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, January 14, 2025--(BUSINESS WIRE)--DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U and TSX: DRR.UN) announced today that the Toronto Stock Exchange ("TSX") accepted a notice filed by Dream Residential REIT (the "Trust") to renew its prior normal course issuer bid for a one year period. Under the bid, the Trust will have the ability to purchase for cancellation up to a maximum of 1,506,457 of its Trust Units (the "Units") (representing 10% of the Trust’s public float of 15,064,579 Units as of December 31, 2024) through the facilities of the TSX. The bid will commence on January 16, 2025 and will remain in effect until the earlier of January 15, 2026 or the date on which the Trust has purchased the maximum number of Units permitted under the bid. Daily repurchases will be limited to 2,603 Units, representing 25% of the average daily trading volume of the Units on the TSX during the last six calendar months (being 10,413 Units per day), other than purchases pursuant to applicable block purchase exceptions. As of December 31, 2024, the number of issued and outstanding Units was 15,986,611.
In connection with the renewal of its normal course issuer bid, the Trust has established an automatic securities purchase plan (the "Plan") with its designated broker to facilitate the purchase of Units under the normal course issuer bid at times when the Trust would ordinarily not be permitted to purchase its Units due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by the Trust’s broker based upon the parameters prescribed by the TSX and the terms of the parties’ written agreement. Outside of such restricted or blackout periods, the Units may also be purchased in accordance with Management’s discretion. The Plan has been pre-cleared by the TSX and will terminate on January 15, 2026.
The Trust has renewed its normal course issuer bid because it believes that Units may become available during the period of the bid at prices that would make the purchase of such Units for cancellation in the best interests of the Trust and its unitholders.
Dream Residential REIT sought and received approval from the TSX on January 4, 2024 to purchase up to 1,174,446 Units for the period from January 8, 2024 to January 7, 2025. Under this bid Dream Residential REIT did not purchase for cancellation any Units.
Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. Dream Residential 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 our website at www.dreamresidentialreit.ca.
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including with respect to future purchases of Units by the Trust. 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 the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, risks inherent in the real estate industry; financing risks; inflation, interest and currency rate fluctuations; global and local economic and business conditions; risks associated with unexpected or ongoing geopolitical events; changes in law; tax risks; competition; environmental and climate change risks; insurance risks; cybersecurity; and uncertainties surrounding public health crises and epidemics. 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 framework for our business; that we will have access to adequate capital to fund our future projects and plans and that we will receive financing on acceptable terms; that inflation and interest rates will not materially increase beyond current market expectations; and that geopolitical events will not disrupt global economies. All forward-looking information in this press release speaks as of January 14, 2025. The Trust does not undertake 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 about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR+ (www.sedarplus.com). These filings are also available at the Trust’s website at www.dreamresidentialreit.ca.
