DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U) (“Dream Residential REIT” or the “REIT” or “we”) today announced the introduction of a Canadian dollar listing of its units (“Trust Units”) on the Toronto Stock Exchange ("TSX").
Effective September 7, 2023, the Trust Units will commence trading on the TSX in Canadian dollars under the symbol "DRR.UN". The Trust Units will continue to trade in U.S. dollars under the existing symbol "DRR.U".
The Trust Units to be traded under the symbol DRR.UN will have the same CUSIP number as the Trust Units trading under the symbol DRR.U. Accordingly, the number of issued and outstanding Trust Units will not change. The REIT currently has 12,641,288 Trust Units outstanding.
The REIT’s distributions will continue to be paid to unitholders in U.S. dollars for both the DRR.U and DRR.UN listings.
“We are pleased to provide a Canadian dollar listing, which will allow our Canadian investors to transact in their domestic currency,” said Brian Pauls, Chief Executive Officer of Dream Residential REIT. “We believe that this listing will provide enhanced flexibility for our investors and over time, result in increased trading activity.”
Unitholders should consult their financial advisors for more information regarding the dual currency listing, including their ability to exchange U.S. dollar denominated units for Canadian dollar denominated units.
About Dream Residential REIT
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 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. For more information, please visit www.dreamresidentialreit.ca.
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes statements regarding our objectives and strategies to achieve those objectives; the expected timing for the commencement of the Canadian dollar denominated listing of Trust Units on the TSX; expectations regarding the continuance and currency of distribution payments on the Trust Units; our belief that a Canadian dollar listing will enhance flexibility for investors and facilitate increased trading activity. Forward-looking information generally can be identified by the use of forward-looking terminology such as “will”, “expect”, “believe”, “plan”, or “continue”, or similar expressions suggesting future outcomes or events. 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, 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; 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; inflation and interest rates will not materially increase beyond current market expectations; 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 filings with securities regulators, including its latest annual information form, including under the heading “Risk Factors” therein and its latest management’s discussion and analysis.
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