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OTTAWA, Ontario–(BUSINESS WIRE)–InterRent Real Estate Investment Trust (TSX-IIP.UN) (“InterRent”) announced today changes to its senior leadership and Board of Trustees (the “Board”). Effective May 1, 2022, Mike McGahan will step down from his current role as CEO and become Executive Chairman of the Board. At the same time, Brad Cutsey will succeed Mike to become President & CEO of InterRent REIT and will join the REIT’s Board and the current Chairman of the Board, Paul Amirault, will become the Lead Trustee.

Mike McGahan has been CEO of InterRent since 2009 and has successfully led the company through an initial period of portfolio rationalization, followed by tremendous growth in the REIT’s core regions, including its recent entry into the Greater Vancouver Area in early 2021. Throughout his tenure, Mike has embodied the entrepreneurial spirit that makes InterRent such a special place, ensuring that its unique culture remained intact as the company has grown and continues to mature. Under his leadership, the company has flourished to nearly 500 Team members and now provides homes to more than 13,000 households across Canada. In his role as Executive Chairman, Mike will provide ongoing guidance to the REIT over the next several years and will continue to be intimately involved with the strategic planning and capital allocation decisions of the REIT, while taking a step back from the operational side of the business.

Brad Cutsey has spent seven years honing his skillset with the REIT after being both an Equities Analyst and Investment Banker with prominent financial institutions. During his time with InterRent, Brad has explored all facets of the business and has spent a significant amount of time immersed in the operations of the REIT. Brad is uniquely positioned to hit the ground running and drive continued success across the company’s strategic priorities. Brad will work closely with Mike on strategic and growth initiatives and will focus on further enhancing InterRent’s operational platform and will continue to develop and nurture the exceptional Team that serves as its backbone. Brad’s positive attitude and boundless energy are contagious and matched only by his unwavering integrity and competitive spirit, a combination that will propel the REIT and its talented Team forward under his leadership.

Paul Amirault has been an independent Trustee since 2010 and in addition to serving as the current Chairman of the Board is a member of the Audit Committee and Nominations and Governance Committee. Paul brings extensive knowledge of capital markets and corporate governance to the role of independent Lead Trustee and will act as the effective leader of the Board in circumstances where it is inappropriate for the Executive Chairman of the Board to carry out the role due to an actual or perceived conflict of interest.

“I feel very fortunate to have been able to lead such a great Team for the last 12 years and I will continue to stay connected to my InterRent family and to be a significant REIT unitholder. I believe that Brad has the vision, tools, and a very deep bench of talent to deliver outsized returns and we are extremely lucky to have this talented individual lead the REIT into its next growth phase. On a personal note, I am looking forward to spending time with my sons and daughter in our private family real estate business, as well as on the development side with a very dynamic partner and exceptional Team” commented Mike McGahan, CEO.

“We always talk about our culture being our competitive advantage, and Mike has been the heart and soul of InterRent for more than a decade. I’ve had the pleasure to work alongside a wonderful leader and friend, and I could not be happier to see Mike make this decision to spend more time with his family after such an illustrious run with InterRent. Like Mike, I am passionate about the REIT’s role in supporting our communities and I will continue to be a strong advocate for the need to increase the supply of housing in Canada. We are clear in our strategic aspirations, and I am confident in our dedicated and talented Team to execute as we move forward together,” said Brad Cutsey, President.

“In his 12 years of serving InterRent, Mike has displayed his passion for providing homes for Canadians and building stronger communities. In his tenure as CEO, we have all come to appreciate Mike’s relentless work ethic and commitment to create a high-performing Team that feels like a family, and I personally look forward to working together with Mike in his new role as Executive Chairman. Since joining InterRent seven years ago, Brad has played an instrumental role in building the company to what it is today and has created strong personal relationships with the REIT’s many stakeholders. Under his leadership, we look forward to a vibrant future for our organization and for the thousands of families who call an InterRent community home,” commented Chairman of the Board of Trustees Paul Amirault. “Please join me in thanking Mike for his contributions to the REIT to date and in congratulating Brad on his new appointment.”

About InterRent

InterRent REIT is a growth-oriented real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties.

InterRent’s strategy is to expand its portfolio primarily within markets that have exhibited stable market vacancies, sufficient suites available to attain the critical mass necessary to implement an efficient portfolio management structure, and offer opportunities for accretive acquisitions.

InterRent’s primary objectives are to use the proven industry experience of the Trustees, Management and Operational Team to: (i) to grow both funds from operations per Unit and net asset value per Unit through investments in a diversified portfolio of multi-residential properties; (ii) to provide Unitholders with sustainable and growing cash distributions, payable monthly; and (iii) to maintain a conservative payout ratio and balance sheet.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts

For further information:
Sandy Rose, CFA

Director – Investor Relations & Sustainability

(514) 704-2459

sandy.rose@interrentreit.com
www.interrentreit.com

HOUSTON–(BUSINESS WIRE)–Westlake Royal Building Products™, one of North America’s largest manufacturers and distributors of exterior and interior building products, is pleased to announce that its parent company Westlake Corporation (NYSE: WLK) has achieved two years of +Vantage Vinyl certification.

+Vantage Vinyl is a voluntary, independent, third-party verification program, which Vinyl Sustainability Council (VSC) members use to certify their contributions toward continuous improvement in each of the impact categories – resource recovery, emissions, health and safety. To secure the +Vantage Vinyl mark, Westlake must prove each year that it has met the rigorous requirements outlined by the program’s guiding principles and has integrated sustainability activities and key performance indicators into the business as required by the initiative.

“We are thrilled that Westlake has received the +Vantage Vinyl certification for a second year, which is a demonstration of our company’s dedication to sustainable business practices,” said Steve Booz, vice president of marketing, Westlake Royal Building Products. “While we realize sustainable initiatives are ongoing, we hope to inspire other organizations to be responsible leaders in advancing an industry-wide approach to sustainability.”

Westlake uses Building for Environmental and Economic Sustainability (BEES) software, which was developed by the National Institute of Standards and Technology (NIST) to analyze the environmental life cycle of its products, from raw materials to waste management policies. The BEES software has shown that throughout its life cycle, vinyl releases significantly fewer toxic chemicals into the environment than other siding materials and has a lower overall environmental impact.

Westlake Royal Building Products uses PVC resin as the backbone of Royal^® vinyl and Exterior Portfolio^® vinyl siding. This is derived from components in nature, such as common salt and natural gas, that make PVC weather-resistant, chemically stable and lightweight.

“Compared to vinyl siding, fiber cement contributes almost four times the global warming potential; more than two times the acidification; and more than three-and-a-half times the air pollution,” added Booz. “We are also leading the charge, along with the Vinyl Siding Institute, in investigating methods of post-consumer recycling of PVC.”

+Vantage Vinyl is the only sustainability initiative that allows participation from all companies within the entire vinyl value chain with U.S. operations, ranging from raw material manufacturers and suppliers to final product manufacturers and retailers. To learn more about the +Vantage Vinyl program visit https://vantagevinyl.com/.

About Westlake Royal Building Products

Westlake Royal Building Products USA Inc., a Westlake company (NYSE:WLK), is a leader throughout North America in the innovation, design, and production of a broad and diverse range of exterior and interior building products, including Siding and Accessories, Trim and Mouldings, Roofing, Stone, Windows and Outdoor Living. For more than 50 years, Westlake Royal Building Products has manufactured high quality, low maintenance products to meet the specifications and needs of building professionals, homeowners, architects, engineers and distributors, while providing stunning curb appeal with an unmatched array of colors, styles, and accessories.

For more information, please visit WestlakeRoyalBuildingProducts.com. Follow us on LinkedIn and Instagram and “Like” us on Facebook.

Contacts

Kriss Swint

Westlake Royal Building Products

kswint@westlake.com

CALGARY, Alberta–(BUSINESS WIRE)–Westphalia Dev. Corp. (the “Corporation”) announced today its results for the fiscal year and fourth quarter ended December 31, 2021. Launched in March 2012, the Corporation acquired for development the 310-acre Westphalia Property (the “Property or the “Project”) located in Prince George’s County, Maryland, United States.

Review of Operations

The Corporation continues to actively seek purchasers and developers for the remaining lands associated with Phases 2 and 3 as well as other more immediate opportunities associated with the Phase 1 retail lands. The key activities undertaken by the Corporation during the year ended December 31, 2021, were as follows:

Construction Activities

• Continued construction on the Woodyard Road Interchange project. Construction is on schedule and expected to be completed in September 2022.

• The Presidential Parkway East project is substantially complete pending paving of the final top coat; final surveys are being prepared.

• Continued construction on the Presidential Parkway West project, which is expected to be completed by Q3 2022.

Sales Activities & Financing

• The Corporation amended the purchase and sale agreement to increase the purchase price for the commercial/industrial land in Phases 2 and 3 of the Project.

• A purchase and sale agreement expired in accordance with its terms on the residential for sale sites. The Corporation is in discussions with the same buyer regarding a potential alternative agreement pursuant to which that buyer would purchase fully engineered fee simple lots in lieu of raw land for condominium development. The Corporation will also take this out to market and discuss the opportunity with other builders.

The single-family market in the Washington, D.C. metropolitan statistical area, and specifically in the Prince George’s County submarket, continues to show strength which has led to increased builders’ interest in purchasing raw land for the development and construction of their own lots.

Management continues to focus on strategies to maximize the returns of the Project, which include, but are not limited to:

• Subsequent to year end, on April 1, 2022, the Corporation renegotiated its senior debt with its existing lender, WWMN, LLC. The Corporation has also begun reaching out to a third-party bank for an additional short-term loan.

• The Corporation is working to advance the planning of its current Phase 1 retail lands which are being considered on a for sale basis or a vertical joint venture basis. There are three sites in which a vertical strategy is being pursued to work with national or regional retail commercial and senior living builders. The Corporation is evaluating options for consultants to be engaged for this strategy and is seeking partners to build and lease out the two commercial sites and the senior living site.

• The Corporation continues to work with the local community, County leadership, and internal staff to re-plan additional development within the Westphalia Town Center. The Corporation also continues to work with the various consultants to implement a shift in the project’s scope after having received input from those detailed above.

Fourth Quarter and Year End Financial Results

The Corporation did not recognize any revenue in the fourth quarter of 2021. During the year ended December 31, 2021, the Corporation recognized revenue on contracts of $nil (2020 – $18,868,800). The cost of sales relating to the lot sales was $nil (2020 – $18,716,794), including selling costs and commissions. Cost of sales for the year ended December 31, 2021, included impairments on land development inventory of $nil (2020 – $2,469,865). Revenue and cost of sales recognized for the year ended December 31, 2020, was in respect to the sale of 18 Phase 1 single family lots to home builders and the Phase 1A bulk land sale to Galaxy NC, LLC.

For the year ended December 31, 2021, the Corporation generated a comprehensive loss of $1,917,091. When compared to the year ended December 31, 2020, total comprehensive loss of $3,419,241, there is a variance of $1,502,150 between the respective period ends. The variance is largely due to an impairment of $ 2,469,865 recognized during the year ended December 31, 2020. The breakdown of the comprehensive loss generated is detailed in the Management Discussion & Analysis.

Additional Information

The Corporation is managed by Walton Global Investments Ltd. and the development of the project is managed by Walton Development & Management (USA), Inc., both of which are members of Walton.

Walton is a privately owned, leading global real estate investment, land asset management and administration group that has focused on strategically located land in major growth corridors for more than 43 years. Walton manages and administers US$3.4 billion of real estate assets in North America on behalf of its investors and business partners. Walton has more than 98,000 acres of land under ownership, management and administration in the United States and Canada. Key entities in Walton include Walton Global Holdings, LLC, Walton International Group and Walton Development & Management (USA), Inc. For more information visit Walton.com.

This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. 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 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.sedar.com.

Except as otherwise noted, all amounts are in Canadian dollars, and are based on unaudited condensed interim consolidated financial statements for the three months ended December 31, 2021, and related notes, prepared in accordance with International Financial Reporting Standards.

Contacts

Media Contact:
Megan Wahl

LAVIDGE

480-998-2600

DL-Walton@lavidge.com