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Dream Residential REIT
Dream Residential REIT (DRR-U) investor relations material
Dream Residential REIT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Entered into an arrangement agreement for an all-cash acquisition by Morgan Properties at $10.80 per unit, with unitholder and court approval received; closing subject to customary conditions and expected in late 2025.
Q3 2025 comparative properties NOI rose 4.5% year-over-year to $6.4 million, driven by a 3.0% increase in investment properties revenue.
Portfolio consists of 15 properties (3,300 units) in the Sunbelt and Midwest, with a 93.7% occupancy rate as of September 30, 2025, down from 95.2% at June 30, 2025.
Diluted FFO per unit was $0.18, unchanged from the prior year quarter.
Strategic review concluded with the acquisition agreement, with operations to cease post-closing.
Financial highlights
Q3 2025 net loss was $(55.5) million, primarily due to $40.9 million in remeasurement losses on investment properties and $7.3 million in transaction-related costs.
Funds from operations (FFO) for Q3 2025 was $3.6 million, up slightly from $3.5 million in Q3 2024.
Comparative properties NOI for Q3 2025 was $6.4 million (margin 51.8%), up from $6.1 million (margin 51.1%) in Q3 2024.
Investment properties revenue for Q3 2025 was $12.4 million, up from $12.0 million in Q3 2024.
NAV per unit was $10.80 at September 30, 2025, down from $13.39 at year-end 2024.
Outlook and guidance
The acquisition by Morgan Properties is expected to close in Q4 or late 2025, with operations ceasing post-closing.
Monthly distributions will be suspended after the October 2025 payment, unless the transaction is delayed.
Management expects continued incremental gains in rents and NOI, focusing on operational efficiency and prudent capital allocation.
Quantify transaction-related Q3 losses
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Next Dream Residential REIT earnings date
Q4 202518 Feb, 2026
Dream Residential REIT
Next Dream Residential REIT earnings date
Q4 202518 Feb, 2026
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Frequently asked questions
Dream Residential Real Estate Investment Trust (Dream Residential REIT) is a Canadian-based, unincorporated, open-ended real estate investment trust primarily focused on owning and managing garden-style multi-residential properties. The REIT's portfolio includes properties predominantly located in high-growth markets across the Sunbelt and Midwest regions of the United States. These markets include major areas like the Greater Dallas-Fort Worth, Greater Oklahoma City, and Greater Cincinnati regions. Dream Residential REIT is dedicated to providing value through property management and potential renovations aimed at enhancing revenue and property value. The company is headquartered in Toronto, Ontario, and its shares are listed on the Toronto Stock Exchange.
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