Dream Residential Real Estate Investment Trust (“Dream Residential REIT” or the “REIT”) is an unincorporated, open-ended real estate investment trust established on February 24, 2022 pursuant to the REIT’s Declaration of Trust under the laws of the Province of Ontario. All financial information is reported in U.S. dollars and has been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) unless otherwise noted. The operations of the REIT commenced on May 6, 2022, when it completed its initial public offering (“IPO”) of 9,620,000 units of the REIT (“Trust Units”) for gross proceeds of $125.1 million or $110.9 million net of underwriter fees and other transaction costs. Net proceeds of the IPO were used to fund the cash component of the purchase price for interests in a portfolio of 16 garden-style, multi-residential properties (the “portfolio” or “Initial Properties”) located in the United States consisting of 3,432 units, as well as for general trust purposes. On November 29, 2023, the REIT disposed of an investment property in Wichita, Kansas. As at March 31, 2025, the REIT owns a portfolio of 15 investment properties consisting of 3,300 units in total. The properties target mid-market renters and are primarily located in three attractive markets across the Sunbelt and Midwest markets in the U.S., including the Greater Dallas-Fort Worth region, Greater Oklahoma City region, and Greater Cincinnati region, which we refer to as our “Primary Markets”.