TORONTO–(BUSINESS WIRE)–#RealEstate–Mantella Corporation, one of the largest Canadian privately held real estate and land development companies, is pleased to announce that Gavin Gong has joined the Company as the Director of Investments. Mr. Gong will lead Mantella’s investment division, reporting directly to President & CFO, Craig Hippern.

Mr. Gong has extensive experience investing across varying real estate sectors, with a particular focus on industrial assets. He has sourced, underwritten and closed on many key real estate transactions for several well-known industry companies. It is this experience, combined with his industry contacts, analytical skills and strategic thinking, that Mr. Gong will leverage to immediately accelerate Mantella’s investment activities in the Greater Toronto Area.

At Mantella, Mr. Gong will play a key role in acquiring new industrial real estate assets and development projects. “I am thrilled to welcome Gavin to the team as our Director, Investments and work alongside him to propel Mantella into the future”, said Craig Hippern. “With this appointment, Mantella is gaining a visionary leader with the drive and proven experience to execute our tremendous growth strategy.”

“I am excited to take on the Director, Investments role at Mantella, a company with a long history of proven success, and a solid reputation of developing premium industrial real estate projects”, said Mr. Gong. “Mantella is embracing a new chapter, and I look forward to working with the team and external stakeholders to source new opportunities, driving exponential growth.”

Most recently, Mr. Gong was the Manager of Acquisitions and Analysis at Berkshire Axis Development Corporation, where he was responsible for acquisitions, related financing and strategy assessments. Previously, Mr. Gong held positions with PwC Canada and Forgestone Capital in real estate acquisitions, asset management, consulting and reporting. Mr. Gong holds a Master of Business Administration degree from the University of Toronto, and a Bachelor of Science degree from Aalto University (Helsinki School of Economics) in Helsinki, Finland.

About Mantella Corporation

Founded in 1946, Mantella Corporation is one of the largest Canadian privately held, family-owned, real estate and land development companies. Mantella uses an active in-house management team and trusted long-term relationships to fulfil its various investment strategies predominantly in the Greater Toronto area. Mantella is known as a market leader who maintains an entrepreneurial culture and capitalizes on its impressive 78 years of outstanding financial results. In 2008 Mantella began diversifying its assets by investing in strong, vibrant technology companies through 3 venture capital funds managed by Mantella Venture Partners. Mantella’s focus on the future also includes giving back to the communities that helped the company grow through volunteer efforts and funding of charities that support children, animals, and healthcare. To learn more about Mantella, please visit us at www.mantellacorporation.com and follow us on LinkedIn.

Contacts

Media:

media@mantellacorporation.com
+1 (416) 247-5432

This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts are in U.S. dollars.

TORONTO–(BUSINESS WIRE)–DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U, TSX: DRR.UN) (“Dream Residential REIT” or the “REIT” or “we” or “us”) today announced its financial results for the three months ended March 31, 2024 (“Q1 2024”). Management will host a conference call to discuss the financial results on May 9, 2024 at 10:00 a.m. (ET).

HIGHLIGHTS

• Comparative properties net operating income (“Comparative properties NOI”)¹ was $6.1 million in Q1 2024, a 3.3% increase when compared to $5.9 million in Q1 2023, due to an increase of $0.7 million in comparative investment properties revenue, partially offset by an increase in investment properties expenses. Net rental income was $6.6 million in Q1 2024 or $0.5 million lower than Q1 2023, due to the timing of receipt of certain property tax bills.

• Diluted funds from operations (“FFO”) per Unit² was $0.17 for Q1 2024 compared to $0.18 for Q1 2023. The decrease in diluted FFO per Unit compared to Q1 2023 was mainly due to higher general and administrative expenses, partially offset by increased comparative properties NOI.

• Portfolio occupancy was 93.8% as at March 31, 2024, up from 93.7% at the end of Q4 2023, with Greater Oklahoma City at 94.2%, Greater Dallas-Fort Worth at 92.2% and Greater Cincinnati at 94.9%. Occupancy was consistent with expectations as we continue to manage our value-add program, completing 34 units during the quarter.

• Average monthly rent as at March 31, 2024 was $1,155 per unit, which compares to $1,156 per unit at December 31, 2023.

• Maintaining conservative balance sheet and financial flexibility. Net total debt-to-net total assets³ was 32.2% as at March 31, 2024, compared to 31.6% as at December 31, 2023. Total mortgages payable were $137.9 million consisting of 11 fixed rate mortgages with a weighted average contractual interest rate of 4.0%. Total assets (per condensed consolidated financial statements) were $409.4 million as at March 31, 2024. Total assets were comprised primarily of $398.1 million of investment properties and $9.1 million of cash and cash equivalents.

“Financial and operational performance for Q1 2024 was consistent with expectations,” said Brian Pauls, Chief Executive Officer of Dream Residential REIT. “We were pleased to deliver 3.3% year-over-year comparative properties NOI growth, in line with our targeted range for the year. Our portfolio remains defensive, delivering steady growth through the current environment.”

• Q1 2024 net income was $0.8 million, which comprises net rental income of $6.6 million, fair value adjustments to investment properties of $(1.7) million and fair value adjustments to financial instruments of $(1.0) million, primarily from the revaluation of Class B units of DRR Holdings LLC, a subsidiary of the REIT (“Class B Units” and together with the Trust Units, “Units”). Other income and expenses totalled $(3.1) million.
• Total equity (per condensed consolidated financial statements) was $239.6 million as at March 31, 2024, compared to $218.0 million as at December 31, 2023.
• Net asset value (“NAV”)⁴ per Unit was $13.52 as at March 31, 2024, compared to $13.50 as at December 31, 2023.
• The REIT declared distributions totalling $0.105 per Unit during Q1 2024.
• During the quarter ended March 31, 2024, 3.3 million Class B Units were redeemed and exchanged for Trust Units.

____________________
1		Comparative properties NOI is a non-GAAP financial measure. The tables included in the Appendices section of this press release reconcile comparative properties NOI to net rental income for the three months ended March 31, 2024 and March 31, 2023. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
2		Diluted FFO per Unit is a non-GAAP ratio. Diluted FFO per Unit is comprised of FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
3		Net total debt-to-net total assets is a non-GAAP ratio. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
4		NAV per Unit is a non-GAAP ratio. NAV per Unit is comprised of total equity (including Class B Units) (a non-GAAP financial measure) divided by the number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

FINANCIAL HIGHLIGHTS

(in thousands unless otherwise stated)		Three months ended March 31, 2024			Three months ended March 31, 2023
Operating results
Net income (loss)		$	816		$	(10,868)
FFO(1)			3,447			3,523
Net rental income			6,633			7,110
Comparative properties NOI(10)			6,081			5,886
Comparative properties NOI margin(11)			50.6%			52.0%
Per Unit amounts
Distribution rate per Trust Unit		$	0.105		$	0.105
Diluted FFO per Unit(2)(3)			0.17			0.18

See footnotes at end

Net income (loss) for Q1 2024 was $0.8 million compared to $(10.9) million in Q1 2023, primarily due to a change in fair value adjustments to investment properties of $(3.7) million and a change in fair value adjustments to financial instruments of $15.5 million from Q1 2023. FFO for Q1 2024 was $3.4 million compared to $3.5 million in Q1 2023 due to an increase in general and administrative expenses partially offset by an increase in comparative properties NOI. Q1 2024 diluted FFO per Unit was $0.17 compared to $0.18 in the prior year comparative quarter.

Net rental income for Q1 2024 was $6.6 million compared to $7.1 million in the prior year comparative quarter. Comparative properties NOI for Q1 2024 increased to $6.1 million compared to $5.9 million in the prior year comparative quarter. Comparative properties NOI margin for Q1 2024 was 50.6%, compared to 52.0% in the prior year comparative quarter. Q1 2024 comparative properties NOI includes comparative investment properties revenue of $12.0 million, which exceeded the prior year comparative quarter by $0.7 million, primarily driven by rental rate growth and value-add rental premiums. Investment properties operating expenses increased $0.5 million (excluding the impact of IFRIC 21 and one sold property in Q4 2023), largely driven by increased property insurance and utilities expenses.

PORTFOLIO INFORMATION
		March 31, 2024			December 31, 2023			March 31, 2023
Total portfolio
Number of assets			15			15			16
Investment properties fair value (in thousands)		$	398,140		$	398,310		$	422,560
Units			3,300			3,300			3,432
Occupancy rate – in place (period-end)			93.8%			93.7%			94.0%
Average in-place base rent per month per unit		$	1,155		$	1,156		$	1,095
Estimated market rent to in-place base rent spread (%) (period-end)			9.8%			8.3%			5.8%
Tenant retention ratio(12)			57.2 %			59.6%			59.9 %

See footnotes at end

ORGANIC GROWTH

Weighted average monthly rent as at March 31, 2024 was $1,155 per unit, compared to $1,156 at December 31, 2023. Since December 31, 2023, rental rates increased in the Greater Cincinnati region at 0.2% and remained flat in Greater Oklahoma City. Greater Dallas-Fort Worth experienced a rental rate decrease of (0.3)% from December 31, 2023.

During Q1 2024, blended lease trade-outs averaged 2.0% compared to 1.6% in Q4 2023. This is comprised of an average increase on renewals of approximately 4.4% (3.5% – December 31, 2023) and an average decrease on new leases of approximately (1.2)% ((1.1)% – December 31, 2023). As at March 31, 2024, estimated market rents were $1,268 per unit, or an average gain-to-lease for the portfolio of 9.8%. The retention rate for the quarter ended March 31, 2024 was 57.2% compared to 59.6% for the three months ended December 31, 2023 as we continued to prioritize leasing efforts in securing renewals during the period.

Value-Add Initiatives

During Q1 2024, renovations were completed on 34 suites primarily across Greater Dallas-Fort Worth and Greater Oklahoma City, with 27 suites under renovation as at March 31, 2024. For the three months ended March 31, 2024, the average new lease trade-out on renovated suites was $120 per unit higher than expiring leases, or a lease trade-out of 10.6%.

“We are pleased with the REIT’s operational performance for the first quarter,” said Scott Schoeman, Chief Operating Officer of Dream Residential REIT. “While elevated new supply persists in Dallas-Fort Worth, we achieved positive blended lease trade-outs, demonstrating the resiliency of our portfolio and the impact of our value-add program. We remain committed to our markets and believe these locations have systemic housing shortages, supported by economic and demographic tailwinds, which we believe will drive rental rate growth over the long term.”

FINANCING AND CAPITAL INFORMATION

						As at
(unaudited) (dollar amounts presented in thousands, except for per Unit amounts)		March 31, 2024			December 31, 2023
Financing
Net total debt-to-net total assets(4)			32.2%			31.6%
Average term to maturity on debt (years)			5.0			5.3
Interest coverage ratio (times)(5)			2.9			2.9
Undrawn credit facility		$	70,000		$	70,000
Available liquidity(6)		$	79,124		$	80,943
Capital
Total equity			239,600			218,032
Total equity (including Class B Units)(7)			265,844			265,358
Total number of Trust Units and Class B Units(8)			19,664,488			19,656,471
Net asset value (NAV) per Unit(9)		$	13.52		$	13.50
Trust Unit price		$	7.03		$	6.75

See footnotes at end

As at March 31, 2024, net total debt-to-net total assets was 32.2%, total mortgages payable were $137.9 million and total assets were $409.4 million. The REIT ended Q1 2024 with total available liquidity of approximately $79.1 million⁽⁶⁾, comprised of $9.1 million of cash and cash equivalents and $70.0 million available on its undrawn revolving credit facility.

Total equity of $239.6 million increased from December 31, 2023 by $21.6 million. As at March 31, 2024, there were approximately 15.9 million Trust Units and 3.7 million Class B Units.

NAV per Unit as at March 31, 2024 remained relatively consistent at $13.52 compared to $13.50 as at December 31, 2023.

Subsequent Event

On April 4, 2024, the Company extended the term of its credit facility to March 28, 2027.

CONFERENCE CALL

Senior management will host a conference call to discuss the financial results on Thursday, May 09, 2024, at 10:00 a.m. (ET). To access the conference call, please dial 1-800-898-3989 (toll free) or 416-406-0743 (toll) and use the passcode 8899926#. To access the conference call via webcast, please go to Dream Residential REIT’s website at www.dreamresidentialreit.ca and click the link for the webcast. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call.

ANNUAL MEETING OF UNITHOLDERS

The REIT’s 2024 Annual Meeting of Unitholders (“AGM”) will be held on Wednesday, June 12, 2024, at 12:00 p.m. (ET), located at the TMX Market Centre, 120 Adelaide Street West, Toronto, Ontario M5H 1S3. The audio webcast and digital replay can be accessed here.

OTHER INFORMATION

Information appearing in this press release is a select summary of financial results. The condensed consolidated financial statements and management’s discussion and analysis for the REIT will be available at www.dreamresidentialreit.ca and under the REIT’s profile on www.sedarplus.com.

Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns a portfolio of garden-style multi-residential properties, primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit www.dreamresidentialreit.ca.

Non-GAAP financial measures, ratios and supplementary financial measures

The REIT’s condensed consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). In this press release, as a complement to results provided in accordance with IFRS, the REIT discloses and discusses certain non-GAAP financial measures and ratios, including FFO, diluted FFO per Unit, comparative properties NOI, comparative investment properties revenue, NOI, comparative properties NOI margin, net total debt-to-net total assets ratio, net total debt, net total assets, adjusted EBITDAFV, trailing 12-month adjusted EBITDAFV, trailing 12-month interest expense on debt, interest coverage ratio (times), available liquidity, total equity (including Class B Units) and NAV per Unit as well as other measures discussed elsewhere in this press release. These non-GAAP financial measures and ratios are not defined by or recognized under IFRS Accounting Standards and do not have a standardized meaning under IFRS Accounting Standards. The REIT’s method of calculating these non-GAAP financial measures and ratios may differ from other issuers and may not be comparable with similar measures presented by other issuers. The REIT has presented such non-GAAP financial measures and ratios as management believes they are relevant measures of the REIT’s underlying operating and financial performance. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release are expressly incorporated by reference from the management’s discussion and analysis of the financial condition and results from operations of the REIT as at and for the three months ended March 31, 2024, dated May 8, 2024 (the “Q1 2024 MD&A”) and can be found under the section “Non-GAAP Financial Measures and Ratios” and respective sub-headings labelled “FFO and diluted FFO per Unit”, “NAV per Unit”, “Comparative properties NOI and comparative properties NOI margin”, “Adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments (Adjusted EBITDAFV)”, “Trailing 12-month adjusted EBITDAFV”, “Trailing 12-month interest expense on debt”, “Available liquidity”, “Total equity (including Class B Units)”, “Interest coverage ratio (times)” and “Net total debt-to-net total assets”. In this press release, the REIT also discloses and discusses certain supplementary financial measures, including tenant retention ratio and weighted average number of units. The composition of supplementary financial measures included in this press release is expressly incorporated by reference from the Q1 2024 MD&A and can be found under the section “Supplementary Financial Measures and Other Disclosures”. The Q1 2024 MD&A is available on SEDAR+ at www.sedarplus.com under the REIT’s profile and on the REIT’s website at www.dreamresidentialreit.ca under the Investors section. Non-GAAP financial measures and ratios should not be considered as alternatives to net income (loss), net rental income, investment properties revenue, cash flows generated from (utilized in) operating activities, cash and cash equivalents, total assets, non-current debt, total equity, or comparable metrics determined in accordance with IFRS Accounting Standards as indicators of the REIT’s performance, liquidity, cash flow, and profitability.

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes statements regarding our ability to drive rental rate growth; future market conditions; our ability to maintain a safe and flexible balance sheet which will drive operations; our anticipated investments in our properties and their effect on portfolio quality and rent growth; our intention to implement our value-enhancing renovation initiatives across our portfolio; the resiliency of our portfolio; and the ability of our value-add program and regional diversification to enhance the safety of our business. Forward-looking information generally can be identified by the use of forward-looking terminology such as “will”, “expect”, “believe”, “plan”, or “continue”, or similar expressions suggesting future outcomes or events. 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 Dream Residential REIT’s control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, risks inherent in the real estate industry; financing risks; inflation, interest and currency rate fluctuations; global and local economic and business conditions; risks associated with unexpected or ongoing geopolitical events; changes in law; tax risks; competition; environmental and climate change risks; insurance risks; cybersecurity; and uncertainties surrounding public health crises and epidemics. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable; there are no unforeseen changes in the legislative and operating framework for our business; we will have access to adequate capital to fund our future projects and plans and that we will receive financing on acceptable terms; inflation and interest rates will not materially increase beyond current market expectations; and geopolitical events will not disrupt global economies. All forward-looking information in this press release speaks as of the date of this press release. Dream Residential REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is contained in Dream Residential REIT’s filings with securities regulators, including its latest annual information form and management’s discussion and analysis. These filings are also available at the REIT’s website www.dreamresidentialreit.ca.

FOOTNOTES
(1)		FFO is a non-GAAP financial measure. The most directly comparable financial measure to FFO is net income (loss). For further information on this non-GAAP measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. The table included in the Appendices section of this press release reconciles FFO for the three months ended March 31, 2024 and March 31, 2023 to net income (loss).
(2)		Diluted FFO per Unit is a non-GAAP ratio. Diluted FFO per Unit is comprised of FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(3)		A description of the determination of diluted amounts per Unit can be found in the REIT’s 2024 MD&A in the section “Supplementary Financial Measures and Other Disclosures”, under the heading “Weighted average number of Units”.
(4)		Net total debt-to-net total assets is a non-GAAP ratio. Net total debt-to-net total assets comprises net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). The most directly comparable financial measure to net total debt is mortgages payable, and the most directly comparable financial measure to net total assets is total assets. For further information on this non-GAAP ratio and these non-GAAP financial measures, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(5)		Interest coverage ratio (times) is a non-GAAP ratio. Interest coverage ratio is comprised of trailing 12-month adjusted EBITDAFV (a non-GAAP financial measure) divided by trailing 12-month interest expense on debt (a non-GAAP financial measure). The most directly comparable financial measure to adjusted EBITDAFV is net income (loss). The table included in the Appendices section of this press release reconciles adjusted EBITDAFV to net income (loss) and trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense on debt to adjusted EBITDAFV and interest expense on debt, respectively, for the trailing 12-month period ended March 31, 2024. For further information on this non-GAAP ratio and non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(6)		Available liquidity is a non-GAAP financial measure. The most directly comparable financial measure to available liquidity is the undrawn credit facility. The table included in the Appendices section of this press release reconciles available liquidity to the undrawn credit facility as at March 31, 2024 and December 31, 2023. For further information on this non-GAAP measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(7)		Total equity (including Class B Units) is a non-GAAP financial measure. The most directly comparable financial measure to total equity (including Class B Units) is total equity. For further information on this non-GAAP measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. The table included in the Appendices section of this press release reconciles total equity (including Class B Units) to total equity (per the condensed consolidated financial statements) as at March 31, 2024 and December 31, 2023.
(8)		Total number of Units includes 15,931,413 Trust Units and 3,733,075 Class B Units that are classified as a liability under IFRS Accounting Standards.
(9)		NAV per Unit is a non-GAAP ratio. NAV per Unit comprises total equity (including Class B Units) (a non-GAAP financial measure) divided by the total number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(10)		Comparative properties NOI is a non-GAAP financial measure. The most directly comparable financial measure to comparative properties NOI is net rental income. The table included in the Appendices section of this press release reconciles comparative properties NOI for the three months ended March 31, 2024 and March 31, 2023 to net rental income. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(11)		Comparative properties NOI margin is a non-GAAP ratio. Comparative properties NOI margin is defined as Comparative properties NOI (a non-GAAP financial measure) divided by comparative investment properties revenue, as a percentage. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(12)		Tenant retention ratio is defined as the number of renewed leases divided by the total number of leases signed during the period. Tenant retention ratio is a supplementary financial measure.

Contacts

For further information:

Dream Residential REIT

Brian Pauls
Chief Executive Officer

(416) 365-2365

bpauls@dream.ca

Derrick Lau
Chief Financial Officer

(416) 365-2364

dlau@dream.ca

Scott Schoeman
Chief Operating Officer

(303) 519-3020

sschoeman@dream.ca

Read full story here

• Seattle Storm Center for Basketball Performance wins Concrete Innovations Award from the National Ready Mixed Concrete Association
• Use of supplementary cementitious material, slag, provided by Holcim’s North America region contributes to over a 40% reduction in carbon emissions, surpassing regional averages

CALGARY, Alberta–(BUSINESS WIRE)–#BuildingGreen–Holcim, a leader in innovative and sustainable building materials, today announced its collaboration with Stoneway Concrete in the construction of the state-of-the-art Seattle Storm Center for Basketball Performance, a winner of the National Ready Mixed Concrete Association’s (NRMCA) Concrete Innovations Award.

The NRMCA Concrete Innovations Awards celebrates outstanding achievement in concrete design and construction, particularly projects that excel in performance while reducing environmental impacts, including embodied and operational carbon footprint.

“Working closely with Stoneway Concrete showcases our shared commitment to fully understanding and meeting the specific needs of our customers,” said Cory Cannon, vice president of cement sales and logistics. “Being part of our operations in the Pacific Northwest, projects like the Seattle Storm Center demonstrate how we combine our expertise and deliver effective, customer-focused solutions that improve sustainability, performance and success within the construction industry.”

Holcim’s supplementary cementitious material, slag, played a significant role in reducing carbon emissions and achieving sustainability goals at the Seattle Storm Center. Through this initiative with Stoneway Concrete, the project exceeded regional averages, achieving over a 40% reduction in carbon emissions compared to typical average mixes in the area. Moreover, it has successfully achieved 80% of the targeted reductions outlined by the First Movers Coalition for Concrete by 2030.

“We had solutions that might not be obvious,” says Michael Gardner, technical services manager at Stoneway Concrete. “However, as we were armed with detailed knowledge of the locally available materials, their potential impact and mix optimization expertise, we were able to get creative and ultimately exceed everyone’s expectations for both performance and CO2 reduction. No doubt the ability to quantify our decisions through CO2 impact using EPDs strengthened the validity of our plan.”

Located in Seattle’s Interbay neighborhood, the 50,000-square-foot facility will serve as the Women’s National Basketball Association (WNBA) dedicated practice facility for the Seattle Storm. The construction of the project began in Spring 2023 and is expected to be completed in time for the 2024 WNBA season’s training camp and achieve LEED® Gold certification.

About Stoneway Concrete

Stoneway Concrete is a locally owned supplier of ready mix concrete, gravel located in the Seattle, Washington area. The company has been in business since 1928. Stoneway is believed to be the first company in Washington State to produce concrete that replaces 80% of the cement with supplemental cementitious materials (SCM). On past projects for the City of Seattle and WSDOT, Stoneway successfully replaced up to 50% of the cement with Granulated Ground Blast Furnace Slag (GGBFS or “slag”) in structural applications. Stoneway Concrete was a 2023 NRMCA Innovation award winner for the Seattle Aquarium.

About Holcim

Holcim is a global leader in innovative and sustainable building solutions with net sales of CHF 27.0 billion in 2023. Driven by our purpose to build progress for people and the planet, our 63,448 employees are on a mission to decarbonize building, while improving living standards for all. We empower our customers across all regions to build better with less, with a broad range of low-carbon and circular solutions, from ECOPact and ECOPlanet to our circular technology platform ECOCycle®. Through innovative systems, from Elevate roofing to PRB insulation, Holcim makes buildings more sustainable in use, driving energy efficiency and green retrofitting. With sustainability at the core of our strategy, we are on the way to becoming a net-zero company with 1.5°C targets validated by SBTi.

Lafarge Canada, a subsidiary of Holcim, employs over 6,900 people and manages 400 sites across the country. We provide green products to build the infrastructure and communities where Canadians live and work.

To learn more, visit lafarge.ca

Contacts

Kristen Marston

Lafarge Canada Inc.

kristen.marston@lafarge.com

Michael Gardner

Stoneway Concrete

michaelg@stonewayconcrete.com

Leading Canadian workspace operator to unveil all-new flexible workspace at the historic 302 Bay building this fall

TORONTO–(BUSINESS WIRE)–#coworking–iQ Offices, Canada’s largest independent Canadian-owned coworking operator, is set to debut their newest location in one of Toronto’s most impressive heritage buildings. This fall, the company will redefine what ‘workspace’ means – and most importantly, how it feels – when they open the doors to an immaculately reimagined 302 Bay Street.

King of Bay

Nestled in the heart of Toronto’s financial district at the intersection of King and Bay is this 14-storey heritage landmark. The storied office building debuted in 1917 and secured its Heritage designation in 1976. To this day, the building is revered for its exemplary “temple” style architecture, Art Deco motifs and majestic ground floor reception. 302 Bay is also loved for its expansive south, west, and east-facing windows, its direct connection to First Canadian Place and the PATH network, and its proximity to King and Union transit stations.

“For more than a century, 302 Bay has featured prominently in the core of Toronto’s global business hub – it has housed generations of teams, talent and ideas that effect change,” says Kane Willmott, Co-Founder & CEO, iQ Offices. “iQ’s reimagination of the full building will mark the next evolution of its iconography, and will uphold its identity as the premier destination for professionals to connect, create, and succeed in the modern workspace era – answering the call for what Canada’s top talent is looking for in their next office,” he adds.

iQ Offices’ renovation efforts, currently underway, are fusing technology and functional design, in partnership with leading architectural design firm Arcadis and heritage building preservation experts ERA Architects.

Coming Soon to 302 Bay

iQ Offices is refining all 14 floors, with thoughtfully-designed workspaces, including a rooftop terrace with exceptional city views. 302 Bay will also feature a host of modern amenities such as a games room, wellness rooms, and a hotel inspired ground floor lobby bar and lounge area. Versatile meeting rooms with video conferencing technology are available in both large and small formats, and personal phone booths are available throughout. Private offices are available on floors four through 14.

Style is part of the blueprint: contemporary design elements touch every fit and finish in this Heritage building’s 14 stories. iQ Offices is restoring the building’s famed Grand Banking Hall, complete with a highly decorated plaster ceiling, tavernelle marble wall cladding, and an ornate spiral staircase leading to a mezzanine.

A New Era of Office Culture

iQ Offices counters the misconception that the office is dead; the coworking operator knows first-hand that outstanding spaces compel incredible work and innovation. “Today’s professional expects and deserves more from their workspace. Employers must curate workspaces that earn the commute of their teams, and that provide strong returns on office spend,” says Mr. Willmott.

“Our philosophy is that the modern office doesn’t need to be renovated, it must be revolutionized. With this outlook, we’re setting a new standard for what office culture can be.” Modern design, boutique-level service, and trusted privacy set iQ Offices apart from traditional coworking.

Secure Your Space

302 Bay will feature workspaces for teams of any size, ranging from 1 to 90 professionals. For a limited time, full-floor workspaces are available, which offer members the opportunity to customize their space.

Interested parties are encouraged to visit 302bay.com or contact Daragh Gregg at dgregg@iqoffices.com to learn more about reserving an office suite.

Renderings and exterior images of the building are available here.

About iQ Offices

Founded in 2012, iQ Offices designs and manages elevated private workspaces that enhance productivity, creativity, and collaboration. iQ Offices’ workspace solutions offer security, privacy, and technical and hospitable amenities, complete with on-site staff. They currently operate more than 3,200 desks across seven Canadian locations, in Vancouver, Toronto, Ottawa and Montreal, and will add their eighth location with the opening of 302 Bay Street in fall 2024.

Contacts

For media inquires and interviews please contact:
amanda@areyoureadyornot.com | 289-952-1400