Dream Residential REIT (DRR-U) AGM 2024 summary

Opening remarks and agenda

• Meeting called to order at 12:00 P.M. with Fahad Khan as chair and Robert Hughes as secretary.

• Scrutineers appointed and quorum confirmed, allowing formal business to proceed.

• Agenda included formal business, management presentation, and Q&A session.

Financial performance review

• Portfolio outperformed national benchmarks, with over 9% NOI growth based on 2022 results.

• Average in-place rent grew 5.5% year-over-year to $1,155 per month; occupancy at 94%.

• Conservative leverage at 32%, 100% fixed-rate debt, and $80 million in liquidity.

• Comparative property rents grew about 15% and NOI increased 12%-13% over two years.

• Trading price implies a property value below IFRS and replacement cost, suggesting embedded value.

Board and executive committee updates

• Five trustees nominated and elected by acclamation for the upcoming term.

• PricewaterhouseCoopers LLP reappointed as auditors; trustees authorized to fix remuneration.