Dream Industrial REIT enters into arrangement agreement with an affiliate of Morgan Properties

On August 21, 2025, Dream Residential REIT (the “REIT”) announced that its board of trustees (the “Board”) had completed a strategic review process and entered into an arrangement agreement with an affiliate of Morgan Properties, LP (“Morgan Properties”) pursuant to which Morgan Properties will acquire the REIT in an all-cash transaction valued at approximately US$354 million.

Under the terms of the arrangement agreement, to be implemented by way of a plan of arrangement under the Business Corporations Act (Ontario), Morgan Properties will acquire all of the assets and assume all of the liabilities of the REIT. Dream Residential REIT unitholders and DRR Holdings LLC Class B unitholders will each receive cash consideration of US$10.80 per unit of the REIT and per Class B unit of DRR Holdings LLC.

The transaction is expected to close in late 2025, subject to certain approvals at a special meeting of unitholders, including by (i) at least 66 2/3% of the votes cast by unitholders, voting together as a single class, and (ii) a simple majority of votes cast by unitholders (excluding DRR Asset Management LP, a subsidiary of Dream Unlimited Corp. and Pauls Realty Services, LLC, a subsidiary of Pauls Corp., and their respective affiliates), voting together as a single class. The transaction is also subject to the receipt of court approval and other customary closing conditions.

Further information can be found on Business Wire’s website.

Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The 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.

Morgan Properties is a national real estate investment and management company headquartered in Conshohocken, Pennsylvania. It and its affiliates pursue a diversified investment strategy focusing on multifamily common equity, commercial mortgage-backed B-Piece securities, preferred equity, and whole loans.