REAL ESTATE INVESTMENT
Choice Properties Real Estate Investment Trust | November 21, 2022
Choice Properties Real Estate Investment Trust (“Choice Properties” or the “Trust”)(TSX: CHP.UN) announced today that the Toronto Stock Exchange (“TSX”) has accepted a notice filed by Choice Properties of its intention to make a normal course issuer bid (“NCIB”).
The TSX notice provides that Choice Properties may, during the 12-month period commencing November 21, 2022 and terminating November 20, 2023, purchase up to 27,566,522 of Choice Properties trust units (“Units”), representing approximately 10% of the public float of the Units, by way of a NCIB over the facilities of the TSX or through alternative trading systems or by such other means as may be permitted under applicable law. As of November 9, 2022, Choice Properties had 327,758,449 outstanding Units. Based on the average daily trading volume of 354,532 during the last six months, daily purchases will be limited to 88,633 Units, other than block purchase exceptions.
Purchases of Units will be made in open market transactions over the facilities of the TSX or through alternative trading systems. In addition, Choice Properties may enter into forward purchase or swap contracts in connection with Units which may be settled by physical settlement, cash settlement or a combination thereof. The forward price will be based on market price, dividend yield and market interest rates. Choice Properties may also purchase Units through private agreements or unit repurchase programs if it receives an issuer bid exemption order permitting it to make such purchases. Any purchases of Units made by way of private agreements or under unit repurchase programs may be at a discount to the prevailing market price as provided in the relevant issuer bid exemption order.
Decisions regarding the timing of future purchases of Units will be based on market conditions, Unit price and other factors. Choice Properties may elect to suspend or discontinue its NCIB at any time. Units purchased under the NCIB will be cancelled or used in connection with the Trust’s equity settled incentive plans. Choice Properties believes that the market price of Units could be such that their purchase may be an attractive and appropriate use of corporate funds. Choice Properties may also use its NCIB to acquire the number of Units that are issued pursuant to the exercise of options in order to offset the dilutive effect of options that have been exercised. Pursuant to its previous NCIB, under which Choice Properties received approval from the TSX to purchase up to 27,558,665 Units for the period of November 19, 2021 to November 18, 2022. As at November 9, 2022, Choice Properties purchased 230,682 Units through open market purchases on the TSX and alternative trading systems at a weighted average price of $14.39.
From time to time, when Choice Properties does not possess material non-public information about itself or its securities, it may enter into a pre-defined plan with its broker to allow for the purchase of Units at times when Choice Properties ordinarily would not be active in the market due to its own internal trading blackout periods and insider trading rules. Any such plans entered into with Choice Properties’ broker will be adopted in accordance with the requirements of applicable Canadian securities laws.
About Choice Properties Real Estate Investment Trust
Choice Properties is a leading Real Estate Investment Trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties. We believe that value comes from creating spaces that improve how our tenants and communities come together to live, work, and connect. We strive to understand the needs of our tenants and manage our properties to the highest standard. We aspire to develop healthy, resilient communities through our dedication to social, economic, and environmental sustainability. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence.
REAL ESTATE TECHNOLOGY
California Regional Multiple Listing Service and SavvyCard | November 04, 2022
Following SavvyCard's® strong adoption and renewal rates by participating associations, California Regional Multiple Listing Service (CRMLS) has signed a four-year deal to make the SavvyCard platform a core product offering for all of CRMLS' 110,000+ users.
SavvyCard® is a Software-as-a-Service (SaaS) platform that utilizes aggregated client data to automatically generate customized web applications (called "SavvyCards") for companies, products, and business professionals. SavvyCards are currently used by over 200,000 business professionals to automate and enhance their digital marketing and lead generation efforts.
CRMLS will deploy SavvyCard for users across all 41 participant associations on Nov. 15. Previously, SavvyCard was offered to CRMLS users through the CRMLS Co-Op program, where more than 30 participating associations chose to offer it as a benefit for their members.
"Three years of strong adoption by the majority of our participating associations, and more importantly a 100-percent yearly renewal rate, made it an easy decision to make SavvyCard a core CRMLS product for our associations, We believe that SavvyCard delivers a valuable business program and we are excited to extend our relationship with them. We're looking forward to bringing our users the impressive features the SavvyCard software suite has to offer."
-Art Carter, CRMLS CEO
We know that CRMLS is very selective when it comes to adopting product offerings, making it all the more gratifying for SavvyCard to be upgraded into a core product for its 110,000+ users, Our focus on product development, along with our valuable training programs and support have served us well. We look forward to working with CRMLS on bringing the next generation of SavvyCard to its users and their customers,said Warren Dow, GM of Real Estate at SavvyCard.
About California Regional Multiple Listing Service (CRMLS):
California Regional MLS is the nation's largest and most recognized subscriber-based MLS, dedicated to servicing more than 110,000 real estate professionals from dozens of Associations, Boards, and MLS organizations. CRMLS is the industry powerhouse and thrives on providing the most relevant products and services to its subscribers.
SavvyCard® is a Software-as-a-Service (SaaS) platform that utilizes aggregated client data to automatically generate customized web applications (called "SavvyCards") for companies, products and business professionals. SavvyCards are currently used by over 200,000 business professionals to automate and enhance their digital marketing and lead generation efforts. When SavvyCard's flagship software, SavvyCard for Real Estate and SavvyCard for Affiliates is combined with RE-Target®, Associations and MLSs have broad visibility into communication performance, member engagement, and overall return on investment for member services.
REAL ESTATE ADVICE
Intero | October 21, 2022
Intero, a Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America, Inc., is proud to celebrate 20 years of helping people achieve their real estate dreams.
Intero, which means “whole and complete” in Italian, was founded on delivering an innovative and unique experience for real estate agents, homebuyers, sellers, and property investors. Intero opened the doors of its first office in 2002 when founding members Gino Blefari, Kevin Moles, Tom Tognoli, John Thompson, Jerry Kiss, Terry Meyer and Brian Crane came together to combine their experiences under a single vision for an “ideal” brokerage. The group’s established careers in the real estate industry allowed the start-up to develop a value system—the Value Pyramid, which is the foundation for Intero’s culture and success.
“We took this value pyramid and wrapped it in a culture of discipline, We wanted this to be a place where you would focus hard on work, but work even harder on yourself.”
-Gino Blefari, CEO of HomeServices of America and founder of Intero
The brokerage provides a complete suite of best-in-class training, tools, services, and support for residential and commercial agents, as well as a comprehensive set of partnerships and services that conveniently and cost-effectively covers nearly every potential transaction or need in a property owner’s journey.
Guided by our core principles of trust, respect, and integrity, we have grown from a Bay Area start-up to a nationwide entity encompassing 57 corporate and franchise offices with nearly 2,500 active agents and more than 120 staff members, The Intero Foundation has also raised more than $6.2 million since its inception in 2002, and we are proud to have given back to more than 260 charities over the past 20 years in business,said Brian Crane, CEO and co-founder of Intero.
As a company built by real estate agents for real estate agents, Intero has always focused on its people. Intero’s positive and supportive culture is provided by the best leaders and managers in the business, and continues to draw top producers and newly licensed agents alike. In 2022 to date, Intero has welcomed 388 new agents (229 in corporate and 159 in franchise), including top producers like Meesun (Debora) Kang.
We are incredibly excited to have Debora join our ever-growing San Jose office, Debora brings a wealth of knowledge and experience to our team, and we are thrilled to support her as she takes her already thriving business to the next level,said Patrick Judge, Vice President and Managing Officer of Intero Willow Glen and Almaden/Blossom Valley.
In the 20 years we’ve been in business, we have been through recessions, natural disasters, the pandemic, but through every market shift we remain focused on bolstering the local economy by helping all with their residential and commercial real estate needs, We’re very fortunate to call Silicon Valley home and appreciate the many opportunities to represent everyone’s interests and assist them in reaching the best real estate outcomes possible,said Terry Meyer, Vice President of Intero Los Gatos, General Manager of Intero’s Commercial Division and co-founder of Intero.
Annual sales volume for Intero has multiplied exponentially, from hitting $1 billion in the brokerage operation’s first full year to $5 billion in its second year to $16.2 billion in 2021.
We are extremely thankful to the many individuals, partners and businesses who have supported us over the last 20 years, Our 20th anniversary is not only a celebration, but also a resolution to continue leading the market with our disciplined focus on helping every agent and customer feel confident in their real estate ventures,added Crane.
A Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America Inc., serves Northern California and Nevada with 21 offices throughout the greater Silicon Valley, San Francisco, Calaveras County, Western Nevada, and the Greater Lake Tahoe Region. The Intero Franchise network comprises 34 affiliates located in California, Nevada, Tennessee, and Texas. The company is headquartered in the heart of California’s Silicon Valley.
REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
reAlpha | October 07, 2022
reAlpha, an AI-powered real estate technology and investment company with a goal to empower everyone with the ability to invest in the $1.2 trillion global short-term rental (“STR”) market, is pleased to announce the launch of its in-house brokerage, reAlpha Realty, LLC, a subsidiary of reAlpha Asset Management, Inc. (DBA reAlpha Homes). Operating out of a new office in Miramar, Florida, reAlpha Realty is led by Designated Broker Jorge Aldecoa, who serves as President of reAlpha Homes.
The formation of reAlpha Realty serves to accelerate reAlpha’s growth by significantly expanding its acquisitions pipeline through partnership and referral programs with outside brokerages as well as home builders and developers. In addition to helping source STR investments, reAlpha Realty will represent and advise reAlpha on purchase and disposition decisions, driving greater efficiencies and cost-savings.
“Launching our brokerage represents a pivotal step in our journey toward making ownership in STRs accessible to everyone, By owning more control over the entirety of the investment process, we are able to ramp up deal flow more efficiently and realize greater cost savings. As a top professional in the STR acquisitions space and an experienced broker, Jorge is uniquely positioned to lead this important initiative as we seek to build a national portfolio of STR homes.”
-Giri Devanur, CEO of reAlpha
reAlpha plans to materially increase its investment activity in 2023 with a focus on experiential and rent-ready vacation homes, and expects reAlpha Realty to play an important role in the process. Scaling its portfolio aligns with reAlpha’s long-term plan to democratize the STR economy by leveraging its proprietary technology to enable individual investors to purchase minority interests in its properties. In doing so, reAlpha is helping to eliminate the significant barriers to entry for individuals to participate in the potential upside of owning STR homes.
Commented Aldecoa, reAlpha Realty will work toward establishing an even stronger acquisitions pipeline through a highly productive, mutually beneficial broker network. With enhanced sourcing and underwriting capabilities, we are able to bring additional expertise to each and every investment opportunity while simultaneously reducing costs. We’re excited to further build our portfolio of high-quality STR homes and we look forward to syndicating interests in these properties to everyday investors.
reAlpha is building a digital real estate investing platform that enables its members to simplify wealth creation opportunities through investments in vacation homes while striving to deliver exceptional guest experiences. reAlpha sources and scores properties from the wholesale market using a proprietary AI-driven algorithm called reAlphaBRAIN. It then predicts the viability of each property for the short-term rental market, as well as the projected long-term value. reAlpha’s business plan contemplates eventually allowing investors to buy equity in specific properties, providing opportunities for short-term passive income generation via Airbnb, as well as equity-driven capital appreciation. reAlpha is based in Dublin, Ohio.