SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Walton Global, a leading asset management and global real estate investment company, is pleased to announce a total of $30.9 million in distributions to investors within the Roll-Up Corporation, WIGI Restructured Bond Corporation, and McConachie Asset Management Corporation.

A significant distribution of $26,339,936 was approved on November 16^th, 2023, by the Walton-managed Roll-Up Corporation (“RUC”) and the distribution was made December 8^th. This is RUC’s sixth dividend paid to its shareholders since the formation of the entity and its second distribution in 2023. This represents an aggregate of $183,899,573, or $2.71 per share, distributed to shareholders to date.

The distribution is a result of RUC’s continued success in the execution of its monetization strategy of land assets across North America. “The outlook for 2024 is anticipated to be successful in terms of exit activity and continued distributions to shareholders as we continue to execute the corporation’s strategy,” said Tony Deegan, Senior Vice President at Walton Global. “There is more than $164 million in projected exits between now and the end of next year.”

A second Walton-managed entity, WIGI Restructured Bond Corporation, has also approved a $3,700,000 distribution to investors. The distribution will be paid on or near December 21^st, 2023. Consistent land transactions over the past number of years have led to an aggregate of $34,275,000 being distributed to investors since the formation of the entity in 2018.

Walton’s McConachie Asset Management Corporation has also just completed a distribution of $919,345 on bonds on November 15^th, 2023. The corporation has made principal and interest payments totaling $66,658,157 to date. The McConachie Community is a residential development project in Edmonton, Alberta where Walton is the Project Manager. “The McConachie project is nearing completion, with the multi-family site, managed by Royal West Homes, being the final stage of the development to be completed,” said Rob Nixon, Senior Vice President of Real Estate. “This has been an exciting project to work on over the years and we are looking forward to fully exiting this project for investors.”

About Walton Global

Walton Global is a privately owned, leading land asset management and global real estate investment company that concentrates on the research, acquisition, administration, planning and development of land. With nearly 45 years of experience, Walton has a proven track record of administering land investment projects within the fastest growing metropolitan areas in North America. The company manages and administers US $3.4 billion in assets on behalf of its global investors, builders, developer clients and industry business partners. Walton has more than 90,000 acres of land under ownership, management and administration in the United States and Canada with business lines ranging from exit-focused pre-development land investments to builder land financing. For more information visit walton.com.

Contacts

MEDIA CONTACT:
Hamilton McCulloh

Allison Worldwide

1-206-910-9797

waltonglobal@allisonworldwide.com

TORONTO–(BUSINESS WIRE)–$KNR #esg—Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol” or the “Company”), adds a carbon sequestration monitoring Customer (the “Customer”) to its industrial emissions platform. The Company will provide real time monitoring for its Customer to support the development and integration of carbon sequestration solutions at a large industrial facility in Ontario, Canada.

“The market around carbon sequestration is taking hold as large industrial emitters may face financial penalties if they are unable to meet their emission targets,” says Paul Ghezzi, CEO of Kontrol. “Many large industrial emitters are moving forward with carbon sequestration plans, and we are pleased to be able to support the growth of this new opportunity with real-time monitoring solutions which can monitor and measure various emissions and emission levels.”

According to Natural Resources Canada, in response to the climate imperative, global momentum in the carbon management sector has grown substantially in recent years, with over 570 carbon capture, utilization, and storage (CCUS) projects in development. By 2030, 368 projects are expected to be operational, with an anticipated capacity to capture 743 Mt of CO2 per year. www.natural-resources.canada.ca/climate-change

The Customer will not be named for industry competitive reasons.

Kontrol Technologies Corp.

Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings. Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedar.com.

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Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. Forward-looking information contained in this press releases includes, but is not limited to, the following: future emission monitoring solutions and products to be offered by Kontrol for its potential customers; that the future success of any of Kontrol’s products; and customer demand relating to continuous emissions. Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that sufficient capital will be available to the Company; that the anticipated timing of implementing continuous emission monitoring solutions for Customers will go as planned; and that demand will continue for continuous emission monitoring technology and for the Company’s products in particular. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.

Contacts

Paul Ghezzi

CEO

Kontrol Technologies

paul@kontrolcorp.com

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris REIT”) (TSX: PMZ.UN) announced today that its Board of Trustees has declared a distribution of $0.07 per unit for the month of December, 2023, representing $0.84 per unit on an annualized basis. The distribution will be payable on January 15, 2024 to unitholders of record on December 29, 2023.

About Primaris REIT

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in the leading enclosed shopping centres in growing markets. The current portfolio totals 12.5 million square feet valued at approximately $3.9 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

Contacts

Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

Tim Pire

Chair of the Board of Trustees

chair@primarisreit.com

TSX: PMZ.UN

www.primarisreit.com

ecobee smart thermostats now integrate with Generac Propane Tank Monitors as part of the companies’ single energy management hub for the home

TORONTO–(BUSINESS WIRE)–ecobee, together with parent company Generac Power Systems, Inc. (NYSE: GNRC), a leading global designer and manufacturer of energy technology solutions and other power products, today announced that all ecobee smart thermostats released since 2014 can now integrate with Generac 4G LTE Cellular Propane Tank Monitors to easily monitor fuel levels in the propane tank right from the smart thermostat screen. This integration marks the latest milestone in ecobee and Generac’s mission to create a more comfortable, secure, resilient, and efficient home energy ecosystem.

The Generac Propane Tank Monitor is a small, cellular device that attaches to the outside of the propane tank and monitors the amount of remaining fuel, helping homeowners avoid fuel run outs and plan for deliveries. The device is available through Generac Power Products, Generac dealers, and home improvement and online retailers. Through the new integration, ecobee smart thermostat owners who have a Generac Propane Tank Monitor and subscribe to tank monitoring in Mobile Link, can easily monitor fuel levels from their thermostat and receive real-time alerts when the tank is running low. The ecobee smart thermostat also sends alerts if the monitor falls offline or needs new batteries so homeowners are always informed and prepared.

“As both ecobee and Generac look toward creating a more unified and efficient smart home, we are excited to continue expanding upon our integration capabilities,” said Greg Fyke, President of ecobee. “By integrating our ecobee smart thermostats with Generac Propane Tank Monitors, we are providing customers with added peace of mind and more control over their home energy usage.”

The integration is now available in all ecobee smart thermostat models released since 2014 – ecobee3, ecobee3 lite, ecobee4, SmartThermostat with Voice Control, Smart Thermostat Enhanced, and Smart Thermostat Premium – and is compatible with all connected Generac Propane Tank Monitors for customers who are subscribed to tank monitoring in Mobile Link. Customers can also choose their notification settings on their thermostat or opt out at any time from within the Mobile Link app.

This is the second integration between ecobee and Generac – ecobee smart thermostats released since 2014 are already compatible with Generac home standby generators – as the companies look toward making energy management more seamless and convenient.

“This integration marks another milestone in our goal to create a single energy hub for the home,” said Kyle Raabe, executive vice president of Consumer Power at Generac Power Systems. “By integrating fuel monitoring and ecobee smart thermostats, we’re helping customers simplify monitoring their home’s energy needs and giving peace of mind that their generators are ready to power on in an outage.”

For more information about ecobee smart thermostats, visit www.ecobee.com. For more information about Generac home standby generators or Generac Propane Tank Monitors, visit www.generac.com.

About ecobee

ecobee Inc. was founded in 2007 with a mission to improve everyday life while creating a more sustainable world. Since launching the world’s first smart thermostat, ecobee has helped customers across North America save more than 28 TWh of energy, which is the equivalent of taking all the homes in Los Angeles and Chicago off the grid for a year. Today, ecobee continues to innovate with smart home solutions that solve everyday problems with comfort, security, and conservation in mind. With ecobee’s devices and services, including the Smart Security system and the award-winning Smart Thermostat Premium, ecobee continues to encourage Smart Owners to imagine what home could be. In 2021, ecobee joined Generac Holdings Inc. (NYSE: GNRC), a leading global designer and manufacturer of energy technology solutions, and other power products. Generac and ecobee share a vision to deliver a cleaner and more sustainable energy future for customers and communities. The Generac and ecobee home of the future will be more comfortable, secure, resilient, and efficient.

About Generac

Generac Power Systems, Inc. (NYSE: GNRC) is a leading energy technology company that provides advanced power grid software solutions, backup and prime power systems for home and industrial applications, solar + battery storage solutions, virtual power plant platforms and engine- and battery-powered tools and equipment. Founded in 1959, Generac introduced the first affordable backup generator and later created the category of automatic home standby generator. The company is committed to sustainable, cleaner energy products poised to revolutionize the 21st century electrical grid.

Contacts

Press:
Fatima Reyes, Senior Communications Manager, ecobee

press@ecobee.com

Group O’Dell Real Estate Team, The Andy Blake Group, Applebaum KC Homes and Long Real Estate Team bring more than 9,000 home sales valued at $2.5 billion

TORONTO & NEW YORK–(BUSINESS WIRE)–In a move that turbocharges Real’s presence throughout the Kansas City metropolitan area, four of the market’s top producing teams – Group O’Dell Real Estate Team, The Andy Blake Group, Applebaum KC Homes and Long Real Estate – recently joined forces to make the move to The Real Brokerage Inc. (NASDAQ: REAX). Real, the fastest-growing, publicly traded real estate brokerage, announced the moves today.

Collectively, these teams have sold more than 9,000 homes for a combined value of $2.5 billion. Each brand is well-known throughout the region for their emphasis on relationship building which they leverage to drive repeat and referral business.

“Dan, Maria, Mike, Andy, Jeremy and Tony are all top producers who have each built successful businesses in their own right. By coordinating their collective move, they have transformed Real into a market leader in Kansas City overnight and are making a clear statement that Real offers the best platform for them and other agents to succeed,” said Sharran Srivatsaa, President of Real. “We couldn’t be more pleased to welcome each of them and their teams to the Real family and have them represent the Real brand.”

Group O’Dell Real Estate Team

Led by the husband and wife team of Dan and Maria O’Dell and their son, Mike, Group O’Dell has been a fixture in Kansas City real estate for nearly three decades. Their approach to serve, teach and create long-term relationships has resulted in the sale of more than 5,000 homes valued at $1.5 billion since 1995. In 2022, the seven-agent team ranked No. 5 on the Kansas City Business Journal’s annual ranking of real estate agents based on more than 260 home sales valued at $117 million. Dan and Maria are certified mentors by Buffini & Company, the world’s largest real estate coaching company.

“Few times in life are you able to be at the forefront of something life-changing,” Dan O’Dell said about his team’s decision to join Real. “We’ve spent our careers serving our clients by selling one house at a time and giving back by coaching others to make the industry better. Real will allow us to continue to do all that on a bigger platform, while exposing our team to the best training so they stay ahead of the curve.”

The Andy Blake Group

Ranked No, 14 by the Kansas City Business Journal based on 250 home sales totaling $85 million in 2022, Andy Blake bought his first home as an investment at age 22. He earned his real estate license in 2007, and has grown his business exclusively through word of mouth. Since forming The Andy Blake Group in 2013, the nine-agent team has sold more than 1,600 homes valued at more than $500 million.

“Real’s cloud-based model is where the real estate industry is going and the company’s model is attractive to top producers,” Blake said. “In addition to joining forces with three Kansas City teams who have built a reputation for doing business the right way, being a part of Real provides an opportunity to be around thousands of like-minded people who take pride in their business.”

Applebaum KC Homes

Run by the husband and wife team of Jeremy and Liron Applebaum, Applebaum KC Homes bring four agents to Real. Jeremy began his real estate career in 1996 working for American Dream Homes, one of Kansas City’s largest home builders, which was founded by his father, Victor Applebaum. It’s this homebuilding experience and ability to determine what needs to be addressed at a property that has differentiated him with buyers and sellers and enabled him to build a business based solely on referrals. Applebaum KC Homes sold more than 125 homes valued at approximately $50 million in 2022, placing the team at No. 34 on the Kansas City Business Journal’s annual ranking of top real estate professionals. Since 2012, KC Applebaum Homes has sold more than 1,300 homes.

“Real’s been on our radar for more than a year as a company that is doing things differently. We were especially attracted to the company’s culture of cooperation and collaboration from coast to coast. The business and market are changing and Real offers the platform to learn from the best as well as share what works and what doesn’t with others,” Jeremy Applebaum said. “For us, it was important to partner with other top producers to grow our business and those of agents around us. What we are doing with the Group O’Dell, Andy Blake Group and Long Real Estate allows us to show Kansas City how top producers are coming together to form one big family to move the industry forward into its next chapter.”

Long Real Estate

An 18-year industry veteran, Tony Long joined Group O’Dell as an agent following his graduation from college. He formed Long Real Estate five years later in 2013. The four-agent team, which also includes top producers David Barraza, Chad Green and Adrienne Towner, prides itself on building a successful relationship-based business. Since 2006, Long Real Estate has sold more than 1,100 homes, including 130 valued at $48 million in 2022, ranking the team in the top 1% in the region.

“The future of real estate is cloud-based, and Real offers a culture where agents are encouraged to cooperate with and learn from each other,” Long said. “Real also provides the tools that allow agents to not just sell a bunch of homes today, but also plan for their financial future through stock options and revenue-sharing.”

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 in all 50 states throughout the U.S. and Canada, Real supports more than 13,000 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 ability to continue to attract agents. 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 and Real’s ability to attract new agents and retain current agents. 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:

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

Or

Janice McDill

Janice.mcdill@therealbrokerage.com
312.307.3134

CALGARY, Alberta–(BUSINESS WIRE)–In Q4 2023, Mainstreet posted our eighth consecutive quarter of double-digit, year-over-year growth across all key operating metrics. We view these results as a significant achievement given that Mainstreet has been operating through successive quarters of historically severe headwinds. Capping off this highly successful fiscal year, we are looking forward to strong tailwinds in fiscal 2024.

Bob Dhillon, Founder, President & CEO of Mainstreet, said, “Mainstreet has yet again proven the viability of our add-value business model as we continue to post positive results amid elevated economic and geopolitical uncertainty.” He added, “In this time of structural housing undersupply, Mainstreet continues to pride itself on being a vital supplier of affordable, quality, renovated housing for middle-class Canadians.”

Performance Highlights For FY 2023

• Drove significant shareholder value by achieving double-digit growth in FFO (30%), NOI (20%) and rental revenues (16%). We also achieved significant growth on a same-asset basis (NOI increased 12%, revenues 9%).
• Improved efficiencies by boosting operating margins to 63% (up from 61% in 2022) and same-asset operating margins to 63% (up from 61% in 2022).
• Enhanced value creation and diversification by growing our portfolio. Mainstreet now operates 17,042 (YTD 17,462) residential apartment units in 20 cities across Western Canada, with total asset value exceeding $3 billion.
• Maintained strong liquidity of $430 million¹.
• Bolstered operational and vacancy gains by repositioning units at an accelerated pace, reducing vacancy rates to 4.5% (down from 7.2% in 2022) despite high levels of unstabilized recent acquisitions that make up 13% of Mainstreet’s portfolio.

We believe these highly positive results yet again demonstrate the viability of Mainstreet’s value-add business model. Since Mainstreet began trading on the TSX in 2000, our management team has continued to generate shareholder value by adhering to our proven countercyclical growth strategy, leveraging low cost of capital and our sizable liquidity position to acquire underperforming rental properties at attractive prices. Over the last 24 years, we have expanded our portfolio from a handful of rental units to more than 17,400, and built up a $3 billion+ asset base while avoiding equity dilution. Our share value has increased 5,000% over that period.

Continued strong market conditions

Mainstreet’s strong performance also comes at a time when rental markets have tightened to new, historically low levels. Sharp population growth in Canada, combined with a lack of new apartment spaces, continues to intensify a structural supply-demand imbalance in the market, pushing vacancies down to record lows. Across Canada’s entire rental universe of 2.2 million apartments, vacancy rates in 2022 were the lowest in decades at 1.9%, according to CMHC data. That trend is particularly visible in some of Mainstreet’s main operating hubs like Vancouver (0.9%), Calgary (2.7%), Edmonton (4.3%, down from 7.3% in 2021), Saskatoon (3.2%, down from 4.6% in 2021) and Regina (3.0%, down from 6.8% in 2021), according to CMHC data. Meanwhile, high immigration levels have raised Canada’s population at the steepest rate since the 1950s. As of July 1, 2023, Canada’s population was 40,097,761, marking a 2.9% increase from a year earlier, according to Statistics Canada. About 98% of Canada’s population increase over that period was due to a major influx in international migrants, particularly non-permanent residents (697,701), immigrants (468,817) and international students (551,405 in 2022). We believe the current macroeconomic environment is just the beginning of a multi-year cycle that will provide ample opportunity for Mainstreet to pursue our growth strategy.

In 2023, the Western Canadian rental housing market once again proved to be among the most resilient asset classes, offering stability at a time of elevated economic uncertainty. And while robust market fundamentals are beneficial to Mainstreet, they also underscore our corporate objective of improving the lives of middle-class Canadians. At a mid-market average rental rate of just $1,050, Mainstreet apartments provide affordable, quality, renovated housing during a period when high inflation has pinched the pocketbooks of every Canadian family, worker and student.

CHALLENGES

Inflation and cost pressures

Despite promising macroeconomic tailwinds, rising costs continue to pose a challenge to Mainstreet. Primarily, inflation and associated 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 with an average interest rate of 2.79%, maturing in 5.37 years, to proactively protect us against any eventual rate increases—see Outlook section below. Smaller line items including everything from labour to materials are also impacted by inflation, elevating operating costs.

Combatting higher expenses

Mainstreet works tirelessly 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 13% for fiscal 2023 by obtaining improved premium rates and coverage. Still, major fixed expenses like maintenance and utilities, property taxes and apartment repairs remain high. Carbon taxes, which place the financial burden on property owners, are scheduled to rise annually, from $65 per tonne today to $170 by 2030. 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. Mainstreet has reignited our supply chain, aiming to further reduce capital costs in 2024.

Improving capital market exposure

Due to the success of our non-dilutive growth model, Mainstreet stock has always attracted high levels of interest on public markets. While this is an unmitigated achievement, we believe that high investor appetite combined with Mainstreet’s relatively narrow equity shareholder base has at times restricted MEQ trading volume, in turn limiting our market value (see next section).

OUTLOOK

Mainstreet introduces new nominal dividend policy

Backed by our enviable liquidity position ($430 million) and strong cashflow position (per-share FFO of $7.37), Mainstreet continues to see an abundant pipeline of acquisitions for generating organic, non-dilutive growth. We plan to introduce a nominal dividend—$0.11 per share starting in Q1 2024—for the sole purpose of widening our shareholder base and increasing trading volume. This decision comes after significant numbers of fund managers expressed interest in investing in Mainstreet, but said they were prohibited from taking positions in non-dividend paying corporations. By offering a small dividend, we believe we can satisfy the requirements of more investors while also leaving ample capital available for countercyclical growth opportunities.²

A shift toward shorter-term debt

As debt markets shift due to rising interest rates, Mainstreet continues to take an adaptive approach to our mortgage positions. In the past, when interest rates were lower, Mainstreet locked in its mortgages at longer-term, 10-year maturities to maximize savings. Now that rates are higher, we have shifted toward shorter-term debt obligations, which will yield more cost reduction should interest rates eventually fall.

Turning intangibles to tangibles

To combat the ongoing housing shortage, Canadian municipalities are increasingly increasing density through rezoning efforts. Mainstreet, with an extensive portfolio of more than 800 low density buildings, is well placed to similarly extract more value out of existing assets and land titles at no cost. To that end, Management is in the early stages of developing a three-point plan to 1) turn unused or residual space within existing buildings into new units 2) explore zoning and density relaxations to potentially build new capacity within existing land footprints and 3) subdivide residual lands to maximize useable space. While the plan is currently conceptual in nature, we view this as a major driver of future growth in the longer-term, and further evidence of Mainstreet’s inherent intangible value.

BC remains a standout

We expect Vancouver/Lower Mainland will continue to provide growth and performance. British Columbia has become central to Mainstreet’s portfolio, accounting for approximately 45% of our estimated net asset value (“NAV”) based on IFRS value. With an average monthly mark-to-market gap of $621 per suite per month, 98% of our customers in the region are below the average market rent. According to our estimates, that translates into approximately $25 million in same-store NOI growth potential after accounting for tenancy turnover and mark-to-market gaps.

Alberta and Saskatchewan prosper

We believe Edmonton, which makes up the largest portion of Mainstreet’s portfolio, could be a major performer in 2024. Concession rates in the city continue to fall as vacancy rates hit an all-time low. Rental rates are beginning to grow as Edmonton’s economy and population rises.

A similar trend is taking shape across Mainstreet’s entire prairie portfolio. In the year ended July 1, 2023, Alberta’s population expanded by about 184,000 people, or 4.1%. This represents the highest annual growth rate since 1981 and is also significantly higher than the national rate of 2.98%. Over the same period, 56,245 more people moved to the province than left it, the highest annual net inter-provincial gains in Alberta’s history and the highest ever recorded in any single province or territory since comparable data are available (1971/1972). Meanwhile, Saskatchewan’s population increased by 30,685 over the past year representing a 2.6% rise, compared with 10,711 (0.92%) in the previous 12 months. We believe high in-migration numbers in Alberta, combined with robust economic activity, could continue to nudge rental rates upward.

RUNWAY ON EXISTING PORTFOLIO

1. Pursuing our 100% organic, non-dilutive growth model: Using our strong liquidity position, estimated at $430 million, we believe there is significant opportunity to continue acquiring underperforming assets at attractive valuations. As such, Mainstreet will solidify its position as the leader in the add-value, mid-market rental space in Western Canada.
2. Closing the NOI gap: As of Q4 2023, 13% of Mainstreet’s portfolio was going through the stabilization process (recent acquisitions). Once stabilized, we remain confident same-asset revenue, vacancy rates, NOI and FFO will be meaningfully improved. We are cautiously optimistic that we can increase cash flow in coming quarters. The Alberta market in particular also has substantial room for mark-to-market catch up.
3. Buying back shares at a discount: We believe MEQ shares continue to trade below their true NAV, and that ongoing macroeconomic volatility could intensify that trend.

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 $82 million cash-on-hand, $220 million expected funds to be raised through up-financing of maturing mortgages and financing of clear titled assets after stabilization and a $130 million line of credit.

² We note that any decision to pay dividends, and the amount of any such dividends on the shares, will be made by the Board of Directors at the relevant time, on the basis of Mainstreet’s earnings, financial requirements and other conditions existing at such future time. The dividend policy of Mainstreet is established by the Directors and is subject to change at the discretion of the Directors.

Contacts

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Dow’s net-zero scope 1 and 2 emissions complex will be the first of its kind in the world

IRVING, Texas–(BUSINESS WIRE)–#FluorBuildsABetterWorld–As previously announced and recognized in the third quarter on a confidential basis, Fluor Corporation (NYSE: FLR) was awarded two contracts from Dow for the construction of the world’s first net-zero scope 1 and 2 emissions integrated ethylene cracker and derivatives complex in Fort Saskatchewan, Alberta, Canada.

The reimbursable services contracts represent a total value of more than $3 billion and consist of engineering, procurement and construction management for a new ethylene cracker unit and for the associated utilities, power and infrastructure facilities. The overall program also includes the expansion and retrofit of Dow’s existing manufacturing facilities.

Dow announced in November that its board of directors declared the Final Investment Decision for the project, which is part of Dow’s Path2Zero program, intended to lower the greenhouse gas emissions of its manufacturing facilities while growing capacity and delivering low-emissions products to customers.

“This program represents a major step towards Dow’s commitment to decarbonize its global footprint,” said Jim Breuer, group president of Fluor’s Energy Solutions business segment. “We have a long history of successful project execution with Dow, and we are grateful to be given the opportunity to support their objective to be a leader in sustainable chemicals production.”

Dow’s net-zero scope 1 and 2 emissions integrated ethylene cracker and derivatives complex is projected to decarbonize approximately 20% of the company’s global ethylene capacity while growing its polyethylene capacity by approximately two million metric tonnes per annum.

“Fluor has been a great partner over decades and this project builds on Dow’s very successful Texas-9 and associated projects, delivering more than 15% return on invested capital since its 2017 start-up,” said Ron Huijsmans, Dow’s Global MEGA Project Director. “We are excited to have Fluor on board again to deliver a similar or even better project outcome.”

In February, Fluor was awarded the front-end engineering and design contract for the project. Construction began in July on early works and the program is expected to come online in phases, with the first phase starting up in 2027 and the second phase starting up in 2029.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 40,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $13.7 billion in 2022 and is ranked 303 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than 110 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.

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