08:45 AM EST, 01/14/2025 (MT Newswires) -- Dream Residential Real Estate Investment Trust (DRR-U.TO) on Tuesday announced that the Toronto Stock Exchange accepted a notice from the company related to it renewing its prior normal course issuer bid for a one year period.

Under the bid, the Trust will have the ability to purchase for cancellation up to a maximum of 1,506,457 of its units (representing 10% of the Trust's public float of 15,064,579 Units as of December 31, 2024) through the facilities of the TSX. The bid will commence on January 16, 2025 and will remain in effect until the earlier of January 15, 2026 or the date on which the Trust has purchased the maximum number of Units permitted under the bid. Daily repurchases will be limited to 2,603 Units, representing 25% of the average daily trading volume of the units on the TSX during the last six calendar months (being 10,413 units per day), other than purchases pursuant to applicable block purchase exceptions. As of December 31, 2024, the number of issued and outstanding units was 15,986,611.

In connection with the renewal of its normal course issuer bid, the Trust has established an automatic securities purchase plan with its designated broker to facilitate the purchase of units under the normal course issuer bid at times when the Trust would ordinarily not be permitted to purchase its units due to regulatory restrictions or self-imposed blackout periods.

The Trust said it has renewed its normal course issuer bid because it believes that units may become available during the period of the bid at prices that would make the purchase of such units for cancellation in the best interests of the Trust and its unitholders.

Dream Residential REIT sought and received approval from the TSX on January 4, 2024 to purchase up to 1,174,446 Units for the period from January 8, 2024 to January 7, 2025. Under this bid Dream Residential REIT did not purchase for cancellation any Units.