TORONTO–(BUSINESS WIRE)–Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of high-quality workplace real estate, announced today that the Q3 2022 earnings call transcript and investor update are now available on the REIT’s website and can be accessed by visiting the following links:

• Slate Office REIT – Q3 2022 earnings call transcript
• Slate Office REIT – Q3 2022 investor update

About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is a global owner and operator of high-quality workplace real estate. The REIT owns interests in and operates a portfolio of strategic and well-located real estate assets in North America and Europe. The majority of the REIT’s portfolio is comprised of government and high-quality credit tenants. The REIT acquires quality assets at a discount to replacement cost and creates value for unitholders by applying hands-on asset management strategies to grow rental revenue, extend lease term and increase occupancy. Visit slateofficereit.com to learn more.

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

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

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

SOT-FR

Contacts

For Further Information
Investor Relations

+1 416 644 4264

ir@slateam.com

Funding from leading cleantech investors validates company’s data-driven mission to unlock potential of multitrillion-dollar global market

VICTORIA, British Columbia–(BUSINESS WIRE)–Audette, a proptech company creating actionable data-driven decarbonization plans for commercial real-estate portfolios, has raised US$9.5 million in funding from a group of leading cleantech investors.

Led by Chicago-based Buoyant Ventures, with participation from Energy Impact Partners, Active Impact Investments, Johnson Controls, Osgoode Properties, Powerhouse Ventures, Turnham-Green Capital, and Undivided Ventures, the seed round is being used to launch Audette’s game-changing technology across 150 North American cities over the next 24 months.

By using artificial intelligence (AI) to capture, monitor and analyze key building data, Audette’s end-to-end platform digitizes the outdated process of identifying emissions-reduction opportunities. This enables building owners to:

• Visualize entire portfolios, and identify and evaluate opportunities for low-carbon building improvements, much more quickly and accurately
• Develop emission-reduction strategies, track progress, and ultimately achieve goals much more efficiently and cost-effectively
• Source financing and incentives for retrofit projects

“Closing an oversubscribed capital round with some of the proptech and cleantech sectors’ leading investors validates the need for real-estate decarbonization at massive scale, starting with every commercial building in North America,” said Christopher Naismith, CEO and Founder of Audette. “With the zero-carbon transition estimated to drive $10 trillion in global transactions, decarbonizing real estate represents one of the biggest reallocations of capital in human history.”

It would take centuries for individual sustainability professionals to create the emissions-reduction plans Audette’s AI models are capable of generating, Naismith added. “Our team knows from decades of combined experience that human-driven decarbonization doesn’t scale. Behind this bottleneck, trillions of dollars of market activity are waiting to be unlocked as part of a once-in-a-generation opportunity for real-estate players to future-proof their portfolios and create value.”

Through its work with the first-ever Google Cloud Accelerator Canada Program and Google’s United Nations Sustainable Development Goals advisory program, Audette has gained unique access to the rich multi-sector data a portion of the seed round is being used to acquire.

“Audette exemplifies the promise we see for data and software to accelerate climate action,” said Allison Myers, Buoyant Ventures’ Co-Founder and General Partner. “Hundreds of billions of dollars are spent annually on energy audits and retrofit planning, and Audette is directly reducing those costs on a per-building basis. More importantly, its solution is enabling real-estate operators to quickly prioritize decarbonization and energy savings across their portfolios so they can start retrofitting sooner and faster. Buoyant couldn’t be more excited to support such an amazing team focused on such an important problem.”

Audette’s platform parses geospatial imagery on top of its vast and growing sea of private and public data to find every rooftop feature of an area’s building stock. It then applies models from a library of thousands of digital twins across vintages, use types, and HVAC topology to deliver an interactive platform for carbon reduction at regional and building-specific scales. These building-level interactions retrain the platform’s AI models, which improves macro-scale accuracy and creates a flywheel effect.

“What sets Audette apart is a holistic approach that models the entire building stock and details decarbonization pathways across entire regions, not just building by building,” said Vida Asiegbu, Principal at Energy Impact Partners. “It presents data at both the macro scale, for economic planning, and to building owners themselves, who use their records to create custom carbon step-down plans for their portfolios. The company has assembled a diverse and talented team to address one of the largest opportunities for decarbonization: the built environment.”

According to Managing Partner Mike Winterfield, Active Impact’s 2021 investment in Audette was made “because Christopher is a founder with hustle and accountability who delivers results. Now, as Canada’s largest climate tech seed fund, we’re excited to follow up on our initial investment because Audette automates the net zero roadmap of a sector that contributes 19 percent of global GHG emissions, has found product-market fit across an exciting customer base of real estate asset managers, and is ready to scale.”

About Audette

Based in Victoria, B.C., Audette is on a mission to create a carbon-transition plan for every building on the planet. By creating a meaningful path forward to decarbonization across the real-estate industry, Audette’s proprietary data-driven technology expedites emissions reduction and enables it to scale globally. The future is carbon-free, and Audette is meeting those future needs TODAY. Learn more at audette.io.

Media assets are available here.

Contacts

Media:

Canada:

Kathleen Reid

604-724-1242

kreid@switchboardpr.com

United States:

Blakelee Hampshire

917-275-4925

blakelee@switchboardpr.com

Acquisition paves the way for expansion throughout province

TORONTO & NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc. (“Real” or the “Company”) (TSX: REAX) (NASDAQ: REAX), the fastest growing publicly traded real estate brokerage, today announced that it has acquired, through a wholly owned subsidiary, all of the issued and outstanding common shares of Redline Real Estate Group (BC) Inc. (“Redline BC”) pursuant to a share purchase agreement between the Company, Redline BC and Redline Realty Investments Inc. (“Redline Realty”). The acquisition, which includes Redline’s real estate license to operate in British Columbia, will fuel the Company’s expansion into Canada’s third largest province.

Founded in 2005, Redline Realty has approximately 90 agents serving clients throughout the provinces of Alberta, Ontario and British Columbia. The acquisition follows Redline’s move to The Real Brokerage network in October 2021, and underscores the success that Redline’s agents have had under the Real umbrella, which provides agents with the technology, culture and financial incentives to realize their full potential.

“Acquiring brokerage firms as a method to grow agent count is not part of our strategy. Our leading technology, competitive financial incentives and connected community are attracting agents to our platform in record numbers. However, Canada is important to our overall growth and this transaction allows us to leverage our relationship with one of Canada’s top brokerage teams to serve as the foundation for our expansion into British Columbia,” said Real Chairman and Chief Executive Officer Tamir Poleg.

“When we joined Real, we were excited to align our team with a company that is bringing real estate into the digital age in a way that empowers agents to best serve clients while creating a culture of innovation, inclusion and trust,” said Darren Langille, Co-Founder of Redline Realty. “Now, one year later we are thrilled to be the catalyst for Real’s Canadian expansion into British Columbia.”

Brett Turner, President and Co-Founder of Redline echoed this sentiment: “Our agents continue to be impressed with Real Brokerage’s revolutionary approach to the brokerage industry, and we are pleased to incorporate our BC arm into their model.”

Real’s anticipated expansion into British Columbia is the company’s latest milestone in 2022, which includes increasing its agent base by 82% year-to-date to more than 7,000 agents, an agreement to acquire LemonBrew Lending Corp., a tech-enabled home loan platform, and the acquisition of Expetitle, a digital title and settlement company now operating as Real Title. Each acquisition is consistent with Real’s strategy to build a seamless end-to-end home buying experience.

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, information relating to Real’s brokerage operations in British Columbia and the business and strategic plans of Real.

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. (NASDAQ: REAX) (TSX: 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

Investors, for more information:

Jason Lee

Vice President, Capital Markets & Investor Relations

investors@therealbrokerage.com
908.280.2515

Media, for more information:

Elisabeth Warrick

Director, Communications

elisabeth@therealbrokerage.com
201.564.4221

This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts are in U.S. dollars.

TORONTO–(BUSINESS WIRE)–DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U) (“Dream Residential REIT” or the “REIT” or “we” or “us”) today announced its financial results for the quarter ended September 30, 2022 (Q3 2022) and the period from February 24, 2022, to September 30, 2022 (“YTD 2022”). The YTD 2022 period reflects the period from May 6, 2022, the date on which the REIT completed its initial public offering (“IPO”) of trust units (“Trust Units”). The REIT had no operations prior to May 6, 2022. The results for Q3 2022 are compared to the financial forecast (the “Forecast”) contained in the REIT’s final prospectus dated April 29, 2022. Management will host a conference call to discuss the financial results on November 3, 2022 at 10:00 a.m. (ET).

HIGHLIGHTS

• For the period ended September 30, 2022, net income was $23.4 million, which comprises net rental income of $7.0 million, fair value adjustments to investment properties of $1.2 million and fair value adjustments to financial instruments of $18.9 million, primarily from the revaluation of Class B units of DRR Holdings LLC, a subsidiary of the REIT (“Class B Units” and together with the Trust Units, “Units”). Partially offsetting these items were cumulative other income and expenses of $(3.7) million.
• Diluted funds from operations (“FFO”)¹ per Unit was $0.15 for Q3 2022, in line with the Forecast.
• Net operating income (“NOI”)² was $5.5 million in Q3 2022, consistent with the Forecast.
• NOI margin³ in Q3 2022 was 49.9% compared to 50.0% for the Forecast.
• Average monthly rent as at September 30, 2022 was $1,060 per unit compared to $1,018 per unit at June 30, 2022, an increase of 4.1%.
• Portfolio occupancy was 93.7% as of September 30, 2022, with Greater Oklahoma City at 94.3%, Dallas-Fort Worth at 90.3% and Greater Cincinnati at 96.5%.
• Total assets were $432.7 million as at September 30, 2022, comprised primarily of $414.5 million of investment properties and $15.4 million of cash and cash equivalents.
• Total equity (per condensed consolidated financial statements) was $216.2 million as at September 30, 2022.
• Net asset value (“NAV”)⁴ per Unit was $14.58 as at September 30, 2022.
• Net total debt-to-net total assets⁵ was 29.0% as at September 30, 2022, total mortgages payable were $136.3 million and total assets were $432.7 million.
• On October 18, 2022, the Trust Units commenced trading on the OTCQX marketplace under the ticker DRREF.
• The REIT declared distributions totaling $0.105 per Unit during Q3 2022.

________________________________

1 Diluted FFO per Unit is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. Diluted FFO per Unit is comprised of FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

2 Net operating income (“NOI”) is a non-GAAP financial measure. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. The most directly comparable financial measure to NOI is net rental income. The tables included in the Appendices section of this press release reconcile NOI for the period from May 6, 2022 to September 30, 2022 to net rental income. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

3 NOI margin is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. NOI margin is defined as NOI (a non-GAAP financial measure) divided by investment properties revenue, as a percentage. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

4 NAV per Unit is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. NAV per Unit is comprised of total equity (including Class B Units) (a non-GAAP financial measure) divided by the number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

5 Net total debt-to-net total assets is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. Net total debt-to-net total assets ratio is comprised of net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

FINANCIAL HIGHLIGHTS			Actual		Forecasted		Variance			Actual
(unaudited) (in thousands unless otherwise stated)			Three months ended September 30, 2022		Three months ended September 30, 2022					For the period from May 6, 2022 to June 30, 2022
Operating results
Net income		$	23,445		3,443		20,002		$	84,825
Funds from operations (“FFO”)(1)			2,923		2,957		(34)			1,868
Net rental income			6,951		7,064		(113)			4,050
Net operating income (“NOI”)(10)			5,491		5,528		(37)			3,516
NOI Margin(11)			49.9%		50.0%		(10) bps			52.2%
Per Unit amounts
Distribution rate per Trust Unit		$	0.105		0.105		—		$	0.064
Diluted FFO per Unit(2)(3)			0.15		0.15		—			0.09
See footnotes at end

Net income for Q3 2022 was $23.4 million, which is $20.0 million higher than the Forecast primarily due to fair value gains on properties and financial instruments. Investment property revenue of $11.0 million during Q3 2022, was in line with the Forecast, with strong rental rate increases offset by induced vacancy as the REIT accelerated its value-add program during the quarter. NOI for Q3 2022 was $5.5 million or approximately 0.7% lower than the Forecast, primarily due to the induced vacancy from the value-add program during the quarter. Q3 2022 funds from operations was $2.9 million, which was 1.1% lower than the Forecast. Lower NOI was partially offset by interest income earned on cash deposits and lower interest expense due to lower than forecasted amortization of discounts related to the fair valuation of mortgage debt that occurred upon the REIT’s acquisition of 13 multi-family residential properties from AWH Holdings LLC on the closing of its IPO. Q3 2022 diluted FFO per unit at $0.15 was consistent with the Forecast.

PORTFOLIO INFORMATION			As at
(unaudited)			September 30, 2022
Total portfolio
Number of assets			16
Investment properties fair value (in thousands)		$	414,460
Rental units			3,432
Occupancy rate – in place (period-end)			93.7%
Average in-place base rent per unit		$	1,060
Estimated market rent to in-place base rent spread (%) (period-end)			7.0%
Retention rate (period-end)			53.7%

“We are pleased with the REIT’s results for our first full quarter which are tracking in line relative to our IPO Forecast,” said Jane Gavan, Chief Executive Officer of Dream Residential REIT. “Fundamentals in our primary markets remain strong and our value-add program continues to generate impressive returns.”

ORGANIC GROWTH

Dream Residential REIT continued to achieve attractive organic growth across the portfolio, capturing rental rate growth in its primary markets and progressing on implementing its value-add initiatives.

Weighted average monthly rent as at September 30, 2022 was $1,060 per unit, representing a 4.1% increase from June 30, 2021. Rental rate increases were experienced across all of the REIT’s primary markets including Greater Oklahoma City at 4.2%, Greater Dallas Fort-Worth at 4.3% and Greater Cincinnati at 3.9% from June 30, 2022.

Leasing momentum remained strong during Q3 2022, with blended lease trade outs averaging 13.6%, comprised of an average increase on new leases of approximately 16.2% and an average increase on renewals of approximately 11.1%. At September 30, 2022, estimated market rents were $1,134 per unit, or an average lease trade out for the portfolio of 7.0%. The retention rate for the quarter ended September 30, 2022 was 53.7%.

Value-Add Initiatives

The REIT continued to expand its value-add initiatives during Q3 2022, launching its renovation program in Greater Oklahoma City in July 2022. As of September 30, 2022, renovations were completed on 141 suites across Greater Dallas-Fort Worth and Greater Oklahoma City with an additional 45 suites under renovation. The average new lease trade-out on renovated suites was $429 higher than expiring leases, or a premium of 37%. Lease trade-outs on classic suites were $234 higher than expiring leases, or a premium of 22%.

“Our renovation program continues to drive value and is a key pillar of future organic growth,” said Scott Schoeman, Chief Operating Officer of Dream Residential REIT. “In addition to driving rent growth, value-add investment is improving the quality as well as lifespan of our assets and improving the overall tenant experience. We remain on track to complete our targeted 200 renovations by year-end.”

FINANCING AND CAPITAL INFORMATION

			As at
(unaudited)			September 30, 2022
Financing
Net total debt-to-net total assets(4)			29.0%
Average term to maturity on debt (years)			5.8
Interest coverage ratio (times)(5)			3.4
Undrawn credit facilities (in thousands)		$	70,000
Available liquidity(6) (in thousands)		$	85,392
Capital
Total equity (excluding Class B Units) (in thousands)		$	216,234
Total equity (including Class B Units) (in thousands)(7)		$	288,443
Total number of Trust Units and Class B Units (in thousands)(8)			19,788
Net asset value (NAV) per Unit(9)		$	14.58
Trust Unit price		$	7.25

As of September 30, 2022, net total debt-to-net total assets was 29.0%, total mortgages payable were $136.3 million and total assets were $432.7 million. The REIT ended Q3 2022 with total available liquidity of approximately $85.4 million⁽⁶⁾, comprised of $15.4 million of cash and cash equivalents and $70 million available on its undrawn revolving credit facility.

OTCQX Best Market

On October 18, 2022, the Trust Units commenced trading on the OTCQX marketplace under the symbol DRREF. The OTCQX provides U.S. investors with the opportunity to trade directly from their accounts so that more potential investors have access to buying and selling Trust Units.

“With a strong balance including low leverage, limited near term debt maturities and ample liquidity, we are well positioned to deal with an uncertain economic environment,” said Derrick Lau, Chief Financial Officer of Dream Residential REIT. “We continue to evaluate strategic initiatives to deploy capital and create value for our unitholders. With the Trust Units now trading on the OTCQX, we believe that this will provide increased visibility and broaden our investor reach going forward.”

CONFERENCE CALL

Senior management will host a conference call to discuss the financial results on Thursday, November 3, 2022, at 10:00 a.m. (ET). To access the conference call, please dial 1-866-455-3403 in Canada or 647-484-8332 elsewhere and use passcode 88134505#. To access the conference call via webcast, please go to Dream Residential REIT’s website at www.dreamresidentialreit.ca and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call.

OTHER INFORMATION

Information appearing in this press release is a select summary of financial results. The condensed consolidated financial statements and management’s discussion and analysis for the REIT will be available at www.dreamresidentialreit.ca and under the REIT’s profile on www.sedar.com.

Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns an initial portfolio of 16 garden-style multi-residential properties, consisting of 3,432 units primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit www.dreamresidentialreit.ca.

Non-GAAP financial measures, ratios and supplementary financial measures

The REIT’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, the REIT discloses and discusses certain non-GAAP financial measures and ratios, including FFO, diluted FFO per Unit, NOI, NOI margin, total debt, net total debt-to-net total assets ratio, adjusted EBITDAFV ratio, interest coverage ratio (times), available liquidity, total equity (including Class B Units) and NAV per Unit as well as other measures discussed elsewhere in this press release. These non-GAAP financial measures and ratios are not defined by IFRS and do not have a standardized meaning under IFRS. The REIT’s method of calculating these non-GAAP financial measures and ratios may differ from other issuers and may not be comparable with similar measures presented by other issuers. The REIT has presented such non-GAAP financial measures and ratios as Management believes they are relevant measures of the REIT’s underlying operating and financial performance. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release have been incorporated by reference from the management’s discussion and analysis of the financial condition and results from operations of the REIT as at and for the period ended September 30, 2022, dated November 2, 2022 (the “MD&A for the third quarter of 2022”) and can be found under the sections “Non-GAAP Financial Measures and Ratios” and respective sub-headings labelled “Funds from operations (“FFO”)”, “NAV per Unit”, “Net operating income (“NOI”) and NOI Margin”, “Adjusted earnings before interest, taxed, depreciation, amortization and fair value adjustments (Adjusted EBITDAFV)”, “Available Liquidity”, “Total equity (including Class B Units)”, “Interest coverage ratio (times)” and “Net total debt-to-net total assets” )”. The composition of supplementary financial measures included in this press release have been incorporated by reference from the MD&A for the third quarter of 2022 and can be found under the section “Supplementary Financial Measures and Other Disclosures”. The REIT’s MD&A for the third quarter of 2022 is available on SEDAR at www.sedar.com under the REIT’s profile and on the REIT’s website at www.dreamresidentialreit.ca under the Investors section. Non-GAAP financial measures and ratios should not be considered as alternatives to net income, net rental income, cash flows generated from (utilized in) operating activities, cash and cash equivalents, total assets, non-current debt, total equity, or comparable metrics determined in accordance with IFRS as indicators of the REIT’s performance, liquidity, cash flow, and profitability.

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes statements regarding our intentions to implement our value-enhancing renovation initiatives at our properties and our expectations with respect to NOI growth and our belief that the OTCQX listing will broaden our investor base. Forward-looking information generally can be identified by the use of forward-looking terminology such as “will”, “expect”, “believe”, “plan”, or “continue”, or similar expressions suggesting future outcomes or events. 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 Dream Residential REIT’s control that 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, global and local economic and business conditions; uncertainties surrounding the COVID-19 pandemic; risks associated with unexpected or ongoing geopolitical events; risks inherent in the real estate industry; financing risks; and interest and currency rate fluctuations. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, there are no unforeseen changes in the legislative and operating framework for our business, we will have access to adequate capital to fund our future projects and plans and that we will receive financing on acceptable terms; interest rates remain stable and geopolitical events will not disrupt global economies. All forward-looking information in this press release speaks as of the date of this press release. Dream Residential REIT 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 Dream Residential REIT’s final long-form prospectus dated April 29, 2022, including under the heading “Risk Factors” therein.

FOOTNOTES

(1) FFO is a non-GAAP financial measure. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. The most directly comparable financial measure to FFO is net income. For further information on this non-GAAP measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. The table included in Appendices section of this press release reconcile FFO for the three months ended September 30, 2022 to net income.

(2) Diluted FFO per Unit is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. Diluted FFO per Unit is comprised of FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

(3) A description of the determination of diluted amounts per Unit can be found in the REIT’s MD&A for the period ended September 30, 2022, in the section “Supplementary Financial Measures and Other Disclosures”, under the heading “Weighted average number of Units”.

(4) Net total debt-to-net total assets ratio is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. Net total debt-to-net total assets ratio is comprised of net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

(5) Interest coverage ratio (times) is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. Interest coverage ratio is comprised of adjusted EBITDAFV (a non-GAAP financial measure) divided by interest expense on debt. The table included in the Appendices section of this press release reconcile Adjusted EBITDAFV to net income. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures and ratios and supplementary financial measures” in this press release.

(6) Available liquidity is a non-GAAP financial measure. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. The most directly comparable financial measure to available liquidity is cash and cash equivalents. The table included in the Appendices section of this press release reconcile available liquidity to cash and cash equivalents as at September 30, 2022. For further information on this non-GAAP measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

(7) Total equity (including Class B Units) is a non-GAAP financial measure. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. The most directly comparable financial measure to total equity (including Class B Units) is total equity. For further information on this non-GAAP measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. The table included in Appendices section of this press release reconciles total equity (including Class B Units) to total equity as at September 30, 2022.

(8) Total number of Units includes 9,827,791 Trust Units and 9,959,830 Class B Units that are classified as a liability under IFRS.

(9) NAV per Unit is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. NAV per Unit is comprised of total equity (a non-GAAP financial measure) divided by the number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

(10) NOI is a non-GAAP financial measure. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. The most directly comparable financial measure to NOI is net rental income. The table included in the Appendices section of this press release reconciles NOI for the period from February 24, 2022 2022 to September 30, 2022 and to June 30, 2022 to net rental income. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

(11) NOI Margin is a non-GAAP ratio. This is not a standardized financial measure under IFRS and might not be comparable to similar measures disclosed by other issuers. NOI margin is defined as NOI (a non-GAAP financial measure) divided by investment properties revenue, as a percentage. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

Appendices

Reconciliation of F

Contacts

Dream Residential REIT
P. Jane Gavan
Chief Executive Officer

(416) 365-6572

jgavan@dream.ca

Derrick Lau
Chief Financial Officer

(416) 365-2364

dlau@dream.ca

Scott Schoeman
Chief Operating Officer

(303) 519-3020

sschoeman@dream.ca

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