AUSTIN, Texas–(BUSINESS WIRE)–#agentcount—Keller Williams (KW), the world’s largest real estate technology franchise by agent count, reports Q1 ’22 results, having achieved significant growth and topped franchise and corporate culture rankings.

“We’re proud to report our agents have closed out another successful record-breaking quarter in sales volume,” said Carl Liebert, CEO of kwx, an integrated home experience company. “Outperforming the market, our agents increased sales volume more than 10% over Q1’ 21.”

United States and Canada (production in Q1 ’22)

• Agents closed $108.4 billion in sales volume, up 10.5% from Q1 last year.
• Agents closed 258.4 thousand transactions in Q1 ’22, down 5.2% over Q1 ’21.
• Agents took 154.0 thousand new listings (new market inventory), down 5.0% over Q1 ’21.
• Agents wrote 295.8 thousand contracts (projected closings), down 7.3% over Q1 ’21.
• Contracts written volume was $126.2 billion, up 8.2% over Q1 ’21.

“The appreciation of home prices has resulted in agents’ commissions far outpacing the rate of inflation,” said Marc King, president, KW. “We’re continuing to lean into our world-class training, coaching and technology to ensure our agents are poised to face the headwinds of higher mortgage rates and ongoing housing supply constraints.”

Keller Williams is home to 173,944 agents in the United States and Canada and 15,700 agents operating outside of the United States and Canada, for a total of 189,644 agents worldwide, as of March 31, 2022.

In Q1 ’22 alone, KW added 1,523 net agents across the U.S. and worldwide regions.

“Our homes sold baseline represents our second-highest record for a Q1 across that key metric,” said Jason Abrams, head of industry, kwx. “We are overall pleased with the results of our agents amid hypercompetitive market conditions.”

Keller Williams Worldwide (KWW) Momentum (production outside U.S. and Canada in Q1 ’22)

• As of March 31, agent count outside the U.S. and Canada was 15,700, up 21.6% from Q1 ’21.
• Agents closed 16.5 thousand transactions in Q1 ’22, up 25.9% over Q1 ’21.
• Agents closed $3.2 billion in sales volume, up 27.1% from Q1 ’21.
• Agents took 26.3 thousand new listings (new market inventory), down 4.1% over Q1 ’21.
• Agents wrote 19.2 thousand contracts (projected closings), up 18.3% over Q1 ’21.
• Contracts written volume was $2.9 billion, up 25.5% over Q1 ’21.

“The credit for our quarter after quarter of aggressive international growth belongs to our tech-enabled agents, fueled by our powerful training and business models,” said William E. Soteroff, president, KWW. “Our pipeline remains strong for new worldwide regions.”

Outside of the U.S. and Canada, KWW’s regions include: Albania; Argentina; Aruba; Belgium; Belize; Bermuda; Cambodia; Chile; Colombia; Costa Rica; Cyprus; Czech Republic; Dominican Republic; Dubai, UAE; France; Greece; Guyana; Honduras; Indonesia; Ireland; Israel; Italy; Jamaica; Japan; Luxembourg; Malaysia; Mexico; Monaco; Mongolia; Morocco; Nicaragua; Northern Cyprus; Panama; Paraguay; Peru; Philippines; Poland; Portugal; Puerto Rico; Romania; São Paulo, Brazil; Saudi Arabia; Serbia; Sint Maarten; Slovenia; Southern Africa; Spain; Suriname; Thailand; Turkey; Turks and Caicos; United Kingdom; Uruguay; and Vietnam.

Corporate and Industry Highlights

• In January, Swanepoel ranked Gary Keller as the No. 1 most powerful person in real estate.
• In January, Entrepreneur magazine ranked KW No. 92 on its 2022 Franchise 500 ranking.
• In January, KW ranked No. 51 on the Best Places to Work 2022 list by Glassdoor.
• In January, KW unveiled KW Sports + Entertainment, a new business community.
• In February, Stacey Onnen was named head of new business operations.
• In February, RISMedia named seven KW leaders to the 2022 Real Estate Newsmakers.
• In February, Forbes featured KW at No. 140 on its list of America’s Best Large Employers 2022.
• In February, KW announced an expansion into Sint Maarten.
• In February, kwx acquired CPros, a concierge transaction management services provider.
• In February, Levi Rodgers was named director of KW Military.
• In March, KW was named to Entrepreneur’s 2022 Fastest-Growing Franchises list.
• In March, HousingWire featured KW on its list of 2022 Tech100 Real Estate Honorees.
• In March, six young KW professionals were named to REALTOR® Magazine’s “30 Under 30”.
• In March, KW announced a partnership with RealNex.
• In March, KW’s European franchises helped house Ukrainian refugees.
• In March, KW was recognized as “the most prolific franchise network” on RealTrends 500.
• In March, KW announced an expansion into Guyana.
• In March, KW announced a strategic partnership with bolt to scale insurance services.
• In March, Swanepoel named KW the No. 1 real estate franchise by agent count, transaction sides, and sales volume.

“In Q1 ’22, we continued building and revamping our KW business communities and segments,” said Sajag Patel, head of coaching, communities and learning, KW. “We’re enabling our agents to focus on business growth through more connection, empowerment, and impact.”

“We expect to continue aggressively attracting agents across the full spectrum of their real estate careers,” said Patel. “Our training and coaching are second to none, and continue to boost agent production, leveraging the best practices and lessons learned of our top real estate producers.”

About Keller Williams

Austin, Texas-based Keller Williams (KW), the world’s largest real estate technology franchise by agent count, has more than 1,100 offices and 200,000 associates. The franchise is also No. 1 in units and sales volume in the United States.

KW is in the process of forming kwx, an integrated home experience company. kwx will be composed of Keller Williams Realty Inc., Keller Williams Worldwide and Keller Home Financial Services, consisting of Keller Mortgage, Keller Offers, Keller Covered, Keller Title and The Partnership Platform.

Since 1983, the company has cultivated an agent-centric, technology-driven and education-based culture that rewards agents as stakeholders. For more information, visit kwx.kw.com.

Contacts

Media Contact:

Darryl G. Frost

Director of Public Relations and Media Relations

darryl.frost@kw.com / 254-466-3627

TORONTO–(BUSINESS WIRE)–Real Matters Inc. (“Real Matters” or the “Company”) (TSX: REAL) today announced that the Toronto Stock Exchange (“TSX”) has approved an amendment to the Company’s current Normal Course Issuer Bid (“NCIB”) to increase the number of common shares that the Company may purchase for cancellation from 6,000,000 common shares (approximately 7.8% of the 76,489,997 common shares in the public float as at May 31, 2021) to 7,648,999 common shares (representing 10.0% of the 76,489,997 common shares in the public float as at May 31, 2021). No other terms of the NCIB have changed.

The Company believes that the prevailing share price for its common shares does not currently reflect its underlying value such that the purchase of common shares for cancellation represents an attractive opportunity to return value to the Company’s common shareholders.

Since commencement of the NCIB, Real Matters has purchased for cancellation 4,147,256 common shares at a weighted average price of $11.78. The Company’s previously approved NCIB commenced on June 11, 2021 and was amended on November 24, 2021. The further amended NCIB will commence on May 10, 2022 and will continue until June 10, 2022, or such earlier date as the Company has acquired the maximum number of common shares permitted under the NCIB or spent C$70 million. The Company has allocated up to C$70 million towards the purchase of common shares under the NCIB, of which C$48,860,512 has been spent to date, leaving C$21,139,488 available for purchases. The actual number of common shares purchased by the Company under the NCIB and the timing of such purchases will be determined by the Company. Subject to certain prescribed exceptions, daily purchases under the further amended NCIB will continue to be limited to a maximum of 153,956 common shares, which is 25% of the average daily trading volume of the Company’s common shares for the six months ended May 31, 2021 (being 615,827 common shares).

Purchases under the NCIB will continue to be made through the facilities of the TSX and alternative Canadian trading systems at the prevailing market price at the time of acquisition. All common shares purchased will be cancelled.

Real Matters previously entered into an automatic share purchase plan (the “Plan”) with National Bank Financial Inc. to allow for the purchase of common shares under the NCIB at times when the Company would not ordinarily be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. The Plan will continue to apply to the further amended NCIB.

FORWARD-LOOKING INFORMATION

This Press Release contains “forward-looking information” within the meaning of applicable Canadian securities laws, including statements relating to the Company’s belief regarding the intrinsic value of its common shares. Words such as “could”, “forecast”, “target”, “may”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “seek”, “believe”, “likely” and “predict” and variations of such words and similar expressions are intended to identify such forward-looking information, although not all forward-looking information contains these identifying words.

The forward-looking information in this press release includes statements which reflect the current expectations of management based on information currently available to management. Although the Company believes that these expectations are reasonable, these statements by their nature involve risks and uncertainties and should not be read as a guarantee of the occurrence or timing of any future events, performance or results. A comprehensive discussion of the factors which could cause results or events to differ from current expectations can be found in the “Risk Factors” section of our Annual Information Form for the year ended September 30, 2021, which is available on SEDAR at www.sedar.com.

Readers are cautioned not to place undue reliance on the forward-looking information, which reflect our expectations only as of the date of this Press Release. Except as required by law, we do not undertake to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

About Real Matters

Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include top 100 mortgage lenders in the U.S. and some of the largest insurance companies in North America. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title and mortgage closing services in the U.S. Headquartered in Markham (ON), Real Matters has principal offices in Buffalo (NY), Middletown (RI) and Scottsdale (AZ). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit www.realmatters.com.

Contacts

For more information:
Lyne Beauregard

Vice President, Investor Relations and Corporate Communications

Real Matters

lbeauregard@realmatters.com
416.994.5930

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 OFFICE REAL ESTATE INVESTMENT TRUST (D.UN-TSX) or (“Dream Office REIT”, the “Trust” or “we”) today announced its financial results for the three months ended March 31, 2022 and provided a business update related to the COVID-19 pandemic.

OPERATIONAL HIGHLIGHTS

(unaudited)	As at
	March 31,				December 31,			March 31,
		2022			2021			2021
Total properties(1)
Number of active properties		29			29			28
Number of properties under development		1			1			2
Gross leaseable area (“GLA”) (in millions of sq. ft.)		5.5			5.5			5.5
Investment properties value	$	2,596,240		$	2,569,002		$	2,473,123
Total portfolio(2)
Occupancy rate – including committed (period-end)		85.0%			85.5%			87.2%
Occupancy rate – in-place (period-end)		81.7%			82.9%			85.8%
Average in-place and committed net rent per square foot (period-end)	$	23.25		$	23.25		$	23.26
Weighted average lease term (“WALT”) (years)		5.4			5.2			5.0

See footnotes at end.

		Three months ended
		March 31,			March 31,
		2022			2021
Operating results
Net income	$	52,282			10,146
Funds from operations (“FFO”)(3)		21,043			21,309
Net rental income		25,863			26,271
Comparative properties net operating income (“NOI”)(4)		27,320			28,710
Per unit amounts
FFO (diluted)(5)	$	0.39			0.38
Distribution rate		0.25			0.25

See footnotes at end.

“Our business has continued to navigate through uncertainties in the economy and recovery from the pandemic with resilience,” said Michael Cooper, Chief Executive Officer of Dream Office REIT. “We think our strategy of focusing on our best assets to improve their quality, reducing carbon emissions, animating the retail and common areas and making our office communities more inclusive will be very well received by our tenants as they return to work and will add value to the portfolio.”

• Net income for the quarter: For the three months ended March 31, 2022, the Trust generated net income of $52.3 million. Included in net income for the three months ended March 31, 2022 are net rental income totalling $25.9 million, share of net income from investment in Dream Industrial REIT totalling $42.9 million and positive fair value adjustments to investment properties totalling $19.4 million primarily due to fair value gains at four properties valued by qualified external valuation professionals. Partially offsetting these items were negative fair value adjustments to financial instruments for the three months ended March 31, 2022 totalling $20.3 million primarily due to the revaluation of the subsidiary redeemable units as a result of appreciation in the Trust’s unit price.

• Diluted FFO per unit⁽⁵⁾ for the quarter: For the three months ended March 31, 2022, diluted FFO per unit increased to $0.39 per unit relative to $0.38 per unit in Q1 2021 as NOI from our completed development at 1900 Sherwood Place in Regina (+$0.02), higher FFO from our investment in Dream Industrial REIT (+$0.02) and the effect of accretive unit repurchases under our Normal Course Issuer Bid (“NCIB”) program (+$0.01) were partially offset by lower comparative properties NOI (-$0.03) and other items (-$0.01).

• Net rental income for the quarter: Net rental income for the three months ended March 31, 2022 decreased by $0.4 million relative to the prior year comparative quarter primarily due to lower weighted average occupancy in Toronto downtown and lower rents on renewals and new leases in the regions that we collectively refer to as Other markets, comprising our properties located in Calgary, Saskatchewan, Mississauga, Scarborough and the United States. Partially offsetting the year-over-year decrease were net rental income from our completed property under development at 1900 Sherwood Place in Regina, higher net rents on renewals and new leasing in Toronto downtown and higher parking revenues.

• Comparative properties NOI⁽⁴⁾ for the quarter: For the three months ended March 31, 2022, comparative properties NOI decreased by 4.8%, or $1.4 million, over the prior year comparative quarter, primarily driven by declines in weighted average occupancy in Toronto downtown and lower in-place rents in the Other markets region. Partially offsetting the declines were higher rates on renewals and new leases in Toronto downtown, higher weighted average occupancy in the Other markets region and favourable parking revenues of $0.2 million across the portfolio.

  Over the course of the COVID-19 pandemic, we saw significant reductions in leasing activity and building traffic relative to historical norms, leading to declines in occupancy and parking income as a result of repeated states of emergency in Toronto. Despite the public health measures enacted in response to the Omicron variant in December 2021 and January 2022, we continue to anticipate that many companies will return their employees to the office during 2022 and, with that, leasing activity and traffic flow to our properties will improve and our comparative properties NOI and parking revenues will begin to normalize.

  We are actively managing our assets in the Toronto downtown region, which represent 82% of our active portfolio investment property fair values, to improve the quality of the buildings and to continue to improve rental rates in this market. For our assets in the Other markets region, which make up the remaining 18% of our total portfolio investment properties fair value, we are repositioning these assets to improve occupancy and liquidity in the private market.

• In-place occupancy: Total portfolio in-place occupancy on a quarter-over-quarter basis decreased by 1.2% relative to Q4 2021 to 81.7%. In Toronto downtown, 95,000 square feet of early terminations and 42,000 square feet of expiries were partially offset by 19,000 square feet of new leasing activity and 10,000 square feet of renewals. Within the 95,000 square feet of early terminations, 80,000 square feet relates to a negotiated tenant downsize on renewal for a lease expiring in Q4 2022. The Trust has leased 54,000 square feet of the returned space for a ten-year term commencing in the first half of 2023 with a leading provider of flexible workspace for enterprise clients for its first Canadian location and is in advanced negotiations for a further 13,000 square feet of the remaining space. Under the terms of the lease, the Trust is entitled to a share of the tenant’s net revenues plus additional rents. The Trust expects to achieve revenues from the space equal to or higher than the equivalent market rental rate on a stabilized basis. The renewing tenant retained 82,000 of its 139,000 square feet for a period of ten years with initial rents on the retained space 36% higher than expiring rates with progressive rent steps to a 68% increase over expiring rates by the end of the term. The remaining 57,000 square feet of space is currently sublet and the Trust is in advanced negotiations with those subtenants for 45,000 square feet of the subleased space. The Trust is actively marketing the remaining 25,000 square feet to prospective tenants.

  In the Other markets region, 53,000 square feet of new leasing activity and 13,000 square feet of renewals were partially offset by 23,000 square feet of expiries.

  Total portfolio in-place occupancy on a year-over-year basis decreased from 85.8% at Q1 2021 to 81.7% this quarter due to net negative absorption in Toronto downtown partially offset by the reclassification of 1900 Sherwood Place to active properties in Q3 2021 and net positive absorption in Other markets during Q4 2021 and Q1 2022.

• Lease commencements for the quarter: For the three months ended March 31, 2022, 71,000 square feet of leases commenced, not including temporary leases. In Toronto downtown, 22,000 square feet of leases commenced at $35.13 per square foot, or 28.3% higher than the previous rent in the same space. In the Other markets region, 49,000 square feet of leases commenced at $11.43 per square foot or 35.5% lower than the previous rents in the same space as rental rates on new and renewed leasing rolled down to market rates. The renewal and relocation rate to expiring rate spread for the three months ended March 31, 2022 was 4.7% above expiring rates on 23,000 square feet of renewals.

• Tenant profile: As illustrated in the chart below, the Trust has a diversified and stable tenant mix.

  See Figure 1, Estimated Annualized Gross Rental Revenue by Tenant Industry

  Our top ten tenants make up approximately 38% of gross rental revenue, and 50% of our top tenants have credit ratings of A- or higher.

BUSINESS UPDATE

As at March 31, 2022, the Trust had approximately $280 million of available liquidity⁽⁶⁾, $170 million of unencumbered assets⁽⁷⁾ and a level of debt (net total debt-to-net total assets)⁽⁸⁾ of 41.9%. As at March 31, 2022, the Trust had $2.6 billion of investment properties, $8.3 million of cash and cash equivalents, $271.3 million of undrawn credit facilities, $3.1 billion of total assets and $1.3 billion of total debt.

The novel coronavirus (“COVID-19”) pandemic continues to disrupt the Canadian economy. Repeated states of emergency and lockdowns as a result of emerging variants, most recently public health measures due to the Omicron variant in December 2021 and January 2022, have made it difficult for businesses to plan for the future. The full impact that these disruptions will have on the market for office space in the near term and the wider economy in general is unclear and difficult to predict. However, we believe that there will continue to be demand for high-quality and well-located office space in urban markets in Canada, especially in Toronto, when the economy normalizes. The Trust has ample financial resources to absorb near-term operational challenges and a program to drive value in the business through capital improvements and redevelopments to deliver best-in-class boutique office space to our tenants.

The COVID-19 pandemic delayed the construction timelines for the planned Bay Street corridor revitalization, but we are near completion of the interior renovation work, and façade improvements are scheduled to be finished this year. Since 2020, our successful redevelopment program has completed two projects on time and on budget that have significantly increased the value of the redeveloped properties and delivered significant incremental income to the Trust. 357 Bay Street in Toronto downtown was completed in Q4 2020 and in Q1 2022 contributed $3.0 million of annualized comparative properties NOI. Q3 2021 marked the completion of 1900 Sherwood Place in Regina, Saskatchewan, and the commencement of the 25-year Co-operators lease at the property. 1900 Sherwood Place generated $5.2 million of annualized NOI over Q1 2022. We are currently in the process of revitalizing 366 Bay Street in Toronto by fully modernizing the building’s systems, improving the building’s floorplates and upgrading the quality of the common areas. We are targeting a LEED Gold certification, among other certifications, as part of this development project. In addition, we have received zoning approval for 250 Dundas Street West in Toronto, have a zoning application underway for our property at Eglinton Avenue East and Birchmount Road in Scarborough, and are working on a development plan for 212 and 220 King Street West in Toronto.

We hold a stake in Dream Industrial REIT which continues to provide a meaningful contribution to our FFO as a result of the REIT’s successful European expansion and value-add strategy and the monthly distributions provide steady, predictable cash flow to the Trust at a time of uncertainty.

The effect of public health measures put in place as a response to the Omicron variant resulted in fewer property tours, lower building traffic and reduced parking lot utilization relative to Q4 2021. However, we believe that these effects are transitory and that the improvements in the latter half of 2021 will re-emerge during 2022.

During Q1 2022, the Trust executed leases totalling approximately 159,000 square feet across our portfolio. In Toronto downtown, the Trust executed 131,000 square feet of leases including the 54,000 square foot flexible workspace lease discussed previously. The remaining 78,000 square feet of leases were executed at a weighted average net rent of $32.07 per square foot, or 26.0% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 5.2 years.

In the Other markets region we executed leases totalling 28,000 square feet at a weighted average net rent of $19.42 per square foot, an increase of 0.7% from the weighted average prior net rent on the same space, with a weighted average lease term of 7.2 years. To date, the Trust has secured commitments for approximately 659,000 square feet, or 82%, of 2022 full-year natural lease expiries, consistent with pre-COVID leasing trends. In Toronto downtown, 63,000 square feet, or approximately 1.8% of the region’s gross leaseable area, was being held intentionally vacant for retail repositioning and property improvement purposes as at March 31, 2022 of which the Trust has deals that were subsequently completed, are conditional or are in an advanced state of negotiation totalling 19,000 square feet.

Approximately 2% of the Trust’s total portfolio is currently sublet, with a weighted average in-place net rent of just over $25 per square foot.

The following table summarizes selected operational statistics with respect to the trailing four quarters and the month of April 2022 as at May 5, 2022, all presented as a percentage of recurring contractual gross rent:

	Cash	Deferral
	collected	arrangements*	Outstanding
Q2 2021	98.4%	0.3%	1.3%
Q3 2021	98.5%	0.2%	1.3%
Q4 2021	98.4%	—%	1.6%
Q1 2022	97.8%	—%	2.2%
April 2022	98.0%	0.1%	1.9%

* Deferral arrangements are presented net of subsequently received cash receipts.

Over the course of the COVID-19 pandemic, we have worked collaboratively with our tenants to help them manage the challenges within their businesses and be set up for long-term success when the pandemic has passed. The Canadian Emergency Rent Subsidy program ended during Q4 2021 and the Hardest-Hit Business Recovery Program was introduced. While the new program is harder for tenants to qualify for, we have not seen any significant change in rent collection patterns since its introduction. In certain instances, the Trust has granted deferrals and rent repayment arrangements to select tenants on a case-by-case basis.

For the three months ended March 31, 2022, the Trust recorded COVID-related provisions totalling approximately $0.6 million which are included in the line item “COVID-related provisions and adjustments” within net rental income. These provision balances represent an estimate of potential credit losses on our trade receivables for all uncollected rent during the three months ended March 31, 2022.

CAPITAL HIGHLIGHTS

KEY FINANCIAL PERFORMANCE METRICS				As at
(unaudited)		March 31,		December 31,
		2022		2021
Financing
Weighted average face rate of interest on debt (period-end)(9)		3.37%		3.28%
Interest coverage ratio (times)(10)		2.9		3.0
Net total debt-to-normalized adjusted EBITDAFV ratio (years)(11)		10.4		9.8
Level of debt (net total debt-to-net total assets)(8)		41.9%		41.8%
Average term to maturity on debt (years)		3.4		3.6
Undrawn credit facilities, available liquidity and unencumbered assets
Undrawn credit facilities	$	271.3	$	192.4
Available liquidity (in millions)(6)		279.6		201.1
Unencumbered assets (in millions)(7)		169.6		178.3
Capital (period-end)
Total number of REIT A and LP B units (in millions)(12)		52.3		53.3
Net asset value (“NAV”) per unit(13)	$	32.63	$	31.49

See footnotes at end.

• Canada Infrastructure Bank Commercial Building Retrofit Initiative: On March 31, 2022, the Trust entered into an unsecured non-revolving credit facility and term credit facility with the Canada Infrastructure Bank under its Commercial Building Retrofit Initiative. Under the facility, the Canada Infrastructure Bank will lend the trust up to $112.9 million, representing 80% of the cost of commercial property retrofits in order to achieve certain energy efficiency savings and greenhouse gas (“GHG”) emission reductions. The non-revolving credit facility is available until the earlier of March 31, 2027 or the completion of all funded projects, at which point the aggregate drawings are converted to a 20-year amortizing term credit facility. During the five-year non-revolving credit facility period, the accumulated drawings bear interest at an annual fixed rate of 2.147%. Subsequent to conversion, the 20-year amortizing term credit facility will bear interest at an annual fixed rate between 1.0% and 3.0% determined at the time of conversion based on the assessed GHG emission reductions achieved in aggregate with the financed projects.

• Normal Course Issuer Bid (“NCIB”): For the three months ended March 31, 2022, the Trust purchased for cancellation 1,036,163 REIT A Units under the NCIB at a cost of $26.5 million. The Trust’s current NCIB program is now complete.

• NAV per unit⁽¹³⁾: As at March 31, 2022, our NAV per unit increased to $32.63 when compared to $31.49 at December 31, 2021. The increase in NAV per unit relative to December 31, 2021 was primarily due to cash flow retention (diluted FFO net of distributions), fair value gains on investment properties in Toronto downtown for four properties valued by qualified external valuation professionals, incremental income from our investment in Dream Industrial REIT and the effect of accretive unit repurchases under our NCIB program. As at March 31, 2021, equity per the condensed consolidated financial statements was $1.6 billion.

“Our partnership with the Canada Infrastructure Bank provides the Trust with a great source of capital to continue to improve our assets to a higher standard while doing our part to reduce greenhouse gas emissions in our portfolio,” said Jay Jiang, Chief Financial Officer of Dream Office REIT. “The facility will also enhance our liquidity and flexibility of our balance sheet so that we are able to reduce risk while remaining opportunistic.”

CONFERENCE CALL

Dream Office REIT holds semi-annual conference calls following the release of second and fourth quarter results.

OTHER INFORMATION

Information appearing in this press release is a selected summary of results. The condensed consolidated financial statements and Management’s Discussion and Analysis (“MD&A”) of the Trust are available at www.dreamofficereit.ca and on www.sedar.com.

Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 3.5 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world. We intend to enhance these properties to elevate their desirability to tenants and investors and improve the overall community experience. For more information, please visit our website at www.dreamofficereit.ca.

FOOTNOTES

(1)	Excludes joint ventures that are equity accounted at the end of each period.
(2)	Excludes properties under development and joint ventures that are equity accounted at the end of each period.
(3)	FFO is a non-GAAP financial measure. The most directly comparable financial measure to FFO is net income. The tables included in the Appendices section of this press release reconcile FFO for the three months ended March 31, 2022 and March 31, 2021 to 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.
(4)	Comparative properties NOI is a non-GAAP financial measure. The most directly comparable financial measure to comparative properties NOI is net rental income. The tables included in the Appendices section of this press release reconcile comparative properties NOI for the three months ended March 31, 2022 and March 31, 2021 to net rental 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.
(5)	Diluted FFO per unit is a non-GAAP ratio. Diluted FFO per unit is calculated as FFO (a non-GAAP financial measure) divided by 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. A description of the determination of the weighted average number of units can be found in the Trust’s Management’s Discussion and Analysis for the three months ended March 31, 2022 in the section “Supplementary Financial Measures and Other Disclosures” under the heading “Weighted average number of units”.
(6)	Available liquidity is a non-GAAP financial measure. The most directly comparable financial measure to available liquidity is undrawn credit facilities. The tables included in the Appendices section of this press release reconcile available liquidity to undrawn credit facilities as at March 31, 2022 and December 31, 2021. 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.
(7)	Unencumbered assets is a supplementary financial measure. For further information on this supplementary financial measure, please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release.
(8)	Level of debt (net total debt-to-net total assets) is a non-GAAP ratio. Net total debt-to-net total assets comprises net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). The tables in the appendices section reconcile net total debt and net total assets to total debt and total assets, respectively, as at March 31, 2022 and December 31, 2021. 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.
(9)	Weighted average face rate of interest on debt is calculated as the weighted average face rate of all interest-bearing debt balances excluding debt in joint ventures that are equity accounted.
(10)	Interest coverage ratio (times) is a non-GAAP ratio. Interest coverage ratio comprises trailing 12-month adjusted EBITDAFV divided by trailing 12-month interest expense on debt. Adjusted EBITDAFV, trailing 12-month Adjusted EBITDAFV and trailing 12-month interest expense on debt are non-GAAP measures. The tables in the Appendices section reconcile adjusted EBITDAFV to net income for the three months ended March 31, 2022 and March 31, 2021 and for the year ended December 31, 2021 and trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense to adjusted EBITDAFV and interest expense, respectively, for the trailing 12-month period ended March 31, 2022. 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.
(11)	Net total debt-to-normalized adjusted EBITDAFV ratio (years) is a non-GAAP ratio. Net total debt-to-normalized adjusted EBITDAFV comprises net total debt (a non-GAAP financial measure) divided by normalized adjusted EBITDAFV (a non-GAAP financial measure). Normalized adjusted EBITDAFV comprises adjusted EBITDAFV (a non-GAAP measure) adjusted for NOI from sold properties in the quarter. 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.
(12)	Total number of REIT A and LP B units includes 5.2 million LP B Units which are classified as a liability under IFRS.
(13)	NAV per unit is a non-GAAP ratio. NAV per unit is calculated as Total equity (including LP B Units) divided by the total number of REIT A and LP B units outstanding as at the end of the period. Total equity (including LP B Units) is a non-GAAP measure. The most directly comparable financial measure to total equity (including LP B Units) is equity. The tables included in the appendices section of this press release reconcile total equity (including LP B Units) to equity as at March 31, 2022 and December 31, 2021. 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.

Contacts

Michael J. Cooper
Chairman and Chief Executive Officer

(416) 365-5145

mcooper@dream.ca

Jay Jiang
Chief Financial Officer

(416) 365-6638

jjiang@dream.ca

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CHARLOTTE, N.C.–(BUSINESS WIRE)–Blue Point Capital Partners and its BPCP III concrete industry platform, SASE Company, are pleased to announce the addition of Bartell Global, a provider of concrete finishing, site preparation and surface preparation equipment and consumables.

Headquartered in Mississauga, Ontario, Bartell offers a comprehensive portfolio of products covering the entire concrete flooring lifecycle. Together, SASE and Bartell are strategically positioned to expand geographic presence and industry leadership in high-caliber products for commercial, residential, industrial and retail concrete flooring applications.

“For over 75 years, our customers have trusted the Bartell team to deliver quality equipment, innovative products and excellent service,” said Bartell CEO John Locke. “We have met our cultural match in the SASE and Blue Point teams. This growth-focused partnership opens new doors for the employees and customers of both companies, strategically expanding the product portfolio and geographic footprint that allow us to uphold our high customer care standards.”

“This is a powerhouse combination with scaling potential in almost every aspect of the business,” said SASE CEO Karl Moritz. “From the creation of new products to expanding into new regions, this collaboration represents significant opportunities for growth.”

The combined company will extend its geographic reach throughout the U.S., Canada, the U.K., Europe and Asia, enabling it to offer more solutions and support to a broad spectrum of contractors around the world.

“In addition to our organic value creation efforts—most notably through the support of our Asia supply chain team—M&A has been a critical part of our strategy for SASE since the inception of our partnership,” said Blue Point Partner Brian Castleberry. “These businesses have excellent cultural and strategic alignment, which has created instant opportunities for expansion.”

Bartell Global (www.bartellglobal.com) is made up of five premium brands that have rich histories in the concrete finishing, site preparation, and surface preparation industries. These brands are leaders in developing innovative and industry-leading products and work together to create a unified company. Since 1946, Bartell has aimed to continually push the envelope regarding innovation and customer service.

SASE (www.sasecompany.com) is a provider of polished concrete equipment and consumables in the United States. SASE assembles and distributes branded equipment, consumables and spare parts used in the concrete polishing process. SASE’s comprehensive portfolio includes high-quality products such as grinding machines, floor scrapers, vacuums, diamond tooling, abrasives, chemicals, dyes and related products.

Blue Point Capital Partners (www.bluepointcapital.com) is a private equity firm managing over $1.5 billion in committed capital. With offices in Cleveland, Charlotte, Seattle and Shanghai, Blue Point’s geographical footprint allows it to establish relationships with local and regional entrepreneurs and advisors while providing the perspectives and resources of a global organization. Blue Point has over a two-decade history of partnering with lower middle-market businesses to build processes and capabilities to achieve dramatic growth. The firm focuses on opportunities where it can leverage its collective experience, extensive network of operating resources and focused add-on acquisition efforts as well as its unique toolkit, which includes supply chain/Asian capabilities, improved digital marketing or data strategies, and talent acquisition and diversification efforts. Blue Point typically invests in businesses that generate between $30 million and $300 million in revenue.

Contacts

Blue Point Capital Partners
Megan Kneipp

Managing Director, Business Development

mkneipp@bluepointcapital.com

Brian Castleberry

Partner

bcastleberry@bluepointcapital.com

MiddleM Creative (Media Inquiries)
Allie Gamble

Vice President

allie@middlemcreative.com