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TORONTO, May 19, 2022--(BUSINESS WIRE)--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 connection with the REIT’s initial public offering. At April 30, 2022, the Portfolio’s weighted average occupancy was 96.1% (95.7% at December 31, 2021) with weighted average in-place rents of US$998 per unit, representing an approximately 4.1% increase from December 31, 2021. Year to date through April 30, 2022, rental rates for new leases increased by approximately 17.4% and renewals increased by approximately 9.6%, for a blended 12.7% increase.
Number of Units
Occupancy Rate as of December 31, 2021
Occupancy Rate as of April 30, 2022
In-Place Rent/Unit as of December 31, 2021
In-Place Rent/Unit as of April 30, 2022
Greater Oklahoma City
Greater Dallas Fort-Worth
"The Portfolio delivered strong performance in April and we believe the REIT is well positioned to capitalize on growing market rents and gain-to-lease potential," said Jane Gavan, Chief Executive Officer of Dream Residential REIT. "We continue to see attractive economic and multi-residential real estate fundamentals in our primary markets, including the Greater Dallas Fort-Worth, Greater Oklahoma City and Greater Cincinnati regions. In addition, we have commenced implementing our value-enhancing renovation initiatives at three properties and we plan to expand our program to additional properties in June and July. Over time, we believe that these initiatives have the potential to further enhance the REIT’s organic revenue and drive value appreciation."
The REIT also announced today its inaugural distribution in the amount 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 unitholders of record as at May 31, 2022. The REIT intends to make subsequent monthly distributions in the 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 created, unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns 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 United States. For more information, please visit https://dream.ca/investors/dream-residential-reit/
This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes statements regarding our intentions to implement our value-enhancing renovation initiatives at our properties. Forward-looking information generally can be identified by the use of forward-looking terminology such as "will", "expect", "believe", "plan", or "continue", or similar expressions suggesting future outcomes or events. 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 that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, global and local economic and business conditions; uncertainties surrounding the COVID-19 pandemic; risks associated with unexpected or ongoing geopolitical events; risks inherent in the real estate industry; financing risks; and interest and currency rate fluctuations. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, there are no unforeseen changes in the legislative and operating framework for our business, we will have access to adequate capital to fund our future projects and plans and that we will receive financing on acceptable terms; interest rates remain stable and geopolitical events will not disrupt global economies. All forward-looking information in this press release speaks as of the date of this press release. Dream Residential REIT does not undertake to update any such 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 risks and uncertainties is contained in Dream Residential REIT’s final long-form prospectus, including under the heading "Risk Factors" therein.
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Dream Residential REIT
P. Jane Gavan
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer