MIAMI–(BUSINESS WIRE)–Trivest Partners LP (“Trivest” or “Firm”), a leading private equity firm focused on investing in founder and family-owned businesses, today announced that Trivest Discovery Fund I has completed the sale of its portfolio company HighGround Restoration Group, Inc. (“HighGround” or “Company”) to Knox Lane. Terms of the sale were not disclosed.

Headquartered in Dallas, TX, HighGround is a leading national platform offering water damage mitigation and restoration services to homeowners. HighGround works hand in hand with homeowners in response to water damage events, with a relentless focus on customer service, responsiveness, and superior results, helping to return homes to their original state with speed and quality. The company was initially formed in February of 2020 with the acquisition of Dry Force, a Texas-based water loss mitigation and restoration leader. In 2022, the company launched the HighGround brand to represent the platform with national scale and resources to serve and support local brand execution. Since the initial investment in Dry Force, HighGround has completed 13 add-on acquisitions, increased its revenue by over 12x, and grown its employee base from 68 to nearly 700. The Company currently operates in thirteen states across the country.

“HighGround was an exciting investment for Trivest from day one. Over our five-year investment period, we had the opportunity to bring 14 terrific family-owned businesses into the HighGround/Trivest family. Each acquired company was a leader in its geographic market, and, by bringing these businesses together, we have built a unique platform in the water damage mitigation and restoration space. Ben Balsley and the entire HighGround team have worked tirelessly to successfully integrate these brands and create an exceptional business,” said Trivest Managing Partner Forest Wester, who led the HighGround investment.

The sale of HighGround represents a signature transaction for Trivest and is a testament to the Firm’s commitment to helping founder-led and family-owned businesses transition and grow. HighGround was the first platform investment in Trivest Discovery Fund I and represents the first Discovery Fund sale as well. Throughout its ownership period, Trivest leveraged numerous elements of its long-term value creation strategy, the “Path to 3x.” Trivest created a true Category of One by helping rebrand the entity as HighGround Restoration Group, driving its customer service-centric value proposition throughout the organization using the unified theme of “We Turn Chaos Into Calm.” Trivest also worked diligently to Topgrade the rapidly growing organization, filling out a best-in-class management team lead by Ben Balsley as CEO. The exemplary performance of this team was key to successfully integrating the numerous acquisitions, growing the Company’s profitability and ultimately the outstanding exit outcome achieved by Trivest.

“The growth we’ve experienced over the past five years has been nothing short of amazing and has culminated in this exciting new partnership with Knox Lane. We would like to thank the entire team from Trivest. From their original investment in Dry Force through the exit process, Trivest showed an incredible commitment to investing in our company and our people to help HighGround maximize its potential,” said HighGround CEO Ben Balsley.

Harris Williams served as exclusive financial advisor and Akerman LLP served as legal advisor to both HighGround and Trivest.

ABOUT HIGHGROUND

HighGround is a leading residential restoration services platform combining national scale with local brand execution. HighGround helps customers who have suffered water or fire damage by providing drying and clean up services coupled with restoration and repair contracting. With a proven track record of growth and focus on people, HighGround was built by partnering with like-minded companies that share a track record of doing the right thing for customers, employees, and partners. To learn more, visit www.highgroundnow.com

ABOUT TRIVEST

Trivest Partners is a leading private equity firm with more than $6 billion of capital under management across four unique investment funds that focus exclusively on the support and growth of founder-led and family-owned businesses with both control and non-control transactions across the United States and Canada. Headquartered in Miami, with a presence in Charlotte, Chicago, Los Angeles, New York, and Toronto, the Firm has more than 50 portfolio companies as of January 2025. To learn more, visit www.trivest.com

Contacts

Forest Wester

305-858-2200

TORONTO & NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc. (NASDAQ: REAX), a technology platform reshaping real estate for agents, home buyers and sellers, today announced that Sharran Srivatsaa will transition from his role as President of Real to join the company’s Board of Directors, subject to corporate approvals, effective June 1, 2025.

“Sharran’s leadership, vision and deep commitment to Real’s mission have been instrumental in shaping the company’s culture and growth trajectory,” said Tamir Poleg, Chairman and Chief Executive Officer of Real. “We are incredibly grateful for his contributions and excited that he will continue to play a critical role in shaping our strategy as a member of the Board of Directors. His insight and advocacy for agents will remain invaluable as we continue to build the real estate platform of the future.”

As a Board member, Sharran will focus on representing the voice of Real’s agents and ensuring that the company continues to prioritize agent success and industry innovation. Over the coming months, he will work closely with the team to ensure a seamless transition.

“Real has never been in a stronger position to empower agents through its innovative business model, proprietary technology and collaborative, entrepreneurial culture,” said Sharran Srivatsaa. “While stepping away from my day-to-day role as President is bittersweet, I am incredibly confident in the strength of our leadership team and the trajectory of our company. I look forward to continuing to support Real in this next chapter as a Board member, ensuring that we remain focused on delivering unmatched value to our agents, partners and shareholders.”

Real’s leadership team remains committed to maintaining the company’s momentum, prioritizing growth, innovation and the long-term success of its agents.

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 throughout the U.S. and Canada, Real supports more than 26,000 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, information relating to transitions in Real’s leadership.

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, Real’s ability to attract new agents and retain current agents, and those risk factors discussed under the heading “Risk Factors” in the Company’s Annual Information Form dated March 6, 2025, a copy of which is available under the Company’s SEDAR+ profile at www.sedarplus.ca. 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, please contact:

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

• Enables the site to meet growing demand for low-voltage distribution equipment

MISSISSAUGA, Ontario–(BUSINESS WIRE)–Schneider Electric, the leader in the digital transformation of energy management and automation, is expanding its Duna Smart Power Systems (DSPS) smart factory in Dunavecse, which opened last year. The new facility covering 18,000 square metres, is being constructed with an investment of 44 million €.

Schneider Electric is adapting its capacity flexibly in response to market demands while adhering to a principle of gradual growth. The expanded facility will focus on manufacturing low-voltage distribution equipment marking the introduction of these products at this site.

The development will occur entirely on the 10 hectares of land already owned by Schneider Electric, which was chosen prior to the launch of the first phase of DSPS for its suitability for future expansion. Last May, the company inaugurated the Duna Smart Power Systems (DSPS) plant in Dunavecse, one of its largest production facilities in Europe. It serves as the main European production centre for the company’s latest SF6-free medium-voltage switchgear RM AirSeT, as well as medium-voltage air-insulated switchgears for both Europe and global markets.

“As a leading global industrial technology company, Schneider Electric is a trusted partner in sustainability and energy efficiency through electrification and digitalization. The expansion of our Dunavecse factory responds to the significant market demand for low-voltage distribution equipment globally”, said Yann Reynaud, Schneider Electric’s Senior Vice President, Global Engineering to Order Operations.

In addition to enhancing sustainability and energy efficiency, the first phase of DSPS was designed for efficient building operation. Schneider Electric’s EcoStruxure, an IoT-enabled, plug-and-play, open, and interoperable architecture and platform, is implemented with advanced online monitoring systems and communication network tools to help prevent failures and ensure timely interventions.

In recognition of Schneider Electric’s commitment to sustainability and efficiency, the company has been named the world’s most sustainable company by TIME magazine and Corporate Knights recently, as well as the DSPS has already received several awards, including first place in the Industry category of the Hungarian Real Estate Development Excellence Award, Zero Carbon Award in new construction category of the Hungarian Green Building Association (HuGBC), and recognition as one of the three best projects in last year’s “Green Awards powered by Green Cloud” competition. Additionally, it was a finalist in the BTS (Build-To-Suit) category of the CRE Awards and received “Best Technology Investment of the Year” award from the Joint Venture Association.

About Schneider Electric

Schneider’s purpose is to create Impact by empowering all to make the most of our energy and resources, bridging progress and sustainability for all. At Schneider, we call this Life Is On.

Our mission is to be the trusted partner in Sustainability and Efficiency.

We are a global industrial technology leader bringing world-leading expertise in electrification, automation and digitalization to smart industries, resilient infrastructure, future-proof data centers, intelligent buildings, and intuitive homes. Anchored by our deep domain expertise, we provide integrated end-to-end lifecycle AI enabled Industrial IoT solutions with connected products, automation, software and services, delivering digital twins to enable profitable growth for our customers.

We are a people company with an ecosystem of 150,000 colleagues and more than a million partners operating in over 100 countries to ensure proximity to our customers and stakeholders. We embrace diversity and inclusion in everything we do, guided by our meaningful purpose of a sustainable future for all.

www.se.com/ca

Discover Life Is On

Follow us on: Twitter | Facebook | LinkedIn | YouTube | Instagram | Blog

Discover the newest perspectives shaping sustainability, electricity 4.0, and next-generation automation on Schneider Electric Insights.

Hashtags: #PressRelease #GlobalSupplyChain #SmartFactory

Contacts

Media Relations – Edelman on behalf of Schneider Electric, Juan Pablo Guerrero

Phone: +1 416 875 7173, Email: juan.guerrero@edelman.com

Park Hospitality Holdings Receives Award Honoring Corry Oakes, OTO Development’s Co-Founder and CEO; Additional Owners, Operators and Developers Received Honors

CHICAGO–(BUSINESS WIRE)–Hyatt Hotels Corporation (NYSE: H) announced the renaming of its Strategic Partner award to The Corry Oakes Strategic Partner Award, honoring the legacy of OTO Development’s co-founder and CEO who passed away unexpectedly in 2022. This award, as well as additional honors including two new categories, Purpose & Care and Operational Excellence, were presented at Grand Hyatt Baha Mar during Hyatt’s 2025 Americas Owners Conference. The theme of the conference, Business is Personal, was reflected throughout the award presentations, which celebrated the deep relationships and personal commitments that drive success across Hyatt’s owner, operator, and developer community.

Oakes was remembered as a strategic partner and close friend of the Hyatt family. Hyatt’s relationship with OTO Development has resulted in developing Hyatt Centric, Hyatt House and Hyatt Place properties across the United States. Amy Oakes, Corry’s wife, was present for the award renaming announcement, led by Jim Chu, chief growth officer, Hyatt.

“The impact that Corry Oakes had on Hyatt is immeasurable, and it was my honor to celebrate his legacy by announcing The Corry Oakes Strategic Partner Award. Corry was an exemplary partner for many years, and he is deeply missed,” said Jim Chu, chief growth officer, Hyatt. “As Hyatt continues to evolve, we are deeply appreciative of all our valued owners, operators and developers, and we extend our congratulations to this year’s award recipients.”

The 2025 Hyatt Americas Owners Conference Awards include:

• The Corry Oakes Strategic Partner Award celebrates a company’s culture, philosophies, and strong, multi-brand relationship with Hyatt. These meaningful attributes exemplify Corry Oakes’ legacy.
  • Parks Hospitality Holdings has played an instrumental role in expanding Hyatt’s portfolio in Mexico. They continue to embrace thoughtful growth, sustainability, and lead with a deep respect for local communities. Parks Hospitality Holdings’ highly anticipated openings include Park Hyatt Cancun, Grand Hyatt Mexico Santa Fe, Grand Hyatt Los Cabos and Hyatt Place Cancun Airport. The group’s focus on thoughtful growth, sustainability and local craftsmanship continues to set Hyatt apart in the region.

• Purpose & Care (NEW) celebrates a company’s demonstration of Hyatt’s purpose, to care for people so they can be their best, and meaningful support of local communities.
  • Host Hotels & Resorts received the inaugural Purpose & Care Award for their unwavering commitment to supporting communities in times of crisis, particularly following the August 2023 Maui wildfires. As wildfires devastated Lāhainā, Host Hotels & Resorts provided immediate relief and long-term support for displaced colleagues, guests, first responders, and the broader Maui community. Their dedication to recovery and rebuilding exemplifies Hyatt’s purpose of care.

• Operational Excellence (NEW) recognizes exemplary hotel operations and dedication to providing exceptional guest service.
  • GHL Hotels truly exemplifies what it means to be committed to excellence and it’s evident that guest experience is their passion. They view customer service not just as a necessity, but as a key profit driver that boosts their ADR. The two full-service Hyatt hotels that they operate, Hyatt Centric Guatemala City and Hyatt Centric San Salvador, were recently recognized for maintaining the highest-level core metrics status for the second half of 2024.
  • TKo Hospitality has been a steadfast Hyatt operator for many years and their dedication to our shared vision and goals has been instrumental in their success. When visiting any of their Hyatt Place or Hyatt House hotels, guests experience TKo Hospitality’s dedication to providing value and quality service. In 2024, they exceeded core metric expectations, increased top-line revenues and market performance.

• Developer of the Year recognizes developers for their design creativity, construction quality, attention to detail and excellence in hotel development.
  • Extell Development is a two-time Developer of the Year recipient known for transformative projects including their latest achievement, Grand Hyatt Deer Valley, which opened in November 2024. This property anchors the newly developed Deer Valley East Village—the first luxury mountain village of its kind in North America since 1981. With 436 luxury accommodations, including 55 residences, Deer Valley sets a new standard for mountain hospitality.
  • K Inmuebles was one of the first Hyatt Inclusive Collection owners to invest in Mexico and the company’s Secrets properties consistently rank in the top 10% for guest experience. Since Secrets Playa Blanca Costa Mujeres opened just over a year ago, it has become one of the top performing resorts within the entire Cancun/Riviera Maya area. The 507-room adults-only resort places an emphasis on thoughtful architecture, breathtaking views, and proximity to some of Mexico’s most beautiful natural treasures.
  • 3H Group was among the first to embrace the Hyatt Studios brand and committed to developing five properties, including the recently opened Hyatt Studios Mobile/Tillmans Corner. 3H Group also broke ground on Hyatt Studios locations in Huntsville, Al and Jacksonville, Fl, along with Caption by Hyatt Chattanooga. They also recently acquired Hyatt Place Tampa Airport / Westshore, which is set for a transformative renovation.

• Best New Property acknowledges recent hotel openings.
  • Thompson Houston (DC Partners) opened in February 2024 adjacent to Houston’s Buffalo Bayou. The 172-room Thompson Houston delivers striking design, world-class dining and skyline views. With 17,000+ square feet of event space, including a rooftop terrace and 8,000-square-foot ballroom, the property has quickly become a premier destination within the city.
  • Secrets Tides Punta Cana & Spa (Codelpa) opened in January 2024 in the Uvero Alto neighborhood as the first Hyatt hotel owned by Alvaro Pena, an industry visionary in the Caribbean. This all-suite resort offers nine restaurants along with three pools, two outdoor hot tubs and an expansive spa. With these accommodations and amenities, Secrets Tides Punta Cana is a leader within the Dominican Republic’s all-inclusive market.
  • Hyatt Place Windsor (Inspiration Group of Companies) opened in October 2024 and is ideally situated in Canada’s vibrant city of Windsor and located just minutes away from many local attractions. The exterior has a striking, curb presence, along with an inviting lobby, bar and lounge area featuring well-selected furniture and customized artwork. Since opening just over four months ago, the hotel has experienced impressive results.
  • Hyatt House Raleigh Downtown/Seaboard Station (Hoffman & Associates) opened in October 2024 in Seaboard Station, an exciting, reimagined neighborhood on the north edge of Downtown Raleigh, NC. This extended-stay hotel is part of a larger, community-first development home to lively residential and retail spaces. It features a two-level public area infused with art, an H-bar that serves both guests and locals, as well as a unique rooftop restaurant/bar, called High Rail, offering incredible views from its outdoor patio.
  • Caption by Hyatt – The Gulch (CB Ragland, HRI Hospitality, Peachtree Group) opened in December 2024 and is conveniently located in the Gulch, offering guests the very best of Downtown Nashville. The hotel’s design pays homage to the Gulch’s rich history as a former industrial and railroad hub and provides guests with Nashville-inspired décor and Café Between – the hotel’s all-day lounge.

• Best Renovation recognizes the reconfiguration and transformation of Hyatt-branded hotels.
  • Hyatt Place Kansas City/Overland Park/Metcalf (Dream Hospitality, LLC) began a comprehensive renovation in 2023, touching all areas of the guestrooms, public space and exterior. The renovation was completed in 2024 and brings new life to the building façade while the custom interior public space and guestroom designs offer a welcoming and upgraded feel.

• Best Conversion celebrates the reconfiguration of an existing property and conversion to a Hyatt-branded hotel.
  • Grand Hyatt Scottsdale Resort (Xenia Hotels & Resorts): Previously Hyatt Regency Scottsdale, the resort has been reimagined into Arizona’s first Grand Hyatt hotel. Xenia Hotels & Resorts invested more than $115 million to comprehensively transform the property. The revitalized resort features 496 redesigned guest rooms, casitas, and suites, an enhanced 2.5-acre pool and cabana experience, and expanded meeting and event space capabilities totaling over 90,000 square feet. Finishing off the experience are six new bar & restaurant concepts completed in the partnership with renowned celebrity chef, Richard Blais.
  • Hyatt Centric San Jose Escazu (Caribe Hospitality) marks the first Hyatt Centric branded hotel in Costa Rica, primely located in the vibrant Escazú neighborhood of Costa Rica’s capital city. In 2022, Caribe Hospitality acquired this former Holiday Inn hotel and, following an extensive two-year renovation, it reopened as a completely reimagined Hyatt Centric property with modern décor and art that highlights the history and identity of the region.
  • Impression Isla Mujeres by Secrets (Secretos Isla Mujeres) marked the debut of the Impression by Secrets brand in this iconic Mexico destination. This hotel, which stood half-built for more than a decade, was acquired and transformed into a luxury, adults-only resort featuring stunning artwork, architecture and interior design, and provides guests with elevated dining experiences featuring local ingredients and contemporary culinary techniques.
  • Hyatt House Colorado Springs Airport (Coughlin and Company) extended-stay hotel allows guests to explore the best of Colorado Springs along with the comforts of home. Guests visiting this hotel are conveniently located close to countless adventures in the magnificent Rocky Mountains. In 2024, the hotel’s customer service score was in the top 15% of all Hyatt House hotels in the Americas region.

• Best Adaptive Re-Use honors outstanding Hyatt-branded hotels developed from alternative real estate uses.
  • Hyatt Centric Santo Domingo (Grupo Martinon) debuted in October 2024 as the first Hyatt Centric brand hotel in the Caribbean. This property has undergone a significant transformation and repurposing from a bland office building to one of Santo Domingo’s most vibrant and stylish hotels. Hyatt Centric Santo Domingo marks Grupo Martinon’s first urban property in Santo Domingo.
  • Hyatt House BWI Airport (Tathata LLC) offers convenient access to BWI Airport and downtown Baltimore, making it an ideal choice for all travelers. Originally built in the 1970s, the building previously housed the NSA and various government contractors. After its acquisition in 2017, it underwent a comprehensive renovation, culminating in August 2024. The transformation resulted in a stunning Hyatt House hotel, featuring a modern lobby and guestrooms designed with the latest contemporary interior design package.

For more information, please visit hyatt.com/development.

The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of December 31, 2024, the Company’s portfolio included more than 1,400 hotels and all-inclusive properties in 79 countries across six continents. The Company’s offering includes brands in the Luxury Portfolio, including Park Hyatt®, Alila®, Miraval®, Impression by Secrets, and The Unbound Collection by Hyatt®; the Lifestyle Portfolio, including Andaz®, Thompson Hotels®, The Standard®, Dream® Hotels, The StandardX, Breathless Resorts & Spas®, JdV by Hyatt®, Bunkhouse® Hotels, and Me and All Hotels; the Inclusive Collection, including Zoëtry® Wellness & Spa Resorts, Hyatt Ziva®, Hyatt Zilara®, Secrets® Resorts & Spas, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Sunscape® Resorts & Spas, and Alua Hotels & Resorts®; the Classics Portfolio, including Grand Hyatt®, Hyatt Regency®, Destination by Hyatt®, Hyatt Centric®, Hyatt Vacation Club®, and Hyatt®; and the Essentials Portfolio, including Caption by Hyatt®, Hyatt Place®, Hyatt House®, Hyatt Studios, and UrCove. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith, Unlimited Vacation Club®, Amstar® DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as hurricanes, earthquakes, tsunamis, tornadoes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; our ability to successfully achieve specified levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and manage the Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including our annual report on Form 10-K and our Quarterly Reports on Form 10-Q, which filings are available from the SEC. These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Contacts

Media Contact
Melissa Wright

Hyatt

melissa.wright@hyatt.com

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) announces today its exposure to the Hudson’s Bay Company ULC, the retailer Hudson’s Bay and TheBay.com (“HBC”), in response to HBC’s March 7, 2025, press release stating that it has commenced proceedings under the Companies’ Creditors Arrangement Act.

Primaris has been preparing for this announcement for an extended period of time.

HBC Exposure

As at March 10, 2025, Primaris REIT’s exposure to HBC is as follows:

• 10 HBC locations totaling 1,124,000 square feet of gross leasable area (“GLA”);
• 12th largest tenant by annualized minimum rent;
• Approximately $11.6 million total gross rental revenue, per annum;
• $10.33 weighted average gross rent per occupied square foot;
• Approximately $4.6 million net rental revenue per annum, or 1.4% of total annualized minimum rent;
• $4.14 weighted average net rent per occupied square foot;
• February rent was received for all locations excluding two centres; and
• In addition to the 10 HBC locations in Primaris’ portfolio, there is a shadow-anchor HBC located at Devonshire Mall in Windsor, Ontario which is owned by an unrelated HBC joint venture.

“Primaris REIT has been preparing for this day for a very, very long time, in fact years. We have learned so much over the past 10+ years with the departure of Zellers, Target, Sears, and now potentially HBC,” said Patrick Sullivan, President and Chief Operating Officer. “Although there could be an impact to our financial and operating metrics in the short term, Primaris has detailed plans for all 10 locations, and is ready to take action if and when any locations are disclaimed.”

The below table lists Primaris’ properties with HBC tenancies.

As at March 10, 2025
(in ‘000s square feet, unless otherwise indicated) (unaudited)				Property Ownership at Share		Property GLA at Share		HBC GLA at Share
Cataraqui Town Centre		945 Gardiners Rd, Kingston, ON		50 %		286.2		56.5
Conestoga Mall		550 King St N, Waterloo, ON		100 %		666.1		130.6
Les Galeries de la Capitale		5401 Bd des Galeries, Québec, QC		100 %		987.5		163.3
Medicine Hat Mall		3292 Dunmore Road SE, Medicine Hat, AB		100 %		467.5		93.2
Orchard Park Shopping Centre		2271 Harvey Avenue, Kelowna, BC		100 %		651.1		127.3
Oshawa Centre		419 King St W, Oshawa, ON		100 %		1,215.2		122.6
Place d’Orleans Shopping Centre		110 Place d’Orleans Drive, Orleans, ON		50 %		350.1		57.8
Southgate Centre		5015 111 St NW, Edmonton, AB		50 %		425.4		118.3
St Albert Centre		375 St. Albert Trail, St. Albert, AB		100 %		352.8		93.3
Sunridge Mall		2525 36th Street NE, Calgary, AB		100 %		803.7		161.3
10 locations						6,205.6		1,124.2

The below table illustrates the weighted average net rent and occupied GLA for Commercial Retail Unit (“CRU”) and large format tenants for Primaris’ portfolio at December 31, 2024. HBC’s weighted average net rent per occupied square foot for the 10 locations is $4.14.

As at December 31, 2024 (per occupied square foot unless otherwise indicated) (unaudited)		Weighted Average Net Rent1			Occupied GLA (‘000s of square feet)		GLA Proportions
CRU tenants		$	43.26		5,204		42	%
Large format tenants		$	14.37		7,363		59	%
		$	25.28		12,567		100	%
1 Supplementary financial measure, see Section 1, “Basis of Presentation” – “Use of Operating Metrics” of the December 31, 2024 Management’s Discussion and Analysis.

The Primaris portfolio includes over 2,700 stores, of which there are approximately 35 co-tenancy clauses that name HBC. Co-tenancy clauses are provisions commonly found in commercial real estate leases that stipulate certain conditions under which a tenant’s rent or other obligations may be reduced or modified. These clauses typically come into effect when specific anchor tenants, such as HBC, or a certain percentage of tenants within a shopping centre or retail complex cease operations or vacate their premises. These clauses may not be triggered simply by HBC closing. The purpose of a co-tenancy clauses is to protect tenants from potential loss of business and foot traffic due to the absence of prominent anchor tenants. Over the past number of decades, reference to anchor requirements and named tenants have been removed from tenants’ leases due to the changing enclosed mall merchandise mix and the reliance on anchor tenants for foot traffic.

About Primaris Real Estate Investment Trust

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in leading enclosed shopping centres located in growing Canadian markets. The portfolio totals 15.0 million square feet, valued at approximately $4.6 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.

Forward-Looking Statements

Certain statements included in this news release constitute ‘‘forward-looking information’’ or “forward-looking statements” within the meaning of applicable securities laws. The words “will”, “expects”, “plans”, “estimates”, “intends” and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements made or implied in this news release include but are not limited to statements regarding: Primaris’ future results, performance, prospects and opportunities, including with respect to the impact of the closure of any Hudson Bay Company locations in the portfolio, the Trust’s strategy and plans and the Trust’s portfolio quality. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on estimates and assumptions that are inherently subject to risks and uncertainties. Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, actual results, performance or achievements of Primaris may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in the Trust’s management’s discussion and analysis for the three months and years ended December 31, 2024 and 2023 (“MD&A”) which is available on SEDAR+, and in Primaris’ other materials filed with the Canadian securities regulatory authorities from time to time. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Primaris undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.

Non-GAAP Measures

The Trust’s financial statements are prepared in accordance with IFRS accounting standards as issued by the IASB, however, in this news release, Primaris also uses a number of measures which do not have a standardized meaning prescribed under generally accepted accounting principles (“GAAP”) in accordance with IFRS. These non-GAAP measures, which are denoted in this news release by the suffix “**” include non-GAAP financial measures and non-GAAP ratios, each as defined in National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). None of these non-GAAP measures should be construed as an alternative to financial measures calculated in accordance with GAAP. Furthermore, these non-GAAP measures may not be comparable to similar measures presented by other real estate entities and should not be construed as an alternative to financial measures determined in accordance with IFRS. Additional information regarding these non-GAAP measures, including definitions, an explanation of management’s reasons as to why it believe the measure is useful to investor can be found in the section entitled :Non-GAAP Measures” in the MD&A. Reconciliations to the most directly comparable GAAP figure, where applicable, can be found in the Trust’s MD&A, which is available on the Trust’s profile on SEDAR+ at www.sedarplus.ca.

Use of Operating Metrics

Primaris uses certain operating metrics to monitor and measure the operational performance of its portfolio. Operating metrics in this news release include, amount others, in-place occupancy, weighted average gross rent per occupied square foot and weighted average net rent per occupied square foot. These operating metrics, which may constitute supplementary financial measures as defined in NI 52-112, are not derived from directly comparable measures contained in the Trust’s financial statements but may be used by management and disclosed on a periodic basis to depict the historical or future expected operating performance of the Trust’ portfolio. Weighted average gross rent per occupied square foot is defined as total annual gross rent divided by occupied GLA.

Primaris also uses certain nonfinancial operating metrics to describe its portfolio and portfolio operation performance. Non-financial operation metrics in this news release include, among others, gross leasable area (“GLA”) and weighted average lease term. For greater certainty, the portfolio operating metrics in this news release include only the Trust’s proportionate ownership of the 8 properties held in co-ownerships.

For more information: TSX: PMZ.UN www.primarisreit.com www.sedarplus.ca

Contacts

Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

Claire Mahaney

VP, Investor Relations & ESG

647-949-3093

cmahaney@primarisreit.com

Timothy Pire

Chair of the Board

chair@primarisreit.com