TORONTO–(BUSINESS WIRE)–#ChoiceProperties–Choice Properties Real Estate Investment Trust (“Choice Properties” or the “Trust”) (TSX: CHP.UN) announced today that it has entered into an agreement to sell six high-quality office properties in Toronto, Vancouver, and Montreal (the “Portfolio”) to Allied Properties Real Estate Investment Trust (“Allied”) for an aggregate purchase price of $794 million, excluding transaction costs (the “Transaction”). The purchase price will be satisfied through the issuance of approximately 11.8 million exchangeable Class B limited partnership units (“Class B Units”) of Allied Properties Exchangeable Limited Partnership, an affiliated entity of Allied, and a promissory note in the amount of $200 million. The Class B Units were valued at $50.30 per unit and are exchangeable into, and economically equivalent to, publicly traded trust units of Allied (“Allied Units”).

“We have made the strategic decision to focus our time and capital on the opportunities available in our core business of essential retail and industrial, our growing residential platform and our robust development pipeline,” said Rael Diamond, President and Chief Executive Officer of Choice Properties. “The transaction allows us to exchange our interest in the portfolio for equity in Canada’s leading office operator, and gives us greater flexibility to manage capital allocation in future years.”

Choice Properties currently holds an interest in 16 office properties representing 8% of the Trust’s total portfolio. After the completion of the Transaction, Choice Properties will continue to hold an interest in 10 office properties representing approximately 4% of the Trust’s total portfolio. Approximately 70% of the value of the remaining 10 office properties is comprised of properties in the Greater Toronto Area that are primarily leased to other affiliated entities in the Weston Group and are strategic assets for Choice Properties.

Choice Properties has significant opportunities in the medium-term to deploy capital to its core asset classes of essential retail, industrial and residential. These opportunities include a robust development pipeline representing over 10.5 million square feet of gross leasable area.

Transaction Details

The Portfolio includes office properties at 110 Yonge Street, 525 University Avenue, and 175 Bloor Street East in Toronto, 1508 West Broadway and 1185 West Georgia Street in Vancouver, and 1010 Sherbrooke Street West in Montreal.

The Portfolio is being sold in a tax-efficient manner. The Class B Units are exchangeable into, and economically equivalent to, Allied Units, and will be accompanied by a corresponding number of special voting units of Allied. There will be no restriction on the exchange of Class B Units into Allied Units, but the Allied Units (if exchanged) will be subject to a lock-up on the closing of the Transaction, such that 25% of the Class B Units or Allied Units, as applicable, will be released from lock up every three months following the first anniversary of closing of the Transaction.

The promissory note will mature on December 31, 2023 and bear interest at a 1% annual coupon in 2022 and a 2% annual coupon in 2023, payable quarterly in arrears.

The Transaction is subject to compliance with the Competition Act (Canada), approval of the Toronto Stock Exchange for the issuance of Class B Units, and other closing conditions customary in transactions of this nature. Subject to the receipt of all regulatory approvals and satisfaction of customary closing conditions, Choice Properties expects to close the Transaction before the end of the second quarter of 2022. RBC Capital Markets is acting as financial advisor to Choice Properties and Torys LLP is acting as legal advisor. Goldman Sachs Canada, Scotiabank and Aird & Berlis advised Allied in connection with the Transaction.

About Allied Real Estate Investment Trust

Allied is a leading operator of distinctive urban workspace in Canada’s major cities and network-dense urban data center (“UDC”) space in Toronto. Allied’s mission is to provide knowledge-based organizations with workspace and UDC space that is sustainable and conducive to human wellness, creativity, connectivity and diversity. Allied’s vision is to make a continuous contribution to cities and culture that elevates and inspires the humanity in all people.

For more information, visit Allied’s website at www.alliedreit.com and Allied’s issuer profile at www.sedar.com.

About Choice Properties Real Estate Investment Trust

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

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

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

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Choice Properties’ current expectations regarding future events, including the expected closing of the Transaction. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Choice Properties’ control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed in Choice Properties’ current Annual Information Form and 2021 Annual Report to Unitholders. Choice Properties does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements contained in this press release are made as of the date hereof and are qualified by these cautionary statements.

Contacts

For further information, please contact investor@choicereit.ca

Mario Barrafato

Chief Financial Officer

t: (416) 628-7872 e: Mario.Barrafato@choicereit.ca

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

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