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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
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.
Net rental income was $7.8 million, consistent with Q3 2024.
Diluted FFO per Unit was $0.18, unchanged from the prior year quarter.
Portfolio occupancy was 93.7% at quarter-end, down from 95.2% at June 30, 2025.
Strategic review concluded with an agreement to be acquired by Morgan Properties for $10.80 per unit in an all-cash transaction, expected to close in late 2025.
Financial highlights
Q3 2025 net loss was $(55.5) million, compared to $(2.0) million in Q3 2024, mainly due to remeasurement losses on investment properties and transaction-related costs.
FFO for Q3 2025 was $3.6 million, up $0.1 million sequentially.
NAV per Unit was $10.80 at September 30, 2025, down from $13.39 at December 31, 2024.
Distributions declared totaled $0.105 per Unit during Q3 2025.
Outlook and guidance
Transaction with Morgan Properties expected to close in late 2025, subject to customary conditions.
Management expects continued incremental gains in rents and NOI, with a focus on operational efficiency and prudent capital allocation.
Quantify transaction-related Q3 losses
Assess value-add program's Q3 impact
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Next Dream Residential REIT earnings date
Q4 202511 Feb, 2026
Next Dream Residential REIT earnings date
Q4 202511 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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