Addition of top-producing independent brokerage nearly doubles Real’s agent count in Austin

TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (NASDAQ: REAX), a technology platform reshaping real estate for agents, home buyers and sellers, today announced that Ryan Rodenbeck, one of the industry’s leading thought leaders and host of the #RealtyHack podcast, has brought his top-producing independent brokerage, Spyglass Realty, to Real under the company’s Private Label program. With 140 agents and a 2024 sales volume of nearly $400 million, the addition of Spyglass nearly doubles Real’s footprint in Austin.

Real’s Private Label program enables independent brokerages to maintain their own brand while benefiting from Real’s technology and compensation programs.

A top producer who received the Austin Platinum Top 50 Realtors award for nine consecutive years, Rodenbeck launched Spyglass in 2008. He operated the brokerage as a small team until 2015 when his desire to leverage technology to offer experienced agents a platform to provide clients with an elevated approach to buying and selling homes prompted him to take the brokerage to a new level. Since leaving production in 2019, Rodenbeck has attracted more than 100 agents to Spyglass and led the firm’s expansion into Houston in late 2024.

Rodenbeck also leads #RealtyHack, a content platform that includes the #RealtyHack podcast and #RealtyHack Summit, Austin’s largest real estate conference, which attracts more than 400 agents. He is an incoming board member of the Austin Board of Realtors.

“Real’s trajectory provides us an opportunity to contribute to Real’s growth in central Texas while also expanding Spyglass,” Rodenbeck said. “The Real Private Label program allows us to continue to go above and beyond what we currently provide while maintaining our brand as an independent brokerage that we’ve worked hard to build.”

Spyglass has received numerous accolades. It was named Indy Broker of the Year by the Austin Board of Realtors in 2019 and has been ranked as a Best Place to Work by the Austin Business Journal for five consecutive years, including taking the top spot in 2024. Spyglass also is a multi-year recipient of several growth-related awards, including the Inc. 5000 and Austin Business Journal’s Fast 50.

“Spyglass Realty, under Ryan Rodenbeck’s visionary leadership, epitomizes what it means to be both innovative and deeply rooted in service. Ryan’s early adoption of technology, paired with a relentless focus on empowering experienced agents, has transformed the way real estate is done,” said Real President Sharran Srivatsaa. “With Ryan’s commitment to leveraging leads and fostering a culture of referrals, it’s no surprise Spyglass Realty is not only redefining the gold standard in real estate, but also consistently ranks as one of the top employers in the city. We are thrilled Spyglass is now part of Real.”

About Real

Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence throughout the U.S. and Canada, Real supports more than 24,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as of the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, expectations regarding Real’s ability to continue to attract agents.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. Important factors that could cause such differences include, but are not limited to, slowdowns in real estate markets, economic and industry downturns, Real’s ability to attract new agents and retain current agents and those risk factors discussed under the heading “Risk Factors” in the Company’s Annual Information Form dated March 14, 2024, a copy of which is available under the Company’s SEDAR+ profile at www.sedarplus.ca. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Contacts

Investor inquiries:

Ravi Jani

Vice President, Investor Relations and Financial Planning & Analysis

investors@therealbrokerage.com
908.280.2515

For media inquiries:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

elisabeth@therealbrokerage.com
201.564.4221

TORONTO–(BUSINESS WIRE)–RioCan Real Estate Investment Trust (“RioCan”) (TSX: REI.UN) today announced a distribution of 9.25 cents per unit for the month of January. The distribution will be payable on February 7, 2025, to unitholders of record as at January 31, 2025.

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 September 30, 2024, our portfolio is comprised of 186 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

RioCan Contact
Kim Lee

Vice President, Investor Relations

(416) 646-8326

CALGARY, Alberta–(BUSINESS WIRE)–Westphalia Dev. Corp. (the “Corporation”) today announces a restructuring filing initiated in the Alberta Court of King’s Bench (the “Court”). On January 14, 2025, the Corporation obtained an initial order (the “Initial Order”) from the Court commencing proceedings under the Companies’ Creditors Arrangement Act of Canada (“CCAA”). Pursuant to the Initial Order, a 10-day stay of proceedings has been granted in respect of the Corporation to allow the business to continue to operate without disruption while the Corporation pursues potential strategic and restructuring alternatives under Court supervision for the benefit of its stakeholders. The Court-ordered process will be continued on January 23, 2025 where the Corporation anticipates seeking further order(s) from the Court extending the initial stay of proceedings, among other things.

The decision to commence CCAA proceedings was made following careful consideration by the Corporation’s Board of Directors and management. The Corporation has operated and can only continue to operate with the ongoing financial support of certain stakeholders, including its manager, Walton Global Investments Ltd. (“Walton Global” or the “Manager”). The Corporation has been unable to pay management fees owing to the Manager (and the Manager’s predecessor) since 2016. The Manager has now advised the Corporation that it cannot continue to provide services and funding on a go forward basis unless a plan is put in place to address the Corporation’s liquidity and outstanding debts to the Manager and others. The CCAA process will provide an opportunity to prepare and file a plan of arrangement and compromise for consideration by the Corporation’s creditors and other stakeholders with respect to the restructuring of the Corporation. Under the Initial Order, the Corporation will continue carrying on business in a manner consistent with the commercially reasonable preservation of their businesses and assets.

Overview of the Corporation

The Corporation is the shareholder of the largest co-owner of the Westphalia Town Center in Prince George’s County, Maryland. The property includes residential, commercial and industrial land uses. The Property Master Plan is designed as a pedestrian-oriented, mixed-use community. Westphalia Town Center includes family-friendly neighborhoods, and in the near future community shopping, restaurants, and potentially an elementary school, a veteran’s hospital, and a hotel.

Through the CCAA process the Corporation received a Court Order that will allow it to pursue a restructuring of its affairs to improve its balance sheet while allowing streamlined reporting. The Manager of the project, Walton Global will assume full operational responsibility for taking the project through to completion, arranging for payment of the secured and unsecured creditors through the proceeds of sale, with the objective of completing the project to maximize recoveries. The Corporation, with the assistance of the Manager, has achieved a great deal to date:

• Much of the required infrastructure is deemed substantially complete, including roadways and interchanges for Route 4, Route 223 and Presidential Parkway East.
• Unanimous approval of the Detailed Site Plan from The Maryland-National Capital Park and Planning Commission for Parcels A and B, streamlining and accelerating the approval timeline for the future mixed-use development.
• Purchase offers have been received for Parcels A and B from best-in-class retail developers to build a first-class mixed-use commercial development. Deal terms are currently being negotiated, and an agreement is expected in 90 days.
• Hired a best-in-class engineering and planning firm to complete the entitlements for the remaining 96 acres (approximately), which includes the adjacent land to the north owned by a related party. The expectation is that this work will take 2 to 3 years to complete and receive full approval.
• Lastly, there is a parcel under contract for industrial use and another being considered for a future Veteran’s hospital.

About Walton Global

Walton Global is a privately-owned, leading land asset management and global real estate investment company with more than 88,000 acres of land under ownership, management and administration in the United States and Canada, totaling $4.5 billion. With more than 45 years of experience, Walton has a proven track record of land investment projects within the path of growth in the fastest-growing metropolitan areas. A total of ~$2.7 billion has been distributed to investors located in 87 countries. The company works closely with top U.S. home builders, developers and industry partners. Business lines include exit-focused pre-development land investments, builder land financing, development projects, DST offerings, and various fund structures. For more information, visit walton.com.

FTI Consulting Canada Inc. is the Court-appointed Monitor in the Corporation’s CCAA proceedings. During the CCAA proceedings, management of the Corporation will remain responsible for managing day-to-day operations under the general oversight of the Monitor. Copies of any filed Court materials and updates will be available on the Monitor’s website:

http://cfcanada.fticonsulting.com/westphaliadevcorp

This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. Forward-looking information is based on the current expectations, estimates and projections of the Corporation at the time the statements are made. They involve a number of known and unknown risks and uncertainties which would cause actual results or events to differ materially from those presently anticipated. The risks, uncertainties and other factors that could cause the Corporation’s actual results and performance in future periods to differ materially from the forward looking information contained in this news release include, among other things, the outcome of the CCAA process, expectations with respect to the receipt of additional orders and authorizations from the Court, the preparation and filing of a plan of arrangement and compromise, the ability of the Manager to successfully manage the project under the oversight of the Monitor, the development of Westphalia Town Center, general economic and market factors, including interest rates, a decline in the real estate market, changes in government policies and regulations or in tax laws, changes in municipal planning strategies and whether certain development approvals are obtained and changes in the Canadian/U.S. dollar exchange rate, in addition to those factors discussed or referenced in documents filed with Canadian securities regulatory authorities and available online at www.sedarplus.ca.

Contacts

Media Contact:
waltonglobal@allisonworldwide.com

LADERA RANCH, Calif.–(BUSINESS WIRE)–Strategic Storage Trust VI, Inc. (“SST VI”), a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”), is pleased to announce the successful refinancing of loans for four of its Canadian properties. This strategic move addresses the loans’ upcoming 2025 maturities and will effectively reduce SST VI’s interest rate by approximately 100 basis points (bps) as compared to the previous loans.

The refinancing includes three properties in the Greater Toronto Area, Ontario and one in Edmonton, Alberta, which are integral to SST VI’s portfolio. These four properties continue to lease up and perform well. They were acquired in various stages of lease-up with an average occupancy of approximately 57% at acquisition, which has increased to an average occupancy of approximately 87% as of December 31, 2024. By securing more favorable terms, SST VI continues demonstrating its commitment to financial prudence and enhancing shareholder value.

“We are thrilled to have completed this refinancing, which not only addresses our near-term maturities but also significantly reduces our interest expenses,” said H. Michael Schwartz, Chairman and CEO of SST VI. “This achievement underscores our proactive approach to managing our balance sheet and our dedication to driving long-term growth.”

National Bank of Canada served as the Lead Arranger and Sole Bookrunner for the completed loan. The new financing arrangements reflect SST VI’s strong credit profile and the continued confidence of its lending partners. The company remains focused on optimizing its capital structure and exploring further opportunities to enhance its financial flexibility.

About Strategic Storage Trust VI, Inc. (SST VI):

SST VI is a Maryland corporation that was elected to qualify as a REIT for federal income tax purposes. SST VI’s primary investment strategy is to invest in income-producing and growth self-storage facilities and related self-storage real estate investments in the United States and Canada. As of January 14, 2025, SST VI has a portfolio of 13 operating properties in the United States comprising approximately 9,050 units and 1,080,000 rentable square feet (including parking); 11 properties with approximately 10,200 units and 1,065,000 rentable square feet (including parking) in Canada, joint venture interests in one operational and four development properties in two Canadian provinces (Ontario and Québec) and one wholly owned development property in Ontario.

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 January 14, 2025, SmartStop has an owned or managed portfolio of 211 operating properties in 22 states, the District of Columbia, and Canada, comprising approximately 151,000 units and 16.9 million rentable square feet. SmartStop and its affiliates own or manage 38 operating self-storage properties in Canada, which total approximately 32,900 units and 3.4 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.

IR@smartstop.com