Mr. Max Kaufman reports

GO RESIDENTIAL REAL ESTATE INVESTMENT TRUST COMPLETES US$410 MILLION INITIAL PUBLIC OFFERING

GO Residential Real Estate Investment Trust has completed its initial public offering of 27.34 million trust units at a price of $15 (U.S.) per unit. The offering raised gross proceeds of $410.1-million (U.S.). The units are listed on the Toronto Stock Exchange under the symbol GO.U.

The REIT is a newly created, internally managed, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. The REIT has been formed to provide investors with an opportunity to invest in luxury high-rise multifamily properties (LHRs), located in the New York metropolitan area and other major metropolitan cities in the United States. The REIT will initially own and operate a portfolio of five LHRs, consisting of 2,015 luxury suites located in the borough of Manhattan, N.Y.

The offering was underwritten by a syndicate of underwriters led by CIBC Capital Markets and BMO Capital Markets as joint active bookrunners, and including BofA Securities, acting as passive bookrunner, RBC Capital Markets, National Bank Financial, Scotiabank, Desjardins Capital Markets, Canaccord Genuity Corp. and BTIG LLC. The REIT has granted to the underwriters an overallotment option, exercisable, in whole or in part, at any time for a period of 30 days following the closing of the offering, to purchase up to an additional 4,101,000 units at the offering price, which, if exercised in full, would increase the total gross proceeds of the offering to $471,615,000 (U.S.).

Concurrently with the closing of the offering, funds, accounts and/or investment vehicles managed by Cohen & Steers Capital Management Inc. purchased six million units on a private placement basis at the offering price for gross proceeds of $90-million (U.S.) to the REIT. The cornerstone investor has also been granted the option to acquire up to an additional 900,000 units at the offering price in the event the overallotment option is exercised. CIBC Capital Markets and BMO Capital Markets acted as agents on the cornerstone private placement.

The net proceeds of the offering and the cornerstone private placement, together with an amount drawn on a revolving credit facility from an affiliate of CIBC Capital Markets, were used by the REIT to finance the acquisition of the initial portfolio, including the repayment or partial repayment of debt, and the retirement of certain preferred interests, and to finance transaction costs associated with the acquisition of the initial portfolio and closing of the offering. The net proceeds of the overallotment option and cornerstone option, if exercised, will be used by the REIT to pay down any amounts drawn on the credit facility at closing.

The REIT intends to make its first distribution on Sept. 15, 2025, for the period from closing of the offering to Aug. 31, 2025, in the amount of 5.325 U.S. cents per unit. The REIT intends to make subsequent monthly distributions in the estimated amount of 5.325 U.S. cents per unit thereafter, reflecting an expected initial annual cash distribution yield of 4.26 per cent.

Direct or indirect affiliates of GO Partners LLC, as well as a number of institutional investors, who formerly owned interests in the initial portfolio will retain an aggregate approximately 39.8-per-cent ownership interest in GO Residential Operating LLC (OpCo), the REIT's indirect subsidiary, and will retain an aggregate approximately 36.5-per-cent ownership interest in OpCo if the overallotment option and cornerstone option are exercised in full.

Blake, Cassels & Graydon LLP is acting as Canadian counsel to the REIT, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as U.S. counsel to the REIT. Torys LLP is acting as Canadian and U.S. counsel to the underwriters.

We seek Safe Harbor.