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GO Residential REIT Closes New York Acquisitions, Reaffirms Distribution Policy

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GO Residential Real Estate Investment Trust (GO-U.TO) on Monday said it closed two acquisitions that are expected to "enhance the REIT's scale, portfolio quality and long-term growth profile".

According to the statement, on May 28 and June 5, the REIT completed the indirect acquisitions of 7 Dey Street located at 7 Dey St., New York, and Ivy Tower located at 345 W 42nd St. and 350 W 43rd St., New York, respectively. The deals were funded by a "disciplined and diversified capital stack" consisting of available cash and the arrangement of approximately $146.3 million of new fixed-rate mortgage debt on 7 Dey Street.

"These transactions are poised to strengthen our platform by improving portfolio quality, expanding our footprint and supporting sustainable long-term growth. Equally important, they have been executed in a way that underscores our continued focus on maintaining a conservative balance sheet," said chief executive Joshua Gotlib.

7 Dey Street is a luxury 209 suite high-rise residential tower located in the heart of Tribeca, steps from the Fulton Transit Center and the World Trade Center. This 33-story glass tower was completed in 2019 and offers a mix of studio, one-bedroom, two-bedroom, and three-bedroom residences, including penthouse suites.

While Ivy Tower sits between 8th and 9th Avenues on West 43rd Street, putting Times Square, the Theater District, Bryant Park, and the Hudson Yards waterfront within a short walk. It comprises 321 suites across 41 stories and offers a mix of studio, one-bedroom, two-bedroom, and three-bedroom residences.

The REIT adopted a monthly distribution policy targeting approximately 65% of estimated annual AFFO (adjusted funds from operations) and pays a monthly distribution of $0.05325 per unit, representing $0.639 on an annual basis.

On Monday, the board of trustees of the REIT approved a cash distribution of $0.05325 per unit for the month of June 2026, representing $0.639 per Unit on an annual basis.

The units closed up $0.12 at $9.89 on Toronto Stock Exchange on Monday.

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