This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release.

Company Website: https://investors.dream.ca/drr-uoverview/
TORONTO -- (Business Wire)

DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U, TSX: DRR.UN) (“Dream Residential REIT” or the “REIT”) announced today the closing of the acquisition of the REIT by an affiliate of Morgan Properties, LP (“Morgan Properties”) in an all-cash transaction valued at approximately US$354 million (the “Transaction”). On closing of the Transaction, unitholders of the REIT and Class B unitholders of DRR Holdings LLC (collectively, the “Unitholders”) received cash consideration of US$10.80 per unit of the REIT (“Trust Unit”) and per Class B unit of DRR Holdings LLC (“Class B Unit” and together with the Trust Units, the “Units”). 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 US$3.40 (the “Special Distribution”) and (ii) an amount equal to US$7.40 in connection with the redemption of such Trust Unit (the “Redemption Amount”), for a total cash consideration of US$10.80 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 November 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 August 21, 2025, September 24, 2025, October 7, 2025, October 16, 2025 and October 21, 2025, along with the REIT’s management information circular dated September 17, 2025 prepared in connection with the Transaction, all of which are available under the REIT’s profile on SEDAR+ at www.sedarplus.com and on the REIT’s website at www.dreamresidentialreit.ca.

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., who 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), or by facsimile at (416) 263-9394 or 1-888-453-0330, or by email at corporateactions@computershare.com.

Early Warning Disclosure

In connection with the completion of the Transaction, 1562652 B.C. Unlimited Liability Company (“REIT Holdco”), a wholly-owned subsidiary of Morgan Properties, acquired 1 subordinated unit (the “Subordinated Subscription Unit”) of the REIT for aggregate cash consideration of US$10.80. 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 1 Subordinated Subscription Unit, being 100% 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+ at www.sedarplus.com.

About Dream Residential REIT

Dream Residential REIT 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 multi-residential properties, primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit www.dreamresidentialreit.ca.

About Morgan Properties

Established in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management company headquartered in Conshohocken, Pennsylvania, with a corporate office in Rochester, New York. Jonathan 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 US$40 billion 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. For more information, please visit www.morgan-properties.com.

Forward-looking information

This press release contains forward-looking information within the meaning of applicable securities legislation. Such forward-looking information includes, but is not limited to, information and statements concerning the Transaction and the expected timing for delisting of the Trust Units from the Toronto Stock Exchange, and the REIT’s intention to cease to be a reporting issuer.Forward-looking information generally can be identified by the use of forward-looking terminology such as “will”, “expect”, “believe”, “plan”, “intends” or “continue”, or similar expressions suggesting future outcomes or events. Forward-looking statements are based on information available at the time they are made, underlying estimates and assumptions made by management and management’s good faith belief with respect to future events, performance and results. Although Dream Residential REIT believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Dream Residential REIT cannot give assurance that they will prove to be correct. By its nature, such forward-looking information is subject to a number of assumptions, risks and uncertainties, many of which are beyond Dream Residential REIT’s control and could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, risks inherent in the real estate industry; financing risks; inflation, interest and currency rate fluctuations; global and local economic and business conditions; risks associated with unexpected or ongoing geopolitical events; imposition of duties, tariffs and other trade restrictions; changes in law; tax risks; competition; environmental and climate change risks; insurance risks; cybersecurity; and public health crises and epidemics. All forward-looking information in this press release speaks as of the date of this press release. Dream Residential REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions, risks and uncertainties is contained in Dream Residential REIT’s filings with securities regulators, including its latest Annual Information Form and Management’s Discussion and Analysis. These filings are also available on the REIT’s website at www.dreamresidentialreit.ca.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251118702156/en/

Contacts:

For further information, or to obtain a copy of the early warning report, please contact:

Dream Residential REIT
c/o Morgan Properties
Tina Malek
Director, Communications
(484) 690-2375
tmalek@morganproperties.com

Source: Dream Residential Real Estate Investment Trust