DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST COMPLETES INITIAL PUBLIC CALL FOR US$125.1 MILLION ISSUE

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

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISTRIBUTION IN UNITED STATES/

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

In connection with the Offering, the REIT indirectly acquired an initial portfolio of 16 garden-style multi-residential properties (the “Initial Portfolio”), consisting of 3,432 units located primarily in three markets in the Sunbelt and Midwest regions of 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 trust purposes.

The placement was underwritten by a syndicate of underwriters led by TD Securities Inc., together with Scotia Capital Inc., CIBC Capital Markets, RBC Dominion Securities Inc., Financière Banque Nationale Inc., Canaccord Genuity Corp., Desjardins Capital Markets , Cormark Securities Inc., Echelon Wealth Partners Inc., iA Private Management Inc., Laurentian Bank Securities Inc. and Raymond James Ltée (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 offering price for additional gross proceeds to the REIT of $18,759,000 if exercised in full. The over-allotment option may be exercised for a period of 30 days from the closing date of the Offer.

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 unitholders of record on May 31, 2022which is estimated at $0.0294 per unit. The REIT intends to pay subsequent monthly distributions of an estimated amount of $0.035 per unit starting on or about July 15, 2022.

Osler, 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 counsel to the Underwriters.

No securities regulatory authority has approved or disapproved of 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 law, and may not be offered , sold or delivered, directly or indirectly, in United States or to, or on behalf of, or for the benefit of “U.S. Persons” (as defined in Regulation S of the U.S. Securities Act, as amended), except pursuant to certain exemptions from the registration requirements of the United States securities law and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy securities of United States or to, or on behalf of or for the benefit of U.S. Persons.

About Dream Residential REIT

Dream Residential REIT is a newly formed, unincorporated, open-ended real estate investment trust governed by the laws of the Province of Ontario. The REIT has an initial portfolio of 16 garden-style multi-residential properties, comprised of 3,432 units primarily located in three markets in the Sunbelt and Midwest regions of 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 can generally be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “should”, “expect”, “intend”, ” estimates”, “anticipates”, “believes”, “should”, “plans” or “continues”, or similar expressions suggesting future results or events. Some of the specific forward-looking information contained in this press release may include, among other things, statements regarding the initial distribution, expectations regarding the monthly distribution rate per Unit, the exercise of the Over-Allotment Option and the timing of the registration of shares. on the Toronto Stock Exchange. 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 that are disclosed or implied by such forward-looking information. information search. These risks and uncertainties include, but are not limited to, global and local economic and business conditions; the uncertainties surrounding the COVID-19 pandemic; risks associated with unexpected or ongoing geopolitical events; the risks inherent in the real estate sector; funding risks; and fluctuations in interest rates and exchange rates. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, that there are no unforeseen changes in the legislative and operating environment of our business, that we will have access to adequate capital to fund our future projects and plans and that we will receive funding on acceptable terms; interest rates remain stable and geopolitical events will not disrupt global economies. All forward-looking information contained in this press release speaks as of the date of this press release. Dream Residential REIT does not undertake to update this forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and the risks and uncertainties can be found in Dream Residential REIT’s final detailed prospectus, including under the heading “Risk Factors”.

SOURCE Dream Residential Real Estate Investment Trust

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