TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or “the Trust”) (TSX: PMZ.UN) announced today financial results for its inaugural year end.

Business Update Highlights

• Formed an experienced executive management team to execute the Trust’s strategy, and a diverse Board of independent Trustees to provide oversight and guidance;
• Began trading on the TSX January 5, 2022;
• Added to the S&P/TSX Capped REIT Index and S&P/TSX Composite Index; and
• Received TSX approval for normal course issuer bid.

Financial and Operating Results Highlights

• 10.2% Net Operating Income** growth for the Primaris Properties for the year ended 2021;
• 86% In-place occupancy (including HOOPP Properties), representing an opportunity for future organic growth;
• 8 properties (HOOPP Properties) acquired and integrated, enhancing geographical diversification, tenant mix and scale;
• $700 million unsecured credit facility established;
• 28.4% Debt to Total Assets;
• $1.88 billion in unencumbered assets (including HOOPP Properties);
• 27 brands under contract on Primarché platform; and
• $22.07 Net Asset Value** per Unit.

“We are in the unique position of introducing the public markets to a “new REIT” with a 20-year track record of strong operating performance at an important point of inflection in the industry,” said Alex Avery, Chief Executive Officer. “Primaris REIT is exceptionally well positioned to participate in the recovery of the Canadian enclosed shopping centre industry, with a differentiated financial model, gold-standard governance, a fully-internal, specialized management platform and a portfolio of well-maintained, well-located shopping centres across Canada with significant occupancy improvement potential. We believe there is a great opportunity to deliver compelling investment returns to investors, and look forward to delivering on that potential.”

Important Note to Financial Statement Users

On December 31, 2021, Primaris became a stand-alone entity following the completion of a tax-free spin-off (the “Spin-Off Transaction”) of 27 investment properties to Primaris from H&R Real Estate Investment Trust (“Former Parent”). The results include the continuing operations of those 27 properties (“Primaris Properties”) and, unless otherwise indicated, the 8 additional investment properties (“HOOPP Properties”) which were acquired on December 31, 2021, immediately following the Spin-Off Transaction. The results have been prepared on a continuity-of-interests basis.

As a result:

• The December 31, 2021 financial statements reflect the operating results of approximately 74% of the REIT’s assets by IFRS Fair Value for the 3 months and 12 months ended December 31, 2021 and 2020.
• The December 31, 2021 balance sheet reflects ownership of 100% of the REIT’s assets, including the HOOPP Properties acquired December 31, 2021.
• Operating results during 2020 and 2021 were impacted by a number of unusual items, including pandemic related costs, bad debt expenses, temporary and permanent lease amendments, and transaction related expenses, including costs reflected in the 3 months ended December 31, 2021 that related to prior periods, as discussed in Management’s Discussion and Analysis.
• A financial forecast for the 12 months ended December 31, 2022 is included in section 16 of Management’s Discussion and Analysis.

Select Financial and Operational Metrics
As at or for the year ended December 31, (in thousands of Canadian dollars unless otherwise indicated) (unaudited)								2021								2020								2019
Number of investment properties								35								27								27
Gross leasable area (in millions of square feet)								11.5								7.6								7.7
In-place Occupancy								86.0%								88.2%								87.5%
Total assets				$				3,247,842				$				2,134,955				$				2,732,713
Total liabilities				$				1,056,516				$				1,133,255				$				1,156,810
Primaris Properties only:
Total revenue				$				253,979				$				270,230				$				273,666
Net Operating Income**				$				141,594				$				128,474				$				159,329
Net income (loss)1				$				340,989				$				(574,478)				$				(44,450)
** Net operating income is a non-GAAP financial measure. See Section 3, “Non-GAAP Financial Measures”.
1. As net income (loss) was calculated on the continuity-of-interests basis and does not reflect the capital structure of the newly created Trust, net income (loss) on a per unit basis would not be a relevant calculation.

Operating Results

For the year ended December 31, 2021, NOI** was $13.1 million, or 10.2%, higher than the same period in 2020. The increase was primarily due to a decrease in bad debt expense of $35.1 million, and a $2.3 million increase in lease surrender fees. These changes were partially offset by a decrease in base rent of $8.4 million, a decrease in net recovery revenue of $11.0 million and an increase in other non-recoverable expenses of $4.4 million. Base rent and recovery revenue were impacted by temporary rent adjustments provided to support tenants and maintain occupancy.

In return for this support, Primaris received relief from certain restrictive lease clauses and extended lease term from major tenants that should benefit Primaris in the future. Primaris chose to partner with tenants on affordable lease deals to maintain occupancy levels, avoid bad debt expenses, and build lasting tenant relationships. Management believes such deals provide attractive opportunities for rent growth in the future.

For the three months ended December 31, 2021, NOI** was $3.6 million, or 8.9%, lower than the same period in 2020. The decrease was primarily due to a decline in net recovery revenue due to temporary rent adjustments provided to support tenants and a $1.2 million impact from straight-line rent and lease surrender fees.

Occupancy & Leasing Results

As at December 31, 2021, the Primaris Properties, had an in-place occupancy rate of 87.5% and a committed occupancy rate of 89.4%. The in-place occupancy rate of the Primaris Properties remained relatively stable during the pandemic. The in-place occupancy rate of the HOOPP Properties, was 83.2% and represents an opportunity for future organic growth.

With respect to the Primaris Properties, Primaris completed a total of 1.4 million square feet of new and renewal leasing under 352 leasing deals for the year ended December 31, 2021, and 0.3 million square feet under 108 leasing deals for the three months ended December 31, 2021.

As at December 31, 2021, for the Primaris Properties, the weighted average net rent was $24.12 (2020 – $24.66). The average net rent for the HOOPP Properties was $22.21, for a combined average net rent of $23.53 as at December 31, 2021 for all of the Trust’s investment properties.

Acquisitions

Immediately following the Spin-Off Transaction, Primaris completed the acquisition of 8 investment properties from Healthcare of Ontario Pension Plan (“HOOPP”) for $800 million. The acquisition provided Primaris with added economies of scale, and geographic and tenant diversification.

Development

During 2021, Primaris obtained approval from the City of Toronto, subject to certain procedural matters being completed by June 30, 2022, to develop 4 acres at Dufferin Mall to include 1,200 residential units and 120,000 square feet of commercial space. Subsequent to obtaining conditional approval, the valuation for Dufferin Mall was increased in accordance with a third-party appraisal of the property which included the additional density. Management is considering plans to develop or monetize this land.

Robust Liquidity and Differentiated Balance Sheet

On January 4, 2022, Primaris entered into $700 million credit facility with a syndicate of Canadian banks. The availability on the credit facility will reduce from $700 million to $400 million on June 30, 2023. The credit facility has a maturity date of December 31, 2024. Primaris has $1.88 billion of unencumbered assets and a calculated net asset value** per unit of $22.07.

Year ended December 31,   ($ thousands unless otherwise indicated)		2021
Investment Properties	$	3,204,188
Other Assets		43, 654
Total Assets		3,247,842
Mortgages Payable		(580,000)
Credit Facilities		(143,000)
Note Payable		(200,210)
Total Debt		(923,210)
Other Liabilities		(78,328)
Net Assets	$	2,246,304
Units outstanding December 31, 2021 – diluted (in thousands)		101,784
Debt to Total Assets1		28.4%
Net Asset Value** per unit1	$	22.07
** Net asset value is a non-GAAP financial measure. See Section 3, “Non-GAAP Financial Measures”.
1 No meaningful comparative values exist for the combined carve-out results of the year ended December 31, 2020.

Subsequent Events

In January 2022, the Former Parent exchanged all of the exchangeable units of the Primaris subsidiary limited partnership, that they subscribed for under the Arrangement, for Trust Units.

On January 4, 2022, Primaris entered into a $700.0 million unsecured syndicated revolving term facility, maturing on January 4, 2025, greatly expanding its liquidity.

In connection with the acquisition of the HOOPP Properties, Primaris assumed a $200.2 million non-interest-bearing note payable to HOOPP. The note was subsequently repaid on January 5, 2022 utilizing a draw on Primaris’ unsecured syndicated credit facility.

Primaris declared and paid its first distributions subsequent to December 31, 2021. On February 15, 2022, Primaris paid a distribution of $0.0667 per unit for unitholders of record January 31, 2022, and on February 10, 2022, Primaris declared a distribution of $0.0667 per unit, for unitholders of record February 28, 2022, payable on March 15, 2022. The monthly distributions, to date, reflect an annualized distribution of $0.80 per unit.

In January 2022, Primaris sold 2 acres of land to a residential developer for $5.8 million.

On February 28, 2022, Primaris received approval from the TSX for a normal course issuer bid (“NCIB”) which will enable the Trust to purchase for cancellation up to a maximum of 7,498,679 of its Units on the open market. The NCIB will commence on March 9, 2022 and remain in effect until the earlier of March 8, 2023 and the date Primaris has purchased the maximum number of Units permitted.

Conference Call and Webcast

Webcast details:

Date: Monday, March 7th, 2022, at 10:00 a.m. (ET)

Link: Please go to the Investor Relations section on Primaris’ website or click here.

Conference call details:

Dial: For Canada please dial: 1-833-950-0062

For International please dial: 1-929-526-1599

Passcode: 439910

The call will be accessible for replay until March 21, 2022, by dialing 226-828-7578 with access code 646604, or on the Investor Relations section of the website.

About Primaris Real Estate Investment Trust

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in dominant enclosed shopping centres in growing markets. The portfolio totals 11.5 million square feet and is valued at approximately $3.2 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

Non-GAAP Measures

Information in this press release is a select summary of results. This press release should be read in conjunction with the Trust’s Management Discussion and Analysis and the consolidated statement of financial position and combined carve-out financial statements and the accompanying notes for the years ended December 31, 2021 and 2020 (together the “Financial Statements”).

Primaris’ Financial Statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). However, Primaris also uses a number of measures which do not have a standardized meaning prescribed under generally accepted accounting principles (“GAAP”) in accordance with IFRS. These non-GAAP measures, which are denoted in this press release by the suffix “**” may include non-GAAP financial measures and/or non-GAAP ratios, each as defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. None of these non-GAAP measures should be construed as an alternative to financial measures calculated in accordance with GAAP. Furthermore, these non-GAAP measures may not be comparable to similar measures presented by other real estate entities and should not be construed as an alternative to financial measures determined in accordance with IFRS.

Net Operating Income** is calculated as the rental revenue as calculated in accordance with IFRS less property operating costs as calculated in accordance with IFRS. Management calculates and analyzes NOI** to monitor the performance of its income producing investment properties; in particular, the period over period NOI** results for properties continuously in operation for the duration of the measurement period.

Net Asset Value** is calculated as the net of the assets and liabilities from the statement of financial conditions calculated in accordance with IFRS, excluding exchangeable units. Management believes that net asset value is a useful measure of the intrinsic value of the Trust.

Below is a reconciliation of NOI** to IFRS measures:
For the periods ended December 31, ($ thousands) (unaudited)			Three months										Year
			2021				2020						2021				2020
Rental Revenue			$		67,243		$		70,023				$		253,979		$		270,230
Property operating costs					(30,664)				(29,886)						(112,385)				(141,756)
Net Operating Income**					36,579				40,137						141,594				128,474
Exclude variances from:
Straight-line rent					(869)				(2,108)						(3,133)				(3,637)
Lease surrender fees					(73)				(334)						(3,348)				(1,088)
Adjusted NOI**			$		35,637		$		37,695				$		135,113		$		123,749

Forward-Looking Statements Disclaimer

Certain statements included in this news release constitute ‘‘forward-looking information’’ or “forward-looking statements” within the meaning of applicable securities laws. The words “will”, “expects”, “plans”, “estimates”, “intends” and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements made or implied in this news release include but are not limited to statements regarding: [statements with respect to expected future distributions, the Trust’s development activities, the expected benefits from the integration of the HOOPP properties and the normal course issuer bid] These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in the MD&A which will be available on SEDAR, and in Primaris’ other materials filed with the Canadian securities regulatory authorities from time to time. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Primaris undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.

Contacts

For more information:

Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

TSX: PMZ.UN

www.primarisreit.com www.sedar.com

TORONTO–(BUSINESS WIRE)–Tricon Residential Inc. (“Tricon” or the “Company”) (NYSE: TCN; TSX: TCN), an owner and operator of single-family rental homes and multi-family rental apartments in the United States and Canada, announced today that Gary Berman, President & CEO will participate in a roundtable discussion at the 2022 Citi Global Property CEO Conference on Monday, March 7, 2022, at 3:30pm Eastern Time. A live audio webcast of the presentation will be available on the Investor Relations section of the Company’s website at https://triconresidential.com under “News and Events”. A replay of the webcast will be available through April 7, 2022.

About Tricon Residential Inc.

Tricon Residential is an owner and operator of a growing portfolio of approximately 37,000 single-family rental homes and multi-family rental apartments in the United States and Canada with a primary focus on the U.S. Sun Belt. Our commitment to enriching the lives of our residents and local communities underpins Tricon’s culture and business philosophy. We strive to continuously improve the resident experience through our technology-enabled operating platform and innovative approach to rental housing. At Tricon Residential, we imagine a world where housing unlocks life’s potential. For more information, visit www.triconresidential.com.

Contacts

Investors
Wissam Francis

EVP & Chief Financial Officer

Tel: 416-323-2484

Email: wfrancis@triconresidential.com

Wojtek Nowak

Managing Director, Capital Markets

Tel: 416-925-2409

Email: wnowak@triconresidential.com

Media
Tara Tucker

Vice President, Communications

Tel: 416-925-4041

Email: ttuccker@triconresidential.com

DUBLIN–(BUSINESS WIRE)–The “Fire Stopping Materials Market: Opportunity Analysis and Industry Forecast” report has been added to ResearchAndMarkets.com’s offering.

The global fire stopping material market size was valued at $1,352.8 million in 2020, and is projected to reach $2,002.4 million by 2030, registering a CAGR of 4.1% from 2021 to 2030.

Fire stopping materials are used to protect people in a building or establishment from fire hazards by controlling, detecting, and controlling the spread of fire. These materials assist in the extinguishment of smoke or fire and the alerting of building inhabitants, reducing property and life damage. Materials such as sealants, mortar and putty and putty pads prevent spread of fire and smoke and buy time for safe evacuation and reduce property damage. These fire stopping materials are widely used in commercial, residential and industrial sectors.

The rise in construction sector such as residential and commercial and also increase in industrial sector such as oil and gas, petrochemicals and food industry act as a major driver for fire stopping materials. Construction of new residential and commercials are expected to provide new prospects for fire safety materials. For employee safety, fire protection systems are commonly used in commercial and industrial areas. Furthermore, the market is driven by an increase in the number of property losses as a result of fires. Hence, many organizations and residential projects have been forced to utilize fire stopping materials to reduce fire hazards and property losses as a result of the rising norm. Such factors will support market growth during the forecast period.

Government investments in construction sectors will fuel the fire stopping materials market growth. For instance, in July 2021, Canada’s federal government and the Canada Housing & Mortgage Corporation have committed $35 million to the development of over 100 new residential units in Toronto. The project will be part of a 15-storey apartment at 2346 Weston Road, North York district. Such investments will create growth opportunity for fire stopping materials during the forecast period.

Various key players are launching fire stopping materials such as sealants and boards to prevent spreading of fire and reduce fire hazards. For instance, in November 2021, Rectorseal has launched Orange Draft Block sealant for North America costumers. This fire stopping sealant has ability to expand up to three times to fill openings and insulate pipe and cables. Such factors are expected to provide lucrative growth in the market during the forecast period.

The global fire stopping materials market is segmented on the basis of type, application, end-user, and region. On the basis of types, the market is segmented into sealants, mortar, boards, and others. Application segmentation includes electrical, mechanical, and plumbing. By end-user, the market is segmented into residential, commercial, and industrial. Region wise, the fire stopping materials market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Key Benefits

• The report provides an extensive analysis of the current and emerging fire stopping materials market trends and dynamics.
• In-depth market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2030.
• Extensive analysis of the fire stopping materials market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
• A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
• The global fire stopping materials market forecast analysis from 2020 to 2030 is included in the report.
• The key market players within fire stopping materials market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the fire stopping materials industry.

Market Dynamics

Drivers

• Increase in demand for passive fire protection systems
• Increased emphasis on fire safety codes and regulations
• Rise in residential and commercial sectors

Restraint

• Fluctuation in raw material prices

Opportunity

• Advancement in fire stopping materials

Market Segmentation

By Type

• Sealants
• Mortar
• Boards
• Others

By Application

• Electrical
• Mechanical
• Plumbing

By End-user

• Residential
• Commercial
• Industrial

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• UK
• Italy
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Key Players

• 3M Company
• BASF SE
• Etex Group
• Hilti Group
• Knauf Insulation
• Morgan Advanced Materials
• RectorSeal Corporation
• RPM International, Inc.
• Sika AG
• Specified Technologies, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/k0qto3

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

NEW YORK–(BUSINESS WIRE)–CIBC Innovation Banking is pleased to announce the lead arrangement of a $150 million syndicated debt financing for New York-based VTS, a leading provider of commercial real estate software. VTS will use the capital to accelerate investments in its strategic product road map, M&A, and global market expansion.

VTS’s leasing and asset management software offers landlords and brokers one place to track all of their leases, assets, and tenants through an easy-to-use, intuitive platform that empowers commercial real estate professionals to work smarter, not harder.

“VTS’s platform brings innovation to the commercial real estate sector by unlocking critical insights and reporting capabilities,” said Caroline Tkatschow, Director in CIBC Innovation Banking’s New York office. “We are excited to be working with VTS’s management team and support their company’s continued domestic and global growth.”

VTS was founded by real estate professionals who have experienced the challenges facing today’s landlords and brokers first-hand. The platform is trusted by over 45,000 brokers and asset managers around the globe to manage over 12 billion square feet of commercial property.

“The CIBC Innovation Banking team has provided incredible support to our team at VTS as we continue to expand our business,” said Bob Bies, Chief Financial Officer of VTS. “We’re grateful for their assistance which will enable our immediate market growth plans and accelerate our product initiatives.”

VTS is also backed by Insight Partners, OpenView, Trinity and Bessemer Venture Partners, among others.

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, London, Menlo Park, Montreal, New York, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S., Canada, the UK, and select European markets.

About VTS

VTS is commercial real estate’s leading leasing, marketing, asset management, and tenant experience platform where the industry comes to make deals happen and real-time data comes to life. The VTS Platform captures the largest first-party data source in the industry, which delivers real-time insights that fuel faster, more informed decision making and connections throughout the deal and asset lifecycle. VTS Data, the industry’s only forward-looking market dataset, and VTS Market and Marketplace, the industry’s first integrated online marketing solution, give landlords, brokers, and tenants unparalleled visibility into real-time market information and the direct connectivity to execute deals with greater speed and intelligence at every point in the planning, marketing, leasing, and asset management cycle. VTS Rise is the industry’s most comprehensive tenant experience solution, offering occupiers, building operators, and visitors an immersive, tech-enabled experience. More than 60 percent of Class A office space in the US and 12 billion square feet of office, retail, and industrial real estate globally is managed on the VTS platform. VTS’ user base includes over 45,000 CRE professionals including respected industry leaders like Blackstone, Brookfield Properties, LaSalle Investment Management, Hines, Boston Properties, Oxford Properties, JLL, and CBRE. To learn more about VTS, and to see our open roles, visit www.vts.com.

Contacts

Josh Burleton, josh.burleton@cibc.com, 416-304-2712

This innovative program is designed to generate significant sales and revenue for SNAP Home Finance Dealers while changing the competitive landscape of the home renovation financing industry.

TORONTO–(BUSINESS WIRE)–SNAP Home Finance officially launches the SNAP All-Star Alliance – a proprietary program designed to generate significantly more leads, sales, and revenue for SNAP Home Finance dealers across various industry verticals. The SNAP All-Star Alliance is the first of its kind in Canada and represents a substantial advantage for participating Canadian dealers.

SNAP Home Finance generates thousands of new leads for All-Star Alliance members and the experience for them is effortless. Through an integrated marketing approach with highly engaging content, members receive qualified, pre-approved, leads from SNAP Home Finance.

Every prospect that enters the ecosystem is pre-screened according to a set of comprehensive criteria and receives a customized experience based on the needs of each All-Star Alliance member, including pricing, intake forms, questionnaires, and agent scripts. Pre-approved leads are then booked by SNAP Home Finance through an integrated management system.

“In my 16 years in the Home Improvement Finance industry, I haven’t seen a more innovative program. We’re focused on helping our dealers generate record-breaking growth, and the SNAP All-Star Alliance is a perfect example of a program designed to do exactly that. We’re already generating thousands of highly motivated prospects for All-Star Alliance members, without them having to put in any extra work,” said Kevin Stout, Senior Executive Vice President of Sales of SNAP Home Finance. “This is a groundbreaking program in the home renovation financing space and is a gamechanger for our dealer network.”

“This program represents a significant strategic shift for us,” added Stout. “We are laser-focused on transforming the B2C infrastructure that we have developed over time to generate exactly what our valued dealers want – more sales and revenue.”

The SNAP All-Star Alliance is exclusively brought to Canadian dealers by SNAP Home Finance. Dealers looking to learn more can contact their Business Development Manager or visit www.snap4home.com/all-star-alliance/.

With more than $1.7 billion home improvement loans to thousands of Canadians from coast to coast, SNAP Home Finance provides consumers with innovative financing solutions to modernize their residential properties, while proudly delivering industry-leading dealer experience and support. SNAP Home Finance knows that its dealers are its greatest asset.

Contacts

For more information about SNAP Home Finance or the All-Star Alliance, contact:

Jacob Watson

VP Marketing

(647) 296-5160

JWatson@snapfinancial.com