Dream Residential REIT Announces Closing of Acquisition by Morgan Properties

Executive Summary

• Dream Residential REIT completed its acquisition by Morgan Properties affiliate for an all‑cash consideration of US $354 million, paying US $10.80 per unit (US $3.40 special distribution + US $7.40 redemption).
• The transaction triggers delisting of the Trust Units from the Toronto Stock Exchange on or about 19 Nov 2025 and the REIT will cease to be a reporting issuer in Canada.
• Post‑closing, Morgan Properties’ subsidiary REIT Holdco holds 100% of the REIT’s units through one subordinated subscription unit.

Key Details

• Transaction Value: Approximately US $354 million (all‑cash).
• Cash Consideration per Unit: US $10.80 per Trust Unit and per Class B unit of DRR Holdings LLC.
• Special Distribution: US $3.40 per Trust Unit (not reported as ordinary income).
• Redemption Amount: US $7.40 per Trust Unit.
• Delisting Timeline: Expected delisting from TSX on or about 19 Nov 2025.
• Reporting Status: REIT intends to apply to cease being a reporting issuer under Canadian securities laws.
• Asset Management Changes: DRR Asset Management LP and Pauls Realty Services, LLC are separated from their external asset‑manager roles.
• Early Warning Disclosure:
• REIT Holdco (subsidiary of Morgan Properties) acquired one subordinated subscription unit representing 100% of outstanding units for US $10.80.
• No prior ownership of Trust Units by REIT Holdco or Morgan Properties before the transaction.
• Contact for Early Warning Report: Tina Malek, Director‑Communications, (484) 690‑2375, [email protected].

Notable Quotes

(No executive quotes were provided in the release.)