Leo offers 24/7 concierge support to Real’s 11,000 agents

TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (TSX: REAX) (NASDAQ: REAX), the fastest-growing publicly traded real estate brokerage, announced today that Leo – a ground-breaking 24/7 concierge powered by Generative Pre-trained Transformer (GPT) technology and machine learning – is now available to its agents and brokers throughout the U.S. and Canada.

Since it was first announced in mid-May, nearly 200 alpha testers have used Leo to get an immediate response to tens of thousands of questions that in the past would have required a call or email to the corporate support team and hundreds of hours tracking down answers. By leveraging AI to field the most frequently asked questions, Real anticipates sustaining its current low staff-to-agent ratio as it continues to grow its agent base, while increasing agent productivity overall.

“An agent’s life is centered around taking care of clients, spanning time zones outside the constraints of traditional business hours. When an agent needs help, they don’t need generic AI responses from a random AI engine. They need context-sensitive answers, related to their business, their clients, their deals and their personal situation,” Real Chief Technology Officer Pritesh Damani said. “By integrating Leo with our transaction management and signature platform, Real agents have direct access to a private 24/7 concierge. In the future, we see a world where Leo will take the initiative, proactively creating personalized marketing assets and daily playbooks, supercharging our agents’ productivity in a whole new way.”

Leo is personalized for each agent, allowing it to understand and cater to their unique needs and working style. This approach ensures that every agent receives the precise support they need, when they need it, making their job easier. In addition, Leo is programmed to comprehend complex queries, provide accurate responses and learn from each interaction, thereby continually improving its ability to assist agents. Looking ahead, Real plans to integrate Leo into all of the company’s platforms and services, marking a transformative move into industries like mortgage and title.

“Whether dealing with routine inquiries or tackling complex questions, Leo consistently delivers exceptional results,” said Chris Speicher of Real’s D.C. area-based Speicher Group and one of the agents who took part in the alpha test. “By reducing the need to seek support, Leo empowers us with instant access to comprehensive answers, thereby enhancing overall efficiency and productivity.”

Hugo Sanchez, of Real’s Hermann & Sanchez Realty Group, San Diego who also took part in the alpha test, said, “Leo is intuitive and super easy to use. Although it is still under development, it’s already incredibly powerful. I’m excited to see what new features and capabilities it will have in the future to help us save time, improve efficiency and increase productivity.”

Real will host a live webinar to showcase Leo’s capabilities on Wed. Aug. 9 at noon EDT, 11 a.m. CDT and 9 a.m. PDT. Anyone interested in joining may register here.

About Real

The Real Brokerage Inc. (TSX: REAX) (NASDAQ: REAX) is revolutionizing the residential real estate industry by pairing best-in-class technology with the trusted guidance of the agent-led experience. Real delivers a cloud-based platform to improve efficiencies and empower agents to provide a seamless end-to-end experience for home buyers and sellers. The company was founded in 2014 and serves 47 states, D.C., and four Canadian provinces with over 11,000 agents. Additional information can be found on its website at www.onereal.com.

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 launch Leo, the timing of Leo’s launch and Leo’s ability to assist agents and improve operational efficiencies.

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, Real’s inability to successfully launch Leo and Real’s inability to achieve anticipated operational efficiencies from Leo. 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:

Jason Lee

Vice President, Capital Markets & Investor Relations

investors@therealbrokerage.com
908.280.2515

For media inquiries, please contact:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

elisabeth@therealbrokerage.com
201.564.4221

TORONTO–(BUSINESS WIRE)–Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of high-quality workplace real estate, announced today that the Q2 2023 earnings call transcript and investor update are now available on the REIT’s website and can be accessed by visiting the following links:

• Slate Office REIT – Q2 2023 earnings call transcript
• Slate Office REIT – Q2 2023 investor update

About Slate Office REIT (TSX: SOT.UN)

Slate Office REIT is a global owner and operator of high-quality workplace real estate. The REIT owns interests in and operates a portfolio of strategic and well-located real estate assets in North America and Europe. The majority of the REIT’s portfolio is comprised of government and high-quality credit tenants. The REIT acquires quality assets at a discount to replacement cost and creates value for unitholders by applying hands-on asset management strategies to grow rental revenue, extend lease term and increase occupancy. Visit slateofficereit.com to learn more.

About Slate Asset Management

Slate Asset Management is a global alternative investment platform targeting real assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform has a range of real estate and infrastructure investment strategies, including opportunistic, value add, core plus, and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.

Forward-Looking Statements

Certain information herein constitutes “forward-looking information” as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words “plans”, “expects”, “does not expect”, “scheduled”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projects”, “believes”, or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “occur”, “be achieved”, or “continue” and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators.

SOT-FR

Contacts

For Further Information
Investor Relations

+1 416 644 4264

ir@slateam.com

HOUSTON–(BUSINESS WIRE)–DXP Enterprises, Inc. (NASDAQ:DXPE), a leading products and service distributor that adds value and total cost savings solutions to MRO and OEM customers in virtually every industry, plans to issue a press release announcing its financial results for the second quarter ended June 30, 2023, on Tuesday, August 8^th. The earnings announcement will be released after the market closes. DXP will host a conference call, to be web cast live, on the Company’s website (www.dxpe.com) at 10:00 A.M. Central Time on Wednesday, August 9^th.

The call and an accompanying slide presentation will be on the “Investor Relations” section of DXP’s website at www.dxpe.com. A replay of the webcast will be available shortly after the conclusion of the presentation.

DXP’s earnings press release, the slides and other related presentation materials will be posted to the “Investor Relations” section of DXP’s website under the subheading “Financial Information” after the market closes on the date of the earnings call and will remain available following the call.

Web participants are encouraged to go to the Company’s website (www.dxpe.com) at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.

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. For more information, review the Company’s filings with the Securities and Exchange Commission.

Contacts

DXP Enterprises, Inc.

Kent Yee, 713-996-4700

Senior Vice President, CFO

www.dxpe.com

Majority acquisition will support growth strategy of sub-metering services

TORONTO–(BUSINESS WIRE)–Northleaf Capital Partners (“Northleaf”) today announced a strategic partnership with Provident Energy Management Inc. (“Provident” or the “Company”), a leading provider of sub-metering and building automation services predominantly focused on the multi-residential new construction market. Funds managed by Northleaf have acquired a majority stake in Provident, aligning with the Company’s management team, who will maintain a minority interest, to expedite growth.

Provident is committed to generating substantial energy savings through individual utility metering and billing, building automation system installations and monitoring, and energy consulting services in the markets in which it operates.

“We look forward to working with Northleaf and multi-residential developers to strategically accelerate growth in new business opportunities and to grow our services across new markets throughout Canada and the US,” said Marco Pisterzi, COO/CFO at Provident.

“We’re delighted to partner with Provident and its management team to build upon the Company’s strong track record of providing customers an essential service that promotes energy efficiency,” said Jared Waldron, Managing Director at Northleaf. “Provident’s existing and diversified installed base and robust pipeline underpins a resilient, long-term and contracted cashflow profile. This is an excellent fit with our mid-market infrastructure strategy which focuses on stable businesses with strong downside protection.”

Provident will continue its longstanding commercial relationship with OZZ Electric Inc. (“OZZ”) to foster growth. As the largest multi-residential electrical contractor in Canada, OZZ employs over 1,200 people across Ontario, British Columbia, and Washington State. “The natural and symbiotic relationship between OZZ and Provident adds substantial value to both businesses, providing our developer customers the convenience and economy of combined electrical and suite metering services,” said Steven Muzzo, founder and CEO of OZZ and Provident.

Financial terms of the transaction were not disclosed. Northleaf was advised by National Bank Financial Inc. and Torys. The associated debt financing for this transaction was led and arranged by National Bank of Canada.

About Provident Energy Management Inc.

Provident is a leading sub-metering provider based in Ontario, Canada that provides billing services and energy management solutions to multi-residential buildings and their tenants. Provident has an extensive network of key developer relationships for whom Provident acts as the trusted partner to invest in sub-meters allowing multi-residential tenants to be billed for their actual utility usage thereby promoting energy conservation.

For more information on Provident, visit www.pemi.com.

About Northleaf Capital Partners

Northleaf Capital Partners is a global private markets investment firm with more than US$23 billion in private equity, private credit and infrastructure commitments raised to date from public, corporate and multi-employer pension plans, endowments, foundations, financial institutions and family offices. Northleaf’s more than 200-person team is located in Toronto, Chicago, London, Los Angeles, Melbourne, Menlo Park, Montreal, New York and Tokyo. Northleaf sources, evaluates and manages private markets investments, with a focus on mid-market companies and assets. For more information on Northleaf, please visit www.northleafcapital.com.

Contacts

Media

For Provident:

Marco Pisterzi

t +1.905.695.5241

e: mpisterzi@cricketenergy.com

For Northleaf:

Sneha Satish

Stanton

t: +1.646.502.3556

e: sneha.satish@stantonprm.com

Nadine Cannata

Managing Director, Marketing & Communications

t: +1.416.477.6623

e: nadine.cannata@northleafcapital.com

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

OTTAWA, Ontario–(BUSINESS WIRE)–InterRent Real Estate Investment Trust (TSX-IIP.UN) (“InterRent” or the “REIT”) today reported financial results for the second quarter ended June 30, 2023.

Operational and Financial Highlights:

• Same Property and Total Portfolio occupancy for June 2023 were 95.4%, an increase of 30 basis points compared to the same period last year.
• Average Monthly Rent (“AMR”) of $1,531 for the Total Portfolio and $1,523 for the same property portfolio, an increase of 6.8% and 6.5% year-over-year (“YoY”) respectively.
• Same Property Net Operating Income (“NOI”) for Q2 was $38.3 million, an increase of $5.0 million or 15.0% YoY.
• Total Portfolio NOI was $39.1 million, an increase of $5.6 million, or 16.8% YoY.
• NOI margin for the Same Property Portfolio and Total Portfolio were 66.3%, reflecting increases of 300 bps YoY.
• Funds from Operations (“FFO”) of $19.6 million, a 3.7% increase from Q2 2022. FFO per unit (diluted) of $0.134, an increase of 2.3% YoY.
• Adjusted Funds from Operations (“AFFO”) of $16.9 million, an increase of 3.8% YoY, and AFFO per unit (diluted) of $0.116, an increase of 2.7% YoY.
• Strong financial position with $282 million of available liquidity with Debt-to-Gross Book Value (“GBV”) of 37.7%.
• Committed to sell a 54-suite property in Ottawa, Ontario for a sale price of $11.5 million, exceeding IFRS value.
• Purchased 26,300 units under the Normal Course Issuer Bid (“NCIB”), and subsequent to the quarter, purchased 130,900 units under an Automatic Unit Purchase Plan (“AUPP”), representing a total of 157,200 units at a weighted average per-unit price of $12.71.

Brad Cutsey, President and CEO of InterRent REIT, commented on the results:

“We’re pleased to report on another solid quarter marked by back-to-back double-digit NOI growth and sustained expansion of NOI margins. AMR growth remained steady across our core markets, benefitting from the robust industry fundamentals that are showing no signs of slowing down. Our capital recycling program is now in motion, as we are committed to sell a non-strategic property at a price higher than its IFRS value. We continue to explore capital recycling opportunities and have identified various assets that could potentially provide net proceeds of over $75 million. While the completion of such transactions is subject to various factors and cannot be assured, we are confident that our well-defined disposition strategy will strengthen our balance sheet, help fund further growth opportunities, and allow us to continue to be active in our NCIB.”

Selected Consolidated Information In $000’s, except per Unit amounts and other non-financial data	3 Months Ended June 30, 2023			3 Months Ended June 30, 2022			Change
Total suites		12,709(1)			12,573(1)		+1.1%
Average rent per suite (June)	$	1,531		$	1,433		+6.8%
Occupancy rate (June)		95.4	%		95.1	%	+30 bps
Proportionate operating revenues	$	58,963		$	52,845		+11.6%
Proportionate net operating income (NOI)	$	39,068		$	33,446		+16.8%
NOI %		66.3	%		63.3	%	+300 bps
Same Property average rent per suite (June)	$	1,523		$	1,430		+6.5%
Same Property occupancy rate (June)		95.4	%		95.1	%	+30 bps
Same Property proportionate operating revenues	$	57,787		$	52,662		+9.7%
Same Property proportionate NOI	$	38,334		$	33,322		+15.0%
Same Property NOI %		66.3	%		63.3	%	+300 bps
Net Income	$	36,786		$	77,607		-52.6%
Funds from Operations (FFO)	$	19,584		$	18,880		+3.7%
FFO per weighted average unit – diluted	$	0.134		$	0.131		+2.3%
Adjusted Funds from Operations (AFFO)	$	16,877		$	16,262		+3.8%
AFFO per weighted average unit – diluted	$	0.116		$	0.113		+2.7%
Distributions per unit	$	0.0900		$	0.0855		+5.3%
Adjusted Cash Flow from Operations (ACFO)	$	20,627		$	16,648		+23.9%
Proportionate Debt-to-GBV		37.7	%		37.3	%	+40 bps
Interest coverage (rolling 12 months)	2.37x			3.19x			-0.82x
Debt service coverage (rolling 12 months)	1.54x			1.82x			-0.28x

⁽¹⁾ Represents 12,041 (2022 – 11,965) suites fully owned by the REIT, 1,214 (2022 – 1,214) suites owned 50% by the REIT, and 605 (2022 – nil) suites owned 10% by the REIT.

Disciplined portfolio growth underpinned by industry fundamentals

As of June 30, 2023, InterRent had proportionate ownership in 12,709 suites, up 1.1% from 12,573 as of June 2022. Including properties that the REIT owns in its joint ventures, InterRent owned or managed 13,860 suites at June 30, 2023. At 95.4%, the June 2023 occupancy rate in InterRent’s same property and total portfolios improved 30 bps over June 2022. Total portfolio occupancy is 140 bps lower than March 2023, and same property occupancy is 150 bps lower, this is due to seasonal fluctuations and is in line with the long-term average for June. AMR growth across the total portfolio was 6.8% for June 2023 as compared to June 2022, while same property AMR increased by an impressive 6.5% for the same period.

With record setting immigration in 2022 and continuing ambitious federal targets for 2023, strong leasing demand continues to drive AMR growth and strong occupancy numbers, resulting in total portfolio operating revenue growth of 11.6% over Q2 2022. Within the same property portfolio, these same factors have grown operating revenues by 9.7% compared to Q2 2022. NOI margin expansion for the overall portfolio and same property portfolio both accelerated to 300 basis points, reaching 66.3% during the quarter.

Strong debt profile, focused on optimizing mortgages

Financing costs in Q2 2023 came in at $15.0 million, compared to $10.4 million in Q2 last year, reflecting the impact from the Bank of Canada’s interest rate increases between March of 2022 and June of 2023.

Weighted average cost of mortgage debt increased marginally from March 2023 to 3.43%, and variable rate exposure ended the quarter at 5%, a marginal increase from 4% at the prior quarter but decreased substantially from the same period last year at 14%. The REIT has continued to actively manage its mortgage ladder, with its share of CMHC insured mortgages at 83%, consistent with March 2023.

Debt-to-GBV was at 37.7%, an increase of 40 basis points year over year and a decrease of 30 basis points when compared to March. With a conservative debt-to-GBV and $282 million of available liquidity, the REIT has significant financial flexibility for future capital programs, development opportunities and acquisitions.

Net income affected by fair value adjustments

Net income for the quarter was $36.8 million, a decrease of $40.8 million compared to Q2 2022. This decrease was primarily due to a $20.4 million difference in fair value adjustments of investment properties (moving from a $27.8 million gain to a $7.4 million gain). These fair value adjustments reflect an expansion of capitalization rates during the year. The REIT’s weighted average capitalization rate used across the portfolio at the end of Q2 2023 was 4.07%, an expansion of 3 basis points from Q1 2023, driven by greater cap rate increase in the suburban Other Ontario region.

The decrease in net income during Q2 2023 is also attributable to a $21.1 million drop in unrealized gain on financial liabilities (a $10.1 million gain compared to a $31.2 million gain during the same period last year).

FFO increased 3.7% from last year to $19.6 million and on a per unit basis increased 2.3% to $0.134. AFFO during the quarter increased 3.8% to $16.9 million, and on a per unit basis increased 2.7% on a per unit basis to $0.116.

Momentum at the Slayte remains strong

The Slayte development in Ottawa, the REIT’s first office conversion project, has reached the final stages of its interior construction. Located near LRT lines and steps to the Parliament, the building has captured considerable attention. The lease rate has surpassed 60% and the REIT is optimistic that the leasing momentum will continue throughout the rest of the leasing season.

Conference Call

Management will host a webcast and conference call to discuss these results and current business initiatives on Wednesday, August 2, 2023 at 10:00 AM EST. The webcast will be accessible at: https://www.interrentreit.com/2023-q2-results. A replay will be available for 7 days after the webcast at the same link. The telephone numbers for the conference call are 1-888-396-8049 (toll free) and 416-764-8646 (international). No access code required.

About InterRent

InterRent REIT is a growth-oriented real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties.

InterRent’s strategy is to expand its portfolio primarily within markets that have exhibited stable market vacancies, sufficient suites available to attain the critical mass necessary to implement an efficient portfolio management structure, and offer opportunities for accretive acquisitions.

InterRent’s primary objectives are to use the proven industry experience of the Trustees, Management and Operational Team to: (i) grow both funds from operations per Unit and net asset value per Unit through investments in a diversified portfolio of multi-residential properties; (ii) provide Unitholders with sustainable and growing cash distributions, payable monthly; and (iii) maintain a conservative payout ratio and balance sheet.

*Non-GAAP Measures

InterRent prepares and releases unaudited quarterly and audited consolidated annual financial statements prepared in accordance with IFRS (GAAP). In this and other earnings releases, as a complement to results provided in accordance with GAAP, InterRent also discloses and discusses certain non-GAAP financial measures, including Proportionate Results, Gross Rental Revenue, NOI, Same Property results, Repositioned Property results, FFO, AFFO, ACFO and EBITDA. These non-GAAP measures are further defined and discussed in the MD&A dated August 2, 2023, which should be read in conjunction with this press release. Since Proportionate Results, Gross Rental Revenue, NOI, Same Property results, Repositioned Property results, FFO, AFFO, ACFO and EBITDA are not determined by GAAP, they may not be comparable to similar measures reported by other issuers. InterRent has presented such non-GAAP measures as Management believes these measures are relevant measures of the ability of InterRent to earn and distribute cash returns to Unitholders and to evaluate InterRent’s performance. These non-GAAP measures should not be construed as alternatives to net income (loss) or cash flow from operating activities determined in accordance with GAAP as an indicator of InterRent’s performance.

Cautionary Statements

The comments and highlights herein should be read in conjunction with the most recently filed annual information form as well as our consolidated financial statements and management’s discussion and analysis for the same period. InterRent’s publicly filed information is located at www.sedar.com.

This news release contains “forward-looking statements” within the meaning applicable to Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “anticipated”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent’s most recently publicly filed information located at www.sedar.com. InterRent cannot assure investors that actual results will be consistent with these forward looking statements and InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts

For further information:
Renee Wei

Director of Investor Relations & Sustainability

renee.wei@interrentreit.com
www.interrentreit.com