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 and six months ended June 30, 2024 (“Q2 2024”). Management will host a conference call to discuss the financial results on August 8, 2024 at 10:00 a.m. (ET).

HIGHLIGHTS

• Comparative properties net operating income (“comparative properties NOI”)¹ was $6.4 million in Q2 2024, a 6.8% increase compared to $6.0 million in Q2 2023, primarily due to a $0.5 million increase in comparative investment properties revenue. Net rental income was $8.0 million in Q2 2024, or $0.3 million higher than the prior year comparative quarter, primarily due to a decrease in investment properties operating expenses.

• Diluted funds from operations (“FFO”) per Unit² was $0.18 for Q2 2024, which was consistent with Q2 2023.

• Portfolio occupancy was 94.0% as at June 30, 2024, up from 93.8% at the end of Q1 2024, with Greater Oklahoma City region at 94.3%, Greater Dallas-Fort Worth region at 92.7% and Greater Cincinnati region at 94.9%. Occupancy was consistent with expectations as we continue to manage our value-add program, completing 64 units during the quarter.

• Average monthly rent at June 30, 2024 was $1,167 per unit, increasing 1.0% quarter over quarter, compared to $1,155 per unit at March 31, 2024.

• Maintaining conservative balance sheet and financial flexibility. Net total debt-to-net total assets³ was 32.8% as at June 30, 2024, compared to 31.6% as at December 31, 2023. Total mortgages payable were $138.2 million, consisting of 11 fixed rate mortgages with a weighted average contractual interest rate of 4.0%. Total assets (per condensed consolidated financial statements) were $407.6 million as at June 30, 2024. Total assets comprised primarily $396.8 million of investment properties and $6.8 million of cash and cash equivalents.

_______________________________

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 and six months ended June 30, 2024 and June 30, 2023. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

2 Diluted FFO per Unit is a non-GAAP ratio. Diluted FFO per Unit 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.

“We were pleased with the REIT’s financial and operational performance for Q2 2024,” said Brian Pauls, Chief Executive Officer of Dream Residential REIT. “The REIT delivered solid year-over-year comparative properties NOI growth at 6.8%, bringing our year-to-date comparative NOI growth to approximately 5%, which is at the upper end of our targeted range for the year.”

• Q2 2024 net income was $3.3 million, which comprises net rental income of $8.0 million, fair value adjustments to investment properties of $(4.1) million and fair value adjustments to financial instruments of $2.7 million, primarily from the revaluation of Class B units of DRR Holdings LLC, a subsidiary of the REIT (“Class B Units” – together with the Trust Units, “Units”). Other income and expenses totalled $(3.3) million.
• On April 4, 2024, the REIT extended the term of its credit facility to March 28, 2027.
• Total equity (per condensed consolidated financial statements) was $241.3 million as at June 30, 2024, compared to $218.0 million as at December 31, 2023, primarily due to 3.3 million Class B Units exchanged for REIT Units in Q1 2024 for a total market value of $22.3 million.
• Net asset value (“NAV”)⁴ per Unit was $13.47 as at June 30, 2024, compared to $13.50 as at December 31, 2023.
• The REIT declared distributions totalling $0.105 per Unit during Q2 2024.
• During the six months ended June 30, 2024, 3.3 million Class B Units were redeemed and exchanged for Trust Units.

FINANCIAL HIGHLIGHTS

		Three months ended June 30,						Six months ended June 30,
(in thousands unless otherwise stated)		2024			2023			2024			2023
Operating results
Net income		$	3,346		$	11,005		$	4,162		$	137
FFO(1)			3,516			3,464			6,963			6,987
Net rental income			7,984			7,685			14,617			14,795
Comparative properties NOI(10)			6,362			5,958			12,443			11,844
Comparative properties NOI margin(11)			52.6%			51.3%			51.6%			51.6%
Per Unit amounts
Distribution rate per Trust Unit		$	0.105		$	0.105		$	0.210		$	0.210
Diluted FFO per Unit(2)(3)			0.18			0.18			0.35			0.35
See footnotes at end

Net income for Q2 2024 was $3.3 million compared to $11.0 million in Q2 2023, primarily due to a change in fair value adjustments to investment properties of $(2.7) million and a change in fair value adjustments to financial instruments of $(5.4) million from the comparative quarter. FFO for Q2 2024 and the prior year comparative quarter was $3.5 million, with an increase in comparative properties NOI offset by higher general and administrative expenses. Q2 2024 diluted FFO per Unit was $0.18 and consistent with the prior year comparative quarter.

_______________________________

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 rental income for Q2 2024 was $8.0 million compared to $7.7 million in the prior year comparative quarter. Comparative properties NOI for Q2 2024 increased to $6.4 million compared to $6.0 million in the prior year comparative quarter. Comparative properties NOI margin for Q2 2024 was 52.6%, compared to 51.3% in the prior year comparative quarter. Q2 2024 comparative properties NOI includes comparative investment properties revenue of $12.1 million, which exceeded the prior year comparative quarter by $0.5 million, primarily driven by rental rate growth and value-add rental premiums. Investment properties operating expenses remained flat from Q1 2024 (excluding the impact of IFRIC 21 and one sold property in Q4 2023), largely as a result of increased property insurance and utilities, offset by reduced maintenance expenses.

PORTFOLIO INFORMATION

		June 30, 2024			March 31, 2024			June 30, 2023
Total portfolio
Number of assets			15			15			16
Investment properties fair value (in thousands)		$	396,800		$	398,140		$	424,980
Units			3,300			3,300			3,432
Occupancy rate – in place (period-end)			94.0%			93.8%			94.1%
Average in-place base rent per month per unit		$	1,167		$	1,155		$	1,122
Estimated market rent to in-place base rent spread (%) (period-end)			8.8%			9.8%			8.6%
Tenant retention ratio(12)			59.2%			57.2%			52.7%
See footnotes at end

ORGANIC GROWTH

Weighted average monthly rent as at June 30, 2024 was $1,167 per unit, compared to $1,155 at March 31, 2024. Rental rates increased 1.1% in the Greater Cincinnati region, 1.0% in the Greater Oklahoma City region, and 0.9% in the Greater Dallas-Fort Worth region since March 31, 2024.

During Q2 2024, blended lease trade-outs averaged 2.2% compared to 2.0% in Q1 2024. This comprises an average increase on renewals of approximately 3.7% (March 31, 2024 – 4.4%) and an average increase on new leases of approximately 0.1% (March 31, 2024 – (1.2)%). As at June 30, 2024, estimated market rents were $1,270 per unit, or an average gain-to-lease for the portfolio of 8.8%. The retention rate for the quarter ended June 30, 2024 was 59.2% compared to 57.2% for the three months ended March 31, 2024 as we continued to prioritize leasing efforts to secure renewals during the period.

Value-Add Initiatives

During Q2 2024, renovations were completed on 64 suites primarily across Greater Dallas-Fort Worth and Greater Oklahoma City regions, with 16 suites under renovation as at June 30, 2024. For the three months ended June 30, 2024, the average new lease trade-out on renovated suites was $93 per unit higher than expiring leases, or a lease-trade-out of 7.5%.

“Our operating performance improved quarter over quarter with blended trade-outs increasing,” said Scott Schoeman, Chief Operating Officer of Dream Residential REIT. “Our continued focus on managing controllable operating expenses helped to increase our comparative property NOI margin. In the current environment, we have prioritized occupancy and we believe that it is prudent to focus on tenant retention and are actively managing the timing and number of suites that we plan on renovating.”

FINANCING AND CAPITAL INFORMATION

					As at
(unaudited) (dollar amounts presented in thousands, except for per Unit amounts)		June 30, 2024			December 31, 2023
Financing
Net total debt-to-net total assets(4)			32.8%			31.6%
Average term to maturity on debt (years)			4.8			5.3
Interest coverage ratio (times)(5)			2.9			2.9
Undrawn credit facility		$	70,000		$	70,000
Available liquidity(6)		$	76,817		$	80,943
Capital
Total equity		$	241,295		$	218,032
Total equity (including Class B Units)(7)		$	264,888		$	265,358
Total number of Trust Units and Class B Units(8)		$	19,667,939		$	19,656,471
Net asset value (NAV) per Unit(9)		$	13.47		$	13.50
Trust Unit price		$	6.32		$	6.75
See footnotes at end

As at June 30, 2024, net total debt-to-net total assets was 32.8%, total mortgages payable were $138.2 million and total assets were $407.6 million. The REIT ended Q2 2024 with total available liquidity of approximately $76.8 million⁽⁶⁾, comprising $6.8 million of cash and cash equivalents and $70.0 million available on its undrawn revolving credit facility.

Total equity of $241.3 million increased from December 31, 2023 by $23.3 million, primarily due to 3.3 million Class B Units exchanged for REIT Units in Q1 2024 for a total market value of $22.3 million. As at June 30, 2024, there were approximately 15.9 million Trust Units and 3.7 million Class B Units.

NAV per Unit as at June 30, 2024 was $13.47 compared to $13.50 as at December 31, 2023.

CONFERENCE CALL

Senior management will host a conference call to discuss the financial results on Thursday, August 8, 2024 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 and six months ended June 30, 2024, dated August 7, 2024 (the “Q2 2024 MD&A”) and can be found under the section “Non-GAAP Financial Measures and Ratios” and respective sub-headings labelled “FFO and diluted FFO per Unit”, “NAV per Unit”, “Comparative properties NOI and comparative properties NOI margin”, “Adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments (Adjusted EBITDAFV)”, “Trailing 12-month adjusted EBITDAFV”, “Trailing 12-month interest expense on debt”, “Available liquidity”, “Total equity (including Class B Units)”, “Interest coverage ratio (times)” and “Net total debt-to-net total assets”. In this press release, the REIT also discloses and discusses certain supplementary financial measures, including tenant retention ratio and weighted average number of units. The composition of supplementary financial measures included in this press release is expressly incorporated by reference from the Q2 2024 MD&A and can be found in the section “Supplementary Financial Measures and Other Disclosures”. The Q2 2024 MD&A is available on SEDAR+ at www.sedarplus.com under the REIT’s profile and on the REIT’s website at www.dreamresidentialreit.ca under the Investors section. Non-GAAP financial measures and ratios should not be considered as alternatives to net income , net rental income, investment properties revenue, cash flows generated from (utilized in) operating activities, cash and cash equivalents, total assets, non-current debt, total equity, or comparable metrics determined in accordance with IFRS Accounting Standards as indicators of the REIT’s performance, liquidity, cash flow and profitability.

Forward-looking information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes statements regarding our ability to drive rental rate growth; future market conditions; our ability to maintain a safe and flexible balance sheet which will drive operations; our anticipated investments in our properties and their effect on portfolio quality and rent growth; our intention to implement our value-enhancing renovation initiatives across our portfolio; the resiliency of our portfolio; and the ability of our value-add program and regional diversification to enhance the safety of our business. Forward-looking information generally can be identified by the use of forward-looking terminology such as “will”, “expect”, “believe”, “plan” or “continue”, or similar expressions suggesting future outcomes or events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Residential REIT’s control 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; 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; and that geopolitical events will not disrupt global economies. All forward-looking information in this press release speaks as of the date of this press release. Dream Residential REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions, 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 and six months ended June 30, 2024 and June 30, 2023 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 2024 MD&A in the section “Supplementary Financial Measures and Other Disclosures”, under the heading “Weighted average number of Units”.

(4) Net total debt-to-net total assets is a non-GAAP ratio. Net total debt-to-net total assets comprises net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). The most directly comparable financial measure to net total debt is mortgages payable, and the most directly comparable financial measure to net total assets is total assets. For further information on this non-GAAP ratio and these non-GAAP financial measures, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

(5) Interest coverage ratio (times) is a non-GAAP ratio. Interest coverage ratio 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 June 30, 2024. For further information on this non-GAAP ratio and non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

(6) Available liquidity is a non-GAAP financial measure. The most directly comparable financial measure to available liquidity is the undrawn credit facility. The table included in the Appendices section of this press release reconciles available liquidity to the undrawn credit facility as at June 30, 2024 and December 31, 2023. For further information on this non-GAAP measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

(7) Total equity (including Class B Units) is a non-GAAP financial measure. The most directly comparable financial measure to total equity (including Class B Units) is total equity. For further information on this non-GAAP measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. The table included in the Appendices section of this press release reconciles total equity (including Class B Units) to total equity (per the condensed consolidated financial statements) as at June 30, 2024 and December 31, 2023.

(8) Total number of Units includes 15,934,864 Trust Units and 3,733,075 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.

(10) Comparative properties NOI is a non-GAAP financial measure. The most directly comparable financial measure to comparative properties NOI is net rental income. The table included in the Appendices section of this press release reconciles comparative properties NOI for the three and six months ended June 30, 2024 and June 30, 2023 to net rental income. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

(11) Comparative properties NOI margin is a non-GAAP ratio. Comparative properties NOI margin is defined as comparative properties NOI (a non-GAAP financial measure) divided by comparative investment properties revenue, as a percentage. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

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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TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (NASDAQ: REAX), a technology platform reshaping real estate for agents, home buyers and sellers, today announced it continued to add top teams throughout North America in July.

“This year is proving to be a significant one for Real. Just last month, we surpassed the 20,000-agent milestone, and we’re steadily adding top-producing teams and independent brokerages who are positioning themselves in an evolving real estate market,” said Sharran Srivatsaa, President of Real. “At Real, we blend a proprietary technology platform with a distinct agent value proposition and a culture of collaboration, designed for entrepreneurs who want to be part of something bigger.”

The following are some of the teams joining Real during the month of July:

• Legacy Group, led by Corilyn Tessier and Kara Chase. The eight-agent boutique firm was founded in 2019 and serves New Hampshire, Southern Maine and Northern Massachusetts. Since 2020, the team has closed home sales of more than $293 million, including nearly $83 million in 2023.
• L34 Group, led by Deirdre Salomone and Terry Saltzman. The seven-agent team brings more than 40 years of collective experience to the clients it serves in Northeast Los Angeles, Altadena and Pasadena. Founded in 2009, the team closed sales totaling $80 million in 2023.
• NUEVA Real Estate, led by Jose Perez. Founded in 2020, the 50-agent team serves the Downey/Whittier markets in Southeast Los Angeles County and has helped 600 families achieve their real estate goals. Since its inception, it has closed home sales totaling more than $330 million, including $80 million in 2023.
• RAZR Group, led by MJ Frazier. The team brings seven agents and serves the D.C. metro, including Maryland and Virginia. The team focuses on catering to the unique needs of luxury investors and developers and joins as part of Real’s luxury division. In addition, with several of its agents fluent in Vietnamese and Spanish, the team is positioned to serve the diverse cultures who are represented in the nation’s capital. RAZR Group has closed home sales valued at more than $250 million, including $80 million in 2023.
• Addison Real Estate, led by Kellene Addison. A family-owned, women-led independent brokerage, Addison brings a diverse team of 21 agents who provide the capability of serving clients in six languages throughout Morris, Sussex and Warren counties in New Jersey. The team has sold 795 homes valued at $282 million since its founding in 2020, and closed sales totaling $70 million in 2023.
• Own It Northwest, led by Ross Seligman. Founded in 2005, the team’s eight agents serve the Portland metro area, including Beaverton, Hillsboro, Lake Oswego and Happy Valley. The team closed sales totaling $50 million in 2023.
• Utah’s Finest, led by Paige Steckling. The three-agent team was founded in 2022 and serves the state of Utah. The team closed sales of $40 million in 2023.
• SL Home Group, led by Stephen Lonnen. The seven-agent team was founded in 2020 and serves the greater Charlotte, N.C., metropolitan area, including Upstate South Carolina. The team closed sales of $33 million in 2023.

About Real

Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence throughout the U.S. and Canada, Real supports more than 20,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as of the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, expectations regarding Real’s agent count.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. Important factors that could cause such differences include, but are not limited to, slowdowns in real estate markets, economic and industry downturns, Real’s ability to attract new agents and retain current agents and those risk factors discussed under the heading “Risk Factors” in the Company’s Annual Information Form dated March 14, 2024, a copy of which is available under the Company’s SEDAR+ profile at www.sedarplus.ca. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Contacts

Investor inquiries, please contact:

Ravi Jani

Vice President, Investor Relations and Financial Planning & Analysis

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

elisabeth@therealbrokerage.com
201.564.4221

New property insurance product available for homeowners, tenants, condominium and landlord policies in Ontario and Western Canada

TORONTO–(BUSINESS WIRE)–Travelers Canada, a division of The Travelers Companies, Inc. (NYSE: TRV), today announced the launch of OPTIMA® Home, a new property insurance product that provides customizable coverage options for homeowners, tenants, condominium and landlord policies. The product is offered through a highly intuitive platform, which allows brokers to seamlessly quote, issue and adjust coverage.

“We created OPTIMA Home with the needs of our customers and brokers in mind,” said Bob Aaron, Vice President of Personal Insurance at Travelers Canada. “The new product gives customers greater coverage flexibility and easy-to-understand policies to provide a better all-around experience, while offering an underlying platform to simplify the process for our broker partners.”

OPTIMA Home’s features include:

• Scalability – The ability to scale standard coverage limits up or down to meet individual needs.
• Specialty and Supplemental Coverages – Access to additional packages or add-on coverage for potential risks such as debris removal, earthquake and floodwater.
• New Discounts – Cost reductions that can be added for customers who pay their premiums on time, get an early quote or use green home and water protective devices.
• Simplified Documents – Straightforward documents and eligibility guidelines to help customers better understand their coverages.

All Travelers policies provide best-in-class customer service and support from the company’s in-house Claim team. OPTIMA Home is currently available in Ontario and Western Canada, and will soon be available in Atlantic Canada.

For more information about OPTIMA Home, please visit TravelersCanada.ca.

About Travelers Canada

The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of approximately $41 billion in 2023. Travelers Insurance Company of Canada, The Dominion of Canada General Insurance Company, and St. Paul Fire and Marine Insurance Company (Canada branch) are the Canadian licensed insurers known as Travelers Canada. For more information, visit TravelersCanada.ca.

Contacts

Media:
Sara Ametrano, 416-457-7973

sametran@travelers.com

Stephen Bernard, 860-954-5086

sbernar5@travelers.com

Partnership enables Trilliant to support partner and customer metering requirements quickly and cost effectively

TORONTO–(BUSINESS WIRE)–#AMI—Trilliant, a leading international provider of advanced metering infrastructure (AMI), smart grid, smart cities and IIoT solutions, announced it has reached an agreement with Kamstrup, a world-leading manufacturer of system solutions for smart energy and water metering, to become an Elite Distributor of the company’s heat/cool metering line for Canada.

This new distributor role positions Trilliant to support partner and customer metering requirements across the country even more efficiently and cost-effectively, with priority access to shipments and more. Kamstrup’s MULTICAL® heat/cool meters — approved by Measurement Canada — are interoperable with Trilliant’s AMI and Smart Buildings solutions, and the companies’ combined leading technologies and expertise will enable Trilliant to provide a future-proof, robust multi-commodity sub-metering platform.

“Kamstrup is pleased to form this partnership with Trilliant to extend our reach in Canada,” said Arpit Sharma, Head of Sales Operations, Heat/Cooling at Kamstrup. “Trilliant demonstrates a true dedication to providing powerful, flexible technology solutions to improve processes and increased savings for utilities and energy organizations. We look forward to working more closely with them to enable greater efficiencies for Canadians.”

“This new agreement with Kamstrup is a significant milestone that will enable us to quickly address the heat/cool metering requirements of our customers and partners in Canada,” said Steven Lupo, Managing Director, Canada and U.S. at Trilliant. “Kamstrup and Trilliant share many of the same tenets, with a strong focus on modular communications. We’ve valued our partnership with Kamstrup over the years, and this next step enables us to better serve and support the market, especially as we continue to focus on our innovative Smart Building solutions.”

Heat/cool meters play an essential role in centralized heating, ventilation, and air conditioning systems most commonly deployed in multi-tenant buildings. As a key component of Trilliant’s sub-metering solution, they help enable benefits including:

• Providing a reliable solution to accurately calculate energy consumption by each tenant’s unit, as well as in common areas of multi-tenant buildings such as party rooms and gyms
• Encouraging tenants to use energy more efficiently and intelligently throughout the year
• Helping building managers monitor system performance, in turn identifying any operational issues in the HVAC system — potentially saving significant amounts in repair costs

The Power of Choice

Trilliant’s end-to-end portfolio of solutions offer partners, utility companies and Smart Cities the Power of Choice. Its flexible, multi-tiered platform is device-agnostic and drives optimal endpoints and outcomes, enabling utilities to optimize assets and offer value-added services to customers.

Trilliant’s comprehensive sub-metering solution enables the ability to quickly and seamlessly add applications to a single network — from electricity to water and heat/cool. Trilliant offers a clear path for any building, regardless of age, to enjoy the benefits of technological advancement and participate in sustainability initiatives, improve efficiency, and encourage responsible resource consumption.

Learn more about Trilliant’s Smart Building solutions:

• Visit Trilliant’s Sub-Metering for Smart Buildings solution page
• Read this blog about how Trilliant empowers submetering in Canada
• Review this Golden Horseshoe partner snapshot highlighting GHMS and Trilliant’s implementation of a residential metering system and IIoT platform to improve energy management
• Learn how Trilliant worked with Provident on a successful implementation of a wireless basement water metering solution for a number of townhomes in the Greater Toronto Area

The partnership between Trilliant and Kamstrup is effective immediately.

About Kamstrup

Kamstrup is a leading supplier of intelligent metering solutions and services. With a strong focus on innovation, quality, and sustainability, Kamstrup’s products and solutions enable utilities and end-users to optimize resource usage, reduce costs, and improve overall efficiency. For more than 75 years Kamstrup has been dedicated to delivering actionable insights to water and energy professionals, because we believe better data enables better decisions. Our solutions including meters, remote reading systems, software and services are sold in more than 90 countries. With global headquarters in Denmark, Kamstrup serves customers worldwide and is committed to shaping a more sustainable future. https://www.kamstrup.com/

About Trilliant

Trilliant® empowers the global energy industry with the only device-agnostic communications platform that enables utilities and cities to deploy any application securely and reliably on one powerful network. Our purpose-built portfolio is designed to offer the power of choice, without risk of customers being “locked in” with one technology provider or meter manufacturer. We are proud to offer mission-critical solutions that support AMI, Data & Analytics, Smart Metering, Smart Grids and Smart Cities. Customers worldwide benefit from Trilliant’s unique combination of flexibility, sustainability and scalability that connects utilities and cities to the IIoT and a more strategic path to the Energy Transition. Visit us at www.trilliant.com.

Contacts

Media:
Tracey Mitchell

tracey.mitchell@trilliant.com

Cindy Watson/Anita Wong

StrategicAmpersand Inc.

TrilliantPR@stratamp.com