DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST COMPLETES US$125.1 MILLION INITIAL PUBLIC OFFERING | Ezine Daddy

This press release contains forward-looking information that is based on assumptions and involves risks and uncertainties, as noted in the cautionary statement in this press release.

/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TORONTO, May 6, 2022 /CNW/ – DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (“Dream Residential REIT” or the “REIT”) announced today that it has completed its initial public offering (the “Offering”) of 9,620,000 units of the REIT (“Units”) at a price of $13.00 per unit (the “Offered Price”). The offering generated gross proceeds of $125,060,000. The shares will begin trading today on the Toronto Stock Exchange in US dollars under the symbol “DRR.U”.

In connection with the Offering, the REIT indirectly acquired an initial portfolio of 16 garden-style apartment buildings (the “Initial Portfolio”) consisting of 3,432 units primarily located in three markets in the Sunbelt and Midwest regions The United States. The net proceeds of the offering were used by the REIT to fund the cash component of the initial portfolio acquisition and for general escrow purposes.

The offering was underwritten by a consortium of underwriters led by TD Securities Inc. along with Scotia Capital Inc., CIBC Capital Markets, RBC Dominion Securities Inc., National Bank Financial Inc., Canaccord Genuity Corp., Desjardins Capital Markets, Cormark Securities Inc., Echelon Wealth Partners Inc., iA Private Wealth Inc., Laurentian Bank Securities Inc. and Raymond James Ltd. (collectively, the “Underwriters”). The REIT has granted the underwriters an over-allotment option to purchase up to an additional 1,443,000 units at the offer price for additional gross proceeds to the REIT $18,759,000 upon full exercise. The over-allotment option can be exercised for a period of 30 days from the closing date of the offering.

The REIT intends to make its first distribution on June 15, 2022 for the period from the closing of the Offer to May 31, 2022 to registered shareholders on May 31, 2022what is appreciated $0.0294 per unit. The REIT intends to make subsequent monthly distributions of the estimated amount of $0.035 per unit beginning on or about July 15, 2022.

Oesler, Hoskin & Harcourt LLP, is acting as Canadian Counsel to the REIT and Clifford Chance US LLP, is acting as US Counsel to the REIT. Torys LLP is acting as Canadian and US legal counsel to the Underwriters.

No securities regulatory authority has approved or disapproved the contents of this press release. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “US Securities Act”), as amended, or any state securities laws, and may not be offered, sold or delivered, directly or indirectly. in The United States or to or for the account or benefit of “US Persons” (as defined in Regulation S of the US Securities Act, as amended), except subject to certain exemptions from the registration requirements of the US Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities The United States or to or for the account or benefit of US persons.

About Dream Residential REIT

Dream Residential REIT is a newly created unincorporated open-ended real estate investment trust incorporated and governed by provincial laws ontario. The REIT owns an initial portfolio of 16 garden-style multi-family homes consisting of 3,432 units primarily located in three markets in the Sunbelt and Midwest regions The United States. For more information, please visit https://dream.ca/investors/dream-residential-reit/

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities laws. Forward-looking information is generally identified through the use of forward-looking terms such as “outlook”, “goal”, “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”. ‘, ‘plan’ or ‘proceed’ or similar expressions indicative of future results or events. Some of the specific forward-looking information in this press release may include, among other things, statements regarding the initial distribution, expectations regarding the monthly distribution rate per share, the exercise of the over-allotment option and the timing of the listing of the shares on the TSX. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Residential REIT’s control, which could cause actual results to differ materially from those contained in or implied by such forward-looking statements. search information. These risks and uncertainties include, but are not limited to, global and local economic and business conditions; uncertainties related to the COVID-19 pandemic; risks related to unexpected or ongoing geopolitical events; risks inherent in the real estate industry; financing risks; and interest rate and exchange rate fluctuations. Our goals and forward-looking statements are based on certain assumptions, including that the general economy will remain stable, there will be no unforeseen changes in the legal and operating environment affecting our business, we will have access to adequate capital to fund our future projects and plans and that we will obtain financing on acceptable terms; interest rates remain stable and geopolitical events will not disrupt the global economy. All forward-looking information contained in this press release is made as of the date of this press release. Dream Residential REIT undertakes no obligation 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 regarding these assumptions and risks and uncertainties is contained in Dream Residential REIT’s Final Full Prospectus, including under the heading “Risk Factors” contained therein.

SOURCE Dream Residential Real Estate Investment Trust

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