, boulevard René-Lévesque look to the property as a place that can enable their business growth objectives through the safe and reliable digital infrastructure that we invest in on behalf of our clients to help deliver exceptional results. WiredScore’s perfect scoring in the Platinum Certification of 1250, boulevard René-Lévesque is a validation of the best-in-class advantages that we strive to deliver for all who work in and visit the property.”

Mike St. Cyr, Head of Canadian Markets for WiredScore Canada, commented: “First-class digital connectivity is no longer a nice-to-have, it is fundamental in a world where technology is part and parcel of our daily lives. This certification is therefore a notable achievement for our client, and we are excited to see what 1250, boulevard René-Lévesque will deliver for the community which interacts with it each and every day.”

About BentallGreenOak

BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $80 billion USD of assets under management (as of September 30, 2022) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 28 cities across 14 countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life.

The assets under management shown above includes real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.

For more information, please visit www.bentallgreenoak.com

About WiredScore

WiredScore is the organization behind the WiredScore and SmartScore certifications: the internationally recognized digital connectivity and smart building rating systems for real estate, helping landlords design as well as promote buildings with powerful digital connectivity and smart capabilities. WiredScore was founded in New York City in 2013 by leaders within real estate, tech and telecommunications, with endorsement from Mayor Bloomberg, to improve NYC’s tech infrastructure, and support entrepreneurs who are driving technological advances and creating jobs. Following success in the US, WiredScore expanded internationally from 2015, initially in the UK and then to France, Ireland, Germany, and Canada. Since then, over 800M square feet of commercial and residential space has been certified, impacting 8M people across 27 countries. For more information on WiredScore, SmartScore or to find certified buildings, please visit: www.wiredscore.com

Contacts

Rahim Ladha

Global Head of Communications, BentallGreenOak

media@bentallgreenoak.com

Mike St. Cyr

Head of Canadian Markets, WiredScore

mike@wiredscore.com

Brokerage leader joins Real to help amplify the Company’s continued growth

TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (TSX: REAX) (NASDAQ: REAX), the fastest growing publicly traded real estate brokerage, today announced the appointment of Sharran Srivatsaa as President, a newly created role, effective immediately. As President, the former brokerage head and industry advisor will be responsible for all aspects of the Company’s growth, including agent attraction and education. Srivatsaa will be a key member of the senior leadership team as Real accelerates its strategy to build a tech-powered, agent-centric platform that offers home buyers and sellers a seamless end-to-end solution.

Srivatsaa joins Real after two decades of business and operational experience across the real estate, finance and technology sectors. A serial entrepreneur and highly regarded thought leader, speaker and advisor, he has had five successful exits in 19 years, including the sale of Teles Properties to Douglas Elliman in 2017. During his six-year tenure at Teles, Srivatsaa grew the brokerage from a single office in Beverly Hills, California, closing $300 million in real estate transactions annually, to 22 offices throughout Southern California closing $3.4 billion in real estate transactions annually.

“Sharran is an experienced leader with a deep understanding of residential real estate and what it takes to build a successful business that outperforms the marketplace,” said Real Chairman and Chief Executive Officer Tamir Poleg. “The combination of Sharran’s operational excellence and entrepreneurial spirit will be a huge asset to us as we continue to enter new markets, sharpen our culture of performance and expand our agent base.”

Most recently, Srivatsaa was Principal of Srilo Ventures, an investment fund that focuses on investing in and advising technology companies and operating businesses in the consumer space. In 2018, he founded Kingston Lane, a marketing software platform for real estate agents and brokers and Highland Prime, a private equity firm focused on helping leadership teams scale their businesses and exit. Earlier in his career, Srivatsaa held investment advisory and corporate strategy positions at Goldman Sachs and Credit Suisse.

“Tamir and the team have built a very unique model. It’s not often you find a culture where performance and collaboration coexist, but they do at Real, and it provides a foundation to build something great,” Srivatsaa said. “I’m looking forward to helping to drive growth of the platform while empowering agents to realize their full potential.”

Srivatsaa is a member of the Young Presidents Organization. He holds a bachelor’s degree from Luther College and an MBA from Vanderbilt University, Owen Graduate School of Management.

All dollar figures shown herein are presented in USD.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, expectations regarding Real’s growth and the business and strategic plans of the Company. Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

About Real

The Real Brokerage Inc. (TSX: REAX) (NASDAQ: REAX) is revolutionizing the residential real estate industry by pairing best-in-class technology with the trusted guidance of the agent-led experience. Real delivers a cloud-based platform to improve efficiencies and empower agents to provide a seamless end-to-end experience for homebuyers and sellers. The company was founded in 2014 and serves 44 states, D.C., and three Canadian provinces with over 7,000 agents. Additional information can be found on its website at www.onereal.com.

Contacts

For additional information:

Jason Lee

Vice President, Capital Markets & Investor Relations

investors@therealbrokerage.com
908.280.2515

For media inquiries:

Elisabeth Warrick

Director, Communications

elisabeth@therealbrokerage.com
201.564.4221

AUSTIN, Texas–(BUSINESS WIRE)–#CleanEnergy–40 electric providers, including many cooperatives, are implementing CLEAResult’s Rooftop Solar Assessment tool to make the decision-making process of purchasing home solar easier and more customized for their customers. The online assessment is the latest energy education innovation from electric vehicle resource leader ChooseEV, which CLEAResult acquired in May to expand the company’s growing energy transition practice within the CLEAResult ATLAS™ platform.

Utilities can customize the Rooftop Solar Assessment with local rates, specific metering models and more to fit the real-world decisions people in their communities are facing. Energy providers can also deliver alternative options for customers to reduce carbon emissions when solar is not a viable option, such as community solar or other green power programs.

“Electric providers want their communities to be properly informed about their energy decisions, especially solar,” said CLEAResult’s ChooseEV Director, Ben Yenter. “Our online assessment simplifies the conversation. People answer a few quick questions, get personalized savings and payback estimates, and can then have informed discussions to decide what’s best for them.”

Purchasing residential solar can be a tricky process to navigate. The tool is designed to empower electric providers to offer customers custom-tailored information on how rooftop solar will impact their future bills—an important detail that solar installers often overlook or misrepresent.

CLEAResult is finding interest across the country from utilities of all sizes and fully expects to onboard over 100 providers by early 2023. Co-ops and other utilities with close relationships to their communities have been the fastest first adopters.

“Providing utilities with technology and data that helps them build stronger relationships with the communities they serve is what it’s all about,” Divakar Jandhyala, CLEAResult’s Chief Product and Technology Officer emphasized. “People can finally make decisions based on real data, and our clients can guide them better because of it.”

ChooseEV continues to integrate and grow its offering as part of CLEAResult ATLAS™, the company’s comprehensive platform for Energy Efficiency, Energy Transition and Decarbonization solutions. The Rooftop Solar Assessment was designed with the same philosophy as the popular EV education tool currently being used by over 400 energy providers—it translates complex technical concepts into easy-to-follow examples that everyone can understand.

CLEAResult’s Rooftop Solar Assessment is available for customers of participating utilities in Washington, Arizona, Minnesota, South Carolina and Indiana. “People in Florida, Virginia, Alabama and elsewhere can look forward to seeing the tool available in their states soon,” says Yenter.

Visit www.clearesult.com/technology to request a fully configurable demo of the Rooftop Solar Assessment.

About CLEAResult

CLEAResult is the largest provider of energy efficiency, energy transition, and decarbonization solutions in North America. Since 2003, our mission has been to change the way people use energy. Today, our experts lead the transition to a sustainable, equitable, and carbon-neutral future for our communities and our planet. Our hometown teams collaborate with a diverse network of local partners to deliver world-class technology and personalized services that make it easy for commercial and industrial businesses, governments, utilities and residential customers to reduce their energy use and carbon footprint. CLEAResult is headquartered in Austin, Texas, and has over 2,400 employees in more than 60 cities across the U.S. and Canada. CLEAResult is majority owned by TPG through its middle market and growth equity investment platform TPG Growth and its multi-sector global impact investing strategy The Rise Fund.

Explore all our energy solutions at clearesult.com.

Follow us on: Facebook | LinkedIn | Twitter | Instagram

Contacts

media@clearesult.com
Amber Tester
Director Corporate Communications