Ms. Nancy Tham reports

REAL ESTATE SPLIT CORP. ANNOUNCES SUCCESSFUL OVERNIGHT OFFERING

Real Estate Split Corp. has completed a successful overnight treasury offering of Class A and preferred shares. Gross proceeds of the offering are expected to be approximately $10.3-million.

The offering is expected to close on or about Thursday, June 29, 2023, and is subject to certain closing conditions including approval by the Toronto Stock Exchange.

The Class A shares were offered at a price of $14.25 per Class A share to yield 10.9 per cent and the preferred shares were offered at a price of $9.35 per preferred share to yield 8.1 per cent to maturity. The Class A share and preferred share offering prices were determined so as to be non-dilutive to the most recently calculated net asset value per unit of the company (calculated as at June 20, 2023), as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.

The company has been designed to provide investors with a diversified, actively managed, high-conviction portfolio comprising securities of leading North American real estate companies.

The company's investment objectives for the:

• Class A shares are to provide holders with:
  • Non-cumulative monthly cash distributions;
  • The opportunity for capital appreciation through exposure to the portfolio;
• Preferred shares are to:
  • Provide holders with fixed cumulative preferential quarterly cash distributions;
  • Return the original issue price of $10 to holders upon maturity.

Middlefield Capital Corp. provides investment management advice to the company.

The syndicate of agents for the offering was co-led by CIBC Capital Markets, RBC Capital Markets and Scotiabank, and included Canaccord Genuity Corp., National Bank Financial Inc., Hampton Securities Ltd., BMO Capital Markets, Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc., Desjardins Securities Inc., Manulife Securities Inc., Middlefield Capital, Research Capital Corp. and Richardson Wealth Ltd.