TORONTO, Oct. 07, 2024 (GLOBE NEWSWIRE) — Colliers International Group Inc. (TSX & NASDAQ: CIGI) (“Colliers” or the “Company”) today announced that results for the third quarter ended September 30, 2024, will be issued by press release on November 5, 2024, at approximately 7:00am ET. A conference call to review these results will take place… [Read More]
“Forte Opening Solutions” Brand Replaces “Masonite Architectural” While Renewing Commitment to Commercial Customers
TAMPA, Fla.–(BUSINESS WIRE)–Masonite Architectural announces its rebranding as Forte™ Opening Solutions, marking a significant milestone in the company’s evolution. Forte stands for strength and expertise, aligning perfectly with the organization-wide commitment to delivering tailored solutions, expert guidance, and a seamless customer experience.
Forte supplies built-to-order wood doors and components and quick ship services to a wide range of customers in commercial and institutional settings, including hospitality, healthcare, education, and office environments. With a legacy spanning 134 years and uniting of iconic brands—Marshfield DoorSystems, Algoma Hardwoods, Mohawk Doors, Baillargeon, and Harring—Forte brings unparalleled expertise and a comprehensive portfolio of solutions to meet the needs of commercial customers.
Masonite Architectural was acquired by private equity firm Industrial Opportunity Partners (IOP) from Masonite International Corporation on May 14, 2024. The acquisition and rebranding to Forte marks a new beginning for the company, with a renewed vision and set of values focused on enhancing the commercial customer experience.
“We’re creating a new vision and energized culture at Forte Opening Solutions, building upon the organization’s extraordinary legacy and rich history in the commercial and architectural wood door segment,” said Alex Legall, CEO of Forte Opening Solutions. “Our rebranding is more than just a new name. Forte represents our continued commitment to excellence in the service and support we provide to our customers.”
IOP Operating Principal Tom Ninneman commented: “The rebrand to Forte Opening Solutions sets the stage for continued excellence and investment in the architectural door market and is a testament to the company’s dedication to its long-standing customers.”
Customers and partners are invited to learn more about Forte Opening Solutions and explore the enhanced offerings by visiting www.forteopenings.com.
About Forte Opening Solutions
Forte Opening Solutions continues to supply a full range of premium components and door solutions, tailored to customer needs and delivered through a variety of delivery options, including the USA Wood Door quick ship service. Operating 13 facilities in eight states and Canada, Forte is dedicated to making every door, every interaction, and every opening unforgettable. For more information: www.forteopenings.com
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with over $1.5 billion of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $50 million and $500 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.
Contacts
Ray Vincenzo
rayvincenzo@vincenzomarketing.com
(206) 290-4431
BLG Corporate Advisory, LLC (“BLG Group”) Partners with Verona Real Estate Group to Launch Strategic $1.2B Long-Term Investment in Groundbreaking North American Real Estate Ventures, Targeting Over $3B in Projected Exit Value
TORONTO–(BUSINESS WIRE)–In a monumental partnership poised to transform Ontario’s real estate landscape, BLG Group, a US based investment fund, has announced a dynamic collaboration with Verona Real Estate Group, committing a strategic $1.2 billion over the long term of the partnership toward five landmark developments with a projected exit value exceeding $3 billion. This partnership is set within Canada’s thriving $2 trillion economy—one of the most stable and promising markets globally—creating the perfect backdrop for this ambitious joint venture. The collaboration aims to redefine urban living through sustainable, innovative communities across Southern Ontario and the Eastern United States.
The strategic infusion of $1.2 billion over the long term of the partnership from BLG Group will accelerate the realization of these visionary projects, while Verona Real Estate Group will lead the development, design, and construction efforts. Together, the firms are on a mission to deliver world-class living spaces that cater to the evolving needs of Ontario’s residents, all while setting new standards for real estate development in North America.
Ajay Dubey, CEO of BLG Group, expressed his excitement about the partnership: “This collaboration marks a pivotal step in our strategy to expand into North America’s booming real estate sector. We specifically sought out Verona Real Estate Group not only for their track record in successful developments but because their management team brings a unique combination of expertise in finance, capital markets, and risk management. Verona’s leadership has both Canadian and global experience, which made them the ideal partner to drive these transformative projects forward. Working alongside them allows us to pair our financial strength with their unparalleled development acumen, ensuring that we create communities that resonate with modern living while delivering exceptional long-term value.”
Asif Khan, CEO of Verona Real Estate Group, shared his enthusiasm for the alignment between the two firms: “This is more than just a real estate project—it’s about reshaping how people experience urban living. Partnering with BLG Group unlocks extraordinary potential, combining our commitment to sustainable, community-driven development with their deep financial resources. What makes this partnership truly special is that the leadership of BLG Group and Verona are perfectly aligned in our principles and value systems. This chemistry is rare to find in a strategic partnership and forms the foundation for creating vibrant, future-forward communities that not only meet market demand but set a new benchmark for innovation and quality.”
Both companies are energized by the opportunities this collaboration will ignite, confident that their combined expertise will bring lasting value to the communities they serve, transforming the landscape of real estate in Ontario and beyond.
Contacts
Adam Chow
Media Relations and Communications
Verona Real Estate Group
adam@veronaurban.com
FirstService to Announce Third Quarter Results on October 24, 2024
TORONTO, Oct. 03, 2024 (GLOBE NEWSWIRE) — FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that it will release its financial results for the third quarter ended September 30, 2024 by press release on Thursday, October 24, 2024 at approximately 7:30 am ET. The conference call to review these financial results will take place… [Read More]
Service Line Warranties of Canada Survey Shows Three-Quarters of Homeowners Face Home Repair Emergencies
Yet nearly one-third of homeowners are unprepared financially for repairs
TORONTO–(BUSINESS WIRE)–The fourth annual Service Line Warranties of Canada (SLWC) State of the Home survey dealt a double dose of bad news. Seventy-six percent of Canadians reported having a home repair emergency in the prior 12 months and nearly 30% reported that they had $500 or less or nothing at all set aside for home repairs.
Most homeowners are familiar with the trials and tribulations that go along with owning a home, including the inevitability that a home repair emergency will happen at some point. This reality is supported by the findings of SLWC’s latest State of the Home survey, showing that home repair emergencies are happening more frequently.
- Although down from last year’s peak of 80%, more than three-quarters of Canadians reported having had one or more home repair emergencies in the past 12 months.
- The most common repairs were related to appliance failure or repair (29%) and heating, ventilation and air conditioning (HVAC) systems (26%); followed by a blocked or overflowing sink (19%); a blocked or overflowing toilet (18%); and leaking water pipes (17%).
- Nearly 30% of Canadians have $500 (6%) or less (9%) or nothing (12.5%) set aside for a home repair.
DIYing Home Emergency Repairs?
The survey also explored which home emergency repairs respondents say they’d hire a professional to take care of and which they would tackle themselves.
- When it comes to DIYing household repairs, many respondents prefer to get a professional’s help. This is especially the case when it comes to home emergency repairs related to a home’s air conditioning or heating system or water supply line. 92% of the respondents prefer to have professionals handle a heating or air conditioning repair and an overwhelming majority (90%) prefer to have professionals replace a water supply line.
- The trend continues with water heaters and electrical wires with 89.5% of homeowners sharing they’d prefer a professional to install a water heater and 70% of homeowners would rather a professional check their electrical wiring.
- On the other hand, 82% feel confident in their ability to install a new showerhead, 75% in installing a new light fixture, 60.5% in installing a new kitchen appliance and 57.5% in installing a new faucet.
Preparing for Seasonal Temps – Highs and Lows
We also asked Canadians what they are doing to prepare their homes for colder temperatures ahead.
- About 27% said they aren’t taking any measures to prepare their homes for winter.
- The steps that homeowners are taking to prepare for the cooler months ahead include fixing leaks around windows and doors (34.5%); tuning up their furnaces (31%); and installing smart thermostats (18%).
- Losing heat (29%) was Canadians’ greatest concern, followed closely by pipes freezing or bursting (24%) and losing power (22%), far outstripping being sick (11%) or being snowed in (5%).
We also wondered what Canadians did over the summer to keep their homes cool and comfortable as temperatures continue to climb in Canada.
- Only one-in-ten (9%) said they had done nothing to prepare for the summer heat.
- The most popular ways to ward off the heat was avoiding heat-generating activities, such as cooking, during the hottest part of the day (43%) and turning off electronics when they weren’t being used (39%). Canadians also had their air conditioning tuned up or filters changed (34.5%), switched to LED lights (28%) or installed window or portable AC units (19.5%).
- During the summer, Canadians’ biggest worry is severe weather (32%), with losing their air conditioning and losing power coming in at 20% each. Trailing behind was being sick (14%) and vacation plans being cancelled (7.5%).
Methodology
This survey was conducted Sept. 12, 2024, by Service Line Warranties of Canada, using SurveyMonkey Audience. The survey received 704 responses from adults in Ontario age 18 and older, of which 380 (54%) were homeowners. The sample of respondents was balanced by gender and region. For more on the SurveyMonkey Audience panel, please visit: https://www.surveymonkey.com/market-research/data-quality/.
About Service Line Warranties of Canada
Service Line Warranties of Canada (SLWC) is part of HomeServe, a leading provider of home repair solutions serving 4.7 million customers across North America since 2003.
Launched in 2014, SLWC is the trusted source of utility line protection programs in Ontario as recognized by the Local Authority Services, part of the Association of Municipalities on Ontario (AMO). SLWC is also a corporate partner of the Federation of Canadian Municipalities.
Together with HomeServe, SLWC is dedicated to supplying best-in-class repair plans and delivering superior customer service to consumers through over 1,200 leading city, municipal and utility partners across North America.
Contacts
Mike VanHorne
Service Line Warranties of Canada
Phone: 647-325-7614
Email: mvanhorne@slwofc.ca
Colliers expands engineering offering in Canada
Acquisition enhances scale and capabilities in Ontario TORONTO and OTTAWA, Oct. 02, 2024 (GLOBE NEWSWIRE) — Global diversified professional services and investment management company, Colliers (NASDAQ, TSX: CIGI), announced today that its Canadian engineering platform, Englobe Corporation (“Englobe”), has acquired Goodkey, Weedmark & Associates Limited (“GWAL”), a leading building engineering consulting firm in Ontario. The… [Read More]
SmartStop Self Storage Executives to Share Insights at 10th Annual Evercore ISI Storage Symposium
LADERA RANCH, Calif.–(BUSINESS WIRE)–SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”), a self-managed and fully integrated self-storage company, announced today that two of its executives will share their industry insights at the upcoming 10th Annual Evercore ISI Storage Symposium in New York City on Tuesday, October 1, 2024.
H. Michael Schwartz, SmartStop’s Chairman and CEO, will participate on the Acquisitions Panel, scheduled for approximately 3:20 p.m. Eastern Daylight Time, while Joe Robinson, the Company’s Chief Operations Officer, will offer his expertise during the Operations Panel at approximately 1:20 p.m. Eastern Daylight Time for registered conference attendees.
About SmartStop Self Storage REIT, Inc. (SmartStop):
SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 525 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of September 30, 2024, SmartStop has an owned or managed portfolio of 202 operating properties in 22 states and Canada, comprising approximately 142,500 units and 16.1 million rentable square feet. SmartStop and its affiliates own or manage 36 operating self-storage properties in Canada, which total approximately 31,000 units and 3.2 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
Contacts
David Corak
VP of Corporate Finance
SmartStop Self Storage REIT, Inc.
949-542-3331
IR@smartstop.com
Colliers extends contract with Global Chairman & CEO
Largest shareholder to propel growth and maximize shareholder value through 2029 TORONTO, Oct. 01, 2024 (GLOBE NEWSWIRE) — Colliers International Group Inc. (TSX, NASDAQ: CIGI) is pleased to announce that it has extended the term of the existing management services agreement with its Global Chairman and Chief Executive Officer and largest shareholder, Jay S. Hennick,… [Read More]
Flagship Communities Real Estate Investment Trust Announces Cash Distribution Increase
Not for distribution to U.S. newswire services or dissemination in the United States. TORONTO, Oct. 01, 2024 (GLOBE NEWSWIRE) — Flagship Communities Real Estate Investment Trust (“Flagship” or the “REIT”) (TSX:MHC.U) (TSX:MHC.UN) announced today that its Board of Trustees has approved an approximately 5.0% increase to its monthly cash distribution to unitholders to US$0.0517 per REIT unit… [Read More]
RioCan Real Estate Investment Trust Schedules Third Quarter 2024 Earnings Release, Conference Call and Webcast
TORONTO–(BUSINESS WIRE)–RioCan Real Estate Investment Trust (“RioCan”) (TSX: REI.UN) today announced that it is scheduled to release its financial and operational results for the three and nine months ended September 30, 2024, after the market closes on Monday, November 11, 2024.
Interested parties are invited to participate in a conference call with management on Tuesday, November 12, 2024 at 10:00 a.m. Eastern time. To access the conference call, click on the following link to register at least ten minutes prior to the scheduled start of the call: Pre-registration link. Participants who pre-register in advance of the call will receive an email with dial-in credentials including login passcode and PIN to gain immediate access to the live call. Those that are unable to pre-register may dial-in for operator assistance by calling 1-833-950-0062 and entering the access code: 418607.
A live webcast will also be available in listen-only mode. Access to the simultaneous webcast is available by selecting this link: RioCan Q3 2024 Webcast.
If you cannot participate in the live mode, a replay will be available for one week following the date of the live conference call. To access the replay, please dial 1-866-813-9403 followed by the access code: 127491.
About RioCan
RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at June 30, 2024, our portfolio is comprised of 187 properties with an aggregate net leasable area of approximately 33 million square feet (at RioCan’s interest). To learn more about us, please visit www.riocan.com.
Contacts
Kim Lee
Vice President, Investor Relations
RioCan REIT
416-646-8326
Allied Announces Conference Call to Discuss Third-Quarter Financial Results
TORONTO, Sept. 30, 2024 (GLOBE NEWSWIRE) — Allied Properties Real Estate Investment Trust (“Allied”) (TSX:AP.UN) will hold a conference call and live audio webcast at 10:00 a.m. (ET) on Thursday, October 31, 2024, to discuss financial results for the quarter ended September 30, 2024. The financial results will be released on Wednesday, October 30, 2024,… [Read More]
Primaris REIT Announces Acquisition of Market Leading Regional Shopping Centre, Les Galeries de la Capitale
TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “REIT” or the “Trust”) (TSX: PMZ.UN) announced today that it has agreed to acquire Les Galeries de la Capitale in Quebec City, Quebec for $170.0 million in cash, 2.5 million of series A units of the Trust (the “REIT Units”) and $100.0 million aggregate face value of Preferred LP Units (as defined below), subject to certain conditions. This high quality asset acquisition builds Primaris’ track record of successfully executing on its well defined growth strategy focused on market leading shopping centres.
Transaction Highlights
-
Aggregate consideration of $325.0 million (calculated using the Trust’s Net Asset Value** (“NAV**”) per REIT Unit last published as at the date of the letter of intent of $21.86 per unit), or $291.7 million (using the contracted figures based on the unit price at the date of letter of intent), comprised of:
- $170.0 million of cash;
- Approximately 2.5 million REIT Units with an aggregate NAV** per REIT Unit value of approximately $55.0 million at $21.86 per unit (or $34.1 million based on the $13.55 contracted REIT Unit price), subject to the right of Primaris to elect to pay the latter sum in cash in lieu of unit issuance; and
- $100.0 million aggregate face value of 6.25% exchangeable preferred units in a newly formed subsidiary limited partnership (the “Preferred LP Units”), which Preferred LP Units shall be exchangeable into REIT Units at an exchange price equal to $21.86 per REIT Unit, and having a contracted value of $87.6 million, subject to customary adjustments;
- Les Galeries de la Capitale is unencumbered;
- Transaction expected to be modestly accretive to FFO** per average diluted unit;
- Average Net Debt** to Adjusted EBITDA** is anticipated to remain within target range of 4.0x to 6.0x; and
- Closing is expected on October 1, 2024, subject to the satisfaction of customary closing conditions.
“Les Galeries de la Capitale is a market leading regional enclosed shopping centre that exemplifies the type of property Primaris is targeting with its growth strategy. The shopping centre sits on 91 acres of land with 26% site coverage, is extremely well located in Quebec City along major highways with excellent accessibility and visibility, and is home to one of the regions busiest bus terminals with over 400 buses per day,” said Patrick Sullivan, President and Chief Operating Officer. “The opportunity for growth at this asset includes the conversion of tenants from variable to net rent deals, as well as leasing up vacant space, including the former Sears department store.”
Rags Davloor, Chief Financial Officer added, “Closing this first acquisition in 2024, while maintaining industry leading credit metrics, is a testament to the strategic advantages provided by Primaris REIT’s differentiated financial model. Our commitment to maintain an extremely well capitalized balance sheet positions Primaris as a highly credible transaction counterparty, at a time when many other groups are finding access to capital, and particularly financing, challenging.”
“This acquisition builds on Primaris’ profile as an attractive buyer of large, high-quality assets. Five of Canada’s ten largest pension funds have now vended market leading shopping centres to Primaris, taking back equity and convertible preferred equity investments in the REIT,” said Alex Avery, Chief Executive Officer. “Consistent with prior acquisitions, this property enhances the REIT’s value proposition with retailers, and offers a significant income growth opportunity consistent with the growth we see ahead for our existing assets.”
Les Galeries de la Capitale Property Highlights
- Leading regional enclosed shopping centre in Canada’s seventh largest population centre, Quebec City, Quebec;
- Located at the intersection of Highways 40/73 and 740 with excellent accessibility and visibility with over 4,100 feet of expansive frontage on Boulevards Lebourgneuf and des Galeries;
- 1,015,000 square foot mall located on 91 acres of land, for an approximate 26% site coverage;
- $761 per square foot same store sales productivity and total CRU sales volume of $219 million as at May 31, 2024;
- 89.2% long-term in-place occupancy, 96.4% in-place occupancy, and 98.3% committed occupancy;
- $165 million in redevelopment over the last 10 years including Simons’ relocation, food court relocation and expansion, and upgrades throughout the centre;
- BOMA BEST Platinum Certified;
- Other large format tenants include The Hudson’s Bay, Winners, and Mountain Equipment Company; and
- A fully renovated and redesigned Méga Parc amusement park, with 18 attractions adjacent to the new food court.
Significant NOI** Growth Potential
Similar to the Trust’s existing owned portfolio, Les Galeries de la Capitale offers significant NOI** growth potential over the next few years, as operating and financial performance normalizes, and as Primaris’ full-service management platform integrates and operates the properties. Opportunities to increase operating income include:
- The conversion of tenants on preferred rent deals to standard market leases;
- Lease up of approximately 110,000 square feet of temporary tenanted or vacant space to strong tenants at market rents; and
- Primaris intends to leverage its scalable management platform to deploy its cost management strategy.
Quebec City Highlights
Quebec City has a growing population with strong demographic trends driven by an attractive relative cost of living and broadly diversified employment opportunities. Other notable characteristics include:
- Expected population growth of 6.6% over the next 10 years;
- Substantial public sector presence provides for stability and consistent employment opportunities;
- Stable employment trends with low unemployment compared to the national average;
- Key employment sectors include public administration, education, healthcare, technology, research and professional services;
- Universite Laval contributes to a growing tech ecosystem, with advancements in fields like artificial intelligence, software development, and digital media; and
- A highly educated workforce with a substantial proportion of residents holding post-secondary degrees.
Please see the presentation titled “Les Galeries de la Capitale” on the investor relations page of Primaris’ website for additional details.
Proforma Primaris Portfolio
The composition of the consideration payable in this transaction allows Primaris to maintain its best-in-class capital structure and financial leverage metrics within the Trust’s previously disclosed target range. Upon closing, Les Galeries de la Capitale will become Primaris’ second largest shopping centre in the REIT’s portfolio measured by all store sales volume, after the Halifax Shopping Centre and ahead of both Conestoga Mall in Waterloo, Ontario and Orchard Park Shopping Centre in Kelowna, British Columbia. Primaris anticipates the below proforma metrics:
- Based on the REIT’s 3.0% to 4.0% 2024 Same Property Cash NOI** growth guidance provided in the REIT’s Q2 2024 MD&A, and assuming an October 1, 2024 closing, Cash NOI** for the 2024 fiscal year is anticipated to be in the range of $273 million to $276 million (Cash NOI** for the year ended December 31, 2023 was $227 million);
- Transaction expected to be modestly accretive to FFO** per average diluted unit; and
- Average Net Debt** to Adjusted EBITDA** is anticipated to remain within target range of 4.0x to 6.0x.
(unaudited) |
Primaris REIT |
|
Les Galeries de la Capitale |
|
Proforma Primaris REIT |
||||||
Total CRU Sales Volume ($’000)1 |
$ |
2,228,240 |
|
|
$ |
219,476 |
|
|
$ |
2,447,716 |
|
Same Store Sales Productivity ($ per square foot)1 |
$ |
676 |
|
|
$ |
761 |
|
|
$ |
682 |
|
Total Trade Area Population |
|
8,591,500 |
|
|
|
797,850 |
|
|
|
9,389,350 |
|
Total Trade Area Average Household Income |
$ |
115,100 |
|
|
$ |
101,500 |
|
|
$ |
114,600 |
|
Annual Mall Traffic2 |
|
110,400,000 |
|
|
|
7,800,000 |
|
|
|
118,200,000 |
|
Approximate Site Coverage |
|
36 |
% |
|
|
26 |
% |
|
|
35 |
% |
1 For the rolling twelve-month period ended May 31, 2024. Supplementary financial measure, see “Use of Operating Metrics” below. |
|||||||||||
2 For the rolling twelve-month period ended July 31, 2024. |
Advisors
CBRE Canada, Desjardins Capital Markets, and TD Securities acted as advisors to Primaris REIT. RBC Capital Markets Real Estate Group Inc. acted as advisors to the vendors.
About Primaris Real Estate Investment Trust
Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in leading enclosed shopping centres located in growing mid-sized markets. The current portfolio totals 12.4 million square feet valued at approximately $3.8 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.
Forward-Looking Statements and Future Oriented Financial Information
Certain statements included in this news release constitute ‘‘forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws. The words “will”, “expects”, “plans”, “estimates”, “intends” and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements made or implied in this news release include but are not limited to statements regarding: Primaris’ future results, performance, prospects and opportunities, including with respect to the closing, costs and benefits of the proposed transaction, the timing and completion of the proposed transaction, the strategy, plans and the intentions of management with respect to Les Galeries de la Capitale, and management’s expectations regarding the Trust’s leverage and portfolio quality. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on estimates and assumptions that are inherently subject to risks and uncertainties. Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, actual results, performance or achievements of Primaris may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in the Trust’s Annual MD&A which is available on SEDAR+, and in Primaris’ other materials filed with the Canadian securities regulatory authorities from time to time. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Primaris undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
Readers are cautioned that there is a significant risk that actual results will vary from the financial outlook statements provided in this press release and that such variations may be material. Certain forward-looking information included in this news release may also be considered “future-oriented financial information” or “financial outlook” for purposes of applicable securities laws (collectively, “FOFI”). FOFI about the Trust’s prospective results of operations including, without limitation, the proforma metrics presented, is subject to the same assumptions, risk factors, limitations and qualifications set out in the Trust’s Annual MD&A which is available on SEDAR+, and in Primaris’ other materials filed with the Canadian securities regulatory authorities from time to time. The Trust and management believe that such FOFI have been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. FOFI contained in this news release was made as of the date of this news release and was provided for the purpose of providing further information about the Trust’s prospective results of operations. Readers are cautioned that the FOFI contained herein should not be used for purposes other than for which it is disclosed herein.
Readers are also urged to examine the Trust’s materials filed with the Canadian securities regulatory authorities from time to time as they may contain discussions on risks and uncertainties which could cause the actual results and performance of Primaris to differ materially from the forward-looking statements contained in this news release. All forward-looking statements in this news release are qualified by these cautionary statements. These forward-looking statements are made as the date of this news release and Primaris, except as required by applicable securities laws, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances.
Non-GAAP Measures
The Trust’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). However, Primaris also uses a number of measures which do not have a standardized meaning prescribed under generally accepted accounting principles (“GAAP”) in accordance with IFRS. These non-GAAP measures, which are denoted in this press release by the suffix “**” include non-GAAP financial measures and non-GAAP ratios, each as defined in National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). None of these non-GAAP measures should be construed as an alternative to financial measures calculated in accordance with GAAP. Furthermore, these non-GAAP measures may not be comparable to similar measures presented by other real estate entities and should not be construed as an alternative to financial measures determined in accordance with IFRS. Additional information regarding these non-GAAP measures, including definitions and reconciliations to the most directly comparable GAAP figure, where applicable, can be found in the Trust’s Q2 2024 MD&A which is available on the Trust’s profile on SEDAR+ at www.sedarplus.ca. See Section 12, “Non-GAAP Measures” of the Trust’s Q2 2024 MD&A for the descriptions of each non-GAAP measure used in this press release and to find a quantitative reconciliation to the most directly comparable GAAP measure, applicable; Section 12, “Non-GAAP Measures” and the related quantitative reconciliations are incorporated by reference herein.
Use of Operating Metrics
Primaris uses certain operating metrics to monitor and measure the operational performance of its portfolio. Operating metrics in this news release include in-place occupancy, same store sales productivity and all store sales volume. Certain of these operating metrics, including same store sales productivity and all store sales volume, may constitute supplementary financial measures as defined in NI 52-112. These supplementary measures are not derived from directly comparable measures contained in the Trust’s financial statements but may be used by management and disclosed on a periodic basis to depict the historical or future expected financial performance, financial position or cash flow of the Trust. For an explanation of the composition of all store sales volume and same store sales productivity, see “Section 8, “Operational Performance” – “Tenant Sales” in the Trust’s Q2 2024 MD&A.
For more information: TSX: PMZ.UN www.primarisreit.com www.sedarplus.ca
Contacts
Alex Avery
Chief Executive Officer
416-642-7837
aavery@primarisreit.com
Rags Davloor
Chief Financial Officer
416-645-3716
rdavloor@primarisreit.com
Claire Mahaney
VP, Investor Relations & ESG
647-949-3093
cmahaney@primarisreit.com
Timothy Pire
Chair of the Board
chair@primarisreit.com