Latest news with #DreamImpactTrust
National Post
6 days ago
- Business
- National Post
Dream Impact Trust Provides a Business Update
Article content 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. Article content TORONTO — DREAM IMPACT TRUST (TSX: ('Dream Impact', 'we', 'our' or the 'Trust') today provides a general business update on our liquidity, development and strategic initiatives. We believe we have made significant progress on our business plan with ambitious goals for the balance of the year. The Trust is working through various initiatives to not only navigate the current market challenges but also increase its current value. Article content The Trust started the year with almost $350 million in land loans which put a strain on our cash flow and liquidity. During 2025, we expect to reduce the land loans by $140 million. This will leave a total of $210 million which will be comprised of loans from individual sites in downtown Toronto and on the Trust's two master-planned communities – Zibi and Brightwater. The approximate 40% reduction in land loans will contribute to an improved cash flow and liquidity position for 2026 and beyond. Article content In 2026, we will continue to seek opportunities to reduce the land loans further. As part of our plan to continue to increase liquidity for the Trust, over the next five-year planning period, the Trust intends to sell most of its commercial assets, realize cash from its passive investments and sell select apartment buildings as we improve the value and quality of the portfolio concentrated on the best new purpose-built rental buildings. Consistent with this goal, the Trust is in advanced discussions with a number of parties to provide a loan facility which will help with liquidity during this period. Our plan does not include starting any new condominium buildings other than the ones we currently have underway with pre-sales – Forma and Bridge House at Brightwater, which is set to commence construction shortly. If the condo market becomes more favourable and we can start new buildings at attractive returns, that will be an improvement to our plan. We have completed 500 purpose-built rentals within the Trust and we have another 420 units currently under construction in Toronto and the National Capital Region (all units at share). Each quarter, our apartment portfolio continues to contribute more to our margin. As the buildings approach stabilization, we expect this trend to continue. Article content We have made progress on 49 Ontario St. this year and we expect to be under construction by the fourth quarter. The government affiliated financing that has been secured and the waiver of development charges by the City of Toronto are a significant benefit to the project and render it financially feasible. We have entered into an agreement to sell 10% of the project to CentreCourt, a first-class condominium developer, who is a long-term partner of Dream Unlimited Corp. and who will become the co-developer and construction manager of the project. We believe that with this partnership, we will be able to achieve very competitive construction costs furthering the financial viability of the project. Article content Earlier in the year, CentreCourt agreed to acquire an interest in the development in line with our IFRS value. In addition, the Trust owns an adjacent parcel of land which is not needed for the development, expected to sell for over $10 million. Our development plan supports a high-teen return on equity over the planned four-year construction period, making the build-out and completed 49 Ontario St. very valuable to the Trust. Article content We are currently working with Waterfront Toronto and the City of Toronto to advance Quayside toward development. The returns are expected to be similar to 49 Ontario St. and Quayside is an important public-private development in the City of Toronto. We are working through the approval and documentation process, which we expect to be completed by the end of the year, with construction to start in 2026. Article content We are working towards having most of the elements of our business plan in place by year-end and will provide more information to our investors as we complete each step. Article content About Dream Impact Article content Dream Impact is an open-ended trust dedicated to impact investing. 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 Dream Impact 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. For more information, please visit: Article content This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as 'outlook', 'objective', 'may', 'will', 'would', 'could', 'expect', 'intend', 'estimate', 'anticipate', 'timeline', 'potential', 'strategy', 'targets', 'believe', 'should', 'plans', or 'continue', or similar expressions suggesting future outcomes or events. Some of the specific forward-looking information in this press release may include, among other things, statements relating to the Trust's objectives and strategies to achieve those objectives; our ability to reduce the land loans by $140 million in 2025 and the impact of such reduction on our cashflows and liquidity in 2026; our ability to further reduce the land loans in future periods; our expectations that over the next five years the Trust will sell most of its commercial assets, realize cash from its passive investments, sell select apartment buildings and improve the value and quality of the portfolio with new purpose-built rentals; our ability to secure additional corporate level debt and the impact of such debt on our liquidity over the next five years; our intentions regarding new condominium starts; whether the contribution to margin from our apartment portfolio will continue to grow; our development plans for 49 Ontario St. and Quayside, including timelines, approvals, units delivered upon completion and, construction commencement; our ability to sell the parcel adjacent to the 49 Ontario St. site and the price the Trust would receive in such circumstances; the expected return on equity for the 49 Ontario St. project; the expected returns for the Quayside project; and the Trust's expectations regarding upcoming debt maturities and the expectations of repayment, extension and/or renewal of debt and timing thereof. 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; liquidity risk; financing and risks relating to access to capital; interest rate risks; public health risks; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, and international sanctions; inflation; risks related to the imposition of duties, tariffs and other trade restrictions and their impacts; the disruption of free movement of goods and services across jurisdictions; the risk of adverse global market, economic and political conditions and health crises; risks inherent in the real estate industry; risks relating to investment in development projects; impact investing strategy risk; risks relating to geographic concentration; risks inherent in investments in real estate, mortgages and other loans and development and investment holdings; credit risk and counterparty risk; competition risks; environmental and climate change risks; risks relating to access to capital; interest rate risk; the risk of changes in governmental laws and regulations; tax risks; foreign exchange risk; the risk that corporate activities and reviews will not have the desired impact; acquisitions risk; and leasing risks. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable; the gradual recovery and growth of the general economy in 2025; that no unforeseen changes in the legislative and operating framework for our business will occur; that there will be no material change to environmental regulations that may adversely impact our business; that we will meet our future objectives, priorities and growth targets; that we receive the licenses, permits or approvals necessary in connection with our projects; that we will have access to adequate capital to fund our future projects, plans and any potential acquisitions; that we are able to identify high-quality investment opportunities and find suitable partners with which to enter into joint ventures or partnerships; that we do not incur any material environmental liabilities; there will not be a material change in foreign exchange rates; that the impact of the current economic climate and global financial conditions on our operations will remain consistent with our current expectations and that inflation and interest rates will not materially increase beyond current market expectations; that no duties, tariffs or other trade restrictions will negatively impact us; our expectations regarding the availability and competition for acquisitions remains consistent with the current climate. All forward-looking information in this press release speaks as of August 12, 2025, unless otherwise noted. The Trust 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 the Trust's filings with securities regulators filed on the System for Electronic Document Analysis and Retrieval+ ( Article content Article content Article content Article content Article content Contacts Article content For further information, please contact: Article content Meaghan Peloso Chief Financial Officer 416 365-6322 mpeloso@ Article content
Globe and Mail
11-08-2025
- Business
- Globe and Mail
Dream Unlimited Corp. and CentreCourt Partner on Major Purpose-Built Rental Development in Downtown Toronto
DREAM UNLIMITED CORP. (TSX: DRM) ('Dream') and CentreCourt Developments ('CentreCourt') are pleased to announce their new joint venture to co-develop 49 Ontario St., a mixed-income purpose-built rental community in downtown Toronto. A significant affordable housing component will be included, setting a new benchmark for integrated, vibrant urban living in the city's core. The 49 Ontario St. development directly addresses Toronto's urgent need for housing, adding significant supply to one of Canada's most in-demand markets. Earlier this year, Dream Impact Trust (TSX: the current owner of the redevelopment site, secured up to $647.6 million in government-affiliated financing and obtained waivers for development charges from the City of Toronto for the 800,000 sf multi-family project. Upon completion, the development will feature 1,226 multi-family units, with 22% designated as affordable housing. Proven Partners in Development Dream and CentreCourt have a 14-year history of successfully delivering landmark condominium communities together. While both organizations have deep expertise across the real estate spectrum, this joint venture represents a significant step in expanding their collaboration into purpose-built rental. CentreCourt is recognized for its industry-leading ability to finance, design, and self-perform construction at unmatched speed and efficiency, delivering high build-quality along with exceptional returns on 19 projects totaling over 10,000 homes and $5.6 billion in development value. Dream brings a deep track record in purpose-built rental and unparalleled expertise in structuring and executing public-private partnerships, having developed or currently developing over 4,500 rental units worth over $2 billion upon full build-out. Executive Commentary ' We believe the skills and expertise that have made us leaders in condominium development will be just as valuable in purpose-built rental,' said Gavin Cheung, Managing Partner & President, CentreCourt. '49 Ontario St. will deliver much-needed market rental and affordable housing to downtown Toronto, and we're excited to be partnering with Dream to make it happen.' 'Dream has been at the forefront of delivering purpose-built rental through innovative public-private partnerships,' said Jamie Cooper, President of Development and Income Properties, Dream. 'Working with CentreCourt on 49 Ontario St. brings together complementary strengths to deliver a project that will serve the community for decades to come.' Looking Ahead Building on the 49 Ontario St. partnership, Dream and CentreCourt are working closely together to identify and pursue additional purpose-built rental opportunities in anticipation of the policies announced or under consideration by various levels of governments aimed at accelerating housing development. This includes the federal initiatives such as the MURB policy, the new Build Canada Homes strategy, reductions in development charges, and other measures at the federal, provincial and municipal levels. About Dream Unlimited Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating asset in both Canada and the U.S., and has an established and successful asset management business, inclusive of $28 billion of assets under management (1) across four Toronto Stock Exchange ('TSX') listed trusts, our private asset management business and numerous partnerships. We also develop land, residential and income generating assets in Western Canada. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. About CentreCourt CentreCourt is a fully integrated real estate development firm active across all stages of the development lifecycle – land acquisition, zoning, design, marketing, sales/leasing, construction, and customer care. We specialize in high-rise condominium and purpose-built rental communities located near major transit amenities, and employment hubs in the Greater Toronto Area. CentreCourt has delivered over 10,000 homes and $5.6 billion in development value since 2010. In 2022, we launched CentreCourt Platform II, a $400 million fully committed long-term equity fund that provides financial strength and flexibility to support our continued growth and to act decisively in a dynamic market environment. Forward-Looking Information 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, 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 development plans, including sizes, uses, density, number of units, amenities and timing thereof; our ability to complete the 49 Ontario St. project and its impact on the community; the level of affordable housing to be included in the 49 Ontario St. project; our expectations regarding our ability to successfully pursue additional purpose-built rental opportunities; and the possible future government initiatives aimed at accelerating housing development. 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's 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 August 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+ (
Business Wire
03-06-2025
- Business
- Business Wire
Dream Unlimited Corp. Presents at Annual General Meeting
TORONTO--(BUSINESS WIRE)-- Dream Unlimited Corp. (TSX: DRM) ('Dream', the 'Company' or 'we') will be providing an investor update along with general business at its Annual General Meeting (the 'AGM') at the TMX Market Centre, 120 Adelaide Street West in Toronto today. At the AGM, the Company's senior management team will discuss its key segments, its business plans and strategies and future growth drivers to generate returns and improve the quality of the Company's income. A copy of the presentation will be archived and available on our website at Click on the link for News then click on Events. As part of the update, the Company included an updated net asset value ('NAV') per share of $51.64 which compares to standalone book equity per share of the Company of $30.53, each as of March 31, 2025. About Dream Unlimited Corp. Dream has an established and successful asset management business, inclusive of $28 billion of assets under management as at March 31, 2025 across four Toronto Stock Exchange ("TSX") listed trusts, our private asset management business and numerous partnerships. We are a leading developer of exceptional real estate assets across Canada and Europe, including income properties that will be held for the long term as they are completed. We also develop land for sale in Western Canada. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. A comprehensive overview of our holdings is included in the "Summary of Dream's Assets and Holdings" section of our MD&A for the first quarter of 2025. Non-GAAP Measures and Other Disclosures In addition to using financial measures determined in accordance with International Financial Reporting Accounting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards'), we believe that important measures of operating performance include certain financial measures that are not defined under IFRS Accounting Standards. In this press release, there are references to certain non-GAAP financial measures and ratios, including NAV per share and standalone book equity per share, which management believes are relevant in assessing the economics of the business of Dream. These performance and other measures are not financial measures under IFRS Accounting Standards, and may not be comparable to similar measures disclosed by other issuers. However, we believe that they are informative and provide further insight as supplementary measures of financial performance, financial position or cash flow, or our objectives and policies, as applicable. Non-GAAP Ratios and Financial Measures " Dream Impact Trust and consolidation and fair value adjustments" represent certain IFRS Accounting Standards adjustments required to reconcile Dream standalone and Dream Impact Trust results to the consolidated results as at March 31, 2025. Management believes Dream Impact Trust and consolidation and fair value adjustments provides investors useful information in order to reconcile it to the Dream Impact Trust financial statements. Consolidation and fair value adjustments relate to business combination adjustments on acquisition of Dream Impact Trust on January 1, 2018 and related amortization, elimination of intercompany balances including the investment in Dream Impact Trust units, adjustments for co-owned projects, fair value adjustments to the Dream Impact Trust units held by other unitholders, and deferred income taxes. 'Standalone Book Equity' is a non-GAAP financial measure that represents shareholders' equity attributable to Dream on a non-consolidated basis. This metric excludes the impact of Dream Impact Trust and consolidation and fair value adjustments. It is intended to reflect how management measures the equity value of the core business operations of Dream. 'Standalone Book Equity per unit' is a non-GAAP ratio and is calculated as Standalone Book Equity divided by the number of Class A subordinate voting shares and Class B common shares of Dream outstanding as of that date. Standalone Book Equity per unit as of March 31, 2025 is calculated below. 'Dream Standalone' is a non-GAAP measure and represents the results of Dream, excluding the impact of Dream Impact Trust's consolidated results and IFRS Accounting Standards adjustments to reflect Dream's direct ownership of our partnerships. Direct ownership refers to Dream Unlimited Corp.'s interest in subsidiaries and partnerships and excludes any non-controlling interest in the noted entities based on units held as of the end of the reporting period. The most direct comparable financial measure to Dream standalone is consolidated Dream. This non-GAAP measure is an important measure used by the Company to evaluate earnings against historical periods, including results prior to the acquisition of control of Dream Impact Trust. " Net asset value" or ' NAV ' is a non-GAAP financial measure and represents the intrinsic value for the Company excluding the impact of Dream Impact Trust's consolidated results and IFRS Accounting Standards adjustments to reflect Dream's direct ownership of our partnerships. Due to the nature of our holdings, NAV is calculated to reflect various factors including the progression of our developments, fair market value of our land holdings, fair value of our unit holdings in Dream Impact Trust, Dream Office REIT and Dream Residential REIT and asset management businesses. The Company believes that incorporating market value adjustments is a more useful measure to value our business that would not ordinarily be captured under IFRS and the Company's consolidated financial statements which reflect the consolidation of Dream Impact Trust and Dream Impact Fund. In calculating the market value adjustments reflected in NAV, the Company uses certain market assumptions to fair value items held at cost. The closest IFRS measure to NAV is shareholders' equity. The table below provides the reconciliation of NAV to shareholders' equity: ' Net asset value per share ' or ' NAV per share ' is a non-GAAP ratio. NAV per share is calculated as net asset value divided by the number of Class A subordinate voting shares and Class B common shares of Dream outstanding as of that date. We use this ratio to assess the relative value of our businesses on a per share basis. NAV per share as of March 31, 2025 is calculated above.
