Making use of Ontario government changes and local municipal willingness, Marshall Homes cuts approval times, triples density, and passes down $20,000 in savings for future homebuyers in the Durham Region.

TORONTO–(BUSINESS WIRE)–In response to Ontario’s housing crisis, Marshall Homes has secured quick government collaboration to approve its new community of urban townhomes, “Time” in just five weeks — expediting conventional approval timelines. This groundbreaking acceleration of approving an Official Plan Amendment and Zoning Bylaw comes at a crucial moment when the province faces a dire shortage of affordable housing.

In addition to the speedy approval process, the original project proposal for “Time” was expanded from 27 homes to 81 homes, creating a 300% increase in much-needed homes within Durham Region. By reducing the approval process by 93% and completing the development proposal in just five weeks — compared to the typical 18-24 month timeframe — Marshall Homes is poised to make homeownership more attainable, with prices starting in the low $600,000s—far below the average attached housing price of $851,733 in the area. The accelerated approvals process and increased number of homes from the original proposal passes down $20,000 in interest and consultation savings for future homebuyers, making it one of the most affordable townhome options available in the region.

“I want to express my heartfelt gratitude to Mayor Collier, Premier Ford, Ajax Tarion, TRCA, and HCRA teams for their incredible support. Their response to progressive legislation truly makes a difference in improving affordability,” says Craig Marshall, Founder and President of Marshall Homes. “Their willingness to collaborate has allowed us to bring much-needed homes to market, mitigating the usual delays and extra costs that come with lengthy approval processes, which in turn allows us to pass savings down to homeowners. The urgency of more homes is getting through to all levels of governmental authority and more importantly to the people that work there. It is infectious.”

“Through initiatives like the “Time” project, we are demonstrating how effective collaboration between government and private developers can lead to innovative solutions for housing shortages,” said Shaun Collier, Mayor of the Town of Ajax. “We remain committed to supporting projects that not only provide homes but also contribute to the overall well-being of our communities.”

The architectural firm, Hunt Design Associates, designed the “Time” project. It features thoughtfully crafted urban bungalows and two-level townhomes. The designs prioritize accessibility and long-term livability, some with stair-free layouts that enhance residents’ comfort and functionality. The contemporary architecture features large windows that flood spaces with natural light. This serves to improve the quality of life and health for the homeowners. The natural light and high ceilings create an open, expansive feel in the spaces. The development features a diverse suite mix of 2 bedroom options ranging from 800 – 1,200 square feet, catering to various family needs. Each suite will include on-site parking making “Time” well-suited for families looking to put down roots in the Durham region.

Located just north of Kingston Road with easy access to the 401, Ajax offers an ideal mix of convenience and community. Situated on the edge of the Duffins Trail System in Central Ajax, the “Time” development is within walking distance of the expansive greenspace, perfect for those looking for a natural oasis. Residents with families will enjoy the walkable proximity of over five primary and secondary schools. For those who work and play just outside the city, “Time” is an 8-minute drive from the Ajax GO station and Highway 401.

Inside the region, residents will enjoy easy access to local amenities, including the Pickering Golf Club, Pickering and Ajax casinos, the waterfront, and the Audley Recreation Centre, all within a ten-minute drive. This strategic location ensures that future homeowners enjoy vibrant community life and essential services.

This development not only fills a critical gap in the local housing supply but also serves as a model for future projects. Marshall Homes remains committed to innovation and efficiency in the housing sector, with a focus on creating quality homes in well-connected communities.

Suites at “Time” will start from the low $600,000s. Register now for exclusive updates and early access to secure one of Durham’s most affordable homes at marshallhomes.ca/communities/time.

About Marshall Homes

Marshall Homes is a leader in the homebuilding industry, with over 30 years of experience creating well-designed, energy-efficient homes that prioritize the resident experience. The company focuses on delivering boutique enclaves and custom homes throughout Durham and cottage country, consistently exceeding industry standards with features like solar and geothermal heating. Under the leadership of President Craig Marshall, Marshall Homes continues to set benchmarks for excellence in the residential construction sector. For more information on Marshall Homes and their communities, visit: www.marshallhomes.ca.

Contacts

For media inquiries, please contact:
Chantel Cassar

Co-Founder

Category Communications

chantel@categorycomms.com
647-621-1323

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 $0.07 per unit for the month of November 2024, representing $0.84 per unit on an annualized basis. The distribution will be payable on December 16, 2024 to unitholders of record on November 29, 2024.

About Primaris Real Estate Investment Trust

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in leading enclosed shopping centres located in growing mid-sized markets. The portfolio totals 13.4 million square feet valued at approximately $4.1 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

• Leading manufacturers representatives focused on servicing the municipal water and wastewater treatment markets
• Leading vacuum pump sales, repair, and maintenance provider servicing the electronics, food & beverage, and biomedical markets
• Enhances DXP’s geographic reach and capabilities
• Continues to accelerate DXP’s end market diversification
• Attractive margins and cash flow

HOUSTON–(BUSINESS WIRE)–#DXPE—DXP Enterprises, Inc. (NASDAQ: DXPE) today announced that is has completed the acquisitions of Burt Gurney & Associates (“BGA”) and MaxVac Inc. (“MaxVac”). DXP funded the acquisitions with cash on the balance sheet.

BGA is a leading manufacturers representative in the municipal water and wastewater treatment headquartered in Omaha, Nebraska. MaxVac is a leading vacuum pump sales, repair and maintenance provider servicing the Central Valley and San Francisco, California markets focused on customers in the electronics, semiconductor, food & beverage, pharmaceutical and biomedical markets.

David R. Little, Chairman and Chief Executive Officer remarked, “We are pleased to welcome the Burt Gurney and MaxVac employees to the DXP team. Both are well-run businesses focused on providing value-added products and services to the water and vacuum pump markets. BGA will provide DXP’s Water division with new geographic territory and MaxVac will provide enhanced product and reach for DXP’s vacuum pump capabilities. BGA and MaxVac are great companies with key differentiators and provides us with high caliber people.”

Signing of the definitive agreements occurred on November 1, 2024. Sales and adjusted EBITDA for BGA and MaxVac for the last twelve months ending September 30, 2024, were approximately $11.7 million and $1.6 million, respectively. Adjusted EBITDA was calculated as income before tax, plus interest, depreciation and amortization, plus non-recurring items that will not continue after the acquisition.

Kent Yee, Chief Financial Officer added, “We are excited to welcome the talented and hardworking employees of Burt Gurney and MaxVac to the DXP team. The addition of BGA furthers us in our mission to build DXP Water into a full-line products and service focused platform servicing the municipal and industrial water and wastewater treatment markets. MaxVac provides us with a new platform to continue to scale and build vacuum pump, repair, and maintenance capabilities. We look forward to continuing on this path in 2025 as we scale DXP.”

Non-GAAP Financial Measures

DXP supplements reporting of net income with non-GAAP measurements, including EBITDA, Adjusted EBITDA and free cash flow. This supplemental information should not be considered in isolation or as a substitute for the unaudited GAAP measurements. Additional information regarding EBITDA referred to in this press release is included below under “–Unaudited Reconciliation of Non-GAAP Financial Information.”

The Company believes EBITDA provides additional information about: (i) operating performance, because it assists in comparing the operating performance of the business, as it removes the impact of non-cash depreciation and amortization expense as well as items not directly resulting from core operations such as interest expense and income taxes and (ii) the performance and the effectiveness of operational strategies. Additionally, EBITDA performance is a component of a measure of the Company’s financial covenants under its credit facility. Furthermore, some investors use EBITDA as a supplemental measure to evaluate the overall operating performance of companies in the industry. Management believes that some investors’ understanding of performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing ongoing results of operations. By providing this non-GAAP financial measure, together with a reconciliation from net income, the Company believes it is enhancing investors’ understanding of the business and results of operations, as well as assisting investors in evaluating how well the Company is executing strategic initiatives.

About DXP Enterprises, Inc.

DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada, Mexico and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production (“MROP”) services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP’s breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.

The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission.

Contacts

Kent Yee

Senior Vice President CFO

713-996-4700 – www.dxpe.com