Century icon in commercial and residential doors picks GTT for Managed SD-WAN, Managed Firewall and Secure Remote Access to support its production uptime

ARLINGTON, Va.–(BUSINESS WIRE)–#5G—GTT Communications Inc., a leading networking and security as a service provider for multinational organizations, has been selected by Forte Opening Solutions to deliver a high-availability Managed SD-WAN with integrated Secure Remote Access and Managed Firewall. This solution will ensure uninterrupted connectivity and robust data security for Forte Opening Solutions’ digital operations for the production and distribution of its premium door solutions across 21 sites in the US and Canada.

Through GTT Envision, a seamless and redundant solution including Dedicated Internet Access, 5G Fixed Wireless Access and Wireline Broadband with a high-availability architecture of dual links and hardware has been deployed at each site. Paired with security via Managed SD-WAN, Managed Firewall and Secure Remote Access, GTT will ensure end-to-end protection between authorized end users and the applications that drive operations and production for Forte Opening Solutions. This will protect the network from data transport and hardware failures – all backed by a 99.95% uptime Service Level Agreement.

“Working with GTT for our network and security helps simplify my life,” said Frank Barrett, Vice President of IT, Forte Opening Solutions. “GTT’s combination of security services, Managed SD-WAN and choice of connectivity options enable redundancy and reliability at each of our sites and ensure secure access to our web-based manufacturing and productivity applications. This greatly reduces the risk of network downtime or disruption, which is critical for our production.”

“We’re proud to deliver the networking and security solutions via GTT Envision that Forte Opening Solutions relies upon for production while also connecting its offices and employees to the data and applications required to achieve their business objectives,” said Joan Logan, President, Americas Division, GTT. “Our managed high-performance SD-WAN integrated with our security solutions empower Forte Opening Solutions to remain connected and secure, supporting the craftmanship and perfection it has delivered for more than a century.”

GTT Managed SD-WAN service integrates seamlessly with GTT cloud security offerings, providing controlled and efficient management of the entire enterprise network. GTT was recently named a U.S. Leader in Managed SD-WAN by the Information Services Group (ISG), a renowned technology research and market intelligence advisory firm. The 2024 ISG Provider Lens™ Network – Software Defined Solutions and Services Report highlighted GTT for giving customers the flexibility to choose the technologies and ongoing managed and professional services support that best suit their business needs. In addition, GTT was honored as the 2024 Managed Security Solution of the Year by the CyberSecurity Awards for enabling customers to deliver secure cloud networks in a zero trust framework across the globe.

About Forte Opening Solutions

Forte Opening Solutions supplies a full range of premium components and door solutions, tailored to customer needs and delivered through a variety of options, including the USA Wood Door quick ship service. Operating in eight states and Canada, Forte is dedicated to making every door, every interaction, and every opening unforgettable. For more information: www.forteopenings.com

About GTT

GTT is a leading networking and security-as-a-service provider for multinational organizations, connecting people and machines to data and applications — anywhere in the world. We serve thousands of organizations, bringing together the right people, partners and technology to reduce the burden on IT teams and solve the most pressing networking and security challenges. Built on our top-ranked global Tier 1 network, the GTT Envision platform provides visibility, insights, orchestration and control, enabling customers with consumable solutions to achieve business missions and meet ongoing demand when, where and how needed. Our portfolio includes SASE, SD-WAN, security, internet, voice and other connectivity options, complemented by a suite of professional services and exceptional sales and support teams in local markets around the globe. We partner with our customers to deliver Greater Technology Together. www.gtt.net

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Contacts

GTT Media Inquiries:

Americas:
MaryLynn Heath, GTT

+1-646-214-4078

MaryLynn.Heath@gtt.net

Europe:
Siria Nielsen, GTT

+31-6-2835-4259

Siria.Nielsen@gtt.net

GTT Investor Relations:
Charlie Lucas, GTT

+1-571-388-5154

InvestorRelations@gtt.net

NEW YORK–(BUSINESS WIRE)–VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the “Company”) announced today that it has entered into an amendment and consented to the assignment of the master lease agreement with PURE Canadian Gaming Corp. (“PURE”) to an affiliate of Indigenous Gaming Partners Inc. (“IGP”), in connection with the acquisition of the operating assets of PURE by an affiliate of IGP.

IGP is a partnership of five institutional First Nations established to acquire gaming assets in North America. IGP has partnered with Sonco Gaming, one of Canada’s most experienced casino developers and managers, who will assist in the sourcing and execution of casino gaming investments, as well as management oversight of IGP’s portfolio.

Danny Valoy, Vice President of Business Development and Acquisitions, said, “This transaction demonstrates VICI’s ability to collaboratively work with existing partners while building new relationships with highly experienced operators and First Nations in international jurisdictions. We are pleased to welcome IGP as a new partner, and we look forward to expanding our relationship with IGP and Sonco as they pursue additional growth opportunities in the future.”

Anthony Novac, CEO of Sonco, said, “We are excited to work with VICI, an established partner in providing financial solutions to the gaming industry. We believe having a partner like VICI will give us a competitive advantage as we seek growth opportunities in the Canadian market.”

In connection with entering into the amendment to the PURE Canadian master lease, VICI received a 5-year right of first offer (“ROFO”) on future sale-leaseback transactions. Any additional properties acquired pursuant to the ROFO will be added to the master lease.

The annual base rent of C$22.0 million (US$15.5 million based on the CAD:USD exchange rate as of December 9, 2024) and other economic terms of the PURE Canadian master lease will remain unchanged, including a base term of 25-years with four 5-year tenant renewal options, escalation of 1.25% per annum in lease year 3, with escalation equal to the greater of 1.5% and Canadian CPI (capped at 2.5%) starting in lease year 4, and a minimum capital expenditure requirement equal to 1.0% of annual net revenue. The lease, currently in lease year 2 and escalating on February 1 of each year, encompasses the following assets in Alberta, Canada: PURE Casino Edmonton, PURE Casino Yellowhead, PURE Casino Calgary and PURE Casino Lethbridge.

About VICI Properties

VICI Properties Inc. is an S&P 500^® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Bowlero, Cabot, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield and Kalahari Resorts. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com.

About IGP

Indigenous Gaming Partners Inc. is a newly established gaming company focused on developing a portfolio of high-quality, market-leading casinos through strategic acquisitions and operational excellence. The partnership is comprised of five institutional First Nations including Glooscap First Nation, Millbrook First Nation, Annapolis Valley First Nation, We’koqma’q L’nue’kati, and Paqtnkek Mi’kmaw Nation. With a mission to create meaningful economic opportunities for Indigenous communities, IGP partners with exceptional management teams to deliver outstanding entertainment experiences while driving sustainable growth and long-term value for our stakeholders. Guided by disciplined investment strategies, hands-on operational expertise, and backing from visionary investors, IGP is dedicated to setting new standards in the gaming industry while fostering prosperity for its Indigenous communities, charitable partners, and provincial stakeholders. For more information, visit www.indigenousgamingpartners.com.

About Sonco Gaming Inc.

Sonco Gaming Inc. is part of the Sonco Group of Companies, which focuses on real estate and gaming development and management. Sonco has developed and/or managed some of the country’s most successful Indigenous gaming projects, including The Great Blue Heron Casino on Mississaugas of Scugog Island First Nation in Ontario, and The Grey Eagle Resort & Casino on the lands of Tsuut’ina First Nation outside of Calgary, AB. For more information, visit www.sonco.ca.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “will,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond VICI’s control and could materially affect actual results, performance, or achievements. Among those risks, uncertainties and other factors are risks that VICI may not achieve the benefits contemplated by the transaction described herein, including with respect to entry into any future sale leaseback or other transactions between VICI and IGP, including pursuant to VICI’s right of first offer, or the anticipated benefits thereof. Additional important risk factors that may affect VICI’s business, results of operations and financial position are detailed from time to time in VICI’s filings with the Securities and Exchange Commission. VICI does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.

Contacts

Investor Contacts:
Investors@viciproperties.com
(646) 949-4631

Or

David Kieske

EVP, Chief Financial Officer

DKieske@viciproperties.com

Moira McCloskey

SVP, Capital Markets

MMcCloskey@viciproperties.com

LinkedIn:

www.linkedin.com/company/vici-properties-inc

VANCOUVER, British Columbia–(BUSINESS WIRE)–Metrie^®, North America’s largest manufacturer and distributor of millwork solutions, today completed its acquisition of eden Inc. (“eden”), a leading producer of pre-finished millwork products, including mouldings, pre-hung doors and specialty items for the manufactured housing industry, based in Knox, Pennsylvania, US.

This acquisition, Metrie’s seventh in the last 5 years, enhances Metrie’s integrated millwork portfolio, offering a wider range of pre-finished moulding and door products that can meet the needs of current and future customers. The acquisition is another step in the pursuit of Metrie’s growth strategy – to be North America’s most trusted millwork supplier.

“The acquisition of eden further develops the ways we can strategically support our customers across the US, as we continue to build the best millwork supply chain solutions in the industry,” commented Kent Bowie, President & CEO, Metrie. “Our pre-finished products are excellent for modular home builders, an arena where eden has shown itself to be the leading supplier of millwork solutions. Together, we are ready to grow.”

“Over the last few years of business success, the ownership team at eden has been looking for the right kind of team and brand that can support further growth of the company and our service offering,” commented Dan Hurrelbrink, Vice President and Chief Operating Officer, eden. “Metrie was our number one choice to join with. Their culture and customer-focused vision align perfectly with our own here at eden. I am excited to stay on and be a part of the leadership team at Metrie and continue to serve our manufactured housing and distribution customers.”

“Dan will be joining a Metrie manufacturing leadership team that is excited to offer more and deeper solutions for our customers. Together, we will leverage our pre-finished leadership position in the marketplace, using the “Eden Millwork” brand as we continue to serve the modular housing segment,” added Bill Geofroy, VP, Manufacturing. “Eden’s finishing capabilities, particularly in doors and accessory millwork products, will augment the Metrie Complete^® suite of pre-finished solutions that has enjoyed tremendous success with home builders across the US.”

ABOUT METRIE

For nearly 100 years, Metrie has helped people transform their homes with high-quality millwork products. The Metrie story began in 1926 as a small, family-owned and -operated business in Vancouver, B.C. Since then, Metrie’s commitment to innovation and customer experience has helped the company expand operations to include seven domestic millwork manufacturing sites producing solid wood and MDF mouldings with pre-finishing capabilities for both mouldings and doors, plus 26 distribution centers in the U.S. and Canada.

Metrie has grown over the last nine decades to become the largest MDF moulding manufacturer in North America. For more information, please visit www.Metrie.com or visit us on social media: LinkedIn, Facebook, Instagram, Twitter, Pinterest, YouTube and Houzz.

Contacts

For more information, contact: Jonathan Anthony, Director, Corp. Communications | Jonathan.Anthony@metrie.com | 604-630-3262

DEERFIELD BEACH, Fla.–(BUSINESS WIRE)–#Diversity–Prosegur, a leader in the private security sector, is honored to announce its inclusion in the Financial Times’ prestigious ‘Diversity Leaders’ ranking for 2025. Achieving seventh place in the ‘Business Services and Supplies’ category, Prosegur has distinguished itself as a leader in diversity and inclusion within the private security sector, climbing from ninth place the previous year.

This recognition highlights Prosegur’s commitment to fostering an inclusive workplace and supporting a diverse workforce across its global operations, including the United States. Prosegur Security USA continues to prioritize initiatives that promote equity, innovation, and representation, aligning with the company’s global mission to reflect the communities it serves.

A Workforce That Reflects the Communities We Serve

The Financial Times ranking was determined through a survey of over 100,000 employees from various industries. Companies were evaluated based on diversity and inclusion policies, employee perceptions, and metrics such as the representation of women in leadership roles and pro-diversity initiatives.

Prosegur takes pride in its diverse workforce:

• 33% of employees are women, significantly exceeding the industry average.
• 65% of employees identify as minorities, underscoring Prosegur’s commitment to representation.

“Diversity and inclusion are core to who we are at Prosegur,” said Ty Stafford, CEO of Prosegur Security USA. “We believe that building a diverse team strengthens our ability to innovate and deliver exceptional security solutions. This recognition is a testament to the incredible contributions of our team and our commitment to fostering an equitable workplace.”

Leading the Way in the U.S. Security Sector

Prosegur Security USA drives inclusion through comprehensive career development programs, targeted recruitment efforts, and partnerships with organizations dedicated to advancing diversity within the private security industry. These initiatives support underrepresented groups and ensure that Prosegur’s workforce reflects the rich diversity of the communities it serves.

About Prosegur:

Founded in 1976, Prosegur is a global leader in security delivering cutting-edge technology and customized guarding solutions that meet the evolving needs of businesses across various industries. Prosegur provides innovative security services that integrates human expertise with advanced technology for optimal protection.

Prosegur’s innovative solutions, trusted professionals, and operational excellence has established the company as a global market leader in the security services industry. Prosegur is publicly listed on the Spanish stock exchange and generated €4.31 billion in revenue in 2023. With approximately 175,000 employees, Prosegur continues to build trusted partnerships with clients while setting new standards for security solutions across the globe.

For more information about Prosegur and its tailored security solutions for the U.S. market, please visit www.prosegur.us.

Contacts

Rya Manners, Vice President of Marketing – North America

Email: rya.manners@prosegur.com

Dave Renner, a long-tenured executive at the company, will retire at year end

DENVER–(BUSINESS WIRE)–Vantage Data Centers, a leading global provider of hyperscale data center campuses, today announced the appointment of Christophe Strauven as chief financial officer, North America.

Strauven, formerly senior vice president, capital markets, previously oversaw the development and execution of the company’s global capital-raising strategy through debt financing and financial risk management. Now as CFO, North America, assuming the role from Dave Renner, Strauven will lead the finance, financial planning and analysis, accounting and tax functions across the United States and Canada.

Succeeding Strauven as senior vice president of capital markets is Rich Cosgray. Cosgray brings more than 16 years of TMT banking and finance experience to the Vantage team. He joins the company from Truist Securities where he most recently served as managing director and head of TMT leveraged finance. With a specialization in digital infrastructure financings across data centers, fiber networks, broadband providers and towers, Cosgray executed more than $100 billion in debt financing during his tenure at Truist. He is based at Vantage’s corporate headquarters in Denver, reporting to Sharif Metwalli, the company’s global CFO.

“Christophe’s nearly 30 years of proven experience developing and executing growth strategies and navigating complex investment opportunities makes him an ideal fit to be our next CFO of North America. I am looking forward to working alongside Christophe in his new role to continue driving value for our North America business as we enter 2025 poised for phenomenal growth,” said Metwalli. “I’m also pleased to welcome Rich to our team. He has a long track record of success and will be instrumental in leading our capital markets effort around the world.

“In addition, I’d like to express my sincere appreciation to Dave for his many contributions to the company. Since joining Vantage in 2014, Dave has been instrumental in growing our business from a regional data center operator to one of the world’s leading global providers today, serving in a variety of capacities, from CFO, North America to chief administrative officer. We thank Dave for his lasting impact, and we wish him well in his retirement.”

About Vantage Data Centers

Vantage Data Centers powers, cools, protects and connects the technology of the world’s well-known hyperscalers, cloud providers and large enterprises. Developing and operating across five continents in North America, EMEA and Asia Pacific, Vantage has evolved data center design in innovative ways to deliver dramatic gains in reliability, efficiency and sustainability in flexible environments that can scale as quickly as the market demands.

For more information, visit http://www.vantage-dc.com.

Contacts

Mark Freeman

Vantage Data Centers

mfreeman@vantage-dc.com
+1-202-680-4243

Robin Bectel

REQ for Vantage Data Centers

vdc@req.co
+1-202-936-6335

CALGARY, Alberta–(BUSINESS WIRE)–In FY 2024, Mainstreet posted double-digit, year-over-year growth across all key operating metrics, with funds from operations (“FFO”) before current income tax increasing 33%, FFO increasing 23%, net operating income (“NOI”) rising 22% and rental revenues increasing 19%. We also achieved our 12th consecutive quarter of double-digit growth in Q4, with major gains in FFO (27%), NOI (24%) and rental revenues (20%). Annual margins increased from 63% to 64%, and from 63% to 66% on a same-asset basis.

Bob Dhillon, Founder and Chief Executive Officer of Mainstreet, said, “Through our unique portfolio of more than 18,000 centrally-located apartment units, Mainstreet has continued to demonstrate the ability to generate non-dilutive growth and create value for shareholders. With an average rent of approximately $1,200, we remain a critical supplier of affordable, quality housing for middle-income Canadians at a time when the broader rental market is structurally undersupplied.”

Key metrics | FY 2024 Performance Highlights
Rental Revenue
From Operations	Up 19% to $249.8M (vs. $210.0M in FY 2023)
From same asset properties	Up 12% to $224.2M (vs. $199.8M in FY 2023)
Net Operating Income (NOI)
From Operations	Up 22% to $160.4M (vs. $131.3M in FY 2023)
From same Asset Properties	Up 18% to $147.8M (vs. $125.7M in FY 2023)
Funds from Operations (FFO) 1
FFO – before current income tax	Up 33% to $91.6M (vs. $68.7M in FY 2023)
FFO – per basic share-before current income tax	Up 33% to $9.83 (vs. $7.37 in FY 2023)
FFO – after current income tax	Up 23% to $84.7M (vs. $68.7M in FY 2023)
FFO – per basic share-after current income tax	Up 23% to $9.09 (vs. $7.37 in FY 2023)
Operating Margin
From Operations	64% (vs. 63% in FY 2023)
From same asset properties	66% (vs. 63% in FY 2023)
Net Profit
Net Profit Per Basic Income	$199.9M (vs. $109.4M in FY 2023) including changes in fair value of $144.9M in FY 2024 vs $69.5M in FY 2023 and future income tax expense of $31.0M in FY 2024 vs $28.5M in FY 2023
Total Capital Expenditure	$31.1M (vs. $25.5M in FY 2023)
Total Capital Expenditure (unstabilized assets)	$3.7M (vs. $3.3M in FY 2023)
Total Capital Expenditure (stabilized assets)	$27.4M (vs. $22.2M in FY 2023)
Stabilized units	420 Properties (15,760 units) out of 478 properties (18,345 units)
Vacancy rate
From operations	3.2% (vs. 4.5% in FY 2023)
From same asset properties	3.1% (vs. 4.2% in FY 2023)
Vacancy rate as of 2nd December 2024	3.9% excluding unrentable units
Total Acquisition
During FY 2024	$178M 1,296 units (vs. $136M 1,145 units in FY 2023)
Subsequent to FY 2024	68 units ($12M) in Alberta and British Columbia
Total YTD Acquisition 2024	1,364 units ($190M)
Total units
As of September 30, 2024	18,398 units 2
As of December 2nd, 2024	18,455 units 2
Fair Market Value	Up 12% to $3.41B (vs. $3.05B in 2023)
Liquidity Position	$400M

Key metrics | Q4 2024 Performance Highlights
Rental Revenue
From Operations	Up 20% to $66.9M (vs. $55.7M in Q4 2023)
From same asset properties	Up 12% to $58.4M (vs. $52.0M in Q4 2023)
Net Operating Income (NOI)
From Operations	Up 24% to $45.7M (vs. $36.8M in Q4 2023)
From same Asset Properties	Up 16% to $40.6M (vs. $34.9M in Q4 2023)
Funds from Operations (FFO) 1
FFO – before current income tax	Up 27% to $26.8M (vs. $21.1M in Q4 2023)
FFO – per basic share-before current income tax	Up 27% to $2.88 (vs. $2.26 in Q4 2023)
FFO – after current income tax	Up 15% to $24.2M (vs. $21.1M in Q4 2023)
FFO – per basic share-after current income tax	Up 15% to $2.60 (vs. $2.26 in Q4 2023)
Operating Margin
From Operations	68% (vs. 66% in Q4 2023)
From same asset properties	70% (vs. 67% in Q4 2023)
Vacancy rate
From operations	3.4% (vs. 4.3% in Q4 2023)
*1 See “Non-IFRS Measures” and Note (1) in MANAGEMENT’S DISCUSSION AND ANALYSIS to the table titled “Summary of Financial Results” for additional information regarding FFO and a reconciliation of FFO to net profit, the most directly comparable IFRS measurement.
*2 Including 53 condo units acquired and held for resale.
*3 Including: (i) $49 million cash-on-hand, (ii) estimated $221 million expected funds to be raised through up-financing of maturing mortgages and financing of clear titled assets after stabilization and, (iii) a $130 million line of credit.

The Mainstreet advantage

Mainstreet’s financial achievements in FY 2024 illustrate the long-term success of our value-add business model and nimble management style, which has allowed us to generate compounding shareholder returns no matter where we are in the economic cycle. As part of our operating strategy, Mainstreet has continued to aggressively acquire apartment buildings at opportunistic cost while also leveraging low-cost, CMHC-insured mortgages to create liquidity for future organic growth. Once properties are acquired, we derive additional value by improving the life of middle-class Canadians through renovating apartment buildings to a consistent standard and then putting them back on the rental market at competitive yet highly affordable rental rates.

This emphasis on tangible assets gives Mainstreet a unique position in the real estate market, where we enjoy a geographically diverse portfolio of more than 18,000 apartment units clustered around key urban hubs in Western Canada. Since Mainstreet started trading on the TSX in 2000, we have built up an asset base of $3.4 billion without creating any significant dilution. Today, Mainstreet shares trade at more than $200, while our total number of shares outstanding total approximately 9.3 million, hardly more than the 8.9 million shares that were in circulation when we made our stock market debut.

A structurally undersupplied rental market

Adding to Mainstreet’s internal advantages, a structural supply-demand imbalance continues to persist across Canada’s rental market. In the last 10 years, Canada’s population has grown by 5.85 million, according to Statistics Canada. Over that same period, new supply of purpose-built rental apartment units totalled just 390,917, illustrating the magnitude of the rental market’s supply shortage. The vast majority of recent population growth came from permanent residents, foreign students and temporary workers, most of whom tend to be renters. As of the end of 2023, there were 2.55 million foreign students and temporary workers living in Canada, according to Government of Canada data. (By comparison, Canada’s entire rental universe is currently 2.3 million apartment units, according to CMHC data). That rapid population growth, combined with compounding lack of supply, has thus pushed rental market vacancy rates to a near-record low of 1.5%, according to CMHC data.

The federal government has recently announced plans to curb immigration, reducing the number of new permanent residents by 21% and foreign students by 10%. However, even after the federal government’s planned immigration curbs, Canada’s total number of foreign students and temporary workers is projected to remain relatively stable at 2.09 million in 2027 according to Statistics Canada, suggesting the supply gap underlying the rental space will persist for years to come. In 2025 alone, for example, the country expects to accept 395,000 new permanent residents and 437,000 foreign students after accounting for the reductions—well higher than previous averages.

Tailwinds continue in 2025

As we enter the next fiscal year, Mainstreet’s management team expects that today’s positive macroeconomic trends will carry over into 2025, amplifying Mainstreet’s inherent strategic advantages. Interest rates are expected to fall, which should provide Mainstreet with additional refinancing opportunities.

Our estimated $400¹ million liquidity position will offer ample room for further acquisitions following a record year in fiscal 2024. Rental rates in Mainstreet’s core markets of Calgary, Edmonton, Vancouver/Lower Mainland, Regina and Saskatoon are projected to climb higher in 2025. Crucially, Mainstreet maintains an average rental rate of just $1,200, which puts us at a competitive advantage in Western Canada’s undersupplied rental market, and offers plenty of opportunity to further boost NOI while reinforcing Mainstreet’s position as a provider of affordable, quality housing for middle-class Canadians.

Another milestone year for Mainstreet

Overall, FY 2024 was a highly successful period for Mainstreet, as evidenced by the following achievements:

• Improved rental revenues (19%) NOI (22%) and same-store NOI (18%) and FFO before income tax (33%) and FFO (23%)
• Drove Mainstreet’s share price exceeded $200 for the first time
• Acquired a record 1,296 units for $178 million, of which around 50% were in B.C.
• Diversified into a new market: Victoria, British Columbia
• Maintained a sizable runway of $52 million for future non-dilutive growth, creating potential for substantial same-store NOI catchup
• Implemented a prudent dividend policy for expanding our potential investor basis without affecting growth

Mainstreet believes these achievements and financial performance speak to the inherent stability of the rental market space in Canada. Aided by favourable macroeconomic tailwinds, Mainstreet will continue leveraging the unique nature of our capital structure, Asian supply chain connections and competitive price point to lower costs, improve customer service and create shareholder value into 2025 and beyond.

CHALLENGES

Inflation and cost pressures

Despite an overall favourable operating environment, rising costs continue to pose a challenge to Mainstreet. Additionally, higher interest rates increase the cost of Mainstreet debt, our single-largest expense. (Mainstreet has locked in 99% of our debt into CMHC-insured mortgages at an average interest rate of 2.97%, maturing in 4.8 years, to protect against any further interest rate increases—see Outlook section below.

Inflation also increases major operating expenses like labour, utilities and materials. Carbon taxes increased to $80 per tonne this year, and are scheduled to rise to $95 per tonne in April 2025. Municipal property taxes in Vancouver/Lower Mainland, Calgary, Edmonton, Regina and Saskatoon are all set to rise sharply in coming years.

Additionally, Mainstreet is now liable for corporate taxes for one of the first times in our history due to our sustained growth and solid financial performance in recent years. We view our performance as an unmitigated success, and do not expect corporate taxes to have a material impact on Mainstreet’s overall growth and performance going forward.

Defending against higher expenses

Mainstreet works constantly and on multiple fronts to counteract rising expenses. By securing longer-term natural gas contracts, we substantially reduced energy costs across a large portion of Mainstreet buildings. We also managed to reduce our insurance costs—a sizable Mainstreet expense—by more than 14% for fiscal 2024 by obtaining improved premium rates and coverage.

Despite our best efforts to control costs where possible, inflationary pressures nonetheless introduce added financial burdens that will, in some cases, be passed onto tenants through soft rent increases over an extended period of time.

OUTLOOK

Putting the S in ESG

We believe that the tight housing market emphasizes Mainstreet’s position as an important provider of affordable housing in Canada. As a corporation dedicated to social responsibility, Mainstreet believes our highly competitive rental options are a crucial service at a time when an inflation-driven affordability crisis has priced many lower income Canadians out of the market.

Hedging our debts

Mainstreet continues to take an adaptive approach to our mortgage positions. When interest rates were lower, Mainstreet locked in its mortgages at longer-term, 10-year maturities to maximize savings. As rates increased, we shifted toward shorter-term debts. As rates once again come down, we will continue to modify our refinancing approach to align with monetary policy trends.

Strong performance across core markets

Mainstreet continues to benefit from an increasingly diversified portfolio, where each of our core markets have contributed solid results. Nearly half (48%) of Mainstreet’s acquisitions in fiscal 2024 were in British Columbia. The region, which accounts for 43% of our estimated net asset value (“NAV”) based on appraised value, is one of our primary candidates for future NOI growth. Due to government-imposed rental rate caps in the province, we have identified a large mark-to-market gap in the BC market (see Runway section below), built on vacancy rates that remain among the lowest in the province.

Alberta’s net migration, meanwhile, hit historic highs with more than 200,000 new residents entering the province in the year ended mid-2024, according to Government of Alberta. Migration into Saskatchewan and Manitoba remains solid, which we expect will keep vacancy rates low while nudging rental rates higher.

Turning intangibles to tangibles

Mainstreet’s portfolio of more than 800 low-density buildings, including buildings with subdividable residual lands, creates substantial opportunity to extract added value out of existing assets and additional lands at little cost. We view this opportunity in the context of the ongoing housing shortage, under which Canadian municipalities increasingly aim to promote density through rezoning efforts. Management has developed a three-point plan comprised of the following to improve the density of Mainstreet’s portfolio:

• Turning unused or residual space within existing buildings into new units
• Exploring zoning and density relaxations to potentially build new capacity within existing land footprints
• Subdividing residual lands for future developments.

We view this strategy as one of the major potential drivers of future growth in the longer-term, and further evidence of Mainstreet’s inherent intangible value.

Raising Mainstreet’s nominal dividend

Mainstreet started offering a nominal dividend ($0.11 per share annually) beginning Q1 2024. Given the apparent success of the nominal dividend based on early-stage performance, our management team now plans to raise the dividend by 45% (to $0.16 per common share annually, or $0.04 per common share quarterly) beginning Q1 2025. Due to Mainstreet’s solid free cash flow, we determined we were well placed to establish a nominal dividend to help widen our shareholder base, increase trading volume and elevate our market capitalization without negatively impacting liquidity for future non-dilutive growth. As always, Mainstreet will continue to derive growth in a way that is 100% organic and non-dilutive, pursuing acquisitions funded by low-cost capital.

RUNWAY ON EXISTING PORTFOLIO

1. Expanding our portfolio: Using our liquidity position, estimated at $400 million, we believe there is significant opportunity to continue acquiring underperforming assets at attractive valuations.
2. Closing the NOI gap: As of the end of fiscal 2024, 14% of Mainstreet’s portfolio was going through the stabilization process due largely to high levels of add-value acquisitions. Our management team believes vacancy rates, NOI and FFO will be meaningfully improved as we continue to stabilize units. In the BC market alone, we estimate that the potential upside based on mark-to-market gaps for NOI growth is approximately $30 million, based on an estimated average monthly mark-to-market gap of $650 per suite per month. Alberta and Saskatchewan markets also have substantial room for mark-to-market catch up.
3. Buying back shares: We believe MEQ shares continue to trade below their true NAV, and that ongoing macroeconomic volatility could intensify that trend. Management will continue to buy back shares on an opportunistic basis under the corporation’s normal course issuer bid.
4. Creating value from existing footprints: While our efforts to identify opportunities for subdivisions, zoning relaxations, and improved use of residual space remains in the very early stages, Mainstreet has created a ledger detailing excess lands in our potential subdividable properties across our portfolio.

Forward-Looking Information

Certain statements contained herein constitute “forward-looking statements” as such term is used in applicable Canadian securities laws. These statements relate to analysis and other information based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning estimates related to future acquisitions, dispositions and capital expenditures, increase or reduction of vacancy rates, increase or decrease of rental rates and rental revenue, future income and profitability, timing of refinancing of debt and completion, timing and costs of renovations, increased or decreased funds from operations and cash flow, the Corporation’s liquidity and financial capacity, improved rental conditions, future environmental impact the Corporation’s goals and the steps it will take to achieve them the Corporation’s anticipated funding sources to meet various operating and capital obligations and other factors and events described in this document should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using such words or phrases as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements.

Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in this Annual Information Form under the heading “Risk Factors”, that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, costs and timing of the development of existing properties, availability of capital to fund stabilization programs, other issues associated with the real estate industry including availability but without limitation of labour and costs of renovations, fluctuations in vacancy rates, unoccupied units during renovations, rent control, fluctuations in utility and energy costs, credit risks of tenants, fluctuations in interest rates and availability of capital, and other such business risks as discussed herein. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements include, among others, the rental environment compared to several years ago, relatively stable interest costs, access to equity and debt capital markets to fund (at acceptable costs) and the availability of purchase opportunities for growth in Canada. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein.

Forward-looking statements are based on Management’s beliefs, estimates and opinions on the date the statements are made, and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions should change except as required by applicable securities laws or as otherwise described therein.

Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding the Corporations reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

__________________________________

¹ Including $49 million cash-on-hand, $221 million being management’s estimated funds that may be available through up-financing of maturing mortgages and financing of clear titled assets after stabilization and a $130 million line of credit.

Contacts

For further information: Bob Dhillon, Founder, President & CEO

D: +1 (403) 215-6063

Executive Assistant: +1 (403) 215-6070

100, 305 10 Avenue SE, Calgary, AB T2G 0W2 Canada

TSX: MEQ

https://www.mainst.biz/
https://www.sedarplus.ca

MT. PLEASANT, Pa.–(BUSINESS WIRE)–WATT Fuel Cell Corp has completed a full integration of its WATT REMOTE™ solid oxide fuel cell (SOFC) product into ClearView Asset Protection’s patented SmartTower™. The SmartTower now leverages the WATT REMOTE system to maximize power reliability for ClearView across its customer applications.

ClearView Asset Protection gives users round-the-clock remote video access to locations in need of critical monitoring, no matter the time, temperature or weather. Clearview’s SmartTower technology is a durable, compact, lightweight trailer platform that can provide stand-alone power via multiple power solutions to include solar and the WATT REMOTE fuel cell system. SmartTower technology can be used for a wide variety of applications including surveillance systems, communications, radar, WIFI and more, to support operational needs in remote off-grid areas limited by a power source.

“Integrating the WATT REMOTE system into our SmartTower technology further advances our reliability to our customers,” said Lance Thomas, President of ClearView Asset Protection. “ClearView is happy to be working with WATT, another cutting-edge Pennsylvania-based company, to provide a scalable solution to enhance public safety with superior connectivity and dependability.”

WATT is a developer and manufacturer of fuel cell systems that operate on common fuels such as propane and pair with renewable power and energy storage using WATT’s innovative hybrid power management system. WATT REMOTE technology can enable off-grid solutions like the smart tower to operate for months in field without the need for refueling and maintenance.

“ClearView supports a wide variety of applications where remote monitoring and power availability are essential,” said Danielle Ramaley, WATT’s VP of Sales and Marketing. “WATT’s collaboration with ClearView is a great opportunity to pair our resilient WATT REMOTE hybrid power system with critical surveillance and communication equipment ensuring reliable, quiet and clean off-grid power when and where it’s needed most.”

This successful initial deployment will drive numerous integrated applications across Pennsylvania and other states.

About WATT Fuel Cell: WATT Fuel Cell (www.wattfuelcell.com) is a manufacturer and developer of Solid Oxide Fuel Cell (“SOFC”) stacks and systems that operate on common, readily available fuels such as propane and natural gas. WATT’s proprietary, patented additive manufacturing process (AMP) has allowed it to produce commercially viable SOFC products for small-scale and remote power applications. WATT’s Hybrid Power Management system works in tandem with renewable power sources (solar and wind) and energy storage to provide quiet, efficient, affordable, and environmentally responsible energy solutions prioritizing a return on investment for customers across the globe.

About ClearView Asset Protection

ClearView Asset Protection gives users round-the-clock remote video access to your location, no matter the time, temperature or weather. We customize systems to fit user needs. State-of-the-art features include 360-degree site coverage, auto tracking, infrared, pan-tilt-zoom, heat-seeking, facial detection, license plate readers, and more.

Contacts

Danielle Ramaley

VP, Sales & Marketing

WATT Fuel Cell

Danielle.ramaley@wattfuelcell.com I 724.882.6645

Alex Oltmanns

Senior Public Relations Strategist

Pipitone

aoltmanns@pipitone.com I 412.321.0879