A Message from Glenn Way – Building on Strong Foundations

As we reflect on 2024 it proved to be a year of challenge and opportunity. The economic and geopolitical landscape was complex, and market sentiment in the commercial real estate sector was varied. However, our discipline and long-term perspective helped us navigate the environment. Our business continued to perform well, thanks to our strong foundation, dedicated team and strategic vision focused on sustainable growth. The creativity and resilience of our team have been essential in navigating a dynamic environment and delivering results. These qualities have been instrumental in driving our success amid turbulent conditions.

People and Culture

Our people are the heart of our business; our focal point is fostering a culture that reflects our values. With a foundation underpinned by trust, continual progression and diversity of thought, we strengthen our capabilities and enhance our organizational potential.

We are committed to creating a workplace where everyone can meaningfully contribute and grow professionally and personally. It is a pleasure and honour to work alongside people that generate economic and social value, celebrate successes and have fun.

Performance

We strive to deliver superior real estate returns by effectively executing strategies aligned with our clients’ goals. The past year has tested investors’ patience with fluctuating interest rates, shifting policies, geopolitical factors, and overall confidence playing a role in shaping the market. Despite an uncertain landscape, the high-quality, well-designed portfolios produced a 3.9% income return and -2.1% capital return, resulting in an overall positive return of 1.8%.

This year, our activities included acquiring income-producing properties, strategic divestitures and developing new next-generation assets. Our teams completed 5 million square feet of commercial leasing transactions and over 3,600 leases in our multi-residential assets. Property management executed $200 million in capital improvements to further strengthen the value and competitiveness of our properties.

Growth

Our growth strategy is rooted in discipline and foresight – balancing current performance with investments that unleash long-term value. With a robust development pipeline and curated opportunities, we are well-positioned and continue to expand our platform and impact.

In 2024 we delivered the Livmore Westboro, a 336-unit residential community in Ottawa, bringing our total new housing units since 2020 to over 1,500. We advanced construction of 185 Enfield Place, a 365-unit project in the GTA, along with Le Livmore Ville-Marie Phase II, consisting of 429 units in downtown Montreal. Looking ahead, we have another 3,500 units planned for delivery.

We also expanded our investment platform with the launch of the GWLRA Residential Value Fund I – our first closed-end fund – further advancing our commitment to purpose-built housing and broadening our range of investment vehicles.

Reputation

Our reputation is built on doing what we say – delivering with quality, care, consistency and integrity. We are proud of our improved GRESB ranking that exemplifies our commitment to sustainability and responsible stewardship.

Beyond our portfolio, we also deepened our engagement with local communities, forming meaningful partnerships that support lasting social impact. Our success is driven by a values-oriented culture prioritizing reliability, accountability and purpose in everything we do.

Looking Ahead

We will continue to sharpen our execution, embrace transformative technologies like AI and drive efficiencies that deliver high-quality performance.

We approach the future with confidence, grounded in our ability to adapt, invest wisely and uncover opportunities. Our experience and resilience enable us to deliver through a dynamic environment with clarity and purpose.

Our commitment remains steadfast: to create lasting value by building sustainable communities that engage, excite and inspire.

Glenn Way
President, GWL Realty Advisors