DREAM Unlimited Corp
TSX:DRM

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DREAM Unlimited Corp
TSX:DRM
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Price: 18.28 CAD -1.03% Market Closed
Market Cap: CA$736.9m

DREAM Unlimited Corp
Investor Relations

DREAM Unlimited Corp. engages in the acquisition, management and development of commercial and residential real estate. The company is headquartered in Toronto, Ontario. The company went IPO on 2013-05-27. The firm operates through two segments: Recurring income and Development. Its Recurring income segment is comprised of its asset management and development management agreements with Dream Industrial REIT, Dream Office REIT and various development partners. Its Development segment is comprised of mixed-use developments in the Greater Toronto Area (GTA) and Ottawa/Gatineau, land, housing, multi-family and retail/commercial development in Saskatchewan and Alberta, and Dream Impact Trust's investment in the Virgin Hotels Las Vegas. The Company’s business includes asset management business, across three Toronto Stock Exchange (TSX) listed trusts and various partnerships. Its development assets, comprised of residential, commercial and retail buildings, and raw land, are located across Toronto, Ottawa and Western Canada.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 24, 2026
AI Summary
Q4 2025

Quarter Strength: Dream Unlimited reported a very strong fourth quarter, with meaningful transactions completed and momentum carrying into 2026.

Net Earnings: Net earnings for the quarter were $56.2 million, down from $135.7 million last year, which included a significant one-time gain of $157 million from a prior asset sale.

Segment Growth: Asset Management, Western Canada development, and Income Properties all delivered higher revenues and margins, with notable increases in incentive fee income and NOI.

Dividend Increase: The annual dividend was raised from $0.65 to $0.70 per share.

Buybacks: Share repurchases in 2025 totaled just over $8.9 million, around 2% of the float, with plans to at least double this in 2026.

Liquidity: The company ended the quarter with $324 million in liquidity and is managing debt maturities proactively.

Outlook: Management expects further growth in 2026 and beyond, especially as more properties are completed and leased up, and new ventures come online.

Key Financials
Net Earnings
$56.2 million
Asset Management Revenue
$61.5 million
Asset Management Net Margin
$52.9 million
Incentive Fee Income (Asset Management)
$44.8 million
Western Canada Development Revenue
$113.5 million
Western Canada Development Net Margin
$42.5 million
Lot Sales (Western Canada)
438 lots
Acre Sales (Western Canada)
204 acres
Housing Occupancies (Western Canada)
38 units
Land Presales Commitments
$150 million
Income Properties Revenue
$16.7 million
Income Properties NOI
$8.4 million
Other Investments Revenue
$11.1 million
Other Investments Net Margin
-$5.3 million
Share Repurchases
$8.9 million
Dividend
$0.70 per share
Liquidity
$324 million
Debt Maturity (2026)
$215 million
Earnings Call Recording
Other Earnings Calls

Management

Mr. Michael J. Cooper
President, Chief Responsible Officer & Non Independent Director
No Bio Available
Ms. P. Jane Gavan
President of Asset Management & Non-Independent Director
No Bio Available
Mr. Alexander Sannikov
Executive Vice President of Industrial
No Bio Available
Ms. Meaghan Peloso
Chief Financial Officer
No Bio Available
Ms. Kim Lefever
Director of Investor Relations
No Bio Available
Ms. Ana Bailao
Head of Affordable Housing & Public Affairs
No Bio Available
Mr. Jay Jiang C.A.
Executive Vice President of Corporate Development & Strategy
No Bio Available
Mr. Jason Lester
Vice Chair of Development
No Bio Available
Ms. Tsering Yangki
Executive Vice President of Real Estate Finance & Development
No Bio Available

Contacts

Address
ONTARIO
TORONTO
State Street Financial Centre, Suite 301, 30 Adelaide Street East
Contacts
+14163653535.0
www.dream.ca
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