- Dream Residential Real Estate Investment Trust (TSX:DRR) completed its initial public offering of 9.62 million units of the REIT at $13.00 per unit.
- The offering resulted in gross proceeds of $125.06 million and began trading on the Toronto Stock Exchange in U.S. dollars today under the symbol "DRR.U."
- The REIT indirectly acquired 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 U.S.
- The REIT used the net proceeds to fund the cash component of the acquisition and for general trust purposes.
- The REIT granted the underwriters an over-allotment option to buy up to an additional ~1.44 million units for additional gross proceeds of $18.76 million, if exercised in full.
- Dream Residential REIT intends to make its first distribution of $0.0294 per unit on June 15, 2022, from the closing of the offering to May 31, 2022, to unitholders of record on May 31, 2022.
- It intends to make subsequent monthly distributions in the estimated amount of $0.035 per unit commencing on or about July 15, 2022.
- Price Action: DRR.U shares are trading lower by 9.23% at $11.80 on TSX on the last check Friday.
