DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST ANNOUNCES PRICING OF INITIAL PUBLIC OFFERING OF UNITS

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.

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TORONTO, April 29, 2022 /CNW/ - DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST ("Dream Residential REIT" or the "REIT") today announced that it has filed, and obtained a receipt for, a final long form prospectus with the securities regulatory authorities in each of the provinces of Canada and has entered into an underwriting agreement in respect of its previously announced proposed initial public offering (the "Offering"), consisting of an aggregate of 9,620,000 units of the REIT ("Units") at an offering price of US$13.00 per Unit (the "Offering Price"), for aggregate gross proceeds of US$125,060,000.

The Offering is being made through a syndicate of underwriters led by TD Securities Inc., together with Scotia Capital Inc., CIBC World Markets Inc., 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 to 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 US$18,759,000 if exercised in full. The over-allotment option can be exercised for a period of 30 days from the closing date of the Offering.

Upon successful closing of the Offering, the REIT will indirectly acquire interests in an initial portfolio of 16 garden-style multi-residential properties (the "Initial Portfolio"), consisting of 3,432 units primarily located in three markets across the Sunbelt and Midwest regions of the United States. The net proceeds of the Offering will be used by the REIT to fund the cash component of the acquisition of the Initial Portfolio and for general trust purposes.

The Offering is expected to close on May 6, 2022, subject to customary closing conditions, including receipt of all necessary regulatory approvals. The Toronto Stock Exchange (the "TSX") has conditionally approved the listing of the Units subject to fulfilling the customary listing requirements. The Units are expected to begin trading on the TSX in U.S. dollars under the symbol "DRR.U" on May 6, 2022.

This Offering is only being made by prospectus. A copy of the final long form prospectus of the REIT is available on SEDAR at www.sedar.com. The prospectus contains important detailed information about the securities being offered. Investors should read the prospectus before making an investment decision. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the REIT in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The securities offered have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. 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, "U.S. persons" (as defined in Regulation S under the U.S. Securities Act, as amended) except pursuant to certain exemptions from the registration requirements of the U.S. 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 in the United States or to, or for the account or benefit of, U.S. persons.

About Dream Residential REIT

Dream Residential REIT is a newly created, unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. Following completion of the Offering, the REIT will own an initial portfolio of 16 garden-style multi-residential properties, consisting of 3,432 units primarily located in three markets across the Sunbelt and Midwest regions of the United States.

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans", or "continue", or similar expressions suggesting future outcomes or events. Some of the specific forward-looking information in this press release may include, among other things, statements regarding the closing of the Offering and the timing thereof, the use of proceeds of the Offering, including the acquisition of the Initial Portfolio and the listing of the Units 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 that 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, global and local economic and business conditions; uncertainties surrounding the COVID-19 pandemic; risks associated with unexpected or ongoing geopolitical events; risks inherent in the real estate industry; financing risks; and interest and currency rate fluctuations. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, there are no unforeseen changes in the legislative and operating framework for our business, we will have access to adequate capital to fund our future projects and plans and that we will receive financing on acceptable terms; interest rates remain stable and geopolitical events will not disrupt global economies. All forward-looking information in this press release speaks as of the date of this press release. Dream Residential REIT 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 contained in Dream Residential REIT's final long-form prospectus, including under the heading "Risk Factors" therein. 

SOURCE Dream Residential Real Estate Investment Trust

Dream Residential REIT, P. Jane Gavan, Chief Executive Officer, [phone], [email protected]; Derrick Lau, Chief Financial Officer, [phone], [email protected]; Scott Schoeman, Chief Operating Officer, [phone], [email protected]