Dream Residential to be acquired by Philadelphia-based Morgan Properties for ~$354M

Dream Residential (DRR.U:CA) said [https://seekingalpha.com/pr/20207696-dream-residential-reit-announces-agreement-to-be-acquired-by-morgan-properties] on Thursday that the multi-family residential REIT is set to be acquired by Philadelphia-based Morgan Properties in an ~$354M all-cash transaction.

The arrangement agreement follows a strategic review by the Dream Residential board.

The company's unitholders are set to receive $10.80 per unit and per class B unit of DRR Holdings. The price represents a premium of 60% to the closing price of the unit on the Toronto Stock Exchange as of February 19, the last trading day prior to the announcement of the strategic review.

The price represents a premium of 18% to the closing price of the unit on TSX as of August 20.

"The board is unanimously recommending that unitholders vote in favour of the transaction," said Vicky Schiff, chair of Dream Residential REIT's board of trustees.

Dream Residential REIT is set to suspend its normal monthly distributions following the November 15 payment.

The transaction is expected to close in late 2025.

MORE ON DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST

* Historical earnings data for Dream Residential Real Estate Investment Trust [https://seekingalpha.com/symbol/DRR.UN:CA/earnings]
* Dividend scorecard for Dream Residential Real Estate Investment Trust [https://seekingalpha.com/symbol/DRR.UN:CA/dividends/scorecard]
* Financial information for Dream Residential Real Estate Investment Trust [https://seekingalpha.com/symbol/DRR.UN:CA/income-statement]