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.
TORONTO, October 21, 2025–(BUSINESS WIRE)–DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U, TSX: DRR.UN) (“Dream Residential REIT” or the “REIT”) announced today that the Ontario Superior Court of Justice (Commercial List) has issued a final order approving the proposed acquisition of the REIT by an affiliate of Morgan Properties, LP (“Morgan Properties”) pursuant to a plan of arrangement under the Business Corporations Act (Ontario) (the “Transaction”). On closing of the Transaction, unitholders of the REIT and Class B unitholders of DRR Holdings LLC (collectively, the “Unitholders”) will receive 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”), as described in more detail in the REIT’s management information circular dated September 17, 2025.
The Transaction is expected to close in late 2025 following satisfaction of all conditions to closing, provided that the Transaction will not close earlier than the date on which Morgan Properties obtains certain agency financing or December 19, 2025, whichever date is first. The Transaction is not subject to a financing condition.
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.
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 common equity, commercial mortgage-backed B-Piece securities, preferred equity, and whole loans. Morgan Properties and its affiliates own and manage a multifamily portfolio comprising over 100,000 units across more than 360 communities in 22 states. Morgan Properties is one of the nation’s largest private multifamily owners. Additionally, Morgan Properties has made investments in commercial mortgage-backed B-Piece 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.
