June 30, 2026
Dear Investors,
As we reach the midpoint of 2026, we are pleased to provide an update on the NationWide Express Auto Wash portfolio and the progress achieved across our operating platform.
Over the past year, the portfolio has continued to advance toward full operational maturity with car counts that meet expectations. At the same time, with Canada officially in recession, we have been navigating one of the most challenging economic environments in recent years.
Across Canada, developers and contractors have faced significant financial pressure, with many experiencing substantial losses, entering creditor protection, or declaring bankruptcy. The broader real estate market has also undergone a meaningful correction. In many regions, both residential and commercial properties have transacted at prices significantly below previous appraised values, with discounts in some cases ranging from 30% to 40%. Market conditions have become sufficiently
challenging that some developers have reportedly required purchasers to execute non-disclosure agreements as a condition of sale, seeking to avoid establishing lower comparable transaction values while continuing to market remaining inventory.
In British Columbia, the Federal Government recently announced the acquisition of approximately 2,200 unsold condominium units as part of broader housing initiatives. While the car wash sector has historically demonstrated resilience through economic cycles, the current recession has resulted in softer demand.
Despite these broader market headwinds, the NationWide Express Auto Wash portfolio continues to make meaningful operational progress. Upon completion of the current reorganization, the portfolio will consist of four Express Auto Wash locations, providing a stronger, more focused operating platform positioned for long-term growth.
To continue reading the remainder of the June 2026, click here June-2026_AW_update.
Sincerely,
Hugh Cartwright
Trustee of the Trust, Chairman and Director of the Administrator
Express Auto Wash Trust
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This information is general in nature and does not constitute an offer to sell or an advertisement, solicitation, or recommendation to buy securities. Nothing on these pages constitutes investment, legal or tax advice, nor was it prepared in consideration of the investment objectives, financial situation, particular needs of any specific recipient. There can be no assurance that investments will perform as or be of the quality anticipated. There are risks associated with any investment.