DALLAS–(BUSINESS WIRE)–SmartMoving, the leading profitability platform for moving companies, has been named to the 2025 Inc. 5000, Inc. Magazine’s annual list of the fastest-growing private companies in America. This honor reflects the growing momentum behind SmartMoving’s mission to help movers build more profitable businesses and better lives.

“Most moving company owners are stuck working 60+ hour weeks just to keep the lights on,” said Tobe Thompson, CEO of SmartMoving. “We built SmartMoving to flip that script. Our customers are proving every day that you don’t have to grind forever to grow.”

SmartMoving turns disjointed operations into organized, profitable systems. The platform connects sales, dispatch, crews, storage, billing, and payments in one simple interface built for movers. From missed leads to margin leaks, SmartMoving helps moving companies stop firefighting and start scaling.

Thousands of movers across North America have used SmartMoving to eliminate paperwork, boost close rates, and grow profitably without working seven days a week.

“This recognition isn’t just about our growth. It’s about what our customers are building with us. More efficient businesses. More time with family. More weekends off. That’s the real win,” Thompson said.

About SmartMoving

SmartMoving delivers business management software for moving companies that serve residential, commercial, and government clients. Customers use SmartMoving daily as their core system of record to automate all aspects of moving service operations, including estimates, dispatching, storage, sales & marketing, payroll, communication, and collecting payments. SmartMoving helps build intuitive web, mobile, and cloud solutions that aim to generate more money, more time, and more confidence for moving & storage companies across North America. For more information, visit smartmoving.com.

Contacts

Media Contact:
Anati Zubia

VP of Marketing

anati@smartmoving.com
(480) 729-0747

NASHVILLE, Tenn.–(BUSINESS WIRE)–LP Building Solutions (LP), a leading manufacturer of high-performance building products, today announced the appointment of Lynn Cobb as Vice President of Marketing, effective immediately.

“Lynn brings more than 25 years of marketing leadership and a proven ability to drive strategic growth through data, technology, and customer insight,” said LP Senior Vice President, Chief Commercial Officer Craig Sichling. “Her expertise in developing and executing commercial strategies, along with her focus on brand and customer experience, will be instrumental in strengthening our market presence and delivering greater value to our customers.”

In this newly created role, Cobb will lead the development and execution of LP’s commercial strategy, working in close partnership with the company’s Sales, Supply Chain, and Customer Experience teams. She will oversee brand management, product innovation, and commercialization initiatives designed to drive demand and deepen customer engagement.

“I’m excited to join LP to help advance its portfolio of leading brands, including LP^® SmartSide^® Trim & Siding and LP^® Structural Solutions,” said Cobb. “With a strong foundation of brand equity and customer trust, we’re well-positioned to accelerate growth—bringing new innovations to market, increasing market share, and evolving our digital strategy to support LP’s long-term success.”

Cobb began her career at Procter & Gamble, where she spent 16 years progressing through leadership roles in IT, sales, marketing, and brand management, ultimately serving as Marketing Director for one of the company’s healthcare services brands. She later held senior roles at Agilent Technologies, DuPont, Ropes Wealth Advisory (formerly Adviser Investments), and most recently MasterBrand Inc., where she served as Vice President of Customer Experience.

She holds a Bachelor of Science in Biological Sciences and an MBA from Bowling Green State University.

About LP Building Solutions

As a leader in high-performance building solutions, Louisiana-Pacific Corporation (LP Building Solutions, NYSE: LPX) manufactures engineered wood products that meet the demands of builders, remodelers and homeowners worldwide. LP’s extensive portfolio of innovative and dependable products includes Siding Solutions (LP^® SmartSide^® Trim & Siding, LP^® SmartSide^® ExpertFinish^® Trim & Siding, LP BuilderSeries^® Lap Siding and LP^® Outdoor Building Solutions^®), LP^® Structural Solutions (LP^® TechShield^® Radiant Barrier Sheathing, LP WeatherLogic^® Air & Water Barrier, LP Legacy^® Premium Sub-Flooring, LP^® FlameBlock^® Fire-Rated Sheathing, LP NovaCore^® Thermal Insulated Sheathing and LP^® TopNotch^® 350 Durable Sub-Flooring) and LP^® Oriented Strand Board. In addition to product solutions, LP provides industry-leading customer service and warranties. Since its founding in 1972, LP has been Building a Better World™ by helping customers construct beautiful, durable homes while shareholders build lasting value. Headquartered in Nashville, Tennessee, LP operates more than 20 manufacturing facilities across the U.S., Canada, Chile and Brazil. For more information, visit LPCorp.com.

Contacts

Media Contact
615-986-5886

Media.Relations@LPCorp.com

Not for distribution to U.S. News Wire Services or dissemination in the United States.

TORONTO–(BUSINESS WIRE)–#ChoiceProperties–Choice Properties Real Estate Investment Trust (“Choice Properties”, the “Trust” or “we”) (TSX: CHP.UN) announced today that it has completed its previously announced issuance, on a private placement basis in certain provinces of Canada (the “Offering”), of (i) $350 million aggregate principal amount of series W senior unsecured debentures of the Trust bearing interest at a rate of 4.628% per annum and maturing on August 8, 2035 (the “Series W Debentures”) and (ii) $150 million aggregate principal amount of series X senior unsecured debentures of the Trust bearing interest at a rate of 5.369% per annum and maturing on August 8, 2055 (the “Series X Debentures” and, together with the Series W Debentures, the “Debentures”).

The Trust intends to use the net proceeds of the Offering to repay existing indebtedness, including the redemption in full of the Trust’s $200 million aggregate principal amount of 4.055% series F senior unsecured debentures due November 24, 2025 (the “Series F Debentures”) on September 5, 2025, and for general business purposes.

Morningstar DBRS has provided the Debentures with a credit rating of “BBB (high)” with a “positive” trend and S&P Global Ratings has provided the Debentures with a credit rating of “BBB+”. The Debentures rank equally with all other unsecured indebtedness of the Trust that has not been subordinated.

The Debentures were sold on an agency basis by a syndicate of agents co-led by TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets, and Scotiabank. The Debentures offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Choice Properties Real Estate Investment Trust

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive.

We are more than a national owner, operator and developer of high-quality commercial and residential real estate. We believe in creating spaces that enhance how our tenants and communities come together to live, work, and connect. This includes our industry leadership in integrating environmental, social and economic sustainability practices into all aspects of our business. 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.sedarplus.ca.

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 intended use of proceeds of the Offering and the redemption of the Series F Debentures. 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’ 2025 Second Quarter Report and current Annual Information Form. 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:

Erin Johnston

Chief Financial Officer

Choice Properties REIT

Erin.Johnston@choicereit.ca

TORONTO–(BUSINESS WIRE)–Inovalis Real Estate Investment Trust (the “REIT”) (TSX: INO.UN) today reported financial results for the quarter ended June 30, 2025. The unaudited Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for Q2 2025 are available on the REIT’s website at www.inovalisreit.com and at www.sedarplus.ca. All amounts except rental rates, square footage and per unit amounts are presented in thousands of Canadian dollars or Euros, or as otherwise stated.

Stephane Amine, CEO and President of the REIT, commented “We are focused on preserving and generating liquidity by managing capital expenditures, selling non-core assets, and staying closely engaged with our lenders, ensuring the REIT remains stable and adaptable in the current environment to protect Unitholder value.”

Net Rental Income

For the portfolio that includes assets owned entirely by the REIT (“IP Portfolio”), Net Rental Income (“NRI”) for Q2 2025 decreased to $3,280 (€2,130), compared to the $4,616 (€3,144) NRI for Q2 2024, notably caused by the vacancies at the Trio and Metropolitain properties, and the bad debt allowance on the Gaia property for the two tenants in default of rent payments.

For the six months ended June 30, 2025, the IP Portfolio Net Rental Income (“NRI”) was $3,436 (€2,231), compared to $5,528 (€3,765) for the same period of 2024, the decrease being mostly attributable to the above-described factors and the main tenant departure at the Bad Homburg property in Q1 2024.

In Q2 2025, NRI, adjusted for IFRIC 21¹ for the portfolio that includes the REIT’s proportionate share in joint ventures (“Total Portfolio”), was $4,289 (€2,785), compared to $5,841 (€3,978) for Q2 202. The decrease is due to the same factors as for the IP Portfolio, and the non-recurring $1,720 indemnity placed on the Duisburg and Trio properties made necessary by the early departure of tenants in Q1 2024, that were partially offset by new leases at the Duisburg property on 18% building areas.

Leasing Operations

As of June 30, 2025, the occupancy rate of the REIT’s IP Portfolio was 46.7% and the occupancy rate of the REIT’s Total Portfolio was 58.9%. Strategic vacancies are being maintained in the Arcueil and Baldi properties in support of planned dispositions as outlined in the Asset Recycling Plan. Excluding properties designated for asset recycling, the Total Portfolio occupancy rate was 80.5% at June 30, 2025.

During the second quarter of 2025, Management negotiated a long-term lease for most of the vacant area of the Neu Isenburg property which, effective beginning in September. The lease execution requires significant capital expenditures and incentives but is expected to bring approximately $300 annual NRI over a 10-year term (with a potential break option in year five).

To support leasing activity, management continues to collaborate with on-site brokers and is selectively evaluating tenant improvement allowances as a means to enhance the competitiveness of key assets and optimize rental income.

Asset Recycling Plan

On April 30, 2025, the REIT completed the sale of the Sablière property, located in downtown Paris, for €18,200 ($28,625), as part of its Asset Recycling Plan. This transaction aligns with the REIT’s strategic objectives of repositioning the portfolio and strengthening financial flexibility. Net proceeds of approximately $15,300 (€9,700) will be allocated toward debt reduction and reinvestment in value-enhancing initiatives across the portfolio.

An exchange contract confirming the sale of 87.5% of the Arcueil property for €37,540 ($58,420) was announced in January 2025 with closing expected in the second half of 2026. The long closing is required to satisfy the administrative, building permit and financing conditions. The remaining 12.5% of the Arcueil office property is being marketed for a new office tenant.

Capital Market Considerations

Since the end of 2023, net asset values for the REIT’s Total Portfolio have been significantly pressured, primarily due to geopolitical tensions, high inflation, high interest rates and energy costs. The decline in net asset values significantly reduced Unitholders’ equity which stood at $186,770 (€116,433) at June 30, 2025. The book value per Unit at June 30, 2025 was $5.62/Unit and $5.57/Unit on a fully-diluted basis, using the weighted average number of units of the REIT (the “Units”) for the period. The closing price of a Unit on the TSX at June 30, 2025 was $0.90/Unit.

The REIT has addressed the volatile risks in the current capital markets by selling certain properties, implementing short term leasing initiatives for properties in the REIT’s Asset Recycling Plan, maintaining a debt-to-gross-book value ratio of 51.4% of the IP Portfolio (59.5% on the Total Portfolio) at June 30, 2025.

Funds From Operations and Adjusted Funds From Operations²

The REIT’s funds from operations (FFO) was slightly negative for the quarter (-$0.01 per unit) largely due to a provision related to bad debt at the Gaia property, where two tenants have defaulted on rent. We are actively addressing the situation. One of the tenants is in the process of being evicted, and we expect the property to return to a more stable position by 2026.

Financing Activity

The REIT is financed almost exclusively with asset-level, non-recourse financing with an average term to maturity of 2.2 years for the Total Portfolio (2.6 years for the IP Portfolio).

For the three-month period ended June 30, 2025, the weighted average interest rate across the Total Portfolio, despite the downward trend in EURIBOR, slightly increased to 3.73% reflecting the 12% fixed interest rate on the short-term €5,600 financing of the Bad Homburg property. As at June 30, 2025, 68% of the REIT’s Total Portfolio debt was subject to variable interest rates, primarily associated with short-term financing on properties currently being marketed for sale.

In Q2, a new mezzanine loan was taken out on the Bad Homburg property, which was used to repay the €5,500 Trio mortgage and satisfy a waiver condition related to a second-ranking mortgage held by HCOB on the Bad Homburg property. Management intends to refinance the 12% mezzanine facility with conventional financing as leasing activity progresses.

Environmental, Social and Governance (ESG)

Integration of ESG objectives and strategies into the REIT’s business reflects the growing importance of these factors among many of our key stakeholders. The REIT is working to improve its long-term environmental performance, and also to invest in “human capital” for the implementation and monitoring of all ESG initiatives.

FORWARD-LOOKING INFORMATION

Certain statements contained, or contained in documents incorporated by reference, may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to the REIT’s future outlook and anticipated events or results and may include statements regarding the future financial position, business strategy, budgets, occupancy rates, rental rates, productivity, projected costs, capital investments, development and development opportunities, financial results, taxes, plans and objectives of or involving the REIT. Particularly, statements regarding the REIT’s future results, performance, achievements, prospects, costs, opportunities, and financial outlook, including those relating to the sale of the Arcueil property, acquisition and capital investment strategies and the real estate industry generally, are forward-looking statements. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or the negative thereof, or other similar expressions concerning matters that are not historical facts. Forward-looking statements are based on certain factors and assumptions regarding expected growth, results of operations, performance, and business prospects and opportunities.

Although management believes that the expectations reflected in the forward-looking information are reasonable, no assurance can be given that these expectations will prove to be correct, and since forward-looking information inherently involves risks and uncertainties, undue reliance should not be placed on such information.

Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such forward-looking statements. The estimates and assumptions, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth in this press release as well as the following:

(i)		the ability to complete the sale of the Arcueil and Baldi properties;
(ii)		the ability to replace the departing tenants at the Trio and Gaia properties;
(iii)		the ability to continue to receive financing on acceptable terms;
(iv)		the future level of indebtedness and the REIT’s future growth potential will remain consistent with current expectations;
(v)		there will be no changes to tax laws adversely affecting the REIT’s financing capability, operations, activities, structure, or distributions;
(vi)		the REIT will retain and continue to attract qualified and knowledgeable personnel as the portfolio and business grow;
(vii)		the impact of the current economic climate and the current global financial conditions on operations, including the REIT’s financing capability and asset value, will remain consistent with current expectations;
(viii)		there will be no material changes to government and environmental regulations that could adversely affect operations;
(ix)		conditions in the international and, in particular, the French, German, Spanish and other European real estate markets, including competition for acquisitions, will be consistent with past conditions; and
(x)		the demand for the REIT’s properties and global supply chains and economic activity in general.

The REIT cautions that this list of assumptions is not exhaustive. Although the forward-looking statements contained in this press release are based upon assumptions that management believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements.

When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not, or the times at or by which, such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements, including, but not limited to:

• the REIT’s ability to execute its growth and capital deployment strategies;
• the impact of changing conditions in the European office market;
• the marketability and value of the REIT’s portfolio;
• changes in the attitudes, financial condition and demand in the REIT’s demographic markets;
• fluctuation in interest rates and volatility in financial markets;
• the geopolitical conflict around the world on the REIT’s business, operations and financial results;
• general economic conditions, including any continuation or intensification of the current economic conditions;
• developments and changes in applicable laws and regulations; and
• such other factors discussed under ‘‘Risk and Uncertainties’’ in the MD&A dated June 30, 2025 (“the MD&A”).

If any risks or uncertainties with respect to the above materialize, or if the opinions, estimates or assumptions underlying the forward-looking statements prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. The opinions, estimates or assumptions referred to above and described in greater detail under ‘‘Risks and Uncertainties’’ in the MD&A should be considered carefully by readers. Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other risk factors not presently known or that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements.

Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Certain statements included in press release may be considered a ‘‘financial outlook’’ for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than this press release. All forward-looking statements are based only on information currently available to the REIT and are made as of the date of this press release. Except as expressly required by applicable Canadian securities law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements in this press release are qualified by these cautionary statements.

Non-GAAP Financial Measures and Other Measures

There are financial measures included in this MD&A that do not have a standardized meaning under IFRS. These measures include Funds from Operations, Adjusted Funds from Operations, and other measures presented on a proportionate share basis. These measures have been derived from the REIT’s financial statements and applied on a consistent basis as appropriate. Management includes these measures as they represent key performance indicators to management, and it believes certain investors use these measures as a means of assessing relative financial performance. These measures, as computed by the REIT, may differ from similar computations as reported by other entities and, accordingly, may not be comparable to other such entities. These measures should not be considered in isolation or used in substitute for other measures of performance prepared in accordance with IFRS.

USE OF OPERATING METRICS

The REIT uses certain operating metrics to monitor and measure the operational performance of its portfolio. Operating metrics in this press release include GLA, committed occupancy, Weighted Average Lease Term and average term to maturity. Certain of these operating metrics, may constitute supplementary financial measures as defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure. These supplementary measures are not derived from directly comparable measures contained in the REIT’s financial statements but may be used by management and disclosed on a periodic basis to depict the historical or future expected financial performance, financial position or cash flow of the REIT.

“Adjusted Funds From Operations” or “AFFO” is a meaningful supplemental measure that can be used to determine the REIT’s ability to service debt, fund expansion capital expenditures, fund property development, and provide distributions to Unitholders after considering costs associated with sustaining operating earnings.

AFFO calculations are reconciled to net income, which is the most directly comparable IFRS measure. AFFO should not be construed as an alternative to net income or cash flow generated from operating activities, determined in accordance with IFRS.

AFFO is defined as FFO subject to certain adjustments, including adjustments for: (i) the non-cash effect of straight-line rents, (ii) the cash effect of the rental guarantee received, (iii) amortization of fair value adjustment on assumed debt, (iv) capital expenditures, excluding those funded by a dedicated cash reserve or capex financing, and (v) amortization of transaction costs on mortgage loans.

“Adjusted Funds From Operations / Unit” or “AFFO / Unit” is AFFO divided by the issued and outstanding Units, plus Exchangeable Securities (fully diluted basis).

“AFFO Payout Ratio” is the value of declared distributions on Units and Exchangeable Securities, divided by AFFO.

“Average term to maturity” refers to the average number of years remaining in the lease term.

“Book value per Unit” refers to the REIT’s total equity divided by the Weighted Average number of Units and Exchangeable Securities (on a fully diluted basis).

“Debt-service covenant ratio calculation” or “DSCR” refers to the rental income divided by the debt service, including interest and amortization.

“Debt-to-Gross-Book Value” refers to the REIT’s apportioned amount of indebtedness respectively in the IP Portfolio and the Total Portfolio. Indebtedness on an IP and Total Portfolio basis is calculated as the sum of (i) lease liabilities, (ii) mortgage loans, (iii) other long-term liabilities, and (iv) deferred tax liabilities. Indebtedness does not include certain liabilities as is the case for the Exchangeable Securities and at the joint venture level for the contribution from the REIT and its partners.

“Exchangeable Securities” means the exchangeable securities issued by CanCorpEurope, in the form of interest bearing notes, non-interest bearing notes and variable share capital.

“Fully diluted basis” refers to a nominal value divided by the issued and outstanding Units, plus Exchangeable Securities.

“Funds From Operations” or “FFO” follows the definition prescribed by the Real Estate Property Association of Canada publication on Funds From Operations & Adjusted Funds From Operations, dated January 2023 with one exception.

Management considers FFO to be a meaningful supplemental measure that can be used to determine the REIT’s ability to service debt, fund capital expenditures, and provide distributions to Unitholders.

FFO is reconciled to net income, which is the most directly comparable IFRS measure. FFO should not be construed as an alternative to net income or cash flow generated from operating activities, determined in accordance with IFRS.

FFO for the REIT is defined as net income in accordance with IFRS, subject to certain adjustments including adjustments for: (i) acquisition, eviction and disposal costs (if any), (ii) net change in fair value of investment properties, (iii) net change in fair value of derivative financial instruments at fair value through profit and loss, (iv) net changes in fair value of Exchangeable Securities, (v) finance costs related to distribution on Exchangeable Securities, (vi) adjustment for property taxes accounted for under IFRIC 21 (if any), (vii) loss on exercise of lease option (if any), (viii) adjustment for foreign exchange gains or losses on monetary items not forming part of an investment in a foreign operation (if any), (ix) gain or loss on disposal of investment properties or an interest in a subsidiary (if any), (x) finance income earned from loans to joint ventures (if any), (xi) loss on extinguishment of loans (if any), (xii) deferred taxes, (xiii) non-controlling interest, (xiv) goodwill / bargain purchase gains upon acquisition, and (xv) income taxes on sale of investment properties and provision for tax reassessment.

Exchangeable Securities are recorded as liabilities. Exchangeable Securities are recorded at fair value through profit and loss in accordance with IFRS. However, both are considered as equity for the purposes of calculating FFO and AFFO, as they are economically equivalent to the REIT’s Units, with the same features and distribution rights, that are economically equivalent to the distribution received by Unitholders.

“Funds From Operations / Unit” or “FFO / Unit” is FFO divided by the issued and outstanding Units, plus Exchangeable Securities (fully diluted basis).

“Gross book value” refers to the total consolidated assets for the IP Portfolio and Total Portfolio.

“Interest Coverage Ratio” or “ICR” covenant refers to a financial metric used to assess a REIT’s ability to meet its interest obligations on outstanding debt. It indicates how many times the operating profit can cover the REIT’s interest expenses over a given period.

“Investments in Joint Ventures” refers to the REIT’s proportionate share of the financial position and results of operation of its investment in joint ventures, which are accounted for using the equity method under IFRS in the consolidated financial statements, are presented below using the proportionate consolidation method at the REIT’s ownership percentage of the related investment. Management views this method as relevant in demonstrating the REIT’s ability to manage the underlying economics of the related investments, including the financial performance and the extent to which the underlying assets are leveraged, which is an important component of risk management.

For the purpose of the proportionate consolidation, the initial investment of both partners in the joint ventures were considered as being equity investments as opposed to a combination of equity and loans and accordingly, the related proportionate consolidation balance sheet items were eliminated as well as the associated finance income and finance costs. As the loans to the joint ventures were considered equity for proportionate consolidation purposes, any impairment recorded on the loans in accordance with IFRS 9 has been reversed for MD&A purposes. As such, any impairment recorded for IFRS purposes results in a difference in equity when reconciling IFRS and proportionate consolidation reporting.

“Investment Properties Portfolio” or “IP Portfolio” refers to the seven wholly owned properties of the REIT.

“Net Rental Income Adjusted for IFRIC 21” refers to Net Rental Income excluding property taxes recorded under IFRIC 21 rules.

“Net Rental Income” or “NRI” refers to the rental income plus operating cost recoveries income plus other property revenue, less property operating costs and other costs.

“Total Portfolio” refers to the seven properties referred to as the IP Portfolio and the five properties of the REIT held in joint-ownership with other parties.

“Weighted average lease term” or “WALT” is a metric used to measure a property portfolio’s risk of vacancy and refers to the average period in which all leases in a property or portfolio will expire. It is calculated as the sum of the percentages of rentable area multiplied by the number of years in each remaining lease term.

“Weighted Average number of Units” refers to the mean of periodic values in the number of issued and outstanding Units over a specific reporting period.

FFO and AFFO Calculation

The reconciliation of FFO and AFFO for the three-month periods ended June 30, 2025 and 2024, based on proportionate consolidation figures including REIT’s interest in joint ventures is as follows:

		Three months ended June 30,			Six months ended June 30,
		2025	2024		2025	2024
Net loss attributable to the Trust (including share of net earnings from investments in joint ventures)		(11,251)	(20,710)		(9,329)	(34,555)
Add/(Deduct):
Net change in fair value of investment properties		11,917	24,466		7,174	36,460
Net change in fair value of financial derivatives		–	8		–	413
Loss on sale of investment properties		167	–		167	–
Adjustment for property taxes accounted for under IFRIC 21		(1,112)	(958)		1,931	1,954
Net change in fair value of Exchangeable securities		(28)	(394)		(31)	(779)
Foreign exchange gain		19	–		(46)	–
Deferred income tax recoveries		175	(1,231)		135	(1,231)
Other adjustments		114	–		114	–
Non-controlling interest		(223)	(454)		(213)	(492)
FFO		(222)	727		(98)	1,770
Add/(Deduct):
Non-cash effect of straight line rents		37	98		229	289
Cash effect of the rental guarantee		(184)	175		–	346
Amortization of transaction costs on mortgage loans		(81)	64		(8)	127
Capex		(64)	(1,172)		(64)	(1,893)
AFFO		(514)	(108)		59	639
FFO / Units (diluted) ($)		(0.01)	0.02		0.00	0.05
AFFO / Units (diluted) ($)		(0.02)	0.00		0.00	0.02

Contacts

Stephane Amine, President and Chief Executive Officer
Inovalis Real Estate Investment Trust

Tel: +33 1 5643 3315

stephane.amine@inovalis.com

Khalil Hankach, Chief Financial Officer
Inovalis Real Estate Investment Trust

Tel: +33 1 5643 3313

khalil.hankach@inovalis.com

Read full story here

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 in our tables are presented in thousands of Canadian dollars, except for rental rates and per unit amounts, unless otherwise stated.

TORONTO–(BUSINESS WIRE)–DREAM OFFICE REAL ESTATE INVESTMENT TRUST (D.UN-TSX) (“Dream Office REIT”, the “Trust” or “we”) today announced its financial results for the three months ended June 30, 2025. Management will host a conference call to discuss the financial results on Friday, August 8, 2025, at 10:00 a.m. (ET).

OPERATIONAL HIGHLIGHTS AND UPDATE
(unaudited)
	As at
	June 30,				March 31,			June 30,
		2025			2025			2024
Total properties(1)
Number of active properties		24			24			25
Number of properties under development		2			2			2
Gross leasable area (in millions of square feet)		4.8			4.8			5.1
Investment properties value	$	2,152,546		$	2,171,584		$	2,318,974
Total portfolio(2)
Occupancy rate – including committed (period-end)		81.9%			81.2%			84.3%
Occupancy rate – in-place (period-end)		77.9%			78.4%			79.2%
Average in-place and committed net rent per square foot (period-end)	$	27.72		$	27.39		$	26.33
Weighted average lease term (years)		5.9			5.8			5.2
Occupancy rate – including committed – Toronto (period-end)		85.3%			84.2%			87.7%
Occupancy rate – in-place – Toronto (period-end)		79.2%			80.0%			83.0%
See footnotes at end.

		Three months ended
		June 30,			June 30,
		2025			2024
Operating results
Funds from operations (“FFO”)(3)	$	12,223		$	14,858
Comparative properties net operating income (“NOI”)(4)		25,528			25,381
Net rental income		24,798			27,301
Net loss		(41,787)			(21,941)
Per unit amounts
Diluted FFO per unit(5)(6)	$	0.62		$	0.76
Distribution rate per Unit(6)		0.25			0.25
See footnotes at end.

“In the second quarter of 2025, Dream Office REIT continued its leasing momentum by securing an additional 189,000 of leases and improving the Trust’s committed occupancy by approximately 70 bps relative to the first quarter,” said Michael Cooper, Chief Executive Officer of Dream Office REIT. “We are seeing a growing confidence in the office market, with improved leasing activity and businesses re-investing in their workspace and increasing their office utilization. Our team is committed to providing exceptional service across our renovated portfolio to support their return to the office.”

In the midst of significant macro-economic and geopolitical uncertainties and ongoing challenges in the Canadian office real estate sector, the Trust remains committed to reducing risk and delivering stable operational and financial performance until the market reaches a higher equilibrium.

In recent months, we have observed encouraging signs of potential stabilization in the downtown Toronto office market, where the Trust owns 83% of its Active properties, by fair value.

The market vacancy rate has remained relatively steady at 18.5%⁽⁷⁾, showing consistent stability over the past six quarters. Additionally, the new office construction pipeline in downtown Toronto has reached a 20-year low, with just 1.9 million square feet currently under construction⁽⁷⁾. Notably, Q2 2025 marked the first full year with no new office construction starts⁽⁷⁾.

Another positive indicator of market health is the continued decline in sublease space, which has fallen sharply to 16.3%⁽⁷⁾ of total vacant space downtown, down from pandemic peaks exceeding 40%⁽⁷⁾. This significant reduction reflects growing tenant confidence and a decrease in corporate space optimization efforts. The drop in sublease availability also aligns with the coordinated return-to-office mandates announced by several major Canadian financial institutions starting in fall 2025, aimed at fostering increased in-person collaboration and strengthening company culture.

We believe our portfolio is strategically located, difficult to replace and uniquely positioned for long-term outperformance. Over the past seven years, we have invested capital in our best buildings in downtown Toronto, and the renovations are now substantially complete. This has resulted in a uniquely competitive portfolio that is well-positioned to attract high-quality tenants. From the beginning of the year to today’s date, the Trust has already secured 507,000 square feet of leasing across 26 properties, compared to 356,000 square feet of leasing across 28 properties at the same point in 2024 and 294,000 square feet of leasing across 28 properties at the same point in 2023.

Relative to Q1 2025, our in-place and committed occupancy rate increased from 81.2% to 81.9% while our in-place occupancy decreased from 78.4% to 77.9%. The quarter-over-quarter increase of 0.7% in total portfolio in-place and committed occupancy was driven by a 1.1% increase in Toronto downtown and a 0.3% increase in Other markets due to incremental leasing during the quarter in excess of negative in-place absorption in both regions. The quarter-over-quarter decrease of 0.5% in total portfolio in-place occupancy was attributable to 22,000 square feet of negative absorption in Toronto downtown and 4,000 square feet of negative absorption in Other markets. The main driver of the net decrease in in-place occupancy in Toronto downtown was the downsizing and moving of certain tenants at 30 Adelaide Street East and Adelaide Place in order to facilitate five large new long-term lease deals.

The Trust has 188,000 square feet of vacancy committed for future occupancy. In Toronto downtown, 70,000 square feet, or 2.4% of the region’s total gross leasable area, is scheduled to commence in 2025 at net rents 1.7% higher than prior net rents on the same space with a weighted average lease term of 7.6 years. In 2026, 85,000 square feet in Toronto downtown, or 2.9% of the region’s total gross leasable area, is scheduled to commence at net rents 4.9% higher than previous net rents on the same space with a weighted average lease term of 13.7 years while in 2027, 19,000 square feet in Toronto downtown is scheduled to commence at net rents 32.1% higher than previous net rents on the same space with a weighted average lease term of 10.0 years.

In the Other markets region, 11,000 square feet, or 0.6% of the region’s total gross leasable area, is scheduled to commence in 2025 at 8.0% lower than prior net rents on the same space with a weighted average lease term of 4.2 years while in 2027, 3,000 square feet in Other markets is scheduled to commence at net rents 15.4% lower than previous net rents on the same space with a weighted average lease term of 11.3 years.

The Trust currently has a spread of 4% between in-place and in-place and committed occupancy. The main driver of this spread is the current environment’s extended timelines between the signing of a lease with a new tenant and the date that tenant takes possession of the space, which leads to a delay in the commencement of rent and lower current period net operating income. The Trust aims to minimize this downtime now and into the future by aggressively pursuing renewals with existing tenants and signing long-term leases with tenants with strong covenants. The Trust anticipates that, over time, this spread will narrow, leading to higher future net operating income.

During Q2 2025, the Trust executed leases totalling approximately 189,000 square feet across its portfolio. In Toronto downtown, the Trust executed 133,000 square feet of leases at a weighted average initial net rent of $33.60 per square foot, or 6.3% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 7.6 years. In the Other markets region, comprising the Trust’s properties located in Calgary, Saskatoon, Regina, Mississauga, Scarborough and the United States (“U.S.”), the Trust executed leases totalling 56,000 square feet at a weighted average initial net rent of $18.24 per square foot, or 17.2% lower than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 9.6 years. Subsequent to June 30, 2025, the Trust executed a further 39,000 square feet of leases in Toronto downtown at a weighted average initial net rent of $38.74 per square foot, with a weighted average lease term of 4.6 years and 27,000 square feet of leases in Other markets with a weighted average initial net rent of $18.75 per square foot, with a weighted average lease term of 6.3 years.

Since the beginning of the year to today’s date, the Trust has executed leases totalling approximately 507,000 square feet across our portfolio. In Toronto downtown, the Trust has executed 417,000 square feet of leases at a weighted average initial net rent of $32.06 per square foot, or 3.3% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 7.8 years. In the Other markets region, the Trust has executed leases totalling 90,000 square feet at a weighted average initial net rent per square foot of $18.46, or 10.3% lower than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 8.8 years.

REDEVELOPMENT PROJECTS UPDATE

As at June 30, 2025, the Trust has two properties under development: 606-4th Building & Barclay Parkade in Calgary and 67 Richmond Street West in Toronto downtown.

The development project at 606-4th Building & Barclay Parkade will convert the existing 126,000 square foot office building into a brand new 166-unit, purpose-built rental residential apartment building. Concurrently, the Trust is working to relocate the office tenants within 606-4th Building to the adjacent 444-7th Building. With apartment market vacancy at 4.6%⁽⁸⁾ and office vacancy at 30.7%⁽⁷⁾ in Calgary, this pivot in strategy will derisk the asset, increase net operating income and improve value. In addition, this strategy will allow the Trust to improve the occupancy at 444-7th while creating a new residential rental building in downtown Calgary, thereby reducing the operational and financial risk of both buildings.

As a result of moving tenants from 606-4th Building to 444-7th, the in-place and committed occupancy in the latter building has increased to 88.6% with a weighted average lease term of 5.9 years.

In relation to the project, the Trust has entered into an agreement for a grant of up to $11 million from the City of Calgary for the residential conversion as part of their Calgary Downtown Development Strategy Incentive Program. On March 7, 2025, the Trust secured a non-revolving development facility of up to $64.3 million at an interest rate to be set at the time of the first drawdown but not to exceed the 10-year Government of Canada bond rate plus 0.40%. The Trust is currently in advanced discussions with a joint venture partner to sell 50% of the Trust’s interest in the project so that the Trust can further reduce its construction and balance sheet risk.

The development project at 67 Richmond Street West comprises full modernizations of the property, including technical systems, interior lighting and elevators, along with enhanced common areas and larger floorplates.

To date, we have spent $14.8 million on the project at 67 Richmond Street West, $6.3 million of which has been funded by the CIB Facility. As a result of the redevelopment, the Trust attracted Daphne restaurant, which has been awarded Best Upscale Restaurant by Hospitality Design, for the entire ground floor retail space for a term of ten years. In Q4 2024, the scope of the project at 67 Richmond Street West was expanded to include building out model suites for the remainder of the vacant space at the property to meet the current market demand for move-in ready space and reduce lease-up time.

In 2024, the Trust implemented a model suite program to invest capital in nine identified suites, representing 56,000 square feet across four buildings within its portfolio to create move-in ready spaces, which has led to increased lease-up velocity in the completed suites. In increasing the scope at 67 Richmond Street West, the Trust plans to replicate this same strategy and anticipates that it will attract high-quality tenants to this building. With the expansion in project scope, 67 Richmond Street West is expected to be completed at the end of Q3 2025 and the Trust has already commenced discussions with prospective tenants.

FINANCING AND LIQUIDITY UPDATE
KEY FINANCIAL PERFORMANCE METRICS					As at
(unaudited)		June 30,			December 31,
		2025			2024
Financing
Weighted average face rate of interest on debt (period-end)(9)		4.95%			4.75%
Interest coverage ratio (times)(10)		1.7			1.8
Net total debt-to-normalized adjusted EBITDAFV ratio (years)(11)		11.5			12.1
Level of debt (net total debt-to-net total assets)(12)		51.8%			52.9%
Average term to maturity on debt (years)		3.7			3.4
Liquidity
Cash and cash equivalents (in millions)	$	18.9		$	18.3
Cash and undrawn revolving credit facilities (in millions)(13)		93.2			56.5
Total liquidity (in millions)(14)		170.7			138.0
Capital (period-end)
Total number of REIT A and LP B units (in millions)(6)(15)		19.0			19.0
Net asset value (“NAV”) per unit(6)(16)	$	54.56		$	59.47
See footnotes at end.

As at June 30, 2025, the Trust had $2.3 billion of total assets, including $2.2 billion of investment properties and $1.2 billion of total debt.

During the quarter, the Trust refinanced its last remaining 2025 debt maturity, a $30 million mortgage secured by a property in Toronto, Ontario. The refinanced mortgage totals $28 million and matures on April 1, 2028 bearing a floating interest rate based on daily CORRA. On April 21, 2025, the Trust entered into a fixed-for-variable interest rate swap to fix the interest rate on the mortgage at 5.26%.

The Trust’s remaining 2026 debt maturities total $165.5 million across six mortgages. The Trust anticipates that it will be able to successfully address all of its 2026 debt expiries at or before maturity.

On June 5, 2025, the Trust completed the last draw on the non-revolving term loan facility originally entered in connection with a lease negotiated with a commercial banking tenant and restricted for use towards meeting the tenant’s construction allowance requirements. On execution of the last draw, the loan converted to an amortizing term facility under the terms of the agreement and will mature on July 31, 2029.

As at June 30, 2025, the Trust had approximately $170.7 million of total liquidity⁽¹⁴⁾, comprising cash and undrawn revolving credit facilities⁽¹³⁾ of $93.2 million and additional liquidity related to undrawn amounts on our CIB Facility of $77.4 million, which provides low-cost, fixed-rate financing solely for the purpose of commercial property retrofits to achieve certain energy efficiency savings and greenhouse gas (“GHG”) emission reductions. Cash and undrawn revolving credit facilities⁽¹³⁾ of $93.2 million comprises $18.9 million of cash and undrawn revolving credit facilities totalling $74.3 million.

During Q2 2025, the Trust drew $1.0 million against the CIB Facility. In total, we have drawn $35.4 million against the CIB Facility since 2022. These draws represent 80% of the costs to date for capital retrofits at certain properties in Toronto downtown for projects to reduce the operational carbon emissions in these buildings. Of the $35.4 million drawn on the CIB Facility, $8.8 million was used to fund the full building retrofit of 366 Bay Street to secure a full building lease for a term of 15 years and $6.3 million was used to fund the development project at 67 Richmond Street West.

During the quarter, the Trust sold 3,993,083 Dream Industrial REIT units, for net proceeds of $40.4 million, or $10.13 per unit, after transaction costs and fees. The proceeds from the sale were used to pay down the Trust’s corporate credit facility with the intent to improve liquidity and reduce the Trust’s leverage.

On April 3, 2025, the Trust sold a vendor take-back (“VTB”) mortgage receivable originating from a property sale in 2018 to a purchaser for $15 million before transaction costs. The proceeds of the sale were used to repay the corporate credit facility.

SUMMARY OF KEY PERFORMANCE INDICATORS

• Net loss for the quarter: For the three months ended June 30, 2025, the Trust generated a net loss of $41.8 million. Included in net loss for the three months ended June 30, 2025 are negative fair value adjustments to investment properties totalling $32.4 million across the portfolio, interest expense on debt of $15.5 million and a net loss from our investment in Dream Industrial REIT of $23.6 million due to the effect of unit sales over the quarter, partially offset by positive fair value adjustments to financial instruments totalling $8.8 million primarily due to fair value gains on rate swap contracts and net rental income totalling $24.8 million.

• Diluted FFO per unit⁽⁵⁾⁽⁶⁾ for the quarter: For the three months ended June 30, 2025, diluted FFO per unit decreased by $0.14 per unit to $0.62 per unit relative to $0.76 per unit in Q2 2024, driven by lower net rental income due to the sale of 438 University Avenue in Q1 2025 (-$0.11), reduced FFO from Dream Industrial REIT due to the sale of units in Q1 and Q2 (-$0.06), lower straight-line rent due to free rent periods rolling off (-$0.03) and reduced lease termination fees and other income (-$0.02), partially offset by lower interest expense (+$0.03), higher income from the completed development at 366 Bay Street in Toronto (+$0.02), higher income from properties under development (+$0.01), higher comparative properties NOI (+$0.01) and a bad debt recovery in the current quarter (+$0.01).

• Net rental income for the quarter: For the three months ended June 30, 2025, net rental income decreased by 9.2%, or $2.5 million, over the prior year comparative quarter, primarily due to lower income from sold properties relating to the sale of 438 University Avenue in Q1 2025.

• Comparative properties NOI⁽⁴⁾ for the quarter: For the three months ended June 30, 2025, comparative properties NOI increased slightly by 0.6%, or $0.1 million, over the prior year comparative quarter as higher in-place rents in Toronto downtown from rent step-ups, as well as higher weighted average occupancy and lower non-recoverable expenses in Other markets were offset by reduced occupancy from the lease expiry at 74 Victoria Street in Toronto downtown.

  For the three months ended June 30, 2025, comparative properties NOI in Toronto downtown increased slightly by 0.5%, or $0.1 million, over the prior year comparative quarter, as higher in-place rents from rent step-ups, higher rates on lease expansions and higher parking income were offset by lower weighted average occupancy in the region driven by the 206,000 square foot lease expiry at 74 Victoria Street in Q4 2024.

• In-place occupancy: Total portfolio in-place occupancy on a quarter-over-quarter basis decreased by 0.5% relative to Q1 2025. In Toronto downtown, in-place occupancy decreased by 0.8% relative to Q1 2025 as 74,000 square feet of expiries were partially offset by 30,000 square feet of renewals and 22,000 square feet of new lease commencements. In the Other markets region, in-place occupancy decreased by 0.2% relative to Q1 2025 as 26,000 square feet of expiries were partially offset by 16,000 square feet of renewals and 6,000 square feet of new lease commencements. The main driver of the net decrease in in-place occupancy in Toronto downtown was the downsizing and moving of certain tenants at 30 Adelaide Street East and Adelaide Place in order to facilitate five large new long-term lease deals.

  Total portfolio in-place occupancy on a year-over-year basis decreased from 79.2% in Q2 2024 to 77.9% this quarter, as a decline in in-place occupancy in Toronto downtown of 3.8% year-over-year was partially offset by an increase in in-place occupancy in Other markets of 2.9% year-over-year. The decrease in in-place occupancy in Toronto downtown was primarily driven by the lease expiry at 74 Victoria Street in Q4 2024 (-4.6%) and the sale of 438 University Avenue in Q1 2025 (-1.1%), partially offset by positive absorption in the remainder of the region totalling 68,000 square feet (+1.7%) and the effect of the reclassification of the fully occupied 366 Bay Street to active properties in Q3 2024 (+0.2%). The increase in in-place occupancy in Other markets was primarily driven by positive in-place absorption in the region of 141,000 square feet (+3.3%) net of the negative impact of the reclassification of 606-4th Building & Barclay Parkade to properties under development in Q4 2024 (-0.4%).

• Lease commencements for the quarter: For the three months ended June 30, 2025, excluding temporary leasing, 52,000 square feet of leases commenced in Toronto downtown at net rents of $36.59 per square foot, or 4.2% higher compared to the previous rent on the same space with a weighted average lease term of 6.2 years. In the Other markets region, excluding temporary leasing, 22,000 square feet of leases commenced at $21.12 per square foot, or 6.2% higher than the previous rent on the same space with a weighted average lease term of 11.3 years.

• NAV per unit^(6)(16): As at June 30, 2025, our NAV per unit decreased to $54.56 compared to $59.47 at December 31, 2024. The decrease in NAV per unit relative to December 31, 2024 was driven by fair value losses on investment properties primarily due to changes in assumptions and maintenance capital and leasing cost write-offs in both regions, impairment recognized on a VTB mortgage receivable during Q1, the sale of 5,893,083 Dream Industrial REIT units below carrying value during Q1 and Q2, as well as fair value losses on interest rate swap contracts, partially offset by cash flow retention (FFO net of distributions). As at June 30, 2025, equity per the condensed consolidated financial statements was $1.0 billion.

• Fair value adjustments to investment properties for the quarter: For the three months ended June 30, 2025, the Trust recorded a fair value loss totalling $32.4 million, comprising fair value losses of $12.0 million in Toronto downtown, $16.9 million in Other markets and $3.6 million in our properties under development. Fair value losses in Toronto downtown were primarily driven by a write-down at one property valued by a qualified external valuation professional, expansions in cap rates and write-offs of maintenance capital spend, partially offset by increases in in-place market rents at certain properties. Fair value losses in the Other markets region were primarily driven by a write-down at one property resulting from a change in valuation assumptions. Fair value losses in our properties under development were primarily driven by revised leasing timelines.

• Fair value adjustments to financial instruments: For the three months ended June 30, 2025, the Trust recorded fair value gains of $8.8 million. Fair value gains in the current quarter consisted of $4.2 million of gains from remeasurements on rate swap contracts, as well as $4.0 million and $0.7 million in gains from the remeasurement of the carrying value of subsidiary redeemable units and DTUs, respectively, as a result of a decrease in the Trust’s unit price relative to March 31, 2025.

CONFERENCE CALL

Management will host a conference call to discuss the financial results on Friday, August 8, 2025, at 10:00 a.m. (ET). To access the conference call, please dial 1-833-752-4470 in Canada or 647-849-3272 elsewhere. To access the conference call via webcast, please go to Dream Office REIT’s website at www.dreamofficereit.ca

Contacts

Michael J. Cooper
Chairman and Chief Executive Officer

(416) 365-5145

mcooper@dream.ca

Jay Jiang
Chief Financial Officer

(416) 365-6638

jjiang@dream.ca

Read full story here

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) announced today that its Board of Trustees has declared a distribution of $0.0717 per unit for the month of August 2025, representing $0.86 per unit on an annualized basis. The distribution will be payable on September 15, 2025 to unitholders of record on August 29, 2025.

About Primaris Real Estate Investment Trust

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. The current portfolio totals 14.8 million square feet, valued at approximately $4.9 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.

For more information:

TSX: PMZ.UN

www.primarisreit.com

www.sedarplus.ca

 

Contacts

Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

Claire Mahaney

VP, Investor Relations & ESG

647-949-3093

cmahaney@primarisreit.com

Timothy Pire

Chair of the Board

chair@primarisreit.com