TORONTO–(BUSINESS WIRE)–Total Home Windows and Doors proudly announces the launch of its groundbreaking TotalSeal™ UltraSlim Series—a revolutionary advancement in vinyl window technology that seamlessly combines minimalist aesthetics with superior performance.

Engineered for the discerning homeowner, the UltraSlim Series boasts a sleek 2 7/8-inch frame width and a 4 9/16-inch depth, offering a refined, contemporary look without compromising structural integrity. This is achieved through a multi-chambered internal design that enhances both thermal efficiency and durability.

“The UltraSlim Series is a testament to our commitment to innovation,” says Daniel Klein, Project Manager at Total Home Windows and Doors. “We’ve managed to create a window that not only meets but exceeds expectations in both form and function.”

Key Features of the TotalSeal™ UltraSlim Series:

• Hidden Gasket Technology: Innovative concealed rubber gaskets provide a smooth, uninterrupted surface, enhancing both aesthetics and weather resistance.
• Fusion-Welded Construction: Ensures airtight seals and long-term durability, reducing energy costs and maintenance needs.
• Super Spacer^® Technology: Introduces warm-edge spacers that regulate temperatures, minimizing condensation and enhancing comfort.
• Argon Gas Fill: Fills the space between panes with inert gas, significantly improving insulation and reducing heat transfer.

The TotalSeal™ UltraSlim Series is now available to trade professionals, with volume pricing offered for qualified builders, contractors, and developers working on large-scale or multi-unit projects.

With a reputation built on quality and customer satisfaction since 2007, Total Home Windows and Doors continues to lead the industry with innovative solutions tailored to the unique demands of the Canadian climate.

For more information or to schedule a free consultation, visit thwindowsdoors.com or call 416-661-6666.

Contacts

Media Contact:
Vitaly Shapiro

Vice President of Sales

Total Home Windows and Doors

Email: info@thwindowsdoors.com
Phone: 416-661-6666

LPT Holdings Debuts Aperture Global Real Estate with Commitments from Agents Representing over $1 Billion in Annual Sales

LAKE MARY, Fla.–(BUSINESS WIRE)–LPT Holdings is proud to announce its new global luxury real estate brand, Aperture Global Real Estate, has launched today. As the first independent luxury brokerage to debut with a global launch at inception, Aperture enters the market with a groundbreaking international footprint. The brand is launching in 15 U.S. states and four international cities, including key markets such as Miami, London, New York, Toronto, and Lisbon — with nearly 20 more global locations coming soon.

Following the success of LPT Realty, recognized as the fastest-growing real estate firm in the U.S., founder and CEO Robert Palmer now expands the company’s vision into the global luxury market. Aperture has attracted top industry leaders to its management team, such as Michael Valdes, former Global Vice President of Sotheby’s for 15 years, who joins as Global President of Aperture and CEO of LPT International, and Mercedes Saewitz, former Principal Broker and founding agent at Compass, now Senior Vice President of Operations at Aperture.

“Aperture was born from a clear gap in the global luxury space,” said Palmer. “We are creating a brand that delivers world-class marketing, exceptional client experiences, and personalized service on a global scale.”

Aperture offers an exclusive portfolio of premier homes, estates, and penthouses in the most desirable locations. Its agents deliver bespoke services to meet the needs of discerning buyers and sellers worldwide.

“This is the future of luxury real estate,” said Valdes. “We combine tailored marketing, exclusive media access, and cutting-edge technology to offer a seamless global solution never before available in this space.”

At launch, Aperture already boasts commitments from more than 100 elite brokers representing over $1 billion in annual sales. These industry leaders join from renowned firms like Sotheby’s, Brown Harris Stevens, Douglas Elliman, eXp, Compass, and Keller Williams.

“Our agents are drawn by the opportunity to be part of a bold, global network,” said Saewitz. “Aperture offers access, influence, and innovation that elevate what luxury real estate can be.”

Leveraging proprietary advanced technologies like addressable CTV, which enables precision targeting of qualified, high-intent buyers, Aperture connects clients to prestigious properties more seamlessly than its competition while ensuring maximum visibility on local, national, and international levels.

As part of LPT’s innovative model, Aperture is poised to set a new benchmark in luxury real estate while creating unparalleled opportunities for agents and clients alike.

“Agents are already collaborating across continents, securing exclusive listings, and driving global referrals,” added Palmer. “The vision is alive — and it’s only just beginning.”

Learn more at apertureglobal.com.

About Aperture Global Real Estate

Aperture is a next-generation luxury brokerage backed by LPT Holdings, redefining elite real estate through innovation, influence, and agent empowerment. Launched in 2025 by Robert Palmer, Aperture operates in the U.S., UK, Canada, Portugal, and beyond—delivering global reach, bespoke marketing, and one of the industry’s most lucrative platforms. Learn more at apertureglobal.com.

About Robert Palmer

Robert Palmer is a visionary entrepreneur and founder of several award-winning companies, including LPT Realty. He is recognized for transforming the real estate business and bringing forward-thinking marketing strategies that have redefined industry norms. His career is marked by leveraging cutting-edge technologies to bridge gaps and solve challenges for consumers, agents, and industry professionals. Robert has revolutionized the real estate industry through technological and marketing excellence.

About LPT Holdings

LPT Holdings is a real estate innovation company focused on empowering agents through choice, technology, and opportunity. As the parent company of LPT Realty and Aperture Global Real Estate, LPT Holdings brings together a portfolio of forward-thinking brands redefining how agents grow, operate, and thrive in today’s market. Founded by entrepreneur Robert Palmer, LPT Holdings is committed to delivering agent-centric solutions at scale—combining traditional real estate fundamentals with next-generation tools, equity models, and support systems. With a mission to build a brokerage for life, LPT Holdings is shaping the future of the industry.

Contacts

Media Contact
LPT-Aperture@hundredstoriespr.com
+1 646-258-0026

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, 2025 (“Q1 2025”). Management will host a conference call to discuss the financial results on May 8, 2025 at 10:00 a.m. (ET).

HIGHLIGHTS

• Comparative properties net operating income (“comparative properties NOI”)¹ was $6.1 million in Q1 2025, a 0.8% increase from Q1 2024. Net rental income was $6.2 million in Q1 2025 or $0.4 million lower than the prior year comparative quarter. The decrease was mainly due to an increase in investment properties operating expenses driven by the timing of certain realty tax bills.

• Diluted funds from operations (“FFO”) per Unit² was $0.17 for Q1 2025, consistent with Q1 2024, comprising a slight increase in comparative properties NOI, offset by a decrease in interest and other income and an increase in general and administrative expenses.

• Portfolio occupancy was 93.3% as at March 31, 2025 and compares to 93.4% at the end of Q4 2024. Occupancy in the Greater Oklahoma City region was 94.2%, Greater Dallas-Fort Worth region was 92.5% and Greater Cincinnati region was 92.9%. During the quarter we completed renovations on nine units in the Greater Cincinnati region.

• Average monthly rent at March 31, 2025 was $1,182 per unit compared to $1,181 per unit at December 31, 2024.

• Maintaining conservative balance sheet and financial flexibility. Net total debt-to-net total assets³ was 33.0% as at March 31, 2025, consistent with December 31, 2024. Total mortgages payable were $124.1 million, consisting of nine fixed rate mortgages with a weighted average contractual interest rate of 4.0%. Total amounts outstanding on the revolving credit facility were $15.0 million. Total assets (per condensed consolidated financial statements) were $408.7 million as at March 31, 2025. Total assets comprised primarily $399.6 million of investment properties and $6.4 million of cash and cash equivalents.

• Strategic Review. On February 12, 2025, the REIT announced that it had commenced a strategic review process (“Strategic Review”) to identify, evaluate and pursue a range of strategic alternatives with the goal of maximizing unitholder value. TD Securities Inc. has been engaged as financial advisor and the Strategic Review is currently underway.

_______________________________________________

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, 2025 and March 31, 2024. 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 comprises 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.

Dream Residential REIT has not established a definitive timeline to complete the Strategic Review process nor any transaction and no decisions have been reached at this time. As such, the process is subject to unknown variables, including the costs, structure, terms, timing and outcome. There can be no assurance that the Strategic Review will result in any transaction or initiative or, if a transaction or initiative is undertaken, the terms or timing of such a transaction or initiative and its impact on the financial condition, liquidity, and results of operations of the REIT. The REIT does not intend to disclose further developments in connection with the review until it is determined that disclosure is necessary or appropriate or required.

“Dream Residential REIT continued to deliver steady financial and operational performance in Q1 2025,” said Brian Pauls, Chief Executive Officer of Dream Residential REIT. “While facing a challenging operating backdrop, we are pleased that the REIT delivered positive year-over-year comparative properties NOI growth and maintained strong occupancy and rent levels.”

• Q1 2025 net income was $(8.1) million, which comprises net rental income of $6.2 million, fair value adjustments to investment properties of $(1.5) million and fair value adjustments to financial instruments of $(9.7) million, primarily from the revaluation of Class B units of DRR Holdings LLC, a subsidiary of the REIT (“Class B Units” — together with the units of the REIT (“Trust Units”, “Units”). Other income and expenses totalled $(3.1) million.
• Total equity (per condensed consolidated financial statements) was $230.9 million as at March 31, 2025, compared to $240.5 million as at December 31, 2024, driven by the Q1 2025 net loss and distributions paid and payable.
• Net asset value (“NAV”)⁴ per Unit was $13.37 as at March 31, 2025, compared to $13.39 as at December 31, 2024.
• The REIT declared distributions totalling $0.105 per Unit during Q1 2025.

FINANCIAL HIGHLIGHTS

	Three months ended March 31,
(in thousands unless otherwise stated)		2025		2024
Operating results
Net income (loss)	$	(8,051)	$	816
FFO(1)		3,404		3,447
Net rental income		6,236		6,633
Comparative properties NOI(10)		6,131		6,081
Comparative properties NOI margin(11)		50.9%		50.6%
Per Unit amounts
Distribution rate per Trust Unit	$	0.105	$	0.105
Diluted FFO per Unit(2)(3)		0.17		0.17
See footnotes at end

________________________________________________

4 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 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.

Net income for Q1 2025 was $(8.1) million compared to $0.8 million in Q1 2024 and comprises fair value adjustments to investment properties of $(1.5) million and fair value adjustments to financial instruments of $(9.7) million. FFO for Q1 2025 and the prior year comparative quarter was consistent year-over-year at $3.4 million. Q1 2025 diluted FFO per Unit was $0.17 consistent with prior year comparative quarter at $0.17.

Net rental income for Q1 2025 was $6.2 million compared to $6.6 million in the prior year comparative quarter. The decrease in net rental income from the comparative quarter was largely driven by the timing of certain realty tax bills. Comparative properties NOI for Q1 2025 and prior year comparative quarter remained consistent at $6.1 million. Comparative properties NOI margin for Q1 2025 was 50.9%, compared to 50.6% in the prior year comparative quarter. Q1 2025 comparative properties NOI includes comparative investment properties revenue of $12.1 million, which increased by $0.1 million from the comparative quarter driven by positive blended lease trade-outs and rental premiums from our value-add program. Investment properties operating expenses remained flat at $5.9 million compared to the comparative quarter when excluding the impact of IFRIC 21, as a result of lower payroll costs and other expenses, which were generally offset by higher utilities and property taxes.

PORTFOLIO INFORMATION						As at
		March 31, 2025		December 31, 2024		March 31, 2024
Total portfolio
Number of assets		15		15		15
Investment properties fair value (in thousands)	$	399,555	$	400,502	$	398,140
Units		3,300		3,300		3,300
Occupancy rate – in place (period-end)		93.3%		93.4%		93.8%
Average in-place base rent per month per unit	$	1,182	$	1,181	$	1,155
Estimated market rent to in-place base rent spread (%) (period-end)		3.0%		4.0%		9.8%
Tenant retention ratio(12)		57.5%		55.9%		57.2%
See footnotes at end

ORGANIC GROWTH

Weighted average monthly rent as at March 31, 2025 was $1,182 per unit, compared to $1,181 per unit at December 31, 2024. Rental rates increased 0.2% in the Greater Cincinnati region, decreased 0.1% in the Greater Oklahoma City region, and remained consistent in the Greater Dallas-Fort Worth region since December 31, 2024.

During Q1 2025, blended lease trade-outs averaged 0.4% compared to 1.4% in Q4 2024. This comprises an average increase on renewals of approximately 4.0% (December 31, 2024 – 4.6%) and an average decrease on new leases of approximately 4.3% (December 31, 2024 – decrease of 2.3%). As at March 31, 2025, estimated market rents were $1,218 per unit, or an average gain-to-lease for the portfolio of 3.0%. The retention rate for the quarter ended March 31, 2025 was 57.5% compared to 55.9% for the three months ended December 31, 2024.

Value-Add Initiatives

During Q1 2025, renovations were completed on nine suites in the Greater Cincinnati region, with an additional three suites under renovation as at March 31, 2025. For the three months ended March 31, 2025, the average new lease trade-out on renovated suites was $356 per unit higher than expiring leases, or a lease trade-out of 33.5%.

“Our portfolio remains well positioned amidst an uncertain environment,” said Scott Schoeman, Chief Operating Officer of Dream Residential REIT. “We continue to prioritize occupancy and we believe that it is prudent to focus on tenant retention. We are actively managing the timing and number of suites that we plan on renovating, but continue to see strong returns on our repositioned residential units.”

FINANCING AND CAPITAL INFORMATION

				As at
(unaudited) (dollar amounts presented in thousands, except for per Unit amounts)		March 31, 2025		December 31, 2024
Financing
Net total debt-to-net total assets(4)		33.0%		33.0%
Average term to maturity on debt (years)		4.5		4.8
Interest coverage ratio (times)(5)		2.9		2.9
Undrawn credit facility	$	55,000	$	55,000
Available liquidity(6)	$	61,351	$	60,382
Capital
Total equity	$	230,903	$	240,489
Total equity (including Class B Units)(7)	$	263,394	$	263,528
Total number of Trust Units and Class B Units(8)		19,696,492		19,678,695
Net asset value (NAV) per Unit(9)	$	13.37	$	13.39
Trust Unit price	$	8.80	$	6.24
See footnotes at end

As at March 31, 2025, net total debt-to-net total assets⁽⁴⁾ was 33.0%, total debt was $139.1 million and total assets were $408.7 million. The REIT ended Q1 2025 with total available liquidity⁽⁶⁾ of approximately $61.4 million, comprising $6.4 million of cash and cash equivalents and $55.0 million available on its undrawn revolving credit facility.

Total equity of $230.9 million decreased from December 31, 2024 by $9.6 million, primarily due to the Q1 2025 net loss and distributions paid and payable. As at March 31, 2025, there were approximately 16.0 million Trust Units and 3.7 million Class B Units.

NAV per Unit as at March 31, 2025 was $13.37 compared to $13.39 as at December 31, 2024.

CONFERENCE CALL

Senior management will host a conference call to discuss the financial results on Thursday, May 8, 2025 at 10:00 a.m. (ET). To access the conference call, please dial 1-844-763-8274 (toll free) or 647-484-8814 (toll). 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.

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 Management’s Discussion and Analysis of the financial condition and results of operations of the REIT as at and for the three months ended March 31, 2025, dated May 7, 2025 (the “Q1 2025 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 2025 MD&A and can be found in the section “Supplementary Financial Measures and Other Disclosures”. The Q1 2025 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, 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 future market conditions; our expectations regarding our Strategic Review process and the results thereof, including our ability to pursue strategic alternatives and attain the goals thereof; that the Strategic Review will result in any transaction or initiative and our expectations regarding timing, structure, costs, terms and outcome thereof, including on the financial condition, liquidity and results of operations of the REIT; and our ability to prioritize occupancy, focus on tenant retention and the expected returns and results thereof. 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 and 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; risks related to the imposition of duties, tariffs and other trade restrictions and their impacts 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; that there are no unforeseen changes in the legislative and operating framework for our business; that we will have access to adequate capital to fund our future projects and plans and that we will receive financing on acceptable terms; that inflation and interest rates will not materially increase beyond current market expectations; that future market and economic conditions will occur as expected and that geopolitical events, including disputes between nations or the imposition of duties, tariffs, quotas, embargoes or other trade restrictions (including any retaliation to such measures), 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, 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 on the REIT’s website at www.dreamresidentialreit.ca.

FOOTNOTES

(1) FFO is a non-GAAP financial measure. The most directly comparable financial measure to FFO is net income. 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, 2025 and March 31, 2024 to net income.

(2) Diluted FFO per Unit is a non-GAAP ratio. Diluted FFO per Unit comprises 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 Q1 2025 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 comprises 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. The table included in the Appendices section of this press release reconciles adjusted EBITDAFV to net income 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, 2025. 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 credit facility. The table included in the Appendices section of this press release reconciles available liquidity to the credit facility as at March 31, 2025 and December 31, 2024. 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.

(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 financial 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, 2025 and December 31, 2024.

(8) Total number of Units includes 16,004,408 Trust Units and 3,692,084 Class B Units which 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.

Contacts

For further information, please contact:

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

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Installnet, Bard College MBA program analysis finds avoided greenhouse gas emissions are nine times more than estimates

• Diverting office furniture from landfills delivers strong environmental and community benefits
• Call for industry to adopt Life Cycle Assessments

BOWIE, Md.–(BUSINESS WIRE)–New research released today finds that diverting three of the most reused office items from landfill – task, desk and stack chairs – avoids far more greenhouse gas (GHG) emissions than methodologies currently used by the industry. The research, by furniture solutions company Installnet and Bard College’s MBA program, “Standard Reporting Omits Most Benefits of Reusing Office Furniture – This Must Change,” was developed as part of a new collective’s effort to develop and implement real world solutions to reduce waste.

To determine how accurate existing tools are at estimating the environmental impact of furniture diversion from landfill, researchers compared them with actual measures developed through Life Cycle Assessments (LCAs) and Environmental Product Declarations (EPDs). The research finds that the current industry standard for measuring the impact of these efforts relies on the U.S. Environmental Protection Agency’s Waste Reduction Model (WARM), which significantly underestimates the greenhouse gas emissions avoided through reuse, resale, repurpose, and recycling.

“We have seen firsthand the value of these efforts on the environment and the community, but this analysis reveals, for the first time, that we’re actually avoiding nine times more GHG emissions than the WARM estimates show,” said Installnet CEO Dale Ewing. “This is huge. It’s time for the industry to embrace sustainable decommissioning and move toward a more accurate understanding of the actual impact that things like take-back, donation and resale programs.”

The Installnet Ecoserv program has diverted more than 55 million pounds of waste from landfill since 2012 through reuse, resale, relocation and recycling, including donations to groups in more than 3,200 communities across North America. The donations help local nonprofits, schools, first responders and other organizations devote more resources to their missions and reduce the GHG emissions that worsen climate change. Each year, more than 146 million tons of solid waste goes to landfills in the U.S., generating dangerous methane gas emissions that worsen climate change. An estimated 12 million tons of that waste is furniture.

The research was done by Deanna Diaz, a recent graduate of the Bard College MBA program in sustainability, and John Friedman, a leader in corporate sustainability initiatives.

“Only a few manufacturers share cradle-to grave LCAs and only for a select group of newer products,” Diaz said. “And the information is very difficult to find. Transparency of a product’s environmental impact remains an exception rather than the norm.”

Developing LCAs is time consuming and costly for manufacturers, Friedman explained.

“Starting with the items most likely to be reused will help the industry demonstrate the actual impact of sustainable decommissions,” Friedman said. “And because LCAs are independently verified, this will help meet new reporting standards and requirements.”

The research is part of a collective founded by Installnet, called Ecoserv Net Zero (ENZO). The collective is sharing lessons learned and best practices in sustainable decommissions to create industry standards. It is also documenting processes, procedures and practices to become assurance ready and meet new reporting requirements.

Installnet is a recognized leader in sustainability. Its rapidly growing Ecoserv program keeps unused furniture and other assets in circulation, instead of sending them to landfill.

If you are interested in participating in the effort and getting zero done, please contact Lila Grant at enzo@installnet.com.

About Installnet

Installnet provides professional project management services in the United States and Canada. Our network of over 350 highly qualified independent furniture installation companies provide exceptional service in more than 100 major markets. Our custom solutions range from Ecoserv, an award-winning sustainable decommission program to Installhub, a self-serve platform of installation companies.

About The Bard MBA in Sustainability. Bard College’s graduate business degree fully integrates a focus on mission-driven business. Ranked the #1 Green MBA three years running and the #2 MBA for Non-Profit Management by the Princeton Review, the program was also recognized as the #4 Worldwide in the “Better World MBA” ranking by Corporate Knights. Based in New York City, the program features one-weekend per month in-person instruction plus on-line structure to support working adult students from across the US.

Contacts

Jessica Clark

jclark@installnet.com

Lila Grant

enzo@installnet.com