Dream Impact Trust Renews Normal Course Issuer Bid and Automatic Securities Purchase Plan

·4 min read

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.

TORONTO, January 18, 2022--(BUSINESS WIRE)--Dream Impact Trust (TSX: MPCT.UN) announced today that the Toronto Stock Exchange ("TSX") accepted a notice filed by Dream Impact Trust (the "Trust") to renew 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 4,625,500 of its Units (the "Units") (representing 10% of the Trust’s public float of 46,255,009 Units) through the facilities of the TSX. The bid will commence on January 20, 2022 and will remain in effect until the earlier of January 19, 2023 or the date on which the Trust has purchased the maximum number of Units permitted under the bid. Daily repurchases will be limited to 9,747 Units, representing 25% of the average daily trading volume of the Units on the TSX during the last six calendar months (being 38,991 Units per day), other than purchases pursuant to applicable block purchase exceptions. As of January 7, 2022, the number of issued and outstanding Units is 65,051,762.

In connection with the renewal of its normal course issuer bid, the Trust has established an automatic securities purchase plan (the "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. Purchases will be made by the Trust’s broker based upon the parameters prescribed by the TSX and the terms of the parties’ written agreement. Outside of such restricted or blackout periods, the Units may also be purchased in accordance with Management’s discretion. The Plan has been pre-cleared by the TSX and will terminate on January 19, 2023.

The Trust 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.

The Trust sought and received approval from the TSX on January 15, 2021 to purchase up to 4,742,017 Units for the period from January 20, 2021 to January 19, 2022. Under this bid and up until January 7, 2022, the Trust has purchased for cancellation 1,178,300 Units through the facilities of the TSX at a weighted average price per Unit of $6.44 for a total cost of approximately $7.6 million. Please note that the amount of Units repurchased under the bid was in line with both management and board strategy with respect to use of capital for Unit repurchases. Furthermore, the amount of Units that can be repurchased in the market under the TSX rules on a daily basis are subject to various trading restrictions which impact the amount that can be repurchased on a daily basis.

About Dream Impact Trust

Dream Impact Trust is an open-ended trust dedicated to impact investing. Impact investing is the intention of creating measurable positive, social and environmental change in our communities and for our stakeholders, while generating attractive market returns. 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 the Trust 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; balance growth and stability of the portfolio, increasing cash flow, unitholders' equity and NAV over time; leverage access to an experienced management team and strong partnerships in order to generate attractive returns for investors; provide investors with a portfolio of high-quality real estate development opportunities, concentrated in core geographic markets; and to provide predictable cash distributions to unitholders on a tax-efficient basis. For more information, please visit: www.dreamimpacttrust.ca.

Forward Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation, including with respect to future purchases of Units by the Trust. 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; the impact of the COVID-19 pandemic on the Trust and uncertainties surrounding the COVID-19 pandemic; changes to the regulatory environment; environmental risks; local real estate conditions, including the development properties in close proximity to the Trust’s properties and changes in real estate values; timely leasing of vacant space and re-leasing of occupied space upon expiration; dependence on tenants’ and borrowers’ financial condition; the uncertainties of acquisition activity; the ability to effectively integrate acquisitions; dependence on our partners in the development, construction and operation of our real estate projects; uncertainty surrounding the development and construction of new projects and delays and cost overruns in the design, development, construction and operation of projects; our ability to execute on our strategic plans and meet financial obligations; interest and mortgage rates and regulations; inflation; availability of equity and debt financing; foreign exchange fluctuations. All forward looking information in this press release speaks as of January 18, 2022. The Trust does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com).

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Meaghan Peloso
Chief Financial Officer
(416) 365-6322

Kim Lefever
Director, Investor Relations
(416) 365-6339

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