Ms. Tina Malek of Morgan Properties reports

DREAM RESIDENTIAL REIT ANNOUNCES CLOSING OF ACQUISITION BY MORGAN PROPERTIES

Dream Residential Real Estate Investment Trust has closed the acquisition of the REIT by an affiliate of Morgan Properties LP in an all-cash transaction valued at approximately $354-million (U.S.). On closing of the transaction, unitholders of the REIT and Class B unitholders of DRR Holdings LLC received cash consideration of $10.80 (U.S.) per unit of the REIT and per Class B unit of DRR Holdings. The completion of the transaction also included a separation of DRR Asset Management LP (a subsidiary of Dream Unlimited Corp.) and Pauls Realty Services LLC (a subsidiary of Pauls Corp.) from their roles as external asset managers of the REIT.

The consideration per trust unit consisted of: (i) a special distribution in the amount of $3.40 (U.S.); and (ii) an amount equal to $7.40 (U.S.) in connection with the redemption of such trust unit for a total cash consideration of $10.80 (U.S.) per trust unit. The special distribution and the redemption amount are not expected to be reported by the REIT as including any distributions of ordinary income.

With the completion of the transaction, the trust units are expected to be delisted from the Toronto Stock Exchange at the close of business on or about Nov. 19, 2025. The REIT intends to apply to cease to be a reporting issuer under applicable Canadian securities laws.

For more information on the transaction, please see the news releases issued by the REIT on Aug. 21, 2025, Sept. 24, 2025, Oct. 7, 2025, Oct. 16, 2025, and Oct. 21, 2025, along with the REIT's management information circular dated Sept. 17, 2025, prepared in connection with the transaction, all of which are available under the REIT's profile on SEDAR+ and on the REIT's website.

Registered unitholders who have questions or require assistance submitting their units in connection with the transaction may direct their questions to Computershare Investor Services Inc., which is acting as depositary in connection with the transaction, by telephone at 1-800-564-6253 (toll-free in North America) or 514-982-7555 (outside North America), by facsimile at 416-263-9394 or 1-888-453-0330, or by e-mail at corporateactions@computershare.com.

Early warning disclosure

In connection with the completion of the transaction, 1562652 B.C. Unlimited Liability Company, a wholly owned subsidiary of Morgan Properties, acquired one subordinated unit of the REIT for aggregate cash consideration of $10.80 (U.S.). The subordinated subscription unit represents all of the issued and outstanding units of the REIT following the redemption of all of the outstanding trust units as part of the transaction.

Prior to the consummation of the transaction, neither REIT Holdco nor Morgan Properties held any trust units. After giving effect to the transaction, REIT Holdco owns one subordinated subscription unit, being 100 per cent of the issued and outstanding units of the REIT.

An early warning report in connection with the foregoing will be filed under the REIT's profile on SEDAR+.

About Dream Residential Real Estate Investment Trust

Dream Residential is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns a portfolio of garden-style multiresidential properties, primarily located in three markets across the Sunbelt and Midwest regions of the United States.

About Morgan Properties LP

Established in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management company headquartered in Conshohocken, Penn., with a corporate office in Rochester, N.Y. Jonathan Morgan and Jason Morgan represent the next-generation leaders growing the platform and overseeing the business operations. Morgan Properties and its affiliates pursue a diversified investment strategy focusing on multifamily equity investments, commercial mortgage-backed securities, preferred equity and whole loans. Morgan Properties and its affiliates own and manage a multifamily portfolio comprising over 110,000 units across more than 400 communities in 22 states -- the company is consistently one of the largest owners of multifamily in the country. Additionally, the company has made investments in commercial mortgage-backed securities backed by over $40-billion (U.S.) in multifamily loans. With over 2,500 employees, Morgan Properties prides itself on its quick decision-making capabilities, strong capital relationships and proven operational expertise.

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