DREAM RESIDENTIAL REIT ANNOUNCES UNITHOLDER APPROVAL OF ACQUISITION BY MORGAN PROPERTIES

Executive Summary

• Unitholders approved an all‑cash acquisition of Dream Residential REIT by an affiliate of Morgan Properties for approximately US $354 million.
• Cash consideration set at US $10.80 per Trust Unit and per Class B unit; the transaction is not financing‑conditioned and expected to close in late 2025.
• Approval was overwhelming – ~99.98% of votes cast, meeting required thresholds under both the 66⅔% super‑majority rule and a simple majority excluding related parties.

Key Details

• Transaction Value: Approximately US $354 million (all‑cash).
• Consideration: US $10.80 per Trust Unit and per Class B unit of DRR Holdings LLC.
• Voting Results:
• 13,838,453 Units represented at the special meeting.
• ~99.98% approval under the 66⅔% super‑majority requirement.
• ~99.97% approval under the simple majority excluding Dream Unlimited Corp., Pauls Capital, LLC and affiliates.
• Closing Conditions: No financing condition; closing expected in late 2025 after satisfaction of all conditions, but not earlier than the date Morgan Properties obtains certain agency financing or December 19 2025 (whichever is first).
• Court Approval: Final order from the Ontario Superior Court of Justice (Commercial List) to be sought at a hearing anticipated on October 21 2025.
• Depositary for Transaction: Computershare Investor Services Inc., contact details provided for unitholder assistance.

Notable Quotes

(No direct quotes were included in the release.)