Applify announces Strategic Collaboration Agreement with AWS to accelerate AI adoption for SMBs
This collaboration empowers businesses to leverage the full potential of AI & Data capabilities using AWS services, such as Amazon Q, Amazon Bedrock, and Amazon SageMaker AI.
The vision is clear: leverage reliable and secure infrastructure from AWS to help the global SMB customers become AI enablers, unlocking the true potential of their data. By tapping into the vast potential of AI, Applify enables businesses to predict market trends, optimize resource allocation, and make data-driven decisions that position them for long-term success.
"We are here to challenge the status quo, spark innovation, and equip our customers with the tools to redefine their industries and lead the way into the future with digital transformation," said Ojus Sharma, CEO and Co-founder of Applify.
This collaboration underscores the value of Applify and AWS to provide flexibility and unlock greater business value for customers across industries.
About Applify
Applify is an AWS Advanced Tier Services Partner, specializing in AI-driven automation and cloud transformation. Since 2014, Applify has been enabling SMBs all around the world to unlock the full potential of cloud and AI technologies to drive efficiency and growth.
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Cision Canada
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Sabio Announces Private Placement Offering of Debentures and Debt Settlement
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In connection with the Offering, subscribers will receive, for no additional consideration, common shares (each, a " Bonus Share") in the capital of the Company equal to 5% of the principal amount of the Debentures divided by the greater of: (a) $0.53; and (b) the lowest permitted price under the policies of the TSX Venture Exchange (" TSXV"). Should the Company exercise the Extension Right, holders of Debentures will be entitled to receive additional Bonus Shares equal to 10% of the principal amount of the Debentures divided by the greater of: (a) the volume-weighted average trading price of the Company's shares on the TSXV for the 10 consecutive trading days ending on the original Maturity Date; and (b) the lowest permitted price under the policies of the TSXV. The Debentures will rank pari passu with all other existing unsecured indebtedness of the Company, however will be subordinate to one of the Company's senior lender by way of subordination agreement. The net proceeds of the Offering will be used for general working capital purposes and to retire an existing convertible debt instrument. The Offering remains subject to the execution of definitive documentation, including subscription agreements and subordination agreements, as well as receipt of all necessary regulatory approvals, including that of the TSXV. The Company may pay finders' fees under the Offering to qualified arm's length parties. Debt Settlement Further to the Company's news release dated July 31, 2025, the Company announces it has issued a total of 162,477 common shares (each, a " Share") of the Company at a deemed price of CAD$0.517 per Share to settle an aggregate of CAD$84,000 of interest (" Interest") that was due on July 31, 2025 (the " Debt Settlement"). The Interest related to certain secured convertible notes (collectively, the " Convertible Notes") issued in connection with a previously announced non-brokered private placement that closed on August 16, 2023. 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The Company undertakes no obligation to comment on analyses, expectations, or statements made by third parties in respect of the Company, its securities, or financial or operating results (as applicable). Although the Company believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors, and assumptions concerning future events that may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including the other risk factors disclosed in the Company's annual information form and management's discussion and analysis (MD&A), which are publicly available on SEDAR+ at The Company has assumed that the material factors referred to herein will not cause such forward-looking statements and information to differ materially from actual results or events. 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Cision Canada
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Mountain Province Diamonds Announces Second Quarter Financial Results for 2025
TORONTO, Aug. 12, 2025 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) today announces financial results for the second quarter ended June 30, 2025 ("the Quarter" or "Q2 2025") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian Dollars unless otherwise noted. Q2 2025 Key Takeaways 411,114 carats were sold for total proceeds of $36.8 million (US$26.6 million) at an average price of $90 per carat (US$65). Adjusted EBITDA 1 of ($2.2) million. Loss from mine operations of $52.6 million. Net loss of $37.7 million or $0.18 basic and diluted loss per share. 1 Cash costs of production, including capitalized stripping costs, and adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See "Reconciliation of non-IFRS measures" at the end of the news release for explanation and reconciliation. Mark Wall, the Company's President, and Chief Executive Officer, commented: "The first half of 2025 was a period of solid operational discipline at the GK Mine, but one that also underscored the challenges we continue to face. While the global diamond market showed tentative signs of recovery earlier in the year, recent U.S. tariffs have introduced a new layer of uncertainty at a critical juncture. Safety remains our top priority, and on that front the team delivered a Total Recordable Injury Frequency Rate (TRIFR) of 2.13 — an improvement of 51% over the same period last year, and 85% better than 2022. This improvement is the result of consistent focus and commitment across the workforce. Operationally, the GK Mine achieved 82.5% availability and utilization in the first half, an improvement over 2024 and well above historical levels. Ore throughput was also strong, with 1.81 million tonnes processed — a new record for the GK Mine. However, lower-than-expected grades meant that carats recovered were disappointing, despite the solid plant performance. The average grade of 0.81 carats per tonne represented a decline of 44% from H1 2024 and 54% from H1 2023. While this drop was anticipated to some extent, it nonetheless weighed on production outcomes. We continue to expect grades to improve significantly as mining progresses into the high grade NEX ore body. The diamond market remains fragile. June's early signs of strengthening in U.S. retail demand and an initial recovery in China have been tempered by the impact of U.S. tariffs, which have disrupted the pace of improvement. The uncertainty created by these trade measures makes near-term market conditions more difficult to predict. We remain extremely appreciative of the continued support from our largest shareholder, Mr. Dermot Desmond, whose provision of short-term liquidity has been instrumental in helping us navigate this challenging environment. In summary, the GK Mine continues to perform reliably from an operational standpoint, but weaker grades and market uncertainty have tempered results. Our focus remains on safe, disciplined operations, controlling costs, and positioning the business to benefit when market conditions eventually stabilize." Financial Highlights for Q2 2025 Revenue from 411,114 carats sold at $36.8 million (US$26.6 million) at an average realised value of $90 per carat (US$65) compared to $56.8 million from 557,361 carats sold in Q2 2024 (US$41.5 million) at an average realized value of $102 per carat (US$74). Adjusted EBITDA 1 of ($2.2) million compared to $24.0 million in Q2 2024. Loss from mine operations of $52.6 million compared to earnings from mine operations $12.0 million in Q2 2024. Cash costs of production, including capitalized stripping costs 1 of $167 per tonne treated (2024: $119 per tonne) and $209 per carat recovered (2024: $87 per carat). Net loss of $37.7 million or $0.18 loss per share (2024: net loss of $6.5 million or $0.03 loss per share). Included in the determination of net loss are foreign gains of $20.4 million, the majority of which is an unrealized gain arising on the translation of the Company's US Dollar denominated long term debt, because of the strengthening of the Canadian Dollar versus US Dollar. 1 Cash costs of production, including capitalized stripping costs, and Adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See the Non-IFRS Measures section of the Company's June 30, 2025 MD&A for explanation and reconciliation. Operational Highlights for Q2 2025 (all figures reported on a 100% basis unless otherwise stated) 883,738 ore tonnes treated, 9% lower than Q2 2024 (965,984 tonnes treated) 708,072 carats recovered, 46% lower than Q2 2024 (1,318,680 carats recovered) Average grade of 0.80 carats per tonne treated, 41% lower than Q2 2024 (1.37 carats per tonne) 134,597 ore tonnes mined, 86% lower than Q2 2024 (971,311 ore tonnes mined) Sales Highlights for Q2 2025 As previously released, during the second quarter, 411,114 carats were sold for total proceeds of $36.8 million (US$26.6 million), resulting in an average price of $90 per carat (US$65 per carat). These results compare to Q2 2024 where 557,361 carats were sold for total proceeds of $56.8 million (US$41.5 million) at an average price per carat of $102 per carat (US$74 per carat). Financial Highlights for H1 2025 Total sales revenue of $80.8 million (US$57.3 million) at an average realised value of $97 per carat (US$68) compared to $146.3 million in 2024 (US$107.7 million) at an average realized value of $98 per carat (US$72). Adjusted EBITDA 2 of $3.9 million (H1 2024: $74.0 million). Loss from mine operations of $74.9 million (H1 2024: earnings from mine operations $42.4 million). Cash costs of production, including capitalized stripping costs 2, of $162 per tonne treated (H1 2024: $105 per tonne) and $200 per carat recovered (H1 2024: $72 per carat). Net loss of $72.1 million or $0.34 basic and diluted loss per share (H1 2024: $0.3 million or $0.00 basic and diluted earnings per share). Included in the determination of the net loss for H1 2025, are foreign exchange gains of $17.7 million, the majority of which is an unrealized gain on the translation of the Company's US Dollar denominated long term debt arising because of the strengthening of the Canadian Dollar versus US Dollar. Capital expenditures of $70.4 million, $61.6 million of which were deferred stripping costs, with the remaining $8.8 million for sustaining capital expenditures related to mine operations. 2 Cash costs of production, including capitalized stripping costs, and Adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See the Non-IFRS Measures section of the Company's June 30, 2025 MD&A for explanation and reconciliation. Operational Highlights for H1 2025 (all figures reported on a 100% basis unless otherwise stated) 20,537,000 total tonnes mined, 30% higher than 15,800,000 total tonnes mined in H1 2024. 1,810,000 tonnes of ore treated 2% higher than 1,772,000 tonnes treated in H1 2024. 1,471,000 carats recovered at an average grade of 0.81 carats per tonne, 43% lower than 2,584,000 carats, (1.46 carats per tonne) recovered in H1 2024. Gahcho Kué Mine Operations The following table summarizes key operating statistics for the Gahcho Kué Mine in the three and six months ended June 30, 2025, and 2024. June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 GK operating data Mining *Ore tonnes mined kilo tonnes 135 971 135 2,918 *Waste tonnes mined kilo tonnes 10,310 6,941 20,402 12,879 *Total tonnes mined kilo tonnes 10,445 7,912 20,537 15,797 *Ore in stockpile kilo tonnes 2,387 3,464 2,387 3,464 Processing *Ore tonnes processed kilo tonnes 884 966 1,810 1,772 *Average plant throughput tonnes per day 10,045 10,615 9,945 9,736 *Average diamond recovery carats per tonne 0.80 1.37 0.81 1.46 *Diamonds recovered 000's carats 708 1,319 1,471 2,584 Approximate diamonds recovered - Mountain Province 000's carats 347 646 721 1,266 Cash costs of production per tonne of ore, net of capitalized stripping ** $ 96 84 93 69 Cash costs of production per tonne of ore, including capitalized stripping** $ 167 119 162 105 Cash costs of production per carat recovered, net of capitalized stripping** $ 120 62 114 48 Cash costs of production per carat recovered, including capitalized stripping** $ 209 87 200 72 Sales Approximate diamonds sold - Mountain Province*** 000's carats 411 557 837 1,495 Average diamond sales price per carat US $ 65 $ 74 $ 68 $ 72 * at 100% interest in the Gahcho Kué Mine **See Non-IFRS Measures section of the Company's June 30, 2025 MD&A for explanation and reconciliation ***Includes the sales directly to De Beers for fancies and specials acquired by De Beers through the production split bidding process Financial Performance Three months ended Three months ended Six months ended Six months ended (in thousands of Canadian dollars, except where otherwise noted) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Sales $ 36,824 56,818 80,819 146,256 Carats sold 000's carats 411 557 837 1,495 Average price per carat sold $/carat 90 102 97 98 Cost of sales per carat* $/carat 217 80 186 69 (Loss) earnings from mine operations per carat $ (127) 22 (89) 29 (Loss) earnings from mine operations % -142 % 22 % -93 % 29 % Selling, general and administrative expenses $ 2,432 2,768 4,974 6,310 Operating (loss) income $ (55,140) 9,071 (80,242) 35,831 Net (loss) income for the period $ (37,743) (6,524) (72,117) 340 Basic (loss) earnings per share $ (0.18) (0.03) (0.34) 0.00 Diluted (loss) earnings per share $ (0.18) (0.03) (0.34) 0.00 * This cost of sales per carat includes the cost of acquiring 51% of the fancies and specials which have been sold, after having been won in a tendering process with De Beers Canada. Conference Call The Company will host its quarterly conference call on Wednesday, August 13 th, 2025, at 11:00AM Eastern Time. Title: Mountain Province Diamonds Inc. Q2 2025 Earnings Conference Call Date of call: 08/13/2025 Time of call: 11:00AM Eastern Time Expected Duration: 60 minutes Webcast Link: Participant Toll-Free Dial-In Number: (+1) 800-836-8184 Participant International Dial-In Number: (+1) 289-819-1350 A replay of the webcast and audio call will be available on the Company's website following the call. Reconciliation of Non-IFRS measures This news release refers to the terms "Cash costs of production per tonne of ore processed" and "Cash costs of production per carat recovered," both including and net of capitalized stripping costs and "Adjusted Earnings Before Interest, Taxes Depreciation and Amortization (Adjusted EBITDA)" and "Adjusted EBITDA Margin." Each of these is a non-IFRS performance measure and is referenced to provide investors with information about the measures used by management to monitor performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. They do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Cash costs of production per tonne of ore processed and cash costs of production per carat recovered are used by management to analyze the actual cash costs associated with processing the ore, and for each recovered carat. Differences from production costs reported within cost of sales are attributed to the amount of production cost included in ore stockpile and rough diamond inventories. Adjusted EBITDA is used by management to analyze the operational cash flows of the Company, as compared to the net income for accounting purposes. It is also a measure which is defined in the Notes documents. Adjusted EBITDA margin is used by management to analyze the operational margin % on cash flows of the Company. The following table provides a reconciliation of the Adjusted EBITDA and Adjusted EBITDA margin with the net (loss) income on the consolidated statements of comprehensive (loss) income: The following table provides a reconciliation of the cash costs of production per tonne of ore processed and per carat recovered and the production costs reported within cost of sales on the consolidated statements of comprehensive (loss) income: **** About Mountain Province Diamonds Inc. Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls more than 113,000 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat, at February 2019. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct, at February 2019. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat, at February 2019. All resource estimations are based on a 1mm diamond size bottom cut-off. Qualified Person The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Tom McCandless, Ph.D., and Mr. Tysen Hantelmann, independent advisors to the Company and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Caution Regarding Forward Looking Information This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on several assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labor disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated. These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of crucial factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. Although Mountain Province has attempted to identify crucial factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, or results not to be anticipated, estimated, or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities, Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, prospects, and other factors deemed relevant by the Board SOURCE Mountain Province Diamonds Inc.
Cision Canada
2 hours ago
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True North Commercial REIT Reports Q2-2025 Results
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Q2-2025 highlights The REIT's core portfolio occupancy ([1]) excluding assets held for sale at the end of Q2-2025 was approximately 93% which remained above the average occupancy for the markets in which the REIT operates. The REIT also had a weighted average lease term ("WALT") (1) of 4.2 years excluding investment properties held for sale. The REIT contractually leased or renewed approximately 291,600 square feet with a WALT of 4.4 years with positive leasing spreads on renewals reported at 0.6% for the quarter. The REIT's Q2-2025 revenue and Net Operating Income ("NOI") (1) decreased relative to the three months ended June 30, 2024 ("Q2-2024") by 13% and 21% (YTD-2025 - 9% and 17%), respectively, primarily due to the disposition activity in 2024, a decrease in occupancy for the REIT's held for sale properties and termination income amounts included in Q2-2024 with no comparable amounts in Q2-2025 (the "Primary Variance Driver"), partially offset by contractual rent increases achieved by the REIT throughout 2024 and YTD-2025. Q2-2025 same property net operating income ("Same Property NOI") (1) excluding the impact of termination income in both periods, decreased by approximately 5% primarily due to a reduction in occupancy for the REIT's Alberta portfolio and the finalization of an early termination of a tenant in the REIT's Greater Toronto Area ("GTA") portfolio completed in Q1-2025, which space has been re-leased with a new tenant for a ten-year lease term commencing in 2026. Excluding the impact of these items, the REIT's Same Property NOI would have been relatively in line with Q2-2024. The REIT's Q2-2025 funds from operations ("FFO") (1) and adjusted funds from operations ("AFFO") (1) decreased by $3,440 and $4,063 (YTD-2025 - $4,199 and $4,894), respectively when compared to the same period in 2024 primarily due to the reduction in NOI described above and increase in interest costs. Q2-2025 FFO and AFFO basic and diluted per trust units ("Unit") (1) decreased from $0.65 and $0.66 in Q2-2024 to $0.45 and $0.42 respectively due to the reasons outlined above, partially offset by the impact of a reduction in number of outstanding Units as a result of repurchases under the the normal course issuer bid ("NCIB") program during 2024 and 2025. YTD highlights The REIT contractually leased and renewed approximately 437,500 square feet with a WALT of 4.8 years and a 0.8% increase over expiring base rents relative to the six months ended June 30, 2024 ("YTD-2024"). The REIT continued the NCIB with YTD-2025 completing the repurchase of 110,700 Units for cash of $1,021 under 2024 NCIB at a weighted average price of $9.23 per Unit. On March 18, 2025, the REIT announced the reinstatement of the monthly distribution ("Distribution Reinstatement") to Unitholders, which commenced with a record date of March 31, 2025, payable on April 15, 2025, amounting to $0.0575 per Unit per month. For YTD-2025, the REIT's AFFO payout ratio was 41%. During YTD-2025, the REIT successfully completed $215,800 of refinancing or approximately 86% of the 2025 maturities and $4,500 of new financing at a weighted average interest rate of approximately 4.72% and weighted average term of approximately 3.1 years and has substantially finalized terms on the remaining 2025 maturities which are with lenders the REIT has longstanding relationships with. Subsequent to June 30, 2025, the REIT successfully secured a second mortgage in the amount of $4,000, with a three-year term at an interest rate of 9%. The REIT continues to focus on managing its debt maturity profile to strengthen the REIT's financial position. Subsequent events On July 16, 2025, the REIT completed the sale of 78 Meg Drive, London, Ontario totaling 11,300 square feet, for a sale price of $3,500. On August 6, 2025, the REIT successfully secured a second mortgage in the amount of $4,000, with a three-year term at an interest rate of 9%. Key performance indicators Q2-2025 Q2-2024 YTD-2025 YTD-2024 Number of properties (1) 39 40 Portfolio gross leasable area ("GLA") (1) 4,470,800 sf 4,608,800 sf Occupancy (1)(2) 93 % 90 % WALT (1) 4.2 years 4.3 years Revenue from government and credit rated tenants (1) 74 % 76 % Revenue $ 28,116 $ 32,325 $ 59,202 $ 64,789 NOI 13,803 17,521 28,468 34,107 Net loss and comprehensive loss (11,927) (7,548) (11,364) (2,410) Same Property NOI (3) 17,692 19,956 37,325 38,637 FFO $ 6,499 $ 9,939 $ 14,581 $ 18,780 FFO per Unit - basic 0.45 0.65 1.01 1.20 FFO per Unit - diluted 0.45 0.65 1.00 1.20 AFFO $ 6,035 $ 10,098 $ 14,264 $ 19,158 AFFO per Unit - basic 0.42 0.66 0.99 1.23 AFFO per Unit - diluted 0.42 0.66 0.98 1.23 AFFO payout ratio - diluted (4) 41 % — % 23 % — % Distributions declared $ 2,483 $ — $ 3,311 $ — (1) This is presented as at the end of the applicable reporting period, rather than for the quarter. (2) Represents same property occupancy excluding assets classified as held for sale as at June 30, 2025. The REIT's occupancy for all assets owned as at the end of each reporting period (including any held for sale assets) was 89% as at the end of Q2-2025 (Q2-2024 - 88%). (3) Represents Same Property NOI including assets classified as held for sale during Q2-2025 and Q2-2024. Same Property NOI excluding assets classified as held for sale have been presented separately in this press release. (4) This is a non-IFRS financial measure, refer to "Non-IFRS Financial Measures". YTD-2025 AFFO payout ratio was lower as a result of the reinstatement of the REIT's distribution commencing the March 2025 record date. Operating results The REIT's Q2-2025 revenue and NOI decreased relative to Q2-2024 by 13% and 21% (YTD-2025 - 9% and 17%), respectively, primarily due to the Primary Variance Driver, partially offset by contractual rent increases achieved by the REIT throughout 2024 and YTD-2025. The REIT's Q2-2025 FFO and AFFO decreased by $3,440 and $4,063 (YTD-2025 - $4,199 and $4,894), respectively when compared to the same period in 2024 primarily due to the reduction in NOI described above and increase in interest costs. Q2-2025 FFO and AFFO basis and diluted per Unit decreased from $0.65 and $0.66 in Q2-2024 to $0.45 and $0.42 respectively due to the reasons outlined above, partially offset by the impact of a reduction in number of outstanding Units as a result of repurchases under the NCIB program during 2024 and 2025. YTD-2025 FFO basic and diluted per Unit decreased $0.19 and $0.20 to $1.01 and $1.00, whereas AFFO basic and diluted per Unit decreased $0.24 and $0.25 to $0.99 and $0.98 respectively, compared to YTD-2024 with variance driven by reasons noted above for Q2-2025 FFO and AFFO per Unit. On March 18, 2025, the REIT announced the Distribution Reinstatement to Unitholders, which commenced with a record date of March 31, 2025, payable on April 15, 2025, amounting to $0.0575 per Unit per month. For YTD-2025, the REIT's AFFO payout ratio was 41%. Same Property NOI Q2-2025 Same Property NOI excluding assets held for sale decreased by approximately 11% (YTD-2025 - 3%) compared to the same period in 2024. Q2-2025 Same Property NOI excluding the impact of termination income in both periods, decreased by approximately 5% primarily due to the decline in occupancy for the REIT's Alberta portfolio and the finalization of an early termination of a tenant in the REIT's GTA portfolio completed in Q1-2025, which space has been re-leased with a new tenant for a ten-year lease term commencing in 2026. Excluding the impact of these items, the REIT's Q2-2025 Same Property NOI would have been relatively in line with Q2-2024. Q2-2025 Alberta Same Property NOI decreased by 16% primarily attributable to the downsizing of a tenant in the Calgary portfolio. Q2-2025 British Columbia Same Property NOI decreased by 33% primarily as a result of an expiring lease not renewed at the beginning of 2025 which was partially re-leased (23% of the non-renewed space) subsequent to June 30, 2025 with the new lease commencing by the end of 2025. Excluding these items, Q2-2025 Same Property NOI for British Columbia remained consistent relative to Q2-2024. Q2-2025 New Brunswick Same Property NOI increased by 9% compared to Q2-2024, primarily due new lease commencements in 2024 and contractual rent increases. Occupancy is positively impacted by new leases and a lease expansion commencing in the second half of 2024. Q2-2025 Nova Scotia Same Property NOI increased by 21% as a result of the increase in occupancy between the two periods as well as contractual rent increases. Q2-2025 Ontario Same Property NOI decreased by 13% relative to Q2-2024, primarily due to lower occupancy, driven by the early termination of a certain tenant in the REIT's GTA portfolio during Q1-2025 which space has been re-leased with a new tenant for a ten-year lease term commencing in 2026. Excluding the impact of the early termination mentioned, Q2-2025 Same Property NOI for Ontario would have been relatively consistent with the same period in the prior year. Debt and liquidity As at June 30, 2025, the REIT had access to available funds ("Available Funds") ([2]) of approximately $42,890 with its mortgage portfolio carrying a weighted average term to maturity of 2.61 years and weighted average fixed interest rate of 4.38%. During YTD-2025, the REIT successfully completed $215,800 of refinancing or approximately 86% of the 2025 maturities and $4,500 of new financing at a weighted average interest rate of approximately 4.72% and weighted average term of approximately 3.1 years and has substantially finalized terms on the remaining 2025 maturities which are with lenders the REIT has longstanding relationships with. The REIT continues to focus on managing its debt maturity profile to strengthen the REIT's financial position. About the REIT The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT currently owns and operates a portfolio of 39 commercial properties consisting of approximately 4.5 million square feet in urban and select strategic secondary markets across Canada focusing on long term leases with government and credit rated tenants. The REIT is focused on growing its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist. Additional information concerning the REIT is available at a or the REIT's website at Non-IFRS measures Certain terms used in this press release such as FFO, AFFO, FFO and AFFO payout ratios, NOI, Same Property NOI, indebtedness ("Indebtedness"), gross book value ("GBV"), Indebtedness to GBV ratio, net earnings before interest, tax, depreciation and amortization and fair value gain (loss) on financial instruments and investment properties ("Adjusted EBITDA"), interest coverage ratio, net asset value ("NAV") per Unit, Available Funds, occupancy and WALT are not measures defined by IFRS Accounting Standards ("IFRS") as prescribed by the International Accounting Standards Board, do not have standardized meanings prescribed by IFRS and should not be compared to or construed as alternatives to profit/loss, cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. FFO, AFFO, FFO and AFFO payout ratios, NOI, Same Property NOI, Indebtedness, GBV, Indebtedness to GBV ratio, Adjusted EBITDA, interest coverage ratio, adjusted cash provided by operating activities, NAV per Unit, Available Funds, occupancy and WALT as computed by the REIT may not be comparable to similar measures presented by other issuers. The REIT uses these measures to better assess the REIT's underlying performance and provides these additional measures so that investors may do the same. Details on non-IFRS measures are set out in the REIT's Management's Discussion and Analysis for Q2-2025 and the Annual Information Form are available on the REIT's profile at a. Reconciliation of non-IFRS financial measures The following tables reconcile the non-IFRS financial measures to the comparable IFRS measures for Q2-2025, Q2-2024, YTD-2025 and YTD-2024. These non-IFRS financial measures do not have any standardized meanings prescribed by IFRS and may not be comparable to similar measures presented by other issuers. Same Property NOI Same Property NOI is measured as the NOI for the properties owned and operated by the REIT for the current and comparative period. The following table reconciles the REIT's Same Property NOI to NOI: FFO and AFFO The following table reconciles the REIT's FFO and AFFO to net loss and comprehensive loss, for Q2-2025, Q2-2024, YTD-2025 and YTD-2024: Q2-2025 Q2-2024 YTD-2025 YTD-2024 Net loss and comprehensive loss $ (11,927) $ (7,548) $ (11,364) $ (2,410) Add (deduct): Fair value adjustment of Unit-based compensation 30 154 (36) 108 Fair value adjustment of investment properties and investment properties held for sale 14,780 12,703 18,612 14,601 Fair value adjustment of Class B LP Units (264) (311) (570) (648) Transaction costs on sale of investment properties 539 1,969 539 1,969 Distributions on Class B LP Units 72 — 96 — Unrealized loss on change in fair value of derivative instruments 93 532 618 279 Amortization of leasing costs and tenant inducements 3,176 2,440 6,686 4,881 FFO $ 6,499 $ 9,939 $ 14,581 $ 18,780 Add (deduct): Unit-based compensation expense 38 (86) 160 (5) Amortization of financing costs 358 482 688 845 Amortization of mortgage discounts (15) (8) (18) (16) Instalment note receipts 10 12 21 24 Straight-line rent 297 933 1,123 1,899 Capital reserve (1,152) (1,174) (2,291) (2,369) AFFO $ 6,035 $ 10,098 $ 14,264 $ 19,158 FFO per Unit: Basic $0.45 $0.65 $1.01 $1.20 Diluted 0.45 0.65 1.00 1.20 AFFO per Unit: Basic $ 0.42 $ 0.66 $ 0.99 $ 1.23 Diluted 0.42 0.66 0.98 1.23 AFFO payout ratio: Basic 41 % — % 23 % — % Diluted 41 % — % 23 % — % Distributions declared $ 2,483 $ — $ 3,311 $ — Weighted average Units outstanding (000s): Basic 14,398 15,246 14,428 15,589 Add: Unit options and incentive Units 96 13 87 12 Diluted 14,494 15,259 14,515 15,601 Indebtedness to GBV ratio The table below calculates the REIT's Indebtedness to GBV ratio as at June 30, 2025 and December 31, 2024. The Indebtedness to GBV ratio is calculated by dividing the Indebtedness by GBV: Adjusted EBITDA The table below reconciles the REIT's Adjusted EBITDA to net loss and comprehensive loss for the twelve months period ended June 30, 2025 and 2024: Interest coverage ratio The table below calculates the REIT's interest coverage ratio for the twelve months period ended June 30, 2025 and 2024. The interest coverage ratio is calculated by dividing Adjusted EBITDA by interest expense. Available Funds The table below calculates the REIT's Available Funds as at June 30, 2025 and December 31, 2024: Forward-looking statements Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding the REIT's financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information may relate to future results, performance, debt financing, achievements, events, prospects or opportunities for the REIT or the real estate industry and may include statements regarding the financial position, business strategy, budgets, projected costs, capital expenditures, financial results, taxes, distributions, plans, the benefits and renewal of the NCIB, or through other capital programs, the impact of the consolidation (the "Unit Consolidation") and objectives of or involving the REIT. In some cases, forward-looking information can be identified by such terms as "may", "might", "will", "could", "should", "would", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "goal", "project", "predict", "forecast", "potential", "continue", "likely", or the negative thereof or other similar expressions suggesting future outcomes or events. Forward-looking statements involve known and unknown risks and uncertainties, which may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, assumptions may not be correct and objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the REIT's control, affect the operations, performance and results of the REIT and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: risks and uncertainties related to the Units and trading value of the Units; risks related to the REIT and its business; fluctuating interest rates and general economic conditions, including potential higher levels of inflation; the impact of any tariffs and retaliatory tariffs on the economy, credit, market, operational and liquidity risks generally; occupancy levels and defaults, including the failure to fulfill contractual obligations by tenants; lease renewals and rental increases; the ability to re-lease and secure new tenants for vacant space; the timing and ability of the REIT to acquire or sell certain properties; work-from-home flexibility initiatives on the business, operations and financial condition of the REIT and its tenants, as well as on consumer behavior and the economy in general; the ability to enforce leases, perform capital expenditure work, increase rents, raise capital through the issuance of Units or other securities of the REIT; the benefits of any NCIB program, or through other capital programs; the ability of the REIT to continue to pay distributions in future periods; and obtain mortgage financing on the REIT's properties and for potential acquisitions or to refinance debt at maturity on similar terms. The foregoing is not an exhaustive list of factors that may affect the REIT's forward-looking statements. Other risks and uncertainties not presently known to the REIT could also cause actual results or events to differ materially from those expressed in its forward-looking statements. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements as there can be no assurance actual results will be consistent with such forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions applied in drawing a conclusion or making a forecast or projection, including management's perception of historical trends, current conditions and expected future developments, as well as other considerations believed to be appropriate in the circumstances. There can be no assurance regarding: (a) work-from-home initiatives on the REIT's business, operations and performance, including the performance of its Units; (b) the REIT's ability to mitigate any impacts related to fluctuating interest rates, potential higher levels of inflation; the impact of any current or future tariffs and the shift to hybrid working; (c) the factors, risks and uncertainties expressed above in regards to the hybrid work environment on the commercial real estate industry and property occupancy levels; (d) credit, market, operational, and liquidity risks generally; (e) the availability of investment opportunities for growth in Canada and the timing and ability of the REIT to acquire or sell certain properties; (f) repurchasing Units under the NCIB; (g) Starlight Group Property Holdings Inc., or any of its affiliates, continuing as asset manager of the REIT in accordance with its current asset management agreement; (h) the benefits of the NCIB, or through other capital programs; (i) the impact of the Unit Consolidation; (j) the availability of debt financing for potential acquisitions or refinancing loans at maturity on similar terms; (k) the ability of the REIT to continue to pay distributions in future periods; and (l) other risks inherent to the REIT's business and/or factors beyond its control which could have a material adverse effect on the REIT. The forward-looking statements made relate only to events or information as of the date on which the statements are made. Except as specifically required by applicable Canadian law, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
