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Dream Residential REIT Completes $125M IPO, Intends To Make First Distribution In June

By Akanksha Bakshi
  • Dream Residential Real Estate Investment Trust (TSX:DRRcompleted its initial public offering of 9.62 million units of the REIT at $13.00 per unit.
  • The offering resulted in gross proceeds of $125.06 million and began trading on the Toronto Stock Exchange in U.S. dollars today under the symbol "DRR.U."
  • The REIT indirectly acquired 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 U.S.
  • The REIT used the net proceeds to fund the cash component of the acquisition and for general trust purposes.
  • The REIT granted the underwriters an over-allotment option to buy up to an additional ~1.44 million units for additional gross proceeds of $18.76 million, if exercised in full.
  • Dream Residential REIT intends to make its first distribution of $0.0294 per unit on June 15, 2022, from the closing of the offering to May 31, 2022, to unitholders of record on May 31, 2022.
  • It intends to make subsequent monthly distributions in the estimated amount of $0.035 per unit commencing on or about July 15, 2022.
  • Price Action: DRR.U shares are trading lower by 9.23% at $11.80 on TSX on the last check Friday.
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Dive Deeper:
Digital Brands Shares Plummet On Pricing Equity Offering At 50% Discount
Digital Brands Group Inc (NASDAQ:DBGI) has priced its underwritten public offering of 37.4 million shares at $0.25 per share. The offer price represents…
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Innovative Industrial Properties Reports Unaudited Q1 2022 Revenue Growth Of 50% To $64.5M YoY
Innovative Industrial Properties, Inc. (NYSE: IIPR) released unaudited results for the first quarter ended March 31, 2022.
Buy the Dip in These 2 REITs That Yield More Than 4%
Since growing concerns over high inflation and aggressive interest rate hikes could keep the overall stock market highly volatile in…
One subscription that gives you access to news from hundreds of sites
Luby's Issues Cash Liquidating Dividend
Luby’s Inc (NYSE:LUB) Board has declared a cash liquidating distribution of $0.20 per share. The liquidating dividend will be paid on May 24, 2022,…
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Get all your news in one place