Dream residential real estate – GuruFocus.com


DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U) (“Dream Residential REIT” or the “REIT”) today provided an update on the portfolio of 16 garden-style multi-residential properties located in the United States (the “Portfolio”) that were indirectly acquired in the REIT’s initial public offering. As of April 30, 2022, the portfolio’s weighted average occupancy rate was 96.1% (95.7% as of December 31, 2021) with weighted average in-place rents of US$998 per unit, representing an increase of 4.1% compared to December 31, 2021. through April 30, 2022, rental rates for new leases increased by approximately 17.4% and renewals increased by approximately 9.6%, for a combined increase of 12.7%.

Region

Number of units

Occupancy rate as of December 31, 2021

Occupancy rate as of April 30, 2022

Rent in place/unit as of December 31, 2021

Rent/Unit in place as of April 30, 2022

Greater Oklahoma City

1,299

96.2%

96.5%

$849

$883

Greater Dallas Fort Worth

1,049

94.5%

94.8%

$1,122

$1,170

Greater Cincinnati

808

96.5%

97.0%

$988

$1,021

Other

276

96.0%

96.0%

$785

$827

Total/weighted average

3,432

95.7%

96.1%

$959

$998

“The portfolio performed strongly in April and we believe the REIT is well positioned to take advantage of market rental growth and rental upside potential,” said Jane Gavan, CEO of Dream. Residential REIT. “We continue to see attractive economic and multi-residential real estate fundamentals in our core markets, including the Greater Dallas Fort-Worth, Greater Oklahoma City and Greater Cincinnati areas. Additionally, we have begun implementing our value-added renovation initiatives at three properties and plan to expand our program to additional properties in June and July. Over time, we believe these initiatives have the potential to further improve the REIT’s organic revenue and drive value appreciation.

The REIT also announced today its inaugural distribution of US$0.0294 per unit for the period from May 6, 2022 to May 31, 2022. The May distribution will be payable on June 15, 2022 to registered unitholders as of May 31, 2022. 2022. The REIT intends to make subsequent monthly distributions of an estimated amount of US$0.035 per Unit commencing on or about July 15, 2022.

About Dream Residential REIT

Dream Residential REIT is a newly formed, unincorporated, open-ended real estate investment trust governed by the laws of the Province of Ontario. The REIT has an initial portfolio of 16 garden-style multi-residential properties, comprised of 3,432 units primarily located in three markets in the Sunbelt and Midwest regions of the United States. For more information, please visit https%3A%2F%2Fdream.ca%2Finvestors%2Fdream-residential-reit%2F

Forward-looking information

This press release may contain forward-looking information within the meaning of applicable securities laws. This information includes statements regarding our intentions to implement our value-added renovation initiatives at our properties. Forward-looking information can generally be identified by the use of forward-looking terminology such as “will”, “expect”, “believe”, “plan” or “continue”, or similar expressions suggesting future results or events. future. 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, which could cause actual results to differ materially from those that are disclosed or implied by such forward-looking information. information search. These risks and uncertainties include, but are not limited to, global and local economic and business conditions; the uncertainties surrounding the COVID-19 pandemic; risks associated with unexpected or ongoing geopolitical events; the risks inherent in the real estate sector; funding risks; and fluctuations in interest rates and exchange rates. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, that there are no unforeseen changes in the legislative and operational framework of our business, that we will have access to adequate capital to fund our future projects and plans and that we will receive funding on acceptable terms; interest rates remain stable and geopolitical events will not disrupt global economies. All forward-looking information contained in this press release speaks as of the date of this press release. Dream Residential REIT does not undertake to update this 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 the risks and uncertainties can be found in Dream Residential REIT’s final detailed prospectus, including under the heading “Risk Factors”.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220519005928/en/

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