Highlights 

  • Dream Residential REIT has officially been acquired by an affiliate of Morgan Properties in an all-cash transaction worth approx. USD 354 million. 
  • Unitholders received a total of USD 10.80 per unit, including a USD 3.40 special distribution. 
  • Trust Units are expected to be delisted from the TSX on or about November 19, 2025. 
  • External asset managers have been separated following the closing. 
  • Morgan Properties now owns 100% of the REIT through its subsidiary. 

Dream Residential REIT (TSX:DRR.UN) has completed a pivotal transition with its acquisition by an affiliate of Morgan Properties, marking a significant milestone for the trust and its unitholders. The all-cash transaction values theREITat approximately USD 354 million, concluding a series of announcements and approvals that unfolded throughout the second half of 2025. This transaction officially brings the REIT under the full ownership of Morgan Properties and initiates the next chapter for the portfolio and its investors. 

Under the terms of the deal, unitholders received total cash consideration of USD 10.80 per unit. This included a special distribution of USD 3.40 and a redemption amount of USD 7.40.  

Details of the Transaction and Delisting Plans 

With the closing now complete, the Trust Units of Dream Residential REIT will be delisted from theToronto Stock Exchangeat the close of business on or about November 19, 2025. Following delisting, the REIT also intends to apply to cease being a reporting issuer under applicable Canadian securities legislation. 

A key structural change accompanying the acquisition is the separation of DRRAssetManagement LP and Pauls Realty Services, LLC from their roles as external asset managers. This separation aligns the REIT fully under Morgan Properties’ operational structure. 

As part of the closing process, 1562652 B.C. Unlimited Liability Company, a subsidiary of Morgan Properties, acquired one Subordinated Subscription Unit. After the redemption of all previously outstanding Trust Units, this single subordinated unit now represents 100% ownership of the REIT. 

Background on the Companies 

Dream Residential REIT, governed under Ontario law, specializes in garden-style multi-residential properties located across key markets in the Sunbelt and Midwest regions in the United States. It has catered to investors seeking exposure to stabilized US multifamily assets. 

Morgan Properties, founded in 1985, is one of the nation’s largest owners and operators of multifamily real estate. With over 110,000 units across 22 states and investments in commercial mortgage-backed securities backed by more than USD 40 billion in multifamily loans, the company maintains a significant national presence and adiversifiedinvestment approach. 

Conclusion 

The acquisition marks a new chapter in the lifecycle of Dream Residential REIT. For unitholders, the transaction not only deliversliquiditybut also finalizes the REIT’s transition into private ownership under one of the largest multifamily operators in the United States. For Morgan Properties, the addition expands an already extensive portfolio, reinforcing its strategy of scaling high-demand residential assets across the country.