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For the three months ended September 30, 2025 | ||||||||||||||||
Asset | Income | Western | Other | Corporate | Total | Dream | Consolidated | |||||||||
Revenue | $ | 14,450 | $ | 13,137 | $ | 61,587 | $ | 14,211 | $ | — | $ | 103,385 | $ | 11,194 | $ | 114,579 |
Direct operating costs | (3,500) | (6,616) | (44,484) | (14,723) | — | (69,323) | (7,617) | (76,940) | ||||||||
Gross margin | 10,950 | 6,521 | 17,103 | (512) | — | 34,062 | 3,577 | 37,639 | ||||||||
Selling, marketing, depreciation and other operating costs | — | (1,542) | (5,705) | (2,733) | — | (9,980) | (472) | (10,452) | ||||||||
Net margin | 10,950 | 4,979 | 11,398 | (3,245) | — | 24,082 | 3,105 | 27,187 | ||||||||
Fair value changes in investment properties | — | 1,228 | — | — | — | 1,228 | (7,615) | (6,387) | ||||||||
Other income and expenses | 215 | 274 | 275 | 27,536 | (148) | 28,152 | (24,359) | 3,793 | ||||||||
Interest expense | (5) | (4,998) | (1,009) | (1,569) | (3,328) | (10,909) | (7,744) | (18,653) | ||||||||
Share of earnings (loss) from equity accounted investments | — | — | — | 620 | — | 620 | (26,460) | (25,840) | ||||||||
Net segment earnings (loss) | 11,160 | 1,483 | 10,664 | 23,342 | (3,476) | 43,173 | (63,073) | (19,900) | ||||||||
General and administrative expenses | — | — | — | — | (5,798) | (5,798) | (964) | (6,762) | ||||||||
Adjustments related to Dream Impact units(2) | — | — | — | — | — | — | 7,051 | 7,051 | ||||||||
Adjustments related to Dream Impact Fund units(2) | — | — | — | — | — | — | 2,664 | 2,664 | ||||||||
Income tax (expense) recovery | — | — | — | — | (10,002) | (10,002) | 12,272 | 2,270 | ||||||||
Net earnings (loss) | $ | 11,160 | $ | 1,483 | $ | 10,664 | $ | 23,342 | $ | (19,276) | $ | 27,373 | $ | (42,050) | $ | (14,677) |
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For the three months ended September 30, 2024 | ||||||||||||||||
Asset | Income | Western | Other | Corporate | Total | Dream | Consolidated | |||||||||
Revenue | $ | 13,782 | $ | 11,120 | $ | 46,639 | $ | 16,012 | $ | — | $ | 87,553 | $ | 8,171 | $ | 95,724 |
Direct operating costs | (7,189) | (6,175) | (34,338) | (20,030) | — | (67,732) | (3,595) | (71,327) | ||||||||
Gross margin | 6,593 | 4,945 | 12,301 | (4,018) | — | 19,821 | 4,576 | 24,397 | ||||||||
Selling, marketing, depreciation and other operating costs | — | (1,279) | (5,231) | (3,526) | — | (10,036) | 544 | (9,492) | ||||||||
Net margin | 6,593 | 3,666 | 7,070 | (7,544) | — | 9,785 | 5,120 | 14,905 | ||||||||
Fair value changes in investment properties | — | 1,853 | — | — | — | 1,853 | (7,797) | (5,944) | ||||||||
Other income and expenses | (368) | 2,090 | 1,019 | 31,615 | (1,972) | 32,384 | (31,120) | 1,264 | ||||||||
Interest expense | (6) | (3,916) | (1,270) | (890) | (5,944) | (12,026) | (7,881) | (19,907) | ||||||||
Share of earnings (loss) from equity accounted investments | — | — | — | 914 | — | 914 | 683 | 1,597 | ||||||||
Net segment earnings (loss) | 6,219 | 3,693 | 6,819 | 24,095 | (7,916) | 32,910 | (40,995) | (8,085) | ||||||||
General and administrative expenses | — | — | — | — | (5,453) | (5,453) | (1,468) | (6,921) | ||||||||
Adjustments related to Dream Impact units(2) | — | — | — | — | — | — | (7,494) | (7,494) | ||||||||
Adjustments related to Dream Impact Fund units(2) | — | — | — | — | — | — | 5,504 | 5,504 | ||||||||
Income tax (expense) recovery | — | — | — | — | (495) | (495) | 2,532 | 2,037 | ||||||||
Net earnings (loss) | $ | 6,219 | $ | 3,693 | $ | 6,819 | $ | 24,095 | $ | (13,864) | $ | 26,962 | $ | (41,921) | $ | (14,959) |
(1) Refer to the “Non-GAAP Measures and Other Disclosures” section of the MD&A for third quarter of 2025 for the definition of Dream Impact Trust and consolidation and fair value adjustments, Dream standalone adjustments and Dream standalone, which are non-GAAP financial measures. | ||||||||||||||||
(2) The adjustments related to Dream Impact Trust and Dream Impact Fund units relate to non-controlling interest of properties held across various reporting segments. These line items are included in Corporate as they are reviewed on a consolidated basis. | ||||||||||||||||
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For the nine months ended September 30, 2025 | ||||||||||||||||
Asset | Income | Western | Other | Corporate | Total | Dream | Consolidated | |||||||||
Revenue | $ | 39,069 | $ | 37,593 | $ | 106,837 | $ | 49,097 | $ | — | $ | 232,596 | $ | 18,606 | $ | 251,202 |
Direct operating costs | (11,866) | (17,663) | (77,936) | (56,436) | — | (163,901) | (10,557) | (174,458) | ||||||||
Gross margin | 27,203 | 19,930 | 28,901 | (7,339) | — | 68,695 | 8,049 | 76,744 | ||||||||
Selling, marketing, depreciation and other operating costs | — | (5,537) | (14,899) | (8,970) | — | (29,406) | 16 | (29,390) | ||||||||
Net margin | 27,203 | 14,393 | 14,002 | (16,309) | — | 39,289 | 8,065 | 47,354 | ||||||||
Fair value changes in investment properties | — | 6,047 | — | — | — | 6,047 | (25,367) | (19,320) | ||||||||
Other income and expenses | 468 | 547 | 1,059 | 18,649 | (84) | 20,639 | (13,498) | 7,141 | ||||||||
Interest expense | (20) | (14,712) | (2,088) | (5,289) | (9,976) | (32,085) | (23,216) | (55,301) | ||||||||
Share of earnings (loss) from equity accounted investments | — | — | — | 769 | — | 769 | (48,094) | (47,325) | ||||||||
Net segment earnings (loss) | 27,651 | 6,275 | 12,973 | (2,180) | (10,060) | 34,659 | (102,110) | (67,451) | ||||||||
General and administrative expenses | — | — | — | — | (15,370) | (15,370) | (2,597) | (17,967) | ||||||||
Adjustments related to Dream Impact units(2) | — | — | — | — | — | 21,822 | 21,822 | |||||||||
Adjustments related to Dream Impact Fund units(2) | — | — | — | — | — | — | 7,176 | 7,176 | ||||||||
Income tax (expense) recovery | — | — | — | — | (2,506) | (2,506) | 11,153 | 8,647 | ||||||||
Net earnings (loss) | $ | 27,651 | $ | 6,275 | $ | 12,973 | $ | (2,180) | $ | (27,936) | $ | 16,783 | $ | (64,556) | $ | (47,773) |
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For the nine months ended September 30, 2024 | ||||||||||||||||
Asset | Income | Western | Other | Corporate | Total | Dream | Consolidated | |||||||||
Revenue | $ | 53,118 | $ | 32,697 | $ | 123,438 | $ | 118,794 | $ | — | $ | 328,047 | $ | 104,200 | $ | 432,247 |
Direct operating costs | (15,300) | (17,348) | (71,135) | (104,562) | — | (208,345) | (95,684) | (304,029) | ||||||||
Gross margin | 37,818 | 15,349 | 52,303 | 14,232 | — | 119,702 | 8,516 | 128,218 | ||||||||
Selling, marketing, depreciation and other operating costs | — | (4,098) | (14,332) | (10,386) | — | (28,816) | (4,291) | (33,107) | ||||||||
Net margin | 37,818 | 11,251 | 37,971 | 3,846 | — | 90,886 | 4,225 | 95,111 | ||||||||
Fair value changes in investment properties | — | 4,574 | — | — | — | 4,574 | (19,664) | (15,090) | ||||||||
Other income and expenses | (998) | 1,198 | 1,941 | 6,289 | (1,738) | 6,692 | 1,815 | 8,507 | ||||||||
Interest expense | (17) | (12,939) | (3,709) | (2,530) | (13,152) | (32,347) | (24,459) | (56,806) | ||||||||
Share of earnings (loss) from equity accounted investments | — | — | — | 115 | — | 115 | 8,053 | 8,168 | ||||||||
Net segment earnings (loss) | 36,803 | 4,084 | 36,203 | 7,720 | (14,890) | 69,920 | (30,030) | 39,890 | ||||||||
General and administrative expenses | — | — | — | — | (16,851) | (16,851) | (2,364) | (19,215) | ||||||||
Adjustments related to Dream Impact Trust units(2) | — | — | — | — | — | — | 23,200 | 23,200 | ||||||||
Adjustments related to Dream Impact Fund units(2) | — | — | — | — | — | — | 10,767 | 10,767 | ||||||||
Income tax (expense) recovery | — | — | — | — | (4,114) | (4,114) | 8,242 | 4,128 | ||||||||
Net earnings (loss) | $ | 36,803 | $ | 4,084 | $ | 36,203 | $ | 7,720 | $ | (35,855) | $ | 48,955 | $ | 9,815 | $ | 58,770 |
(1) Refer to the “Non-GAAP Measures and Other Disclosures” section of the MD&A for third quarter of 2025 for the definition of Dream Impact Trust and consolidation and fair value adjustments, Dream standalone adjustments and Dream standalone, which are non-GAAP financial measures. | ||||||||||||||||
(2) The adjustments related to Dream Impact Trust and Dream Impact Fund units relate to non-controlling interest of properties held across various reporting segments. These line items are included in Corporate as they are reviewed on a consolidated basis. | ||||||||||||||||
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Forward-Looking Information
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This press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to, statements regarding our objectives and strategies to achieve those objectives; our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, future growth, expected net proceeds from sales or transactions, results of operations, performance, business prospects and opportunities, acquisitions or divestitures, tenant base, future maintenance and development plans and costs, capital investments, financing, the availability of financing sources, income taxes, vacancy and leasing assumptions, litigation and the real estate industry in general; as well as specific statements in respect of our expectations regarding our development plans, including sizes, uses, density, number of units, amenities and timing thereof; our expectations regarding the performance of Western Canada division, including future profitability; our expectations regarding our performance in future quarters and our ability to achieve our 2025 targets; our growth opportunities in Regina and our ability to develop income properties in that market; our expectation that Coopertown will be a steady source of income for the Western Canada division; our expectation that the Dream Residential REIT transaction will be consummated and proceeds therefrom; our expectations regarding our asset management division, including expected growth; our expectations regarding the 49 Ontario St. and Quayside projects, including development timelines; our expected debt maturities in future periods and our ability to refinance or reach extensions for indebtedness in the normal course; our revenue expectations including from Alpine Park, Brighton and Eastbrook and our land division; our expectations regarding future sales of homes and land; our ability to ultimately consummate future land commitments, and the timing thereof; our ability to maintain strong liquidity and our expectation that we will be well positioned for new investments as they arise; the contribution of our Other Investment segment to earnings in future periods. 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’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to: the nature of development lands held and the development potential of such lands, interest rates and inflation remaining in line with management expectations, our ability to bring new developments to market, anticipated positive general economic and business conditions, including low unemployment and interest rates, that duties, tariffs and other trade restrictions, if any, will not materially impact our business, positive net migration, oil and gas commodity prices, our business strategy, including geographic focus, anticipated sales volumes, performance of our underlying business segments and conditions in the Western Canada land and housing markets. Risks and uncertainties include, but are not limited to, general and local economic and business conditions, the impact of public health crises and epidemics, employment levels, risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, international sanctions and the disruption of movement of goods and services across jurisdictions, inflation or stagflation, regulatory risks, mortgage and interest rates and regulations, risks related to a potential economic slowdown in certain of the jurisdictions in which we operate and the effect inflation and any such economic slowdown may have on market conditions and lease rates, risks related to the imposition of duties, tariffs and other trade restrictions and their impacts, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. All forward-looking information in this press release speaks as of November 11, 2025. Dream 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 filings with securities regulators filed on SEDAR+ ( www.sedarplus.com).
Endnotes: | ||
(1) | Dream Impact Trust and consolidation and fair value adjustments, Dream standalone adjustments, Dream standalone, and net operating income are non-GAAP financial measures. Such measures are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. The most directly comparable financial measures to Dream Impact Trust and consolidation and fair value adjustments is net income. The most directly comparable financial measures to portfolio of net operating income is net margin. Assets under management, net margin (%), and available liquidity are supplementary financial measures. Refer to the “Non-GAAP Measures and Other Disclosures” section of this press release for further details. | |
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Contacts
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Dream Unlimited Corp.
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Meaghan Peloso
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Chief Financial Officer
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(416) 365-6322
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Kim Lefever
Director, Investor Relations
(416) 365-6339
[email protected]
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English (US)