STACKT’s sixth annual Holiday Hills returns bigger than ever – with larger-than-life installations, Santa Claus programming, a towering Christmas tree, new winter patio pop-ups, and 38 days of nostalgic holiday magic – all free to experience.

TORONTO–(BUSINESS WIRE)–Holiday Hills returns to STACKT market from November 14 to December 28, transforming two city blocks into a nostalgic winter wonderland. More than 250,000 guests will rediscover holiday traditions, spark new memories, and experience festive magic in the heart of downtown Toronto.

Holiday Hills will debut a refreshed look inspired by the charm of holiday traditions. From nostalgic treats, to vintage-inspired cocktails, and classic movies, the market will be transformed into a winter wonderland where your favourite holiday traditions come alive.

Holiday Hills 2025 Highlights:

• Holiday Installations & Signature Moments: Step into a larger than life festive scene at Holiday Hills, where nostalgic-inspired displays, oversized inflatable installations, and sparkling evergreen moments set the stage. From twinkling heritage-style décor, to a 120 foot immersive light tunnel and storybook patios to the nostalgic scent of chestnuts roasting on-site, Holiday Hills transforms STACKT into a real-life holiday postcard.
• Festive Eats & Mixology Experiences: Warm up with signature seasonal cocktails, winter patio pop-ups, and festive menu moments highlighted by the first-ever Speakeasy Espresso Martini Bar. Across the site, expect comfort favourites from STACKT’s residents including handmade pasta from Sundays Pasta Lab, empanadas from the newest food resident Las Muns, and timeless sliders from Mondays Off, plus share-worthy hot-chocolate flights made for peak holiday socials.
• Immersive Programming: The festival launches with collaborative programming alongside The Original Santa Claus Parade including Santa himself onsite opening weekend and a festive pre-parade celebration featuring marching bands and holiday performances in November. From there, six weeks of daily programming bring Holiday Hills to life: a large outdoor curling zone, oversized holiday photo moments, Community Days every Wednesday, Family Funday Sundays, and Live Festive Fridays with seasonal sounds and performances. Guests can enjoy gingerbread workshops, nostalgic game nights, hands-on workshops, surprise Elf-on-the-Shelf contests, and more pop-up experiences all with the goal of delivering joyful, accessible experiences.
• Holiday Market & Brand Pop-Ups: Over the course of the festival, 100+ businesses will pop up at Holiday Hills, blending beloved local shops, small-batch makers, seasonal pop-ups, and standout brand activations. Guests can shop for handcrafted gifts, enjoy exclusive holiday drops, sample the latest from brands, and explore a rotating lineup of creative storefronts and sponsor experiences.

“At STACKT, the magic happens when small businesses and major brands share the same stage,” said Jessica Lynch, Vice President at STACKT. “Our goal for Holiday Hills is to bring people together through experiences that spark joy, build community, and drive real economic impact. With more than 75% of our programming free to the public, we’re creating an environment where local entrepreneurs can grow, global brands can connect authentically, and everyone is invited to explore, shop, and celebrate without barriers this holiday season.”

Key Festival Details:

• Where: STACKT market, 28 Bathurst Street, Toronto
• When: November 14th – December 28th (closed on Mondays)
• Admission: FREE
• Festival Hours: 12:00 PM to 10:00 PM. Officially opens to the public at 4:00 PM on November 14th.

For more information, visit http://www.stacktmarket.com/holiday-hills or follow on Instagram @stacktmarket.

ABOUT STACKT

STACKT creates award-winning and innovative ecosystems that drive a new way of thinking. From large-scale public spaces to satellite pop-ups, STACKT designs concepts that provide inspiration, opportunity and connection. The community is made up of innovators, entrepreneurs, creators, collaborators, and consumers alike. STACKT’s award-winning Toronto flagship, STACKT market, animates 100,000 square feet with art, retail, events and public space. The dynamic space shifts alongside the brands and experiences within it. More than a market, STACKT is a SPACE FOR US. For more information, visit www.stacktmarket.com.

Contacts

For media inquiries:
Amy Sarkany

Account Manager

Category Communications

amy@categorycomms.com

This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts are in U.S. dollars.

TORONTO–(BUSINESS WIRE)–DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U, TSX: DRR.UN) (“Dream Residential REIT” or the “REIT” or “we” or “us”) today announced its financial results for the three and nine months ended September 30, 2025 (“Q3 2025”).

HIGHLIGHTS

• Comparative properties net operating income (“comparative properties NOI”)¹ was $6.4 million in Q3 2025, a 4.5% increase from Q3 2024, mainly driven by increased investment properties revenue, which increased 3.0% from Q3 2024. Net rental income was $7.8 million in Q3 2025, consistent with the prior year comparative quarter.

• Diluted funds from operations (“FFO”) per Unit² was $0.18 for Q3 2025, consistent with Q3 2024, due to an increase in comparative properties NOI largely offset by an increase in general and administrative expenses and interest expense on debt.

• Portfolio occupancy was 93.7% as at September 30, 2025 compared to 95.2% at the end of Q2 2025, with Greater Oklahoma City region at 94.7%, Greater Dallas–Fort Worth region and Greater Cincinnati region, both at 93.0%. During the quarter, renovations were completed on 13 units in the Greater Cincinnati region.

• Average monthly rent at September 30, 2025 was $1,195 per unit compared to $1,186 per unit at June 30, 2025.

• Blended lease trade-outs averaged 3.0% for Q3 2025, compared to 1.5% at June 30, 2025. Lease trade-outs on renewals remain strong at 4.7% for Q3 2025, compared to 3.7% for Q2 2025. New lease rates improved to 0.3% for Q3 2025 compared to (1.3%) in Q2 2025.

• Completion of the Strategic Review. The REIT’s strategic review process (the “Strategic Review”) concluded on August 21, 2025, concurrent with the REIT’s announcement that it had entered into an agreement to be acquired by Morgan Properties, LP (“Morgan Properties”). On August 21, 2025, the REIT entered into an arrangement agreement (the “Arrangement Agreement”) with an affiliate of Morgan Properties, providing for a statutory plan of arrangement under the provisions of the Business Corporations Act (Ontario) pursuant to which, among other matters, Morgan Properties will acquire the REIT in an all-cash transaction (the “Transaction”). Under the terms of the Arrangement Agreement, unitholders of the REIT and DRR Holdings LLC Class B unitholders (collectively, the “Unitholders”) will each receive cash consideration of US$10.80 per unit of the REIT (“Trust Unit”) and per Class B unit of DRR Holdings LLC (“Class B Unit” and together with the Trust Units, the “Units”), less applicable withholdings. The Arrangement was approved by unitholders at a special meeting of unitholders held on October 16, 2025 and received court approval on October 21, 2025. The closing of the Arrangement remains subject to the satisfaction or waiver of other customary closing conditions. The Transaction is expected to close in late 2025 following satisfaction of all conditions to closing.

______________________________________________

1 Comparative properties NOI is a non-GAAP financial measure. The tables included in the Appendices section of this press release reconcile comparative properties NOI to net rental income for the three months ended September 30, 2025 and September 30, 2024. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

2 Diluted FFO per Unit is a non-GAAP ratio. Diluted FFO per Unit comprises FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

• Q3 2025 net loss for the three months ended September 30, 2025 was $(55.5) million, which comprises net rental income of $7.8 million, remeasurement losses on investment properties of $(40.9) million due to the Transaction and fair value adjustments to financial instruments of $(5.5) million, primarily from the revaluation of Class B Units to the Transaction price of $10.80 per Unit. Net loss also comprised acceleration of deferred financing costs and fair value discount on acquired mortgages and debt settlement costs of $(5.9) million and Strategic Review and transaction costs of $(7.3) million. Other income and expenses totalled $(3.7) million.
• Total equity (per condensed consolidated financial statements) was $172.8 million as at September 30, 2025, compared to $240.5 million as at December 31, 2024, due to the remeasurement losses on investment properties, acceleration of deferred financing costs and fair value discount on acquired mortgages and debt settlement costs, and transaction costs recognized in Q3 2025 pursuant to the Transaction.
• Net asset value (“NAV”)³ per Unit was $10.80 as at September 30, 2025, compared to $13.39 as at December 31, 2024.
• The REIT declared distributions totalling $0.105 per Unit during Q3 2025.

FINANCIAL HIGHLIGHTS

		Three months ended September 30,				Nine months ended September 30,
(in thousands unless otherwise stated)		2025		2024		2025		2024
Operating results
Net income (loss)	$	(55,538)	$	(2,023)	$	(62,746)	$	2,139
FFO(1)		3,584		3,483		10,487		10,446
Net rental income		7,788		7,839		22,205		22,456
Comparative properties NOI(10)		6,401		6,127		18,967		18,570
Comparative properties NOI margin(11)		51.8%		51.1%		51.6%		51.4%
Per Unit amounts
Distribution rate per Trust Unit	$	0.105	$	0.105	$	0.315	$	0.315
Diluted FFO per Unit(2)(3)		0.18		0.18		0.53		0.53
See footnotes at end

FFO for Q3 2025 was $3.6 million, representing a $0.1 million increase from Q2 2025. Q3 2025 diluted FFO per Unit was $0.18, consistent with the prior year comparative quarter. Net income (loss) for Q3 2025 was $(55.5) million, compared to $(2.0) million in Q3 2024 and comprises remeasurement losses on investment properties of $(40.9) million and fair value adjustments to financial instruments of $(5.5) million. For the three months ended September 30, 2025, the REIT recognized $(5.9) million of acceleration of deferred financing costs and fair value discount on acquired mortgages and debt settlement costs, as a result of revaluing the mortgages at their principal along with any prepayment fees applicable upon repayment, as well as $(7.3) million in transaction costs.

______________________________________________

3 NAV per Unit is a non-GAAP ratio. NAV per Unit comprises total equity (including Class B Units) (a non-GAAP financial measure) divided by the number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.

Net rental income for Q3 2025 was $7.8 million and was consistent with the comparative quarter. Comparative properties NOI for Q3 2025 was $6.4 million, compared to $6.1 million in Q3 2024. Comparative properties NOI margin for Q3 2025 was 51.8%, compared to 51.1% in the comparative quarter. Q3 2025 comparative properties NOI includes comparative investment properties revenue of $12.4 million, which increased by $0.4 million from the comparative quarter driven by positive blended lease trade-outs and rental premiums from our value-add program. Investment properties operating expenses were $6.0 million for Q3 2025, and $5.9 million for the comparative quarter when excluding the impact of IFRIC 21, “Levies” (“IFRIC 21”). The increase was a result of higher utilities and repairs and maintenance, partially offset by lower property taxes.

PORTFOLIO INFORMATION						As at
		September 30, 2025		June 30, 2025		September 30, 2024
Total portfolio
Number of assets		15		15		15
Investment properties fair value (in thousands)	$	359,942	$	399,093	$	396,390
Units		3,300		3,300		3,300
Occupancy rate – in place (period-end)		93.7%		95.2%		93.3%
Average in-place base rent per month per unit	$	1,195	$	1,186	$	1,175
Estimated market rent to in-place base rent spread (%) (period-end)		3.7%		4.1%		7.7%
Tenant retention ratio(12)		59.9%		57.4%		53.8%
See footnotes at end

ORGANIC GROWTH

Weighted average monthly rent as at September 30, 2025 was $1,195 per unit, compared to $1,186 per unit at June 30, 2025. Rental rates increased 1.4% in the Greater Cincinnati region, 0.2% in the Greater Dallas–Fort Worth region and 0.9% in the Greater Oklahoma City region since June 30, 2025.

During Q3 2025, blended lease trade-outs averaged 3.0% compared to 1.5% in Q2 2025. This comprises an average increase on renewals of approximately 4.7% (June 30, 2025 – increase of 3.7%) and an average increase on new leases of approximately 0.3% (June 30, 2025 – decrease of 1.3%). As at September 30, 2025, estimated market rents were $1,239 per unit, or an average gain-to-lease for the portfolio of 3.7%. The retention ratio for the quarter ended September 30, 2025 was 59.9% compared to 57.4% for the three months ended June 30, 2025.

Value-add initiatives

During Q3 2025, renovations were completed on 13 suites in the Greater Cincinnati region. There were no suites under renovation as at September 30, 2025. For the three months ended September 30, 2025, the average new lease trade-out on renovated suites was $232 per unit higher than expiring leases, or a lease trade-out of 21.0%.

FINANCING AND CAPITAL INFORMATION

				As at
(unaudited) (dollar amounts presented in thousands, except for per Unit amounts)		September 30, 2025		December 31, 2024
Financing
Net total debt-to-net total assets(4)		38.2%		33.0%
Average term to maturity on debt (years)		4.0		4.8
Interest coverage ratio (times)(5)		2.9		2.9
Undrawn credit facility	$	54,000	$	55,000
Available liquidity(6)	$	61,643	$	60,382
Capital
Total equity	$	172,848	$	240,489
Total equity (including Class B Units)(7)	$	212,723	$	263,528
Total number of Trust Units and Class B Units(8)		19,696,492		19,678,695
Net asset value (NAV) per Unit(9)	$	10.80	$	13.39
Trust Unit price	$	10.55	$	6.24
See footnotes at end

As at September 30, 2025, net total debt-to-net total assets⁽⁴⁾ was 38.2%, total debt was $146.5 million and total assets were $371.7 million. The REIT ended Q3 2025 with total available liquidity⁽⁶⁾ of approximately $61.6 million, comprising $7.6 million of cash and cash equivalents and $54.0 million available on its undrawn revolving credit facility.

Total equity of $172.8 million decreased from December 31, 2024 by $67.6 million, primarily due to year-to-date net loss and distribution paid and payable. As at September 30, 2025, there were approximately 16.0 million Trust Units and 3.7 million Class B Units.

NAV per Unit as at September 30, 2025 was $10.80 compared to $13.39 as at December 31, 2024.

OTHER INFORMATION

Information appearing in this press release is a select summary of financial results. The condensed consolidated financial statements and management’s discussion and analysis for the REIT will be available at www.dreamresidentialreit.ca and under the REIT’s profile on www.sedarplus.com.

Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns a portfolio of garden-style multi-residential properties, primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit www.dreamresidentialreit.ca.

Non-GAAP financial measures, ratios and supplementary financial measures

The REIT’s condensed consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). In this press release, as a complement to results provided in accordance with IFRS, the REIT discloses and discusses certain non-GAAP financial measures and ratios, including FFO, diluted FFO per Unit, comparative properties NOI, comparative investment properties revenue, NOI, comparative properties NOI margin, net total debt-to-net total assets ratio, net total debt, net total assets, adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments (“Adjusted EBITDAFV”), trailing 12-month adjusted EBITDAFV, trailing 12-month interest expense on debt, interest coverage ratio (times), available liquidity, total equity (including Class B Units) and NAV per Unit as well as other measures discussed elsewhere in this press release. These non-GAAP financial measures and ratios are not defined by or recognized under IFRS Accounting Standards and do not have a standardized meaning under IFRS Accounting Standards. The REIT’s method of calculating these non-GAAP financial measures and ratios may differ from other issuers and may not be comparable with similar measures presented by other issuers. The REIT has presented such non-GAAP financial measures and ratios as management believes they are relevant measures of the REIT’s underlying operating and financial performance. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release are expressly incorporated by reference from Management’s Discussion and Analysis of the financial condition and results of operations of the REIT as at and for the three and nine months ended September 30, 2025, dated November 5, 2025 (the “Q3 2025 MD&A”) and can be found under the section “Non-GAAP Financial Measures and Ratios” and respective sub-headings labelled “FFO and diluted FFO per Unit”, “NAV per Unit”, “Comparative properties NOI and comparative properties NOI margin”, “Adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments (Adjusted EBITDAFV)”, “Trailing 12-month adjusted EBITDAFV”, “Trailing 12-month interest expense on debt”, “Available liquidity”, “Total equity (including Class B Units)”, “Interest coverage ratio (times)” and “Net total debt-to-net total assets”. In this press release, the REIT also discloses and discusses certain supplementary financial measures, including tenant retention ratio and weighted average number of Units. The composition of supplementary financial measures included in this press release is expressly incorporated by reference from the Q3 2025 MD&A and can be found in the section “Supplementary Financial Measures and Other Disclosures”. The Q3 2025 MD&A is available on SEDAR+ at www.sedarplus.com under the REIT’s profile and on the REIT’s website at www.dreamresidentialreit.ca under the Investors section. Non-GAAP financial measures and ratios should not be considered as alternatives to net income, net rental income, investment properties revenue, cash flows generated from (utilized in) operating activities, cash and cash equivalents, total assets, non-current debt, total equity, or comparable metrics determined in accordance with IFRS Accounting Standards as indicators of the REIT’s performance, liquidity, cash flow and profitability.

Forward-looking information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes statements regarding future market conditions; our expectations regarding the Transaction and the structure, terms, timing, and risks and uncertainties; that we will continue to make incremental gains by growing rents and net operating income; our ability to operate the portfolio with a focus on prudent capital allocation, operational efficiency and maintain a conservative balance sheet; our ability to complete suites under renovation, including in the Greater Cincinnati region; and our expectations regarding leasing momentum and expected results thereof. 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 and 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, risks inherent in the real estate industry; financing risks; inflation, interest and currency rate fluctuations; global and local economic and business conditions; risks associated with unexpected or ongoing geopolitical events; changes in law; tax risks; competition; environmental and climate change risks; insurance risks; cyber security; risks related to the imposition of duties, tariffs and other trade restrictions and their impacts; and uncertainties surrounding public health crises and epidemics. 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 operating framework for our business; that we will have access to adequate capital to fund our future projects and plans and that we will receive financing on acceptable terms; that inflation and interest rates will not materially increase beyond current market expectations; that future market and economic conditions will occur as expected; and that geopolitical events, including disputes between nations or the imposition of duties, tariffs, quotas, embargoes or other trade restrictions (including any retaliation to such measures), 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, risks and uncertainties is contained in Dream Residential REIT’s filings with securities regulators, including its latest Annual Information Form and Management’s Discussion and Analysis. These filings are also available on the REIT’s website at www.dreamresidentialreit.ca.

FOOTNOTES
(1)	FFO is a non-GAAP financial measure. The most directly comparable financial measure to FFO is net income. For further information on this non-GAAP measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. The table included in the Appendices section of this press release reconciles FFO for the three and nine months ended September 30, 2025 and September 30, 2024 to net income.
(2)	Diluted FFO per Unit is a non-GAAP ratio. Diluted FFO per Unit comprises FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(3)	A description of the determination of diluted amounts per Unit can be found in the REIT’s Q3 2025 MD&A in the section “Supplementary Financial Measures and Other Disclosures”, under the heading “Weighted average number of Units”.
(4)	Net total debt-to-net total assets is a non-GAAP ratio. Net total debt-to-net total assets comprises net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). The most directly comparable financial measure to net total debt is mortgages payable, and the most directly comparable financial measure to net total assets is total assets. For further information on this non-GAAP ratio and these non-GAAP financial measures, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(5)	Interest coverage ratio (times) is a non-GAAP ratio. Interest coverage ratio comprises trailing 12-month adjusted EBITDAFV (a non-GAAP financial measure) divided by trailing 12-month interest expense on debt (a non-GAAP financial measure). The most directly comparable financial measure to adjusted EBITDAFV is net income. The table included in the Appendices section of this press release reconciles adjusted EBITDAFV to net income and trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense on debt to adjusted EBITDAFV and interest expense on debt, respectively, for the trailing 12-month period ended September 30, 2025. For further information on this non-GAAP ratio and non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(6)	Available liquidity is a non-GAAP financial measure. The most directly comparable financial measure to available liquidity is the undrawn credit facility. The table included in the Appendices section of this press release reconciles available liquidity to the undrawn credit facility as at September 30, 2025 and December 31, 2024. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(7)	Total equity (including Class B Units) is a non-GAAP financial measure. The most directly comparable financial measure to total equity (including Class B Units) is total equity. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. The table included in the Appendices section of this press release reconciles total equity (including Class B Units) to total equity (per the condensed consolidated financial statements) as at September 30, 2025 and December 31, 2024.
(8)	Total number of Units includes 16,004,408 Trust Units and 3,692,084 Class B Units which are classified as a liability under IFRS Accounting Standards.
(9)	NAV per Unit is a non-GAAP ratio. NAV per Unit comprises total equity (including Class B Units) (a non-GAAP financial measure) divided by the total number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(10)	Comparative properties NOI is a non-GAAP financial measure. The most directly comparable financial measure to comparative properties NOI is net rental income. The table included in the Appendices section of this press release reconciles comparative properties NOI for the three and nine months ended September 30, 2025 and September 30, 2024 to net rental income. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(11)	Comparative properties NOI margin is a non-GAAP ratio. Comparative properties NOI margin is defined as Comparative properties NOI (a non-GAAP financial measure) divided by comparative investment properties revenue, as a percentage. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release.
(12)	Tenant retention ratio is defined as the number of renewed leases divided by the total number of leases signed during the period. Tenant retention ratio is a supplementary financial measure.

Contacts

For further information, please contact:

Dream Residential REIT

Brian Pauls
Chief Executive Officer

(416) 365-2365

bpauls@dream.ca

Derrick Lau
Chief Financial Officer

(416) 365-2364

dlau@dream.ca

Scott Schoeman
Chief Operating Officer

(303) 519-3020

sschoeman@dream.ca

Read full story here

This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts in our tables are presented in thousands of Canadian dollars, except unit and per unit amounts, unless otherwise stated.

TORONTO–(BUSINESS WIRE)–DREAM IMPACT TRUST (TSX: MPCT.UN) (“Dream Impact”, “we”, “our” or the “Trust”) today reported its financial results for the three and nine months ended September 30, 2025 (“third quarter”).

“Over the last 90 days, we have completed the extension of the Fairfax convertible debentures now maturing in 2031, established a secured loan from Dream for $15 million demonstrating its continued support to the Trust, as well as renewed or paid down over $100 million of loans,” said Michael Cooper, Portfolio Manager. “We have seen strong leasing in our new apartment buildings and we have made progress on commencing development of 49 Ontario St this quarter and working towards commencing development of Quayside in the second half of 2026. Despite difficult conditions in the housing market, we are advancing projects, leasing apartments and securing financing. We are pleased with our continued progress.”

As of October 31, 2025, the Trust’s purpose-built rental assets currently in lease-up have reached over 90% occupancy, representing a 15% increase since June 30, 2025. These assets which include Birch House, Maple House, Aalto II and Voda, comprising 1,344 units (420 units at share), are approaching stabilization and are expected to contribute to increased recurring earnings for the Trust over the next year. Demolition at 49 Ontario St is expected to commence later this month, with draws on the previously announced $647.6 million government-affiliated construction loan to begin shortly thereafter. Upon completion, 49 Ontario St will deliver two multi-family buildings with 1,226 units (1,103 units at share). The Trust is also making progress on the Quayside development with further updates to be provided as certain milestones are achieved. Upon completion, these assets are expected to meaningfully contribute to the Trust’s recurring income portfolio and drive sustained growth.

The Trust continues to make progress in addressing its near-term liquidity requirements. In the third quarter, the Trust reduced its land loan exposure in 2025 by over $100 million. This included the extension of the Zibi and Brightwater land loans with no repayment requirement. As previously announced, the Trust has reached an agreement with Fairfax Financial Holdings Limited (collectively, “Fairfax”) to extend the $30 million convertible debenture maturing in 2026 to 2031, subject to unitholder approval and customary close conditions. Subsequent to the third quarter, the Trust entered into an agreement with Dream Asset Management Corporation (“DAM’) to draw up to $15.0 million in financing. The facility is secured by a pledge on certain equity accounted investments, bears an effective interest rate of 10% and matures in five years. As of November 3, 2025, $2.0 million has been drawn. This facility demonstrates DAM’s continued support of the Trust and provides it with increased financial flexibility. The Trust and DAM are in discussions to expand the facility in the fourth quarter.

Selected financial and operating metrics for the three and nine months ended September 30, 2025 are summarized below:

	Three months ended September 30,					Nine months ended September 30,
(in thousands of dollars, except per Unit amounts)		2025		2024			2025		2024
Condensed consolidated results of operations
Net loss	$	(10,297)	$	(7,550)		$	(30,582)	$	(17,728)
NOI – recurring income(1)		4,425		4,213			12,942		14,412
NOI – multi-family rental(1)		2,305		2,044			7,668		5,202
Net loss per unit(1)		(0.56)		(0.42)			(1.63)		(0.99)
Units outstanding – end of period		18,416,970		18,110,940			18,416,970		18,110,940
Units outstanding – weighted average		18,412,465		18,106,406			18,711,510		17,891,403

As at	September 30, 2025		December 31, 2024
Condensed consolidated financial position
Total assets	$	656,890	$	684,421
Total liabilities		286,684		283,180
Total unitholders’ equity		370,206		401,241
Total unitholders’ equity per unit(1)		20.10		21.99

During the third quarter, the Trust reported a net loss of $10.3 million compared to $7.6 million in the prior year. The change in earnings was primarily attributable to the deferred tax recovery, timing of condo occupancies, the composition of fair value adjustments in each period and a non-recurring property tax assessment on recently completed multi-family assets at Zibi. This was partially offset by the sale of two income properties in the prior year and NOI growth from multi-family assets in lease-up.

Recurring Income

During the third quarter, the recurring income segment generated a net loss of $6.1 million compared to $7.0 million in the prior year. The year-over-year change is primarily driven by fair value adjustments and transaction costs from the prior year commercial asset sales. In addition, the Trust recognized higher NOI from the multi-family assets in lease-up, partially offset by the related interest expense based on timing of when these assets were transferred to the recurring income segment.

Multi-family rental properties

In the third quarter, same property NOI⁽¹⁾ was $1.7 million, consistent with the prior year with occupancy remaining stable. In the third quarter, NOI⁽¹⁾ from multi family assets in lease-up was $0.6 million compared to $0.3 million in the prior year. The increase was primarily driven by leasing activity at Maple House, Birch House and Voda. As of September 30, 2025, Birch House and Voda were each over 80% leased (committed occupancy as of June 30, 2025 – 43% and 67%, respectively) and Maple House at 92%.

As at September 30, 2025, our multi-family portfolio comprised 2,973 units (at 100% asset level or 1,037 units at share) across the GTA and Ottawa/Gatineau region and were 92% leased. This includes over 1,300 units in the lease-up phase, comprised of Maple House, Voda, Aalto II and Birch House which are expected to make meaningful contributions to NOI over time.

Debt from the Trust’s multi-family portfolio presented within this segment carries a weighted average term of 3.9 years at a weighted average interest rate of 2.7%.

Commercial

In the third quarter, NOI from commercial properties⁽¹⁾ was $2.1 million compared to $2.2 million in the prior year. The year-over-year change in NOI was primarily attributable to timing of asset sales in the prior year and tenant support measures for a co-working tenant at Zibi. This was partially offset by modest improvements in leasing activity across the GTA commercial assets.

Development

In the third quarter, the development segment reported a net loss of $1.4 million compared to a nominal net loss in the prior year. The fluctuation in earnings was primarily driven by the composition of fair value adjustments in each period and condo occupancies at Brightwater in the prior year. Partially offsetting this was the decrease in interest expense, less earnings on recently completed development projects that were transferred to recurring income.

At Brightwater Towns, closing of approximately 90% of the 106 units was completed. In combination with Brightwater I and II, nearly 400 units have closed in the past 12 months. The Mason (158 units) is expected to close by the end of the year.

Construction at Cherry House in downtown Toronto and Odenak in Ottawa, continues to progress. Cherry House will comprise 855 units across three blocks (Blocks 3, 4 and 7). Block 7 was completed earlier this year with over 90% of its 68 units leased. Leasing on the remaining blocks is expected to commence in 2026. Odenak, which is adjacent to the Zibi community, is expected to comprise 608 multi-family units upon completion in 2027.

Income from this segment will fluctuate period-to-period and not contribute meaningfully to earnings until development milestones are achieved and/or project inventory is available for occupancy. While mindful of our capital spend and liquidity needs, on a strategic basis we continue to make advancements for select assets in the pre-development stage.

Other

In the third quarter, the other segment reported a net loss of $2.9 million compared to $0.5 million in the prior year. The change in year-over-year earnings was driven by the deferred income tax recovery position recognized in the prior year. This was partially offset by lower asset management fees and deferred compensation expense in the current period.

Liquidity Update

At September 30, 2025, the Trust had total cash on hand of $7.6 million and a debt-to-asset value⁽²⁾ of 41.8%, compared to 41.3% at June 30, 2025. The change was primarily driven by fair value adjustments within the recurring income segment.

At September 30, 2025, the Trust’s debt profile was comprised of $274.5 million of consolidated debt and $889.2 million of debt at its proportionate share from equity accounted investments. Included in the above is $149.0 million of debt within equity accounted investments, at the Trust’s share, which matures in 2025, a decrease of $119.1 million since June 30, 2025. This improvement was primarily a result of the extension of $84.0 million in land loans and the repayment of the $15.4 million construction loan on Brightwater Towns using proceeds from condo closings. The remaining balance included mortgage renewals and activity within passive investments. The Trust continues to actively engage with its lenders and partnerships to work through the remaining debt maturing in 2025.

For further details refer to the “Capital Resources and Liquidity” section of the Trust’s management’s discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2025.

Footnotes
(1)		Net income (loss) per unit, total unitholders’ equity per unit, NOI – recurring income, NOI – multi-family rental, NOI – commercial properties, same property NOI – multi-family rental, are supplementary financial measures. Please refer to the cautionary statements under the heading “Specified Financial Measures and Other Measures” in this press release and the “Specified Financial Measures and Other Disclosures” section of the Trust’s MD&A for the three and nine months ended September 30, 2025.
(2)		Debt-to-asset value is a non-GAAP ratio, which is calculated as total debt payable, a non-GAAP financial measure, divided by the total asset value of the Trust as at the applicable reporting date. The most directly comparable financial measure to total debt payable is total debt.

Conference Call

Senior management will host a conference call on Tuesday November 4, 2025 at 10:00 am (ET). To access the call, please dial 1-800-715-9871 (toll free) or 647-932-3411. To access the conference call via webcast, please go to the Trust’s website at www.dreamimpacttrust.ca and click on Calendar of Events in the News and Events section. A taped replay of the conference call and the webcast will be available for 90 days.

About Dream Impact

Dream Impact is an open-ended trust dedicated to impact investing. Dream Impact’s underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and recurring income, that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of Dream Impact are to create positive and lasting impacts for our stakeholders through our three impact verticals: environmental sustainability and resilience, attainable and affordable housing, and inclusive communities, while generating attractive returns for investors. For more information, please visit: www.dreamimpacttrust.ca.

Specified Financial Measures and Other Measures

The Trust’s condensed consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). In this press release, as a complement to results provided in accordance with IFRS Accounting Standards, the Trust discloses and discusses certain specified financial measures, including total liquidity, total debt payable, net income (loss) per unit, NOI – commercial properties, Same Property NOI – multi-family rental, NOI – multi-family rental, NOI – recurring income, total unitholders’ equity per unit, and debt-to-total asset value, as well as other measures discussed elsewhere in this release. These specified financial measures are not defined by or recognized measures under IFRS Accounting Standards, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such specified financial measures as management believes they are relevant measures of our underlying operating performance. Specified financial measures should not be considered as alternatives to unitholders’ equity, net income, total comprehensive income or cash flows generated from operating activities, or comparable metrics determined in accordance with IFRS Accounting Standards as indicators of the Trust’s performance, liquidity, cash flow and profitability. Certain additional disclosures such as the composition, usefulness and changes as applicable are expressly incorporated by reference from the Trust’s MD&A for the three and nine months ended September 30, 2025, dated November 3, 2025 in the section titled “Specified Financial Measures and Other Disclosures”, subsection “Non-GAAP Ratios”, heading “Debt-to-asset value”, subsection “Supplementary Financial Measures and Other Measures”, headings “Net income (loss) per unit”, “NOI — commercial properties”, “NOI – multi-family rental”, “NOI – recurring income”, “total unitholders’ equity per unit” and “Same Property NOI – multi-family rental” and subsection “Non-GAAP Financial Measures”, heading “Total debt payable”, which has been filed and is available on SEDAR+ under the Trust’s profile.

“Total debt payable” is defined by the Trust as the balance due at maturity for its debt instruments. Total debt payable is a non-GAAP measure and is included as part of the definition of debt-to-asset value, a non-GAAP ratio. Total debt payable is an important measure used by the Trust in evaluating the amount of debt leverage; however, it is not defined by IFRS Accounting Standards, does not have a standardized meaning and may not be comparable with similar measures presented by other issuers. Total debt payable is reconciled to total debt, the most directly comparable financial measure, below.

As at	September 30, 2025		December 31, 2024
Total debt	$	273,045	$	272,664
Unamortized discount on host instrument of convertible debentures		353		554
Unamortized balance of deferred financing costs		1,139		1,629
Total debt payable	$	274,537	$	274,847

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “timeline”, “potential”, “strategy”, “targets”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events.

Some of the specific forward-looking information in this press release may include, among other things, statements relating to the Trust’s objectives and strategies to achieve those objectives; the Trust’s leasing activities and the expected timing and results thereof; expectations regarding the Trust’s multi-family portfolio including segment growth, continued margin growth, and number of units available for occupancy and lease-up and timelines thereof; expectations regarding the Trust’s near-term construction starts; expectations regarding 49 Ontario St. and Quayside, including timelines, units delivered upon completion, financing and construction commencement; the Trust’s ability to create liquidity and advance developments in the current market and our expectations regarding the Trust’s ability to address its near-term liquidity goals; the Trust’s expectations regarding its purpose-built rental assets including stabilization timelines and such assets ability to contribute to increased earnings; the Trust’s progress on strengthening liquidity and its strategic initiatives and focus on assets that deliver recurring income; the Trust’s ability to secure construction financing and partnership opportunities for certain developments; the expectation regarding development, completion and lease-up of rental units at Birch House at Canary Landing, Maple House at Canary Landing, Cherry House at Canary Landing, Odenak, Voda and Aalto II, including number of units and timing; the Trust’s advancements for select assets in the pre-development stage; the Trust’s expectations regarding upcoming debt maturities and the expectations of repayment, extension and/or renewal of debt and timing thereof; the Trust’s ability to realize unit closings including at the Mason, and timing thereof; the status of the Trust’s ongoing active development projects and the projected construction start and completion dates; the Trust’s expectations regarding the impacts of advancing construction at certain developments and the related impact on debt exposure and project risk; the Trust’s ability to reduce overall exposure to land loans; and the Trust’s plans and proposals for current and future development and redevelopment projects, including construction initiation, completion and occupancy/stabilization dates/timing and number of units. 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 the Trust’s control, which 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: adverse changes in general economic and market conditions; liquidity risk; financing and risks relating to access to capital; interest rate risks; public health risks; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, and international sanctions; inflation; risks related to the imposition of duties, tariffs and other trade restrictions and their impacts; the disruption of free movement of goods and services across jurisdictions; the risk of adverse global market, economic and political conditions and health crises; risks inherent in the real estate industry; risks relating to investment in development projects; impact investing strategy risk; risks relating to geographic concentration; risks inherent in investments in real estate, mortgages and other loans and development and investment holdings; credit risk and counterparty risk; competition risks; environmental and climate change risks; risks relating to access to capital; interest rate risk; the risk of changes in governmental laws and regulations; tax risks; foreign exchange risk; the risk that corporate activities and reviews will not have the desired impact; acquisitions risk; and leasing risks. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable; the gradual recovery and growth of the general economy in 2025; that no unforeseen changes in the legislative and operating framework for our business will occur; that there will be no material change to environmental regulations that may adversely impact our business; that we will meet our future objectives, priorities and growth targets; that we receive the licenses, permits or approvals necessary in connection with our projects; that we will have access to adequate capital to fund our future projects, plans and any potential acquisitions; that we are able to identify high-quality investment opportunities and find suitable partners with which to enter into joint ventures or partnerships; that we do not incur any material environmental liabilities; there will not be a material change in foreign exchange rates; that the impact of the current economic climate and global financial conditions on our operations will remain consistent with our current expectations and that inflation and interest rates will not materially increase beyond current market expectations; that no duties, tariffs or other trade restrictions will negatively impact us; our expectations regarding the availability and competition for acquisitions remains consistent with the current climate.

All forward-looking information in this press release speaks as of November 3, 2025, unless otherwise noted. The Trust 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 disclosed in the Trust’s filings with securities regulators filed on the System for Electronic Document Analysis and Retrieval+ (www.sedarplus.com), including its latest annual information form and MD&A. These filings are also available at the Trust’s website at www.dreamimpacttrust.ca.

Contacts

For further information, please contact:

Derrick Lau
Chief Financial Officer

416 365-2364

dlau@dream.ca

Kimberly Lefever
Director, Investor Relations

416 365-6339

klefever@dream.ca

• Furthers and continues to scale DXP’s National Water & Wastewater efforts
• Enhances presence in Pacific Northwest
• Attractive industrial applications and aftermarket service and repair
• Strong Margins and Cash Flow

HOUSTON–(BUSINESS WIRE)–#Cashflow—DXP Enterprises, Inc. (NASDAQ: DXPE) today announced that it has completed the acquisition of Triangle Pump & Equipment, Inc. (“Triangle”). Founded in 1975, Triangle is headquartered in Ridgefield, Washington.

Triangle is a leading manufacturer’s representative and distributor of pumps and process equipment focused on serving the water and wastewater industry including industrial applications and aftermarket service and repair. DXP funded the acquisition with cash from the balance sheet.

David R. Little, Chairman and Chief Executive Officer remarked, “We are pleased to welcome the Triangle Pump & Equipment employees to the DXP team. Triangle will provide DXP’s Water division with new and expanded geographic territory and capabilities. Triangle is a great company with key differentiators and provides us with high caliber people.”

Signing of the definitive agreement occurred on November 1, 2025. Sales and adjusted EBITDA for the last twelve months ending June 30, 2025, were approximately $15.1 million and $2.4 million, respectively. Adjusted EBITDA was calculated as income before tax, plus interest, depreciation and amortization, plus non-recurring items that will not continue after the acquisition.

Kent Yee, Chief Financial Officer added, “We are excited to welcome the talented and hardworking employees of Triangle to the DXP team. The addition of Triangle furthers us in our mission to build DXP Water into a full-line products and service focused platform servicing the municipal and industrial water and wastewater treatment markets. We look forward to finishing 2025 on this same path and heading into 2026 with more acquisitions as we scale DXP. This transaction will be positive for Triangle and DXP’s customers, employees, and shareholders.”

About DXP Enterprises, Inc.

DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada, Mexico, and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production (“MROP”) services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP’s breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include but are not limited to; ability to obtain needed capital, dependence on existing management, leverage, and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission.

Contacts

Kent Yee

Senior Vice President CFO

713-996-4700 – www.dxpe.com