Real Estate Split Corp. (TSX: RS and RS.PR.A) announced on September 23, 2026, that it has completed an overnight offering of Class A and Preferred Shares, raising aggregate gross proceeds of approximately $21.5 million. The Class A Shares were priced at $9.15, yielding 17.0%, while the Preferred Shares were priced at $10.45, yielding 4.6% to maturity. The offering was designed to be non-dilutive to the company's net asset value per unit as of September 9, 2026, adjusted for dividends and certain accrued expenses, a factor investors in split-share structures typically watch closely.

Key Points

  • Real Estate Split Corp. (TSX: RS and RS.PR.A) completed an overnight equity offering on September 23, 2026
  • Aggregate gross proceeds of approximately $21.5 million were raised through Class A and Preferred Share issuance
  • Class A Shares priced at $9.15 (17.0% yield); Preferred Shares priced at $10.45 (4.6% yield to maturity)
  • Investors may watch how the expanded capital base affects portfolio positioning and future distribution sustainability

Offering Structure and Pricing Details for RS and RS.PR.A

The overnight offering comprised two share classes with distinct investor profiles. Class A Shares, listed under the symbol RS, were priced at $9.15 per share at a yield of 17.0%, targeting investors seeking high monthly cash distributions and capital appreciation exposure to North American real estate securities. Preferred Shares, trading under RS.PR.A, were priced at $10.45 per share to yield 4.6% to maturity, with a stated objective of returning the original $10.00 issue price to holders at maturity alongside fixed cumulative preferential quarterly distributions.

Non-Dilutive Design and Investment Mandate of Real Estate Split Corp.

The company stated that offering prices were structured to be non-dilutive to the net asset value per unit of Real Estate Split Corp. as of September 9, 2026, adjusted for dividends and expenses accrued prior to or upon settlement. The company is designed to provide investors with a diversified, actively managed, high-conviction portfolio of securities issued by leading North American real estate companies. Middlefield Limited serves as investment manager to the company, overseeing portfolio strategy and allocation decisions.

Syndicate of Agents Behind the RS Share Offering

The offering was co-led by CIBC Capital Markets, RBC Capital Markets, and Scotiabank. The broader syndicate included National Bank Financial Inc., Canaccord Genuity Corp., Hampton Securities Limited, BMO Nesbitt Burns Inc., CI Investor Services Inc., iA Private Wealth Inc., Raymond James Ltd., Manulife Wealth Inc., Ventum Financial Corp., Wellington-Altus Private Wealth Inc., Desjardins Securities Inc., and Research Capital Corporation. The participation of this broad dealer network reflects the established distribution reach for Real Estate Split Corp.'s share offerings in the Canadian market.