RBC Capital Markets

Hudson’s Bay Company (TSX: HBC) is one of the fastest-growing department store retailers in the world, based on its successful formula of driving the performance of high quality stores and their all-channel offerings, unlocking the value of real estate holdings and growing through acquisitions. Founded in 1670, HBC is the oldest company in North America. With the recent completion of its acquisition of GALERIA Kaufhof Group, HBC’s portfolio today includes eight banners, in formats ranging from luxury to better department stores to off price, with more than 460 stores and 65,000 employees around the world. In North America, HBC’s leading banners include Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue and Saks OFF 5TH, along with Find @ Lord & Taylor and Home Outfitters. In Europe, its banners include GALERIA Kaufhof, the largest department store group in Germany, Belgium’s only department store group Galeria INNO, as well as Sportarena. HBC has significant investments in real estate joint ventures. It has partnered with Simon Property Group Inc. in HBS Global Properties Joint Venture, which owns properties in the United States and Germany. In Canada, it has partnered with RioCan Real Estate Investment Trust in the RioCan-HBC Joint Venture.

First Capital REIT is a mixed-use urban real estate developer, owner, and operator primarily focused on grocery-anchored, open-air centers located in Canada’s populated neighborhoods. The company aims to develop vibrant communities that enhance the experiences of local businesses, consumers, and residents. Through its commitment to creating thriving neighborhoods, First Capital REIT seeks to deliver value to all stakeholders, including investors and the communities it serves.

First Capital REIT is a mixed-use urban real estate developer, owner, and operator primarily focused on grocery-anchored, open-air centers located in Canada’s populated neighborhoods. The company aims to develop vibrant communities that enhance the experiences of local businesses, consumers, and residents. Through its commitment to creating thriving neighborhoods, First Capital REIT seeks to deliver value to all stakeholders, including investors and the communities it serves.

Morguard is a real estate company that focuses on acquiring, owning, and developing properties primarily in Canada and the United States. It operates through three main divisions: multi-suite residential, retail, and office, with the majority of its revenue stemming from the multi-suite residential segment. In addition to property ownership, Morguard provides a range of real estate services, including leasing for hotels, offices, industrial spaces, apartments, and retail establishments. The company also offers real estate management and property investment advisory services, positioning itself as a comprehensive player in the real estate market.

Tishman Speyer is a prominent real estate developer, owner, and investor with a focus on high-quality residential, commercial, and mixed-use properties in major cities around the globe. The company is recognized for its expertise in property development and management, ensuring efficient operations while prioritizing tenant satisfaction. Tishman Speyer engages a diverse range of global investors, including institutions and private equity, to raise and invest capital for its projects. Through its strategic approach, Tishman Speyer has established a significant presence in the real estate sector, contributing to urban development and revitalization in key markets.

Manulife Financial Corporation is a leading Canadian financial services company, established in 1887, with a significant global presence in Asia, Canada, and the United States. It offers a wide range of financial protection and wealth management solutions, serving millions of customers through its diverse product offerings, which include personal, commercial, corporate, and investment banking services. The company operates with a large network of over 84,000 employees and agents, focusing on helping clients navigate their financial decisions. Manulife also has specialized investment arms, including Manulife Capital, which provides equity and debt capital to mid-market companies, and Manulife Real Estate, which focuses on real estate investments. With a commitment to innovation and customer service, Manulife has established a strong foothold in the financial markets, particularly in Asia, where it has built lasting relationships and expanded its distribution capabilities through numerous partnerships.

Artis REIT is a diversified commercial real estate investment trust and an unincorporated closed-end real estate investment trust focusing on industrial, office, and retail properties. Through value investing, Artis REIT seeks to increase net asset value per unit and distributions to its investors. Artis REIT is fully internalized and manages its own assets and properties. Its functions are in charge of managing the REIT's portfolio on a daily basis as well as providing administrative services.

Tricon Residential is a rental housing company that focuses on providing quality rental experiences for middle-market residents in the United States and Canada. Founded in 1988 and headquartered in Toronto, Ontario, Tricon owns and manages approximately 37,000 single-family and multi-family rental homes. The company operates primarily in the U.S. Sun Belt, with significant activities in Orange County, California, and around 20 other markets. Utilizing an integrated, technology-enabled operating platform, Tricon aims to enhance the living experience for its residents, fostering longer rental periods and encouraging residents to care for the properties as their own. This commitment to quality service not only benefits the residents but also contributes positively to the local communities where Tricon operates. Through its focus on exceptional service and community engagement, Tricon seeks to establish itself as a leading rental housing company in North America.

Tricon Residential is a rental housing company that focuses on providing quality rental experiences for middle-market residents in the United States and Canada. Founded in 1988 and headquartered in Toronto, Ontario, Tricon owns and manages approximately 37,000 single-family and multi-family rental homes. The company operates primarily in the U.S. Sun Belt, with significant activities in Orange County, California, and around 20 other markets. Utilizing an integrated, technology-enabled operating platform, Tricon aims to enhance the living experience for its residents, fostering longer rental periods and encouraging residents to care for the properties as their own. This commitment to quality service not only benefits the residents but also contributes positively to the local communities where Tricon operates. Through its focus on exceptional service and community engagement, Tricon seeks to establish itself as a leading rental housing company in North America.

CoreSite Realty Corporation owns, develops, and operates data centers in certain data center markets in the United States, including Los Angeles, the San Francisco Bay and Northern Virginia areas, Chicago, and New York City. Its customer base consists of enterprise customers, communications service providers, media and content companies, government agencies, and educational institutions.

Tricon Residential is a rental housing company that focuses on providing quality rental experiences for middle-market residents in the United States and Canada. Founded in 1988 and headquartered in Toronto, Ontario, Tricon owns and manages approximately 37,000 single-family and multi-family rental homes. The company operates primarily in the U.S. Sun Belt, with significant activities in Orange County, California, and around 20 other markets. Utilizing an integrated, technology-enabled operating platform, Tricon aims to enhance the living experience for its residents, fostering longer rental periods and encouraging residents to care for the properties as their own. This commitment to quality service not only benefits the residents but also contributes positively to the local communities where Tricon operates. Through its focus on exceptional service and community engagement, Tricon seeks to establish itself as a leading rental housing company in North America.

Tricon Residential is a rental housing company that focuses on providing quality rental experiences for middle-market residents in the United States and Canada. Founded in 1988 and headquartered in Toronto, Ontario, Tricon owns and manages approximately 37,000 single-family and multi-family rental homes. The company operates primarily in the U.S. Sun Belt, with significant activities in Orange County, California, and around 20 other markets. Utilizing an integrated, technology-enabled operating platform, Tricon aims to enhance the living experience for its residents, fostering longer rental periods and encouraging residents to care for the properties as their own. This commitment to quality service not only benefits the residents but also contributes positively to the local communities where Tricon operates. Through its focus on exceptional service and community engagement, Tricon seeks to establish itself as a leading rental housing company in North America.

Telx is a prominent provider of interconnection, colocation, and business exchange services across key North American markets. The company operates 15 facilities strategically located in major cities, including four in the New York Metro area, two each in Chicago and Dallas, and three in California, along with additional locations in Atlanta, Miami, Phoenix, and Charlotte. By facilitating direct connections to over 800 telecommunications carriers, internet service providers, content providers, and enterprises, Telx enhances speed to market and reduces connectivity costs for its clients. In addition to its core offerings, Telx provides installation and technical support services, which include system reboots, troubleshooting, and infrastructure installations, ensuring customers have comprehensive access to its interconnection and colocation products. The company is headquartered in New York City and operates with a network-neutral approach, emphasizing reliability and performance in its services.