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TORONTO–(BUSINESS WIRE)–#valueforgenerations–Choice Properties Real Estate Investment Trust (“Choice Properties” or the “Trust”) (TSX: CHP.UN) announced today that Choice Properties Limited Partnership (the “Partnership”) has provided holders of its 3.60% series 10 senior unsecured debentures due September 20, 2022 (the “Series 10 Debentures”) with a notice of redemption pursuant to which the Partnership will redeem the entire outstanding principal amount of Series 10 Debentures on June 26, 2022 and has fixed June 24, 2022 as the record date for this redemption. As of the date hereof, there is $300 million aggregate principal amount of Series 10 Debentures outstanding.

On the redemption date, the Series 10 Debentures will be redeemed in accordance with their terms at a redemption price per $1,000 principal amount of the Series 10 Debentures equal to $1,000 plus accrued and unpaid interest to but excluding the redemption date of $9.666, and will thereafter cease to be outstanding.

About Choice Properties Real Estate Investment Trust

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties.

We believe that value comes from creating spaces that improve how our tenants and communities come together to live, work, and connect. We strive to understand the needs of our tenants and manage our properties to the highest standard. We aspire to develop healthy, resilient communities through our dedication to social, economic, and environmental sustainability. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence.

For more information, visit Choice Properties’ website at www.choicereit.ca and Choice Properties’ issuer profile at www.sedar.com.

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Choice Properties’ current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Choice Properties’ control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed in Choice Properties’ current Annual Information Form and First Quarter 2022 Report to Unitholders. Choice Properties does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements contained in this press release are made as of the date hereof and are qualified by these cautionary statements.

Contacts

Mario Barrafato

Chief Financial Officer

Choice Properties Real Estate Investment Trust

t (416) 628-7872

e Mario.Barrafato@choicereit.ca

TORONTO–(BUSINESS WIRE)–Inovalis Real Estate Investment Trust (the “REIT”) (TSX: INO.UN) announced today that its Board of Trustees has declared the REIT’s monthly cash distribution for the months of June, July and August 2022 as per the following schedule:

Month		Record Date		Distribution Date		Distribution Amount
June, 2022		June 30, 2022		July 15, 2022		$0.06875
July, 2022		July 29, 2022		August 15, 2022		$0.06875
August, 2022		August 31, 2022		September 15, 2022		$0.06875

ABOUT INOVALIS REAL ESTATE INVESTMENT TRUST

Inovalis Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been created for the purpose of acquiring and owning office properties primarily located in France, Germany and Spain but also opportunistically in other European countries where assets meet the REIT’s investment criteria.

Contacts

David Giraud, Chief Executive Officer
Inovalis Real Estate Investment Trust

Tel: +33 1 5643 3323

david.giraud@inovalis.com

Khalil Hankach, Chief Financial Officer
Inovalis Real Estate Investment Trust

Tel:+33 1 5643 3313

khalil.hankach@inovalis.com

MIAMI–(BUSINESS WIRE)–#IndustrialEndMarkets–H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with over $49 billion of equity capital under management, is pleased to announce that one of its affiliates has signed a definitive agreement to acquire Terra Millennium Corporation (“Terra Millennium” or the “Company”), a leading national provider of outsourced industrial maintenance services, including refractory maintenance and other specialized services, from Court Square Capital Partners. Terra Millennium’s executive team, led by CEO Bryan Young, will continue to lead the Company, and remain as significant shareholders. Executive Chairman Mark Stutzman will continue as a non-executive board member and significant shareholder.

Founded in 1906 and headquartered in Salt Lake City, UT, Terra Millennium provides mission-critical industrial services, including refractory design and maintenance, mechanical services, fireproofing, coatings, insulation, and scaffolding. The Company services a diverse blue-chip customer base across a broad range of industrial end markets, including cement, steel, renewables, chemicals, mining, pulp & paper, and refining. Terra Millennium operates from a network of 33 offices across the country.

“I am proud of Terra Millennium’s success to date. The investment by H.I.G. is recognition of all that the team has accomplished, and we are excited to partner with H.I.G. to support our next phase of growth,” said Mark Stutzman, Executive Chairman of Terra Millennium.

Bryan Young, CEO of Terra Millennium, added “We are well-positioned to continue providing great safety, outstanding quality, and compelling value to each of our customers. In partnership with H.I.G., Terra Millennium will be equipped to continue executing on our growth plans and vision for the Company, including deepening our presence in attractive geographies, expanding our service offering and pursuing add-on acquisitions, while maintaining the strong culture that we have developed over the past century.”

“We are very excited to partner with Bryan, Mark, and the Terra Millennium team,” said Matt Gullen, Managing Director at H.I.G. Capital. “There are tremendous opportunities ahead for the Company given its long track record of providing high-quality, reliable service which is enabled by its highly-skilled, national workforce, and best-in-class leadership team. The Company has established itself as a leader in the industry, and we look forward to working with Terra Millennium to build upon their success and support continued growth initiatives.”

The transaction is expected to close in Q2 2022 and is subject to customary closing conditions.

Macquarie Capital and Stifel acted as financial advisors and provided committed financing, and McDermott Will & Emery LLP provided legal advice, to H.I.G. Capital. Harris Williams and Evercore acted as financial advisors, and Dechert LLP acted as legal counsel, to the Company on the transaction.

About Terra Millennium

Terra Millennium Corporation (“Terra Millennium” or the “Company”) is a leading provider of outsourced industrial maintenance services, including refractory design and maintenance, fireproofing, insulation, coatings, scaffolding and mechanical services. Founded in 1906 and headquartered in Salt Lake City, Utah, Terra Millennium is the parent company to seven entities (i) JTTHORPE, (ii) JTTHORPE International, (iii) K&G Industrial, (iv) Southern Refractories, Inc., (v) Brahma Group, (vi) Liberty Industrial Group, and (vii) Rocky Mountain Industrial Construction Services. Terra Millennium operates from a network of 33 offices across the United States.

About H.I.G. Capital

H.I.G. is a leading global alternative assets investment firm with over $49 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
4. H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

Contacts

Matt Gullen

Managing Director

mgullen@higcapital.com

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.

TORONTO–(BUSINESS WIRE)–Dream Industrial Real Estate Investment Trust (TSX: DIR.UN) (the “Trust” or the “REIT”) announced an update on its sustainability initiatives that are currently underway across its portfolio.

Net Zero Strategy

The Trust continues to progress towards its goal of achieving net zero on Scope 1 and 2 emissions by 2035 and select scope 3 emissions by 2050, in alignment with science-based targets outlined in the Paris Agreement. In 2021, the Trust became official supporters of the Taskforce on Climate-related Financial Disclosures (“TCFD”), which provides guidance and recommendations on climate-related risk and opportunity disclosures and committed to the United Nations Principles for Responsible Investment (“UNPRI”) and the Net Zero Asset Managers (“NZAM”) initiative. Recently, the Trust published its Net Zero Action Plan (link), which outlines the proposed strategy and course of action to achieve net zero within the targeted timeline.

In alignment with its net zero target, the Trust is finalizing development plans for its inaugural net zero redevelopment expected to commence later in 2022. The Trust intends to redevelop a cluster of three buildings on a 10-acre site located in the Great Toronto Area (“GTA”), in close proximity to Highways 401 and 410, into a 209,000 square foot best-in-class facility with construction completion expected in 2023. The Trust expects the new facility to be designed to include energy efficient roof insulation, heating and ventilation equipment, as well as a reinforced roof to support solar panels on up to 70% of the roof area. The building is expected to receive Canada Green Building Council’s (“CaGBC”) Zero Carbon Building Standard certification upon completion.

Net zero redevelopment – GTA, Canada

(See Figure 1)

Green Lease Program

The Trust has established and executed a green lease program that includes commitments to tenant energy disclosures, low carbon construction practices, the purchase of on-site renewable energy (if available), and tenant energy efficiency engagement and training, and cost recovery clauses for energy efficiency upgrades.

Recently, the Trust achieved Gold Level recognition by the Green Lease Leaders (“GLL”) program during the Better Buildings, Better Plants Summit, by the Institute for Market Transformation (“IMT”) and the U.S. Department of Energy’s (“DOE”) Better Buildings Alliance.

“We are pleased to be recognized by GLL for our significant efforts in driving sustainability initiatives across our portfolio,” said Alexander Sannikov, Chief Operating Officer of Dream Industrial REIT. “We continue to incorporate sustainability into our investment decision-making, which allows us to further enhance the quality of our portfolio and business. Our solar panel installation program is well underway with several projects already online or expected to come online in the coming months. Our growing development program is expected to significantly enhance the sustainability profile of our portfolio.“

Renewable Energy

The scope and scale of the Trust’s renewable energy program continues to gain momentum, and the Trust has commenced the construction on several projects across its portfolio.

• In Canada, the Trust is currently executing on seven projects that will add over 6,000 panels generating over 2.6 MW of renewable energy;
• In Europe, the Trust is currently underway on six projects that will add 15,400 solar panels generating over 7.0 MW of renewable energy; and
• The Trust is currently in the advanced stages of evaluating the feasibility of eleven additional projects that could add an additional 35,000 solar panels.

Pro forma these projects, the Trust will have over 75,000 solar panels encompassing over five million square feet of gross leasable area (“GLA”) across its portfolio.

Overall, the Trust expects its capital investment for the 13 projects currently underway to total approximately $11 million with a forecast unlevered yield on cost of over 8.7%. During Q1-2022, the Trust’s first solar installation project in Alberta achieved substantial completion and the tenant is now using solar-generated power to operate the building. The Trust is currently in the process of obtaining a LEED certification on the building.

Solar panel array in Canada and the Netherlands

(See Figure 2 and Figure 3)

Below, the Trust has provided an update on other sustainability initiatives across its portfolio.

Green Buildings

The Trust’s criteria for new investments includes acquiring assets that are more energy-efficient than the average stock in their respective markets. To date, the Trust has invested over $220 million to acquire buildings that are Green-certified (BREEAM, LEED, DGNB). Moreover, the Trust has acquired $73 million of assets in Europe that carry an Energy Performance Certificate (“EPC”) Label B or higher.

Sustainable buildings – Green certified

(See Figure 4 and Figure 5)

In addition, several assets in the Trust’s portfolio are already built to green standards and it is currently in the process of obtaining green certifications on these assets. In 2021, the Trust acquired a 159,000 square foot modern distribution facility in the Netherlands. The asset carries an A++ EPC Label with significant energy efficiency characteristics such as rooftop solar panels, LED lighting with motion sensors and water efficient washroom fixtures. In addition, the building offers secure bicycle parking, electric vehicle (“EV”) charging stations and natural daylight for the building occupants. The Trust is in the process of obtaining a BREEAM Very Good certification on the asset.

Overall, the Trust is in the process of acquiring Green certifications on seven existing assets as well as seven ongoing developments and expansions across Canada and Europe spanning 2.5 million square feet.

Sustainable building with green certification in progress

(See Figure 6)

Furthermore, the Trust has a target of obtaining green-building certifications on all new developments commencing in 2022. Consequently, as the Trust executes on its development strategy, there is a significant opportunity for the Trust to enhance its portfolio quality as well as the sustainability profile of its overall portfolio.

The Trust is currently underway on a 242,000 square foot expansion at its property in Dresden, Germany, where the Trust is building a freestanding building on excess land at the site. The Trust is expected to achieve a German DGNB Gold certification on the development with the new building designed with the ability to install solar panels in the future.

Sustainable development – Dresden, Germany

(See Figure 7)

Energy Efficiency

The Trust is currently underway on several initiatives to improve energy efficiency across its existing portfolio. The Trust is focused on transitioning the interior and exterior lighting across its portfolio to LED lighting which provides more illumination while requiring substantially less energy than conventional lighting. Since the beginning of 2021, the Trust has upgraded 1.2 million square feet of LED lighting and will continue looking for opportunities to further enhance energy efficiency across its portfolio.

Tenant engagement initiatives

With the vast majority of emissions for industrial buildings coming from tenant-controlled sources, the Trust continues to actively work with its tenants to benchmark tenant sustainability priorities and goals, identify priority initiatives and assets for sustainability investments, and provide insight into opportunities to broker new sustainability-related partnerships, as it progresses towards reducing the carbon footprint within its portfolio. The Trust conducts quarterly tenant surveys on a rotational basis. The survey results provide significant insight into tenant interest in initiatives including renewable energy, LED lighting, green building certifications and EV charging stations, and inform the prioritization of property-specific sustainability initiatives.

Green financing update

With significant capital being invested towards sustainability investments and initiatives, the Trust continues to access green financing as a source of capital to fund these projects. To date, the Trust has issued $850 million of green bonds. In 2021, the Trust deployed $295 million towards eligible green projects and identified $250 million in additional eligible green projects, with a further $300 million of projects in feasibility or preliminary stages. On April 14, 2022, the Trust published its inaugural annual Green Bonds Use of Proceeds report, which can be found on the Trust’s website here.

About Dream Industrial Real Estate Investment Trust

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at March 31, 2022, Dream Industrial REIT owns, manages and operates a portfolio of 244 industrial assets (358 buildings) comprising approximately 44.4 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT’s objective is to continue to grow and upgrade the quality of its portfolio which primarily consists of distribution and urban logistics properties and to provide attractive overall returns to its unitholders. For more information, please visit www.dreamindustrialreit.ca.

Forward Looking Information

This press release contains forward-looking information within the meaning of applicable securities legislation, including statements regarding the Trust’s plan to achieve net zero on scope 1 and 2 emissions by 2035 and select scope 3 emissions by 2050; the Trust’s intention to report its progress on achieving net zero greenhouse gas emissions annually; the Trust’s support and commitment in respect of certain initiatives, including with respect to sustainability and financial disclosure; the Trust’s development and redevelopment plans, including in respect of achieving net zero emissions for certain projects, implementing energy efficiency features and other upgrades that improve building sustainability, square footage, and completion dates; the Trust’s ability to fulfill its commitments under its green lease program; the enhancement of the Trust’s portfolio quality and sustainability, including by incorporating sustainability into investment decision-making and implementing certain retrofits and upgrades; the Trust’s plans to install solar panels at certain of its projects, including GLA covered, number of panels to be installed, investment costs, and energy output and unlevered yield to result from such panels; the Trust’s plans to achieve certain green building certifications; expectations regarding the Trust’s engagement with tenants on sustainability matters; and the Trust’s capacity to continue accessing green financing options to fund sustainability investments and initiatives. Forward-looking information generally can be identified by the use of forward-looking terminology such as “objective”, “will”, “expect”, “intend”, “believe”, “should”, “plans”, “allow” 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 the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; employment levels; mortgage and interest rates and regulations; uncertainties around the timing and amount of future financings; uncertainties surrounding the COVID-19 pandemic; geopolitical events, including disputes between nations, war and international sanctions; the financial condition of tenants; leasing risks; rental rates and the strength of rental rate growth on future leasing; and interest and currency rate fluctuations. The Trust’s objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, rising replacement costs in the Trust’s operating markets remain steady, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the Trust’s filings with securities regulators, including its latest annual information form and management discussion and analysis. These filings are also available at the Trust’s website at www.dreamindustrialreit.ca.

Contacts

DREAM INDUSTRIAL REAL ESTATE INVESTMENT TRUST

Brian Pauls
Chief Executive Officer

(416) 365-2365

bpauls@dream.ca

Lenis Quan
Chief Financial Officer

(416) 365-2353

lquan@dream.ca

Alexander Sannikov
Chief Operating Officer

(416) 365-4106

asannikov@dream.ca