The business services leader continues to expand its footprint with its latest acquisition.

CINCINNATI–(BUSINESS WIRE)–Cintas Corporation (Nasdaq: CTAS) has acquired SITEX, a Kentucky-based, family-owned supplier of uniform and facility service programs.

SITEX was founded by the Sights family in Henderson, Kentucky in 1961. Currently, Wes Sights serves as CEO of SITEX, which has five different locations servicing customers in a four-state region, including Illinois, Indiana, Kentucky and Tennessee.

“The Sights family has grown SITEX into a strong regional provider of quality apparel and facility service solutions to their customers in the central Midwest,” said Scott Garula, President and COO of Cintas’ Rental Division. “They’ve built a successful company with a well-earned reputation for delivering outstanding customer and employee experiences. We look forward to welcoming SITEX’s customers and employees to Cintas in the coming months.”

“Our customers and employees have always been and remain our primary focus for any decision we make,” said Wes Sights, CEO of SITEX. “The opportunity for SITEX to become part of the industry-leading Cintas team allows us to offer more services and products for our customers and capitalize on Cintas’ supply chain support while still delivering the highest level of service.”

About Cintas Corporation

Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe, and looking their best. With offerings including uniforms, mats, mops, towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm service, Cintas helps customers get Ready for the Workday®. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.

Contacts

Michelle Goret, Cintas Vice President of Corporate Affairs | goretm@cintas.com, 513-972-4155

Allegations of prejudice against top lenders highlight inaccuracy and bias of credit report algorithms, creating “redlining 2.0.”

NEW YORK–(BUSINESS WIRE)–VeriFast, the AI-powered Verification-as-a-Service platform that automates financial analysis and decision making for tenant screening, mortgage underwriting, and other verticals, responded today to the upcoming Senate investigation into the discrimination by mortgage lenders. In 2022, Navy Federal Credit Union (NFCU) rejected more than half of conventional mortgage applications from African Americans. Innovative solutions, including objective, data-driven application processes that don’t rely on flawed credit scores, can prevent the inherent racial bias of credit reports from interfering with home purchases and create a level playing field for all applicants.

“People of color have long known about these unfair practices, which are often driven by the lending industry’s overreliance on inaccurate and biased credit checks,” said Tim Ray, Co-Founder and CEO OF VeriFast. “The statistics are disturbing, but are unfortunately inevitable when lenders base decisions on incomplete models that often include errors and incorporate structural racism. This isn’t just a mortgage problem but also a rental applicant screening problem. Transparent, data-driven approaches can help people attain home ownership and get into better apartments. These solutions will show lenders the whole picture, reduce risk, and remove race from the equation to keep homeowning dreams from being deferred.”

In past decades, banks would often refuse home loans, mortgages, and insurance to applicants who lived in low-income areas. This practice, called redlining, prevented people of color from moving to more affluent neighborhoods. Though declared illegal in 1968, failing to account for biases baked into borrower screening algorithms threatens to reintroduce redlining as a modern practice.

“The mortgage industry can turn things around by adopting an objective, data-driven platform that is colorblind and uses hard-coded underwriting practices to avoid the flawed assumptions that lead to biased algorithms,” said Verifast Co-Founder and CTO Craig Schoen. “Verifast considers an applicant’s income, assets, employment history, and cashflow without invading anyone’s privacy — never race, creed, sexual or gender orientation, current neighborhood, or place of origin. Lenders can make safe bets, free from prejudice or the appearance of bias.”

About Verifast

VeriFast provides a single-source configurable API platform that allows companies to immediately validate customers’ ability to pay while eliminating fraud. Delivering deep analytics in minutes, VeriFast provides powerful consumer – borrower insights far beyond conventional credit checks. The company is based in Toronto and has customers throughout North America. VeriFast is privately held. For more information on VeriFast, please visit the company website at www.verifast.com.

Contacts

Cameron Thomas for Verifast

cameron@verbfactory.com

416.660.9801

• Visit Tricon’s Investor Relations website at www.triconresidential.com to access materials and information related to the upcoming Special Meeting.

• Company Shareholders who have questions or need assistance with voting their Common Shares should contact Tricon’s proxy solicitation agent and shareholder communications advisor Laurel Hill Advisory Group by telephone at 1-877-452-7184 or by email at assistance@laurelhill.com.  

All financial and share price-related information is presented in U.S. dollars unless otherwise indicated.

TORONTO–(BUSINESS WIRE)–Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) today announced that on February 15, 2024, the Ontario Superior Court of Justice (Commercial List) (the “Court”) granted an interim order (the “Interim Order”) in connection with the previously announced statutory plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”) pursuant to which Blackstone Real Estate Partners X (“BREP X”), together with Blackstone Real Estate Income Trust, Inc. (“BREIT”, and together with BREP X and their respective affiliates, “Blackstone”) will acquire all outstanding common shares of Tricon (“Common Shares”) for $11.25 (approximately C$15.18 based on the Bank of Canada USD/CAD exchange rate at February 15, 2024) per Common Share (the “Consideration”) in cash (the “Transaction”). The Interim Order authorizes the calling and holding of a special meeting on March 28, 2024 (the “Special Meeting”) of the holders of Common Shares (the “Company Shareholders”), the granting of dissent rights to registered Company Shareholders, and other matters relating to the conduct of the Special Meeting.

The Consideration of $11.25 per Common Share in cash represents a premium of approximately 30% to the closing price of the Common Shares on the New York Stock Exchange (“NYSE”) as of January 18, 2024, the last trading day prior to the public announcement of the Arrangement, and a premium of approximately 42% to the volume weighted average share price on the NYSE over the 90-day period ended January 18, 2024. BREIT will maintain its approximately 11% ownership stake in the Company post-closing.

On the unanimous recommendation of a special committee of the board of directors of the Company (the “Board”) consisting entirely of independent directors, the Board (excluding the conflicted director), in consultation with its financial and legal advisors, determined that the Arrangement is in the best interests of the Company and fair to the Company Shareholders (excluding Blackstone) and unanimously recommends that Company Shareholders vote FOR the resolution relating to the Arrangement at the Special Meeting.

Details of the Special Meeting of Company Shareholders

The Interim Order authorizes and orders that the Special Meeting be held on Thursday, March 28, 2024 at 10:00 a.m. (Toronto time) in virtual-only format via live audio webcast, including any adjournments or postponements thereof. Company Shareholders of record as of the close of business on Tuesday, February 13, 2024 are entitled to receive notice of, to participate in, and to vote their Common Shares at the Special Meeting.

The management information circular (the “Circular”) and related proxy materials in respect of the Special Meeting have been filed and are available under Tricon’s profile on SEDAR+ at www.sedarplus.ca, and are in the process of being mailed to Company Shareholders. A Schedule 13E-3 Transaction Statement (the “Schedule 13E-3”), which includes the Circular and related proxy materials, has been filed with the U.S. Securities and Exchange Commission (“SEC”) and is available under Tricon’s profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Details of the Special Meeting and how Company Shareholders or their duly appointed proxyholders can attend, access, participate in and vote at the Special Meeting are set out in the Circular.

The Transaction is subject to the approval of: (i) at least two-thirds (66 2/3%) of the votes cast by Company Shareholders present or represented by proxy at the Special Meeting, voting as a single class; and (ii) because the proposed Arrangement is a “business combination” subject to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), a simple majority (more than 50%) of the votes cast by Company Shareholders present or represented by proxy at the Special Meeting, excluding the votes of Blackstone and other Company Shareholders whose votes are required to be excluded pursuant to MI 61-101.

How to Vote

The Special Meeting will be held on Thursday, March 28, 2024 at 10:00 a.m. (Toronto time) in virtual format via live audio webcast at https://web.lumiconnect.com/#/411155572, Password: tricon2024 (case sensitive) and Meeting ID: 411-155-572.

Registered Company Shareholders and duly appointed proxyholders will be able to attend, participate and vote at the Special Meeting online. Guests and non-registered Company Shareholders (being shareholders who hold their common shares through an intermediary) must duly appoint themselves as proxyholder in order to be able to vote or ask questions at the Special Meeting.

Company Shareholders are encouraged to submit their vote in advance by completing a form of proxy accompanying the Circular (in the case of registered Company Shareholders) or voting instruction form provided by their intermediary (in the case of non-registered Company Shareholders).

Company Shareholders must vote their proxy before 10:00 a.m. (Toronto time) on Tuesday, March 26, 2024 (or, if the Special Meeting is adjourned or postponed, 48 hours, excluding Saturdays, Sundays and statutory holidays, prior to the commencement of the reconvened Special Meeting).

Completion of the Transaction

In addition to the receipt of the requisite approval of the Company Shareholders at the Special Meeting, the completion of the Transaction is subject to the final approval of the Arrangement by the Court, regulatory approvals under the Competition Act (Canada) and Investment Canada Act, and the satisfaction or waiver of the other customary conditions. Completion of the Transaction is expected to occur in the second quarter of this year.

INVESTORS AND COMPANY SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE CIRCULAR, SCHEDULE 13E-3 (INCLUDING ANY SUPPLEMENTS THERETO) AND OTHER PROXY MATERIALS FILED ON SEDAR+ AND EDGAR, AS THEY CONTAIN IMPORTANT INFORMATION ABOUT TRICON, THE TRANSACTION, THE SPECIAL MEETING AND RELATED MATTERS. In addition to receiving the Circular and related proxy materials by mail, Company Shareholders are also able to obtain these documents, as well as other filings containing information about Tricon, the Transaction, the Special Meeting and related matters, without charge on Tricon’s Investor Relations website at www.triconresidential.com as well as under Tricon’s profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.

About Tricon Residential Inc.

Tricon Residential Inc. (NYSE: TCN, TSX: TCN) is an owner, operator and developer of a growing portfolio of approximately 38,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Toronto, Canada. Our commitment to enriching the lives of our employees, residents and local communities underpins Tricon’s culture and business philosophy. We provide high-quality rental housing options for families across the United States and in Toronto, Canada through our technology-enabled operating platform and dedicated on-the-ground operating teams. Our development programs are also delivering thousands of new rental homes and apartments as part of our commitment to help solve the housing supply shortage. At Tricon, we imagine a world where housing unlocks life’s potential. For more information, visit www.triconresidential.com.

Questions

If you have any questions about the information contained in this news release in connection with the Special Meeting, or require any assistance voting, please contact our proxy solicitation agent and shareholder communications advisor, Laurel Hill Advisory Group, at 1-877-452-7184 (toll-free within North America) or by calling 1-416-304-0211 (outside of North America) or by email at assistance@laurelhill.com.

Forward -Looking Information

Certain statements contained in this news release may constitute 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 “anticipate”, “plan”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the following: statements with respect to the holding of the Special Meeting and the timing thereof, statements with respect to the mailing of the Circular and related proxy materials, statements with respect to the anticipated benefits to Company Shareholders, and statements with respect to the expected completion of the Transaction and the timing thereof, and the satisfaction of the conditions to closing of the Transaction.

Such forward-looking information and statements involve risks and uncertainties and are based on management’s current expectations, intentions and assumptions, including expectations and assumptions concerning receipt of required approvals and the satisfaction of other conditions to the completion of the Transaction. There can be no assurance that the proposed Transaction will be completed, or that it will be completed on the terms and conditions contemplated. Accordingly, although the Company believes that the expectations and assumptions on which the forward-looking information contained in this news release is based are reasonable, undue reliance should not be placed on the forward-looking information because Tricon can give no assurance that it will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: the failure to obtain necessary approvals or satisfy (or obtain a waiver of) the conditions to closing the Transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction; material adverse changes in the business or affairs of Tricon; Tricon’s ability to obtain the necessary Company Shareholder approval (including the “minority approval”) at the Special Meeting; the parties’ ability to obtain requisite Court and regulatory approvals; either party’s failure to consummate the Transaction when required or on the terms as originally negotiated; risks related to the disruption of management time from ongoing business operations due to the Transaction and possible difficulties in maintaining customer, supplier, key personnel and other strategic relationships; potential litigation relating to the Transaction, including the effects of any outcomes related thereto; the possibility of unexpected costs and liabilities related to the Transaction; competitive factors in the industries in which Tricon operates; interest rates, currency exchange rates, prevailing economic conditions; and other factors, many of which are beyond the control of Tricon. Additional factors and risks which may affect Tricon, its business and the achievement of the forward-looking statements contained herein are described in the “Risk Factors” section of the Circular as well as Tricon’s annual information form and Tricon’s management’s and discussion and analysis for the year ended December 31, 2022, and in the other subsequent reports filed on the SEDAR+ profile of Tricon at www.sedarplus.ca and Tricon’s filings with the SEC, including the Schedule 13E-3, which includes the Circular, on www.sec.gov.

The forward-looking information contained in this news release represents Tricon’s expectations as of the date hereof, and is subject to change after such date. Tricon disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

Contacts

For further information, please contact:
Wissam Francis

EVP & Chief Financial Officer

Email: IR@triconresidential.com

Wojtek Nowak

Managing Director, Capital Markets

Tricon Media Contact:
Tara Tucker

Senior Vice President, Corporate and Public Affairs

Email: mediarelations@triconresidential.com

TORONTO–(BUSINESS WIRE)–Granite Real Estate Investment Trust (“Granite”) (TSX: GRT.UN / NYSE: GRP.U) announced today that its board of trustees has declared a distribution of CDN $0.275 per stapled unit for the month of February 2024. The distribution will be paid by Granite on Friday, March 15, 2024 to stapled unitholders of record at the close of trading on Thursday, February 29, 2024.

Granite confirms that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes. A qualified notice providing the breakdown of the sources of the distribution will be issued to the Depository Trust & Clearing Corporation subsequent to the record date of February 29, 2024, pursuant to United States Treasury Regulation Section 1.1446-4.

ABOUT GRANITE

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 143 investment properties representing approximately 62.9 million square feet of leasable area.

OTHER INFORMATION

Copies of financial data and other publicly filed documents about Granite are available through the internet on the Canadian Securities Administrators’ System for Electronic Data Analysis and Retrieval +(SEDAR+) which can be accessed at www.sedarplus.ca and on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which can be accessed at www.sec.gov. For further information, please see our website at www.granitereit.com or contact Teresa Neto, Chief Financial Officer, at 647-925-7560 or Andrea Sanelli, Associate Director, Legal & Investor Services, at 647-925-7504.

Contacts

Teresa Neto

Chief Financial Officer

647-925-7560

Andrea Sanelli

Associate Director, Legal & Investor Services

647-925-7504

TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (NASDAQ: REAX), the fastest-growing, publicly traded real estate brokerage, today announced that Mission Realty, a 30-person, top-producing team, has joined the company.

Based in Richmond, Va., Mission Realty has distinguished itself by developing innovative approaches to assist buyers in winning their dream home, regardless of market conditions, and helping sellers sell their homes faster. Since its founding, the team, led by Clayton Gits, has amassed nearly 900 five-star Google reviews and a number of industry accolades, including being named Best of Zillow and counted among RealTrends Top 1.5% of Global Real Estate Teams. The team has sold more than 4,000 homes for a combined value of $1.5 billion, with over $136 million in 2023 alone.

Gits has dedicated his career to helping other real estate professionals build successful businesses. His success is also demonstrated by his ability to expand his professional network to more than 1,500 agents and growing.

“Clayton’s unwavering commitment to helping others grow and achieve success is exactly what Real is all about. His belief in the dual values of working hard and being kind cannot be understated, and in that he has found a perfect home at Real,” said Real President Sharran Srivatsaa. “Beyond Real’s core values, the company’s flexible model and attractive financial incentives inspire powerhouse teams like Mission Realty to align themselves with Real’s vision. We are incredibly proud to welcome Clayton, his team and the entire Mission network to the Real family.”

An early adopter of the team-based model, Gits contributed significantly to the growth of a leading cloud-based brokerage. He attributes his team’s move to Real to the company’s technology and connected community.

“Although many companies talk about collaboration, at Real it starts at the top,” Gits said. “The idea that we’re all on the same team is incredibly attractive and so unique in this industry. That, combined with Real’s commitment to building a visionary solution that streamlines home buying and selling for both agents and consumers, made our decision to join Real an easy one.”

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 15,000 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

Media inquiries:

Elisabeth Warrick

Senior Director, Marketing, Communications & Brand

press@therealbrokerage.com
201.564.4221