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Globe and Mail
2 days ago
- Business
- Globe and Mail
Dream Unlimited Corp. Reports Second Quarter Results & Advancement of Next Master-Planned Community
Dream Unlimited Corp. (TSX: DRM) ('Dream', 'the Company' or 'we') today announced its financial results for the three and six months ended June 30, 2025 ('second quarter'). 'Even with the uncertainty due to tariffs and housing policy, we have continued to make significant progress on our long-term business plan,' said Michael Cooper, Chief Responsible Officer. 'With our progress developing Alpine Park in Calgary and the commencement of two new communities, being the 1,100-acre Holmwood community in Saskatoon, as well as the 1,200-acre Coopertown community in Regina, we expect our Western Canada land business to be more profitable in the future relative to the past. In addition, the continued development of new income properties in Western Canada and the National Capital Region, along with the Distillery and other Toronto assets, has provided us with growing asset value and net operating income in this segment. With growth in our asset management business, all three major segments of the Company are advancing well. We continue to improve our public disclosures to provide a clearer understanding of our business with asset management, income properties and Western Canada representing more than 80% of our value. We provided net asset value for the business at our annual meeting, and the current results are in line with the value we disclosed. Overall, we are on track for another year of solid performance.' General Business Update Our Western Canadian land and housing business completed its best year ever in 2024. This success has carried into 2025 as we position the division for future growth with the introduction of three new communities and the expansion of our multi-family developments. Next quarter, we are breaking ground on the development of our 1,200-acre community in Regina which will provide us with growth opportunities in the city for many years. Coopertown is the first new community in Regina in nearly ten years and expected to welcome approximately 21,000 residents over its 20-year buildout. We also anticipate developing income properties in Regina, similar to what we have done in Saskatoon. In Saskatoon, we are progressing on the sale of the school site in Holmwood which will accommodate 3,400 students. In addition, we have pre-sold 27-acres to a leading retail developer to start the commercial development in Holmwood. As a result, we will be able to progress our single family, multi-family, retail and commercial development simultaneously in the community. In Calgary, our 200-acre expansion of Alpine Park is well underway with closings expected in 2025 and 2026, while we continue to make progress on sales for future periods. The introduction of Alpine Park has been very well received and with about 500 more acres to develop, the community is expected to be a significant profit contributor for many years. We have commenced construction on our retail and first apartment in Alpine Park, as well as our fourth apartment building in Brighton (Saskatoon), another 100 townhouses and a further 40 single family residences. Our third apartment building being a 125-unit building in Brighton began occupancy at the beginning of June and we are already over 70% occupied in the first ten weeks of lease up. As a result, we have completed or have under construction, 660 apartment units, 220 townhouses and 140 single family units for a total of over 1,000 units in this newly created business line. Our asset management business has grown by $2.5 billion over the past twelve months resulting in Dream having more private assets under management than public, which is exceptional growth since we started this division in 2020. We expect to see continued growth based on our current initiatives over the next few years. Our third major segment, our income properties, continues to expand quickly as we complete buildings and progress in lease-up. While we have some erosion due to cap rate expansion in Ontario, our net operating income is growing in line with expectations, and we are pleased with the lease-up of new buildings recently. While development in Toronto is challenging, we are making progress on our client's major projects and expect to commence development of 49 Ontario St. in 2025 and Quayside in 2026. Consolidated Results Overview In the second quarter the Company revised its segment presentation to better reflect how our business has grown and how we manage the various components. Accordingly, the comparative period presentation of segments has also been updated to conform to the new presentation. For segment details, refer to the financial statements and the management's discussion and analysis of the financial condition and results of operations of the Company for the three and six months ended June 30, 2025, dated August 12, 2025 (the 'MD&A for the second quarter of 2025'). A summary of our consolidated results for the second quarter is included in the table below. For the three months ended June 30, For the six months ended June 30, (in thousands of dollars, except number of shares and per share amounts) 2025 2024 2025 2024 Revenue $ 68,200 $ 178,272 $ 136,623 $ 336,523 Net margin $ 10,971 $ 61,042 $ 20,167 $ 80,206 Net margin (%) (1) 16.1 % 34.2 % 14.8 % 23.8 % Earnings (loss) before income taxes $ (28,525) $ 59,541 $ (39,473) $ 71,638 June 30, 2025 December 31, 2024 Total assets $ 3,888,606 $ 3,921,052 Total liabilities $ 2,434,621 $ 2,419,523 Total equity $ 1,453,985 $ 1,501,529 Total issued and outstanding shares 42,178,176 42,056,218 Losses before income taxes for the second quarter were $28.5 million, a decrease from the comparative period. Prior period results included significant earnings from two parcels of land sold in Edmonton, performance fees related to the Dream U.S. Industrial Fund and operational results from Arapahoe Basin, which was sold at the end of 2024. The Company's consolidated results include non-cash fair value adjustments relating to Dream Impact Trust and Dream Impact Fund units held by third parties, the magnitude of which differed in each reporting period. Earnings for the second quarter were generally in line with management's expectations as the majority of income from Western Canada development is weighted in the second half of the year. As of June 30, 2025, we had available liquidity (1) of $345 million and $218 million of contractual debt maturities expected in 2025. Of this amount of debt, the majority is either in advanced lender discussions for extensions or expected to be rolled as part of the annual renewal process. We proactively work with our lenders to address upcoming maturities and work towards increasing liquidity over time to create flexibility to participate in discretionary investments as they arise and to withstand sudden adverse changes in economic conditions. Results Highlights (Asset management, Western Canada development, Income properties): In the second quarter, our asset management business generated revenue and net margin of $11.6 million and $6.9 million, respectively, compared to $27.5 million and $22.8 million in the comparative period. The comparative figures included performance fees of $15.7 million related to the Dream U.S. Industrial Fund, with no similar activity in the current period. Transactional and performance-related fees are expected to fluctuate period to period. In the second quarter, we achieved 44 lot sales and 19 housing occupancies in Western Canada, generating net margin of $1.1 million, compared to $31.3 million in the comparative period. Prior year results included the sale of two parcels of land sold in Edmonton totalling 146 acres, generating revenue of $39.5 million and net margin of $28.1 million. Excluding these transactions, net margin for the division was relatively in line with prior year as lots sold in 2025 generated a higher margin due to the specific product mix sold. We continue to make progress on our land pre-sales commitments. As of August 8, 2025, we have a total of $155.0 million in sales commitments to be recognized between 2025 and 2026 (in addition to the $21.2 million recognized in 2025 to date) and another $27.5 million from acre sales secured in 2027. Our income properties generated revenue and net operating income of $12.2 million and $6.8 million, respectively, in 2025, up slightly from prior year. Growth in the segment was largely driven by the lease-up of our purpose-built rentals in Brighton (Saskatoon). Other items: Our other investments segment generated $14.8 million in revenue and $4.5 million of negative margin in the second quarter, compared to $41.2 million in revenue and $6.2 million of negative margin in the prior period. Fluctuations in revenue and net loss were largely driven by prior year results from Arapahoe Basin which was sold in the fourth quarter of 2024 and occupancies at IVY condominium and Phase 2 of Riverside Square with limited occupancies in 2025, in line with management's expectations. Included in this segment are platform costs associated with our Toronto and Ottawa development teams. Dream has published a supplemental information package on our website concurrent with the release of our second quarter results. Conference call Senior management will host a conference call to discuss the financial results on Wednesday, August 13, 2025, at 10:00 AM (ET). To access the conference call, please dial 1-833-752-4596 (toll free) or 647-849-3316 (toll). To access the conference call via webcast, please go to Dream's website at and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call. Other Information Information appearing in this press release is a select summary of results. The financial statements and MD&A for the second quarter of 2025 for the Company are available at and on About Dream Unlimited Corp. Dream is a leading real estate developer and has an established and successful asset management business, inclusive of $28 billion of assets under management* as at June 30, 2025 across four Toronto Stock Exchange ("TSX") listed trusts, our private asset management business and numerous partnerships. We develop land and housing in our master planned communities in Western Canada and hold a growing portfolio of income generating properties across Canada. Dream expects this area of our business to grow as investment properties under construction are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. 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. Throughout this press release, there are references to certain non-GAAP financial measures and ratios and supplementary financial measures, including Dream Impact Trust and consolidation and fair value adjustments, available liquidity, net operating income and, standalone figures by division, 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. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release have been incorporated by reference from the 'MD&A for the second quarter of 2025' and can be found under the section 'Non-GAAP Ratios and Financial Measures', subheadings 'Net operating income' and 'Dream Impact Trust and consolidation and fair value adjustments'. The composition of supplementary financial measures included in this press release has been incorporated by reference from the MD&A for the second quarter of 2025 and can be found under the section 'Supplementary and Other Financial Measures'. The MD&A for the second quarter of 2025 is available on SEDAR+ at under Dream's profile and on Dream's website at under the Investors section. 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 June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and December 31, 2024. 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. ' Net operating income" is a non-GAAP measure and represents revenue, less (i) direct operating costs and (ii) selling, marketing, depreciation and other indirect costs, but including: (iii) depreciation; and (iv) general and administrative expenses. The most directly comparable financial measure to net operating revenue is net margin. This non-GAAP measure is an important measure used by management to assess the profitability of the Company's income property segment. Net operating income for the income properties segment for the three and six months ended June 30, 2025 and 2024 is calculated and reconciled to net margin as follows: 'Standalone Figures by Division' 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. For the three months ended June 30, 2024 Revenue $ 27,541 $ 11,132 $ 65,581 $ 41,238 $ — $ 145,492 $ 32,780 $ 178,272 Direct operating costs (4,716) (4,512) (29,295) (36,179) — (74,702) (31,458) (106,160) Gross margin 22,825 6,620 36,286 5,059 — 70,790 1,322 72,112 Selling, marketing, depreciation and other operating costs — (1,505) (4,989) 1,168 — (5,326) (5,744) (11,070) Net margin 22,825 5,115 31,297 6,227 — 65,464 (4,422) 61,042 Fair value changes in investment properties — (1,170) — — — (1,170) (10,522) (11,692) Other income and expenses (351) (1,157) 463 7,402 568 6,925 (571) 6,354 Interest expense (6) (5,767) (1,330) (274) (4,035) (11,412) (8,423) (19,835) Share of earnings (loss) from equity accounted investments — — — (898) — (898) 10,674 9,776 Net segment earnings (loss) 22,468 (2,979) 30,430 12,457 (3,467) 58,909 (13,264) 45,645 General and administrative expenses — — — — (5,425) (5,425) (488) (5,913) Adjustments related to Dream Impact units (2) — — — — — — 13,378 13,378 Adjustments related to Dream Impact Fund units (2) — — — — — — 6,431 6,431 Income tax recovery — — — — 1,252 1,252 3,402 4,654 Net earnings (loss) $ 22,468 $ (2,979) $ 30,430 $ 12,457 $ (7,640) $ 54,736 $ 9,459 $ 64,195 (1) Refer to the "Non-GAAP Measures and Other Disclosures" section of the MD&A for second 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. For the six months ended June 30, 2025 Revenue $ 24,619 $ 24,456 $ 45,250 $ 34,886 $ — $ 129,211 $ 7,412 $ 136,623 Direct operating costs (8,366) (11,047) (33,452) (41,713) — (94,578) (2,940) (97,518) Gross margin 16,253 13,409 11,798 (6,827) — 34,633 4,472 39,105 Selling, marketing, depreciation and other operating costs — (3,995) (9,194) (6,237) — (19,426) 488 (18,938) Net margin 16,253 9,414 2,604 (13,064) — 15,207 4,960 20,167 Fair value changes in investment properties — 4,819 — — — 4,819 (17,752) (12,933) Other income and expenses 253 273 784 (8,887) 64 (7,513) 10,861 3,348 Interest expense (15) (9,714) (1,079) (3,720) (6,648) (21,176) (15,472) (36,648) Share of earnings (loss) from equity accounted investments — — — 149 — 149 (21,634) (21,485) Net segment earnings (loss) 16,491 4,792 2,309 (25,522) (6,584) (8,514) (39,037) (47,551) General and administrative expenses — — — — (9,572) (9,572) (1,633) (11,205) Adjustments related to Dream Impact units (2) — — — — — — 14,771 14,771 Adjustments related to Dream Impact Fund units (2) — — — — — — 4,512 4,512 Income tax recovery — — — — 7,496 7,496 (1,119) 6,377 For the six months ended June 30, 2024 Asset management Income properties Western Canada development Other investments Corporate Total Standalone Less: Dream Impact Trust, Consolidation and fair value adjustments (1) and Dream standalone adjustments (1) Consolidated Dream Revenue $ 39,336 $ 21,578 $ 76,799 $ 102,781 $ — $ 240,494 $ 96,029 $ 336,523 Direct operating costs (8,111) (11,172) (36,797) (84,533) — (140,613) (92,089) (232,702) Gross margin 31,225 10,406 40,002 18,248 — 99,881 3,940 103,821 Selling, marketing, depreciation and other operating costs — (2,818) (9,101) (6,861) — (18,780) (4,835) (23,615) Net margin 31,225 7,588 30,901 11,387 — 81,101 (895) 80,206 Fair value changes in investment properties — 2,721 — — — 2,721 (11,867) (9,146) Other income and expenses (631) (908) 922 (25,326) 234 (25,709) 32,952 7,243 Interest expense (10) (9,024) (2,438) (1,641) (7,208) (20,321) (16,578) (36,899) Share of earnings (loss) from equity accounted investments — — — (799) — (799) 7,370 6,571 Net segment earnings (loss) 30,584 377 29,385 (16,379) (6,974) 36,993 10,982 47,975 General and administrative expenses — — — — (11,398) (11,398) (896) (12,294) Adjustments related to Dream Impact Trust units (2) — — — — — — 30,694 30,694 Adjustments related to Dream Impact Fund units (2) — — — — — — 5,263 5,263 Income tax (expense) recovery — — — — (3,619) (3,619) 5,710 2,091 Net earnings (loss) $ 30,584 $ 377 $ 29,385 $ (16,379) $ (21,991) $ 21,976 $ 51,753 $ 73,729 (1) Refer to the "Non-GAAP Measures and Other Disclosures" section of the MD&A for second 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. 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, 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 growth opportunities in Regina and our ability to develop income properties in that market; the expected profitability of our Alpine Park development and the anticipated future sales and closing in that project; 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 indebtedness in the normal course; 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 August 12, 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+ ( 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.
Business Wire
2 days ago
- Business
- Business Wire
Dream Unlimited Corp. Reports Second Quarter Results & Advancement of Next Master-Planned Community
TORONTO--(BUSINESS WIRE)-- Dream Unlimited Corp. (TSX: DRM) ('Dream', 'the Company' or 'we') today announced its financial results for the three and six months ended June 30, 2025 ('second quarter'). 'Even with the uncertainty due to tariffs and housing policy, we have continued to make significant progress on our long-term business plan,' said Michael Cooper, Chief Responsible Officer. 'With our progress developing Alpine Park in Calgary and the commencement of two new communities, being the 1,100-acre Holmwood community in Saskatoon, as well as the 1,200-acre Coopertown community in Regina, we expect our Western Canada land business to be more profitable in the future relative to the past. In addition, the continued development of new income properties in Western Canada and the National Capital Region, along with the Distillery and other Toronto assets, has provided us with growing asset value and net operating income in this segment. With growth in our asset management business, all three major segments of the Company are advancing well. We continue to improve our public disclosures to provide a clearer understanding of our business with asset management, income properties and Western Canada representing more than 80% of our value. We provided net asset value for the business at our annual meeting, and the current results are in line with the value we disclosed. Overall, we are on track for another year of solid performance.' General Business Update Our Western Canadian land and housing business completed its best year ever in 2024. This success has carried into 2025 as we position the division for future growth with the introduction of three new communities and the expansion of our multi-family developments. Next quarter, we are breaking ground on the development of our 1,200-acre community in Regina which will provide us with growth opportunities in the city for many years. Coopertown is the first new community in Regina in nearly ten years and expected to welcome approximately 21,000 residents over its 20-year buildout. We also anticipate developing income properties in Regina, similar to what we have done in Saskatoon. In Saskatoon, we are progressing on the sale of the school site in Holmwood which will accommodate 3,400 students. In addition, we have pre-sold 27-acres to a leading retail developer to start the commercial development in Holmwood. As a result, we will be able to progress our single family, multi-family, retail and commercial development simultaneously in the community. In Calgary, our 200-acre expansion of Alpine Park is well underway with closings expected in 2025 and 2026, while we continue to make progress on sales for future periods. The introduction of Alpine Park has been very well received and with about 500 more acres to develop, the community is expected to be a significant profit contributor for many years. We have commenced construction on our retail and first apartment in Alpine Park, as well as our fourth apartment building in Brighton (Saskatoon), another 100 townhouses and a further 40 single family residences. Our third apartment building being a 125-unit building in Brighton began occupancy at the beginning of June and we are already over 70% occupied in the first ten weeks of lease up. As a result, we have completed or have under construction, 660 apartment units, 220 townhouses and 140 single family units for a total of over 1,000 units in this newly created business line. Our asset management business has grown by $2.5 billion over the past twelve months resulting in Dream having more private assets under management than public, which is exceptional growth since we started this division in 2020. We expect to see continued growth based on our current initiatives over the next few years. Our third major segment, our income properties, continues to expand quickly as we complete buildings and progress in lease-up. While we have some erosion due to cap rate expansion in Ontario, our net operating income is growing in line with expectations, and we are pleased with the lease-up of new buildings recently. While development in Toronto is challenging, we are making progress on our client's major projects and expect to commence development of 49 Ontario St. in 2025 and Quayside in 2026. Consolidated Results Overview In the second quarter the Company revised its segment presentation to better reflect how our business has grown and how we manage the various components. Accordingly, the comparative period presentation of segments has also been updated to conform to the new presentation. For segment details, refer to the financial statements and the management's discussion and analysis of the financial condition and results of operations of the Company for the three and six months ended June 30, 2025, dated August 12, 2025 (the 'MD&A for the second quarter of 2025'). A summary of our consolidated results for the second quarter is included in the table below. Losses before income taxes for the second quarter were $28.5 million, a decrease from the comparative period. Prior period results included significant earnings from two parcels of land sold in Edmonton, performance fees related to the Dream U.S. Industrial Fund and operational results from Arapahoe Basin, which was sold at the end of 2024. The Company's consolidated results include non-cash fair value adjustments relating to Dream Impact Trust and Dream Impact Fund units held by third parties, the magnitude of which differed in each reporting period. Earnings for the second quarter were generally in line with management's expectations as the majority of income from Western Canada development is weighted in the second half of the year. As of June 30, 2025, we had available liquidity (1) of $345 million and $218 million of contractual debt maturities expected in 2025. Of this amount of debt, the majority is either in advanced lender discussions for extensions or expected to be rolled as part of the annual renewal process. We proactively work with our lenders to address upcoming maturities and work towards increasing liquidity over time to create flexibility to participate in discretionary investments as they arise and to withstand sudden adverse changes in economic conditions. Results Highlights (Asset management, Western Canada development, Income properties): In the second quarter, our asset management business generated revenue and net margin of $11.6 million and $6.9 million, respectively, compared to $27.5 million and $22.8 million in the comparative period. The comparative figures included performance fees of $15.7 million related to the Dream U.S. Industrial Fund, with no similar activity in the current period. Transactional and performance-related fees are expected to fluctuate period to period. In the second quarter, we achieved 44 lot sales and 19 housing occupancies in Western Canada, generating net margin of $1.1 million, compared to $31.3 million in the comparative period. Prior year results included the sale of two parcels of land sold in Edmonton totalling 146 acres, generating revenue of $39.5 million and net margin of $28.1 million. Excluding these transactions, net margin for the division was relatively in line with prior year as lots sold in 2025 generated a higher margin due to the specific product mix sold. We continue to make progress on our land pre-sales commitments. As of August 8, 2025, we have a total of $155.0 million in sales commitments to be recognized between 2025 and 2026 (in addition to the $21.2 million recognized in 2025 to date) and another $27.5 million from acre sales secured in 2027. Our income properties generated revenue and net operating income of $12.2 million and $6.8 million, respectively, in 2025, up slightly from prior year. Growth in the segment was largely driven by the lease-up of our purpose-built rentals in Brighton (Saskatoon). Other items: Our other investments segment generated $14.8 million in revenue and $4.5 million of negative margin in the second quarter, compared to $41.2 million in revenue and $6.2 million of negative margin in the prior period. Fluctuations in revenue and net loss were largely driven by prior year results from Arapahoe Basin which was sold in the fourth quarter of 2024 and occupancies at IVY condominium and Phase 2 of Riverside Square with limited occupancies in 2025, in line with management's expectations. Included in this segment are platform costs associated with our Toronto and Ottawa development teams. Dream has published a supplemental information package on our website concurrent with the release of our second quarter results. Conference call Senior management will host a conference call to discuss the financial results on Wednesday, August 13, 2025, at 10:00 AM (ET). To access the conference call, please dial 1-833-752-4596 (toll free) or 647-849-3316 (toll). To access the conference call via webcast, please go to Dream's website at and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call. Other Information Information appearing in this press release is a select summary of results. The financial statements and MD&A for the second quarter of 2025 for the Company are available at and on About Dream Unlimited Corp. Dream is a leading real estate developer and has an established and successful asset management business, inclusive of $28 billion of assets under management* as at June 30, 2025 across four Toronto Stock Exchange ("TSX") listed trusts, our private asset management business and numerous partnerships. We develop land and housing in our master planned communities in Western Canada and hold a growing portfolio of income generating properties across Canada. Dream expects this area of our business to grow as investment properties under construction are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. 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. Throughout this press release, there are references to certain non-GAAP financial measures and ratios and supplementary financial measures, including Dream Impact Trust and consolidation and fair value adjustments, available liquidity, net operating income and, standalone figures by division, 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. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release have been incorporated by reference from the 'MD&A for the second quarter of 2025' and can be found under the section 'Non-GAAP Ratios and Financial Measures', subheadings 'Net operating income' and 'Dream Impact Trust and consolidation and fair value adjustments'. The composition of supplementary financial measures included in this press release has been incorporated by reference from the MD&A for the second quarter of 2025 and can be found under the section 'Supplementary and Other Financial Measures'. The MD&A for the second quarter of 2025 is available on SEDAR+ at under Dream's profile and on Dream's website at under the Investors section. 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 June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and December 31, 2024. 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. ' Net operating income" is a non-GAAP measure and represents revenue, less (i) direct operating costs and (ii) selling, marketing, depreciation and other indirect costs, but including: (iii) depreciation; and (iv) general and administrative expenses. The most directly comparable financial measure to net operating revenue is net margin. This non-GAAP measure is an important measure used by management to assess the profitability of the Company's income property segment. Net operating income for the income properties segment for the three and six months ended June 30, 2025 and 2024 is calculated and reconciled to net margin as follows: 'Standalone Figures by Division' 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. (1) Refer to the "Non-GAAP Measures and Other Disclosures" section of the MD&A for second 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. Expand For the six months ended June 30, 2024 Revenue $ 39,336 $ 21,578 $ 76,799 $ 102,781 $ — $ 240,494 $ 96,029 $ 336,523 Direct operating costs (8,111) (11,172) (36,797) (84,533) — (140,613) (92,089) (232,702) Gross margin 31,225 10,406 40,002 18,248 — 99,881 3,940 103,821 Selling, marketing, depreciation and other operating costs — (2,818) (9,101) (6,861) — (18,780) (4,835) (23,615) Net margin 31,225 7,588 30,901 11,387 — 81,101 (895) 80,206 Fair value changes in investment properties — 2,721 — — — 2,721 (11,867) (9,146) Other income and expenses (631) (908) 922 (25,326) 234 (25,709) 32,952 7,243 Interest expense (10) (9,024) (2,438) (1,641) (7,208) (20,321) (16,578) (36,899) Share of earnings (loss) from equity accounted investments — — — (799) — (799) 7,370 6,571 Net segment earnings (loss) 30,584 377 29,385 (16,379) (6,974) 36,993 10,982 47,975 General and administrative expenses — — — — (11,398) (11,398) (896) (12,294) Adjustments related to Dream Impact Trust units (2) — — — — — — 30,694 30,694 Adjustments related to Dream Impact Fund units (2) — — — — — — 5,263 5,263 Income tax (expense) recovery — — — — (3,619) (3,619) 5,710 2,091 Net earnings (loss) $ 30,584 $ 377 $ 29,385 $ (16,379) $ (21,991) $ 21,976 $ 51,753 $ 73,729 (1) Refer to the "Non-GAAP Measures and Other Disclosures" section of the MD&A for second 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. Expand 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, 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 growth opportunities in Regina and our ability to develop income properties in that market; the expected profitability of our Alpine Park development and the anticipated future sales and closing in that project; 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 indebtedness in the normal course; 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 August 12, 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+ ( Endnotes:
National Post
2 days ago
- Business
- National Post
Dream Unlimited Corp. Reports Second Quarter Results & Advancement of Next Master-Planned Community
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. All amounts are in Canadian dollars. Article content TORONTO — Dream Unlimited Corp. (TSX: DRM) ('Dream', 'the Company' or 'we') today announced its financial results for the three and six months ended June 30, 2025 ('second quarter'). Article content 'Even with the uncertainty due to tariffs and housing policy, we have continued to make significant progress on our long-term business plan,' said Michael Cooper, Chief Responsible Officer. 'With our progress developing Alpine Park in Calgary and the commencement of two new communities, being the 1,100-acre Holmwood community in Saskatoon, as well as the 1,200-acre Coopertown community in Regina, we expect our Western Canada land business to be more profitable in the future relative to the past. In addition, the continued development of new income properties in Western Canada and the National Capital Region, along with the Distillery and other Toronto assets, has provided us with growing asset value and net operating income in this segment. With growth in our asset management business, all three major segments of the Company are advancing well. We continue to improve our public disclosures to provide a clearer understanding of our business with asset management, income properties and Western Canada representing more than 80% of our value. We provided net asset value for the business at our annual meeting, and the current results are in line with the value we disclosed. Overall, we are on track for another year of solid performance.' General Business Update Article content Our Western Canadian land and housing business completed its best year ever in 2024. This success has carried into 2025 as we position the division for future growth with the introduction of three new communities and the expansion of our multi-family developments. Article content Next quarter, we are breaking ground on the development of our 1,200-acre community in Regina which will provide us with growth opportunities in the city for many years. Coopertown is the first new community in Regina in nearly ten years and expected to welcome approximately 21,000 residents over its 20-year buildout. We also anticipate developing income properties in Regina, similar to what we have done in Saskatoon. Article content In Saskatoon, we are progressing on the sale of the school site in Holmwood which will accommodate 3,400 students. In addition, we have pre-sold 27-acres to a leading retail developer to start the commercial development in Holmwood. As a result, we will be able to progress our single family, multi-family, retail and commercial development simultaneously in the community. Article content In Calgary, our 200-acre expansion of Alpine Park is well underway with closings expected in 2025 and 2026, while we continue to make progress on sales for future periods. The introduction of Alpine Park has been very well received and with about 500 more acres to develop, the community is expected to be a significant profit contributor for many years. Article content We have commenced construction on our retail and first apartment in Alpine Park, as well as our fourth apartment building in Brighton (Saskatoon), another 100 townhouses and a further 40 single family residences. Our third apartment building being a 125-unit building in Brighton began occupancy at the beginning of June and we are already over 70% occupied in the first ten weeks of lease up. As a result, we have completed or have under construction, 660 apartment units, 220 townhouses and 140 single family units for a total of over 1,000 units in this newly created business line. Article content Our asset management business has grown by $2.5 billion over the past twelve months resulting in Dream having more private assets under management than public, which is exceptional growth since we started this division in 2020. We expect to see continued growth based on our current initiatives over the next few years. Article content Our third major segment, our income properties, continues to expand quickly as we complete buildings and progress in lease-up. While we have some erosion due to cap rate expansion in Ontario, our net operating income is growing in line with expectations, and we are pleased with the lease-up of new buildings recently. Article content While development in Toronto is challenging, we are making progress on our client's major projects and expect to commence development of 49 Ontario St. in 2025 and Quayside in 2026. Article content Consolidated Results Overview Article content In the second quarter the Company revised its segment presentation to better reflect how our business has grown and how we manage the various components. Accordingly, the comparative period presentation of segments has also been updated to conform to the new presentation. For segment details, refer to the financial statements and the management's discussion and analysis of the financial condition and results of operations of the Company for the three and six months ended June 30, 2025, dated August 12, 2025 (the 'MD&A for the second quarter of 2025'). Article content Losses before income taxes for the second quarter were $28.5 million, a decrease from the comparative period. Prior period results included significant earnings from two parcels of land sold in Edmonton, performance fees related to the Dream U.S. Industrial Fund and operational results from Arapahoe Basin, which was sold at the end of 2024. The Company's consolidated results include non-cash fair value adjustments relating to Dream Impact Trust and Dream Impact Fund units held by third parties, the magnitude of which differed in each reporting period. Earnings for the second quarter were generally in line with management's expectations as the majority of income from Western Canada development is weighted in the second half of the year. Article content As of June 30, 2025, we had available liquidity (1) of $345 million and $218 million of contractual debt maturities expected in 2025. Of this amount of debt, the majority is either in advanced lender discussions for extensions or expected to be rolled as part of the annual renewal process. We proactively work with our lenders to address upcoming maturities and work towards increasing liquidity over time to create flexibility to participate in discretionary investments as they arise and to withstand sudden adverse changes in economic conditions. Article content Results Highlights (Asset management, Western Canada development, Income properties): Article content In the second quarter, our asset management business generated revenue and net margin of $11.6 million and $6.9 million, respectively, compared to $27.5 million and $22.8 million in the comparative period. The comparative figures included performance fees of $15.7 million related to the Dream U.S. Industrial Fund, with no similar activity in the current period. Transactional and performance-related fees are expected to fluctuate period to period. Article content In the second quarter, we achieved 44 lot sales and 19 housing occupancies in Western Canada, generating net margin of $1.1 million, compared to $31.3 million in the comparative period. Prior year results included the sale of two parcels of land sold in Edmonton totalling 146 acres, generating revenue of $39.5 million and net margin of $28.1 million. Excluding these transactions, net margin for the division was relatively in line with prior year as lots sold in 2025 generated a higher margin due to the specific product mix sold. Article content We continue to make progress on our land pre-sales commitments. As of August 8, 2025, we have a total of $155.0 million in sales commitments to be recognized between 2025 and 2026 (in addition to the $21.2 million recognized in 2025 to date) and another $27.5 million from acre sales secured in 2027. Article content Our income properties generated revenue and net operating income of $12.2 million and $6.8 million, respectively, in 2025, up slightly from prior year. Growth in the segment was largely driven by the lease-up of our purpose-built rentals in Brighton (Saskatoon). Article content Other items: Article content Our other investments segment generated $14.8 million in revenue and $4.5 million of negative margin in the second quarter, compared to $41.2 million in revenue and $6.2 million of negative margin in the prior period. Fluctuations in revenue and net loss were largely driven by prior year results from Arapahoe Basin which was sold in the fourth quarter of 2024 and occupancies at IVY condominium and Phase 2 of Riverside Square with limited occupancies in 2025, in line with management's expectations. Included in this segment are platform costs associated with our Toronto and Ottawa development teams. Article content Dream has published a supplemental information package on our website concurrent with the release of our second quarter results. Article content Conference call Article content Senior management will host a conference call to discuss the financial results on Wednesday, August 13, 2025, at 10:00 AM (ET). To access the conference call, please dial 1-833-752-4596 (toll free) or 647-849-3316 (toll). To access the conference call via webcast, please go to Dream's website at and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call. Article content Other Information Article content Information appearing in this press release is a select summary of results. The financial statements and MD&A for the second quarter of 2025 for the Company are available at and on About Dream Unlimited Corp. Article content Dream is a leading real estate developer and has an established and successful asset management business, inclusive of $28 billion of assets under management* as at June 30, 2025 across four Toronto Stock Exchange ('TSX') listed trusts, our private asset management business and numerous partnerships. We develop land and housing in our master planned communities in Western Canada and hold a growing portfolio of income generating properties across Canada. Dream expects this area of our business to grow as investment properties under construction are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. Article content 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. Throughout this press release, there are references to certain non-GAAP financial measures and ratios and supplementary financial measures, including Dream Impact Trust and consolidation and fair value adjustments, available liquidity, net operating income and, standalone figures by division, 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. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release have been incorporated by reference from the 'MD&A for the second quarter of 2025' and can be found under the section 'Non-GAAP Ratios and Financial Measures', subheadings 'Net operating income' and 'Dream Impact Trust and consolidation and fair value adjustments'. The composition of supplementary financial measures included in this press release has been incorporated by reference from the MD&A for the second quarter of 2025 and can be found under the section 'Supplementary and Other Financial Measures'. The MD&A for the second quarter of 2025 is available on SEDAR+ at under Dream's profile and on Dream's website at under the Investors section. Article content ' 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 June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and December 31, 2024. 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. Article content ' Net operating income ' is a non-GAAP measure and represents revenue, less (i) direct operating costs and (ii) selling, marketing, depreciation and other indirect costs, but including: (iii) depreciation; and (iv) general and administrative expenses. The most directly comparable financial measure to net operating revenue is net margin. This non-GAAP measure is an important measure used by management to assess the profitability of the Company's income property segment. Net operating income for the income properties segment for the three and six months ended June 30, 2025 and 2024 is calculated and reconciled to net margin as follows: Article content 'Standalone Figures by Division' Article content 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. Article content For the three months ended June 30, 2025 Asset management Income properties Western Canada development Other investments Corporate Total Standalone Less: Dream Impact Trust, Consolidation and fair value adjustments (1) and Dream standalone adjustments (1) Consolidated Dream Revenue $ 11,582 $ 12,212 $ 20,682 $ 14,844 $ — $ 59,320 $ 8,880 $ 68,200 Direct operating costs (4,641) (5,386) (14,872) (16,522) — (41,421) (5,962) (47,383) Gross margin 6,941 6,826 5,810 (1,678) — 17,899 2,918 20,817 Selling, marketing, depreciation and other operating costs — (2,526) (4,694) (2,781) — (10,001) 155 (9,846) Net margin 6,941 4,300 1,116 (4,459) — 7,898 3,073 10,971 Fair value changes in investment properties — 2,595 — — — 2,595 (13,529) (10,934) Other income and expenses 527 (381) 305 (11,862) (132) (11,543) 13,891 2,348 Interest expense (10) (4,693) (752) (1,734) (3,275) (10,464) (7,881) (18,345) Share of earnings (loss) from equity accounted investments — — — 426 — 426 (16,305) (15,879) Net segment earnings (loss) 7,458 1,821 669 (17,629) (3,407) (11,088) (20,751) (31,839) General and administrative expenses — — — — (3,106) (3,106) (873) (3,979) Adjustments related to Dream Impact units (2) — — — — — — 5,663 5,663 Adjustments related to Dream Impact Fund units (2) — — — — — — 1,630 1,630 Income tax recovery — — — — 3,572 3,572 (58) 3,514 Net earnings (loss) $ 7,458 $ 1,821 $ 669 $ (17,629) $ (2,941) $ (10,622) $ (14,389) $ (25,011) Article content For the three months ended June 30, 2024 Asset management Income properties Western Canada development Other investments Corporate Total Standalone Less: Dream Impact Trust, Consolidation and fair value adjustments (1) and Dream standalone adjustments (1) Consolidated Dream Revenue $ 27,541 $ 11,132 $ 65,581 $ 41,238 $ — $ 145,492 $ 32,780 $ 178,272 Direct operating costs (4,716) (4,512) (29,295) (36,179) — (74,702) (31,458) (106,160) Gross margin 22,825 6,620 36,286 5,059 — 70,790 1,322 72,112 Selling, marketing, depreciation and other operating costs — (1,505) (4,989) 1,168 — (5,326) (5,744) (11,070) Net margin 22,825 5,115 31,297 6,227 — 65,464 (4,422) 61,042 Fair value changes in investment properties — (1,170) — — — (1,170) (10,522) (11,692) Other income and expenses (351) (1,157) 463 7,402 568 6,925 (571) 6,354 Interest expense (6) (5,767) (1,330) (274) (4,035) (11,412) (8,423) (19,835) Share of earnings (loss) from equity accounted investments — — — (898) — (898) 10,674 9,776 Net segment earnings (loss) 22,468 (2,979) 30,430 12,457 (3,467) 58,909 (13,264) 45,645 General and administrative expenses — — — — (5,425) (5,425) (488) (5,913) Adjustments related to Dream Impact units (2) — — — — — — 13,378 13,378 Adjustments related to Dream Impact Fund units (2) — — — — — — 6,431 6,431 Income tax recovery — — — — 1,252 1,252 3,402 4,654 Net earnings (loss) $ 22,468 $ (2,979) $ 30,430 $ 12,457 $ (7,640) $ 54,736 $ 9,459 $ 64,195 Article content (1) Refer to the 'Non-GAAP Measures and Other Disclosures' section of the MD&A for second 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. Article content For the six months ended June 30, 2025 Asset management Income properties Western Canada development Other investments Corporate Total Standalone Less: Dream Impact Trust, Consolidation and fair value adjustments (1) and Dream standalone adjustments (1) Consolidated Dream Revenue $ 24,619 $ 24,456 $ 45,250 $ 34,886 $ — $ 129,211 $ 7,412 $ 136,623 Direct operating costs (8,366) (11,047) (33,452) (41,713) — (94,578) (2,940) (97,518) Gross margin 16,253 13,409 11,798 (6,827) — 34,633 4,472 39,105 Selling, marketing, depreciation and other operating costs — (3,995) (9,194) (6,237) — (19,426) 488 (18,938) Net margin 16,253 9,414 2,604 (13,064) — 15,207 4,960 20,167 Fair value changes in investment properties — 4,819 — — — 4,819 (17,752) (12,933) Other income and expenses 253 273 784 (8,887) 64 (7,513) 10,861 3,348 Interest expense (15) (9,714) (1,079) (3,720) (6,648) (21,176) (15,472) (36,648) Share of earnings (loss) from equity accounted investments — — — 149 — 149 (21,634) (21,485) Net segment earnings (loss) 16,491 4,792 2,309 (25,522) (6,584) (8,514) (39,037) (47,551) General and administrative expenses — — — — (9,572) (9,572) (1,633) (11,205) Adjustments related to Dream Impact units (2) — — — — — — 14,771 14,771 Adjustments related to Dream Impact Fund units (2) — — — — — — 4,512 4,512 Income tax recovery — — — — 7,496 7,496 (1,119) 6,377 Net earnings (loss) $ 16,491 $ 4,792 $ 2,309 $ (25,522) $ (8,660) $ (10,590) $ (22,506) $ (33,096) Article content For the six months ended June 30, 2024 Asset management Income properties Western Canada development Other investments Corporate Total Standalone Less: Dream Impact Trust, Consolidation and fair value adjustments (1) and Dream standalone adjustments (1) Consolidated Dream Revenue $ 39,336 $ 21,578 $ 76,799 $ 102,781 $ — $ 240,494 $ 96,029 $ 336,523 Direct operating costs (8,111) (11,172) (36,797) (84,533) — (140,613) (92,089) (232,702) Gross margin 31,225 10,406 40,002 18,248 — 99,881 3,940 103,821 Selling, marketing, depreciation and other operating costs — (2,818) (9,101) (6,861) — (18,780) (4,835) (23,615) Net margin 31,225 7,588 30,901 11,387 — 81,101 (895) 80,206 Fair value changes in investment properties — 2,721 — — — 2,721 (11,867) (9,146) Other income and expenses (631) (908) 922 (25,326) 234 (25,709) 32,952 7,243 Interest expense (10) (9,024) (2,438) (1,641) (7,208) (20,321) (16,578) (36,899) Share of earnings (loss) from equity accounted investments — — — (799) — (799) 7,370 6,571 Net segment earnings (loss) 30,584 377 29,385 (16,379) (6,974) 36,993 10,982 47,975 General and administrative expenses — — — — (11,398) (11,398) (896) (12,294) Adjustments related to Dream Impact Trust units (2) — — — — — — 30,694 30,694 Adjustments related to Dream Impact Fund units (2) — — — — — — 5,263 5,263 Income tax (expense) recovery — — — — (3,619) (3,619) 5,710 2,091 Net earnings (loss) $ 30,584 $ 377 $ 29,385 $ (16,379) $ (21,991) $ 21,976 $ 51,753 $ 73,729 (1) Refer to the 'Non-GAAP Measures and Other Disclosures' section of the MD&A for second 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. Article content Forward-Looking Information Article content 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 growth opportunities in Regina and our ability to develop income properties in that market; the expected profitability of our Alpine Park development and the anticipated future sales and closing in that project; 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 indebtedness in the normal course; 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 August 12, 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+ ( Endnotes: Article content Article content Article content Article content Article content Contacts Article content Dream Unlimited Corp. Article content
NZ Herald
6 days ago
- Business
- NZ Herald
Weekend wine guide: Two family businesses are delivering wines full of character
Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech. Blanks Canvas and Alpha Domus produce high-quality wines. Photo / Getty Images Michael Cooper has 45 wine books and several literary awards to his credit. In the 2004 New Year Honours, Michael was appointed an Officer of the New Zealand Order of Merit. Looking for something different? Blank Canvas, in Marlborough, and Alpha Domus, in Hawke's Bay, are family-controlled wineries that are well worth getting to know, producing wines of notable quality that are also full of personality. Alpha Domus Cumulus Blanc de Blancs Méthode Traditionnelle NV ★★★★★ A stimulating aperitif, this highly distinctive bubbly is from mature chardonnay vines in the Bridge Pā Triangle. Notably fragrant, it shows excellent intensity and complexity, with strong, vigorous, peachy, yeasty, toasty flavours and a very long, bone-dry finish. (12% alc/vol) $33 Blank Canvas Abstract Three Rows Marlborough Sauvignon Blanc 2023 ★★★★★ Designed as an ageworthy 'savoury blanc', this refined wine was hand-harvested at Dillons Point and fermented and matured on its yeast lees for 15 months in French oak puncheons. Ripely scented, mouthfilling and sweet-fruited, it has deep, vibrant, tropical-fruit flavours, enriched by a gentle seasoning of biscuity oak, fresh acidity, excellent complexity and a dry, sustained finish. (13.5% alc/vol) $55 Blank Canvas Settlement Vineyard Marlborough Pinot Noir 2021 ★★★★★ This powerful red was hand-picked from 20-year-old vines in the Omaka Valley, barrel-aged and bottled unfiltered. Full-coloured and weighty, it is very savoury and complex, with concentrated cherry, spice and nut flavours, and good tannin backbone. Set for a long life, it should break into full stride 2027+. (13% alc/vol) $60 Blank Canvas Anthem Vineyard Central Otago Pinot Noir 2023 ★★★★★ Enticingly perfumed, this single-vineyard red was hand-harvested at Gibbston from 23-year-old vines. Full, bright ruby, it is intensely varietal, with a lovely array of cherry, spice, herb and nut flavours, woven with fresh acidity, supple tannins and a savoury, complex, lingering finish. A delicious, silky-textured wine, it's already drinking well, but it's ageworthy, too. (13.5% alc/vol) $75 Alpha Domus The Aviator 2020 ★★★★★ This classy wine is a marriage of cabernet sauvignon, cabernet franc, merlot and malbec, grown in the Bridge Pā Triangle. Deep and still youthful in colour, it is weighty, fragrant, rich and savoury, with concentrated, almost lush blackcurrant, plum, spice, nut and coffee flavours, complex and vigorous, with good tannin backbone. (14% alc/vol) $85 Wine of the week Alpha Domus Beatrix Sparkling Rosé NV ★★★★ Sold in packs of four cans, this highly attractive, non-vintage Hawke's Bay wine is 'fresh organic fizz', based on merlot. Pink/pale orange, it is light-bodied and lively, with strong, crisp strawberry and peach flavours, and a gently yeasty, basically dry finish. Instantly appealing. (8.9% alc/vol) $34 ($8.50 per 250ml can)
Business Wire
07-08-2025
- Business
- Business Wire
Dream Office REIT Reports Q2 2025 Results
TORONTO--(BUSINESS WIRE)-- DREAM OFFICE REAL ESTATE INVESTMENT TRUST ( ('Dream Office REIT', the 'Trust' or 'we') today announced its financial results for the three months ended June 30, 2025. Management will host a conference call to discuss the financial results on Friday, August 8, 2025, at 10:00 a.m. (ET). OPERATIONAL HIGHLIGHTS AND UPDATE (unaudited) As at June 30, March 31, June 30, 2025 2025 2024 Total properties (1) Number of active properties 24 24 25 Number of properties under development 2 2 2 Gross leasable area (in millions of square feet) 4.8 4.8 5.1 Investment properties value $ 2,152,546 $ 2,171,584 $ 2,318,974 Total portfolio (2) Occupancy rate – including committed (period-end) 81.9% 81.2% 84.3% Occupancy rate – in-place (period-end) 77.9% 78.4% 79.2% Average in-place and committed net rent per square foot (period-end) $ 27.72 $ 27.39 $ 26.33 Weighted average lease term (years) 5.9 5.8 5.2 Occupancy rate – including committed – Toronto (period-end) 85.3% 84.2% 87.7% Occupancy rate – in-place – Toronto (period-end) 79.2% 80.0% 83.0% See footnotes at end. Expand ' In the second quarter of 2025, Dream Office REIT continued its leasing momentum by securing an additional 189,000 of leases and improving the Trust's committed occupancy by approximately 70 bps relative to the first quarter,' said Michael Cooper, Chief Executive Officer of Dream Office REIT. ' We are seeing a growing confidence in the office market, with improved leasing activity and businesses re-investing in their workspace and increasing their office utilization. Our team is committed to providing exceptional service across our renovated portfolio to support their return to the office. ' In the midst of significant macro-economic and geopolitical uncertainties and ongoing challenges in the Canadian office real estate sector, the Trust remains committed to reducing risk and delivering stable operational and financial performance until the market reaches a higher equilibrium. In recent months, we have observed encouraging signs of potential stabilization in the downtown Toronto office market, where the Trust owns 83% of its Active properties, by fair value. The market vacancy rate has remained relatively steady at 18.5% (7), showing consistent stability over the past six quarters. Additionally, the new office construction pipeline in downtown Toronto has reached a 20-year low, with just 1.9 million square feet currently under construction (7). Notably, Q2 2025 marked the first full year with no new office construction starts (7). Another positive indicator of market health is the continued decline in sublease space, which has fallen sharply to 16.3% (7) of total vacant space downtown, down from pandemic peaks exceeding 40% (7). This significant reduction reflects growing tenant confidence and a decrease in corporate space optimization efforts. The drop in sublease availability also aligns with the coordinated return-to-office mandates announced by several major Canadian financial institutions starting in fall 2025, aimed at fostering increased in-person collaboration and strengthening company culture. We believe our portfolio is strategically located, difficult to replace and uniquely positioned for long-term outperformance. Over the past seven years, we have invested capital in our best buildings in downtown Toronto, and the renovations are now substantially complete. This has resulted in a uniquely competitive portfolio that is well-positioned to attract high-quality tenants. From the beginning of the year to today's date, the Trust has already secured 507,000 square feet of leasing across 26 properties, compared to 356,000 square feet of leasing across 28 properties at the same point in 2024 and 294,000 square feet of leasing across 28 properties at the same point in 2023. Relative to Q1 2025, our in-place and committed occupancy rate increased from 81.2% to 81.9% while our in-place occupancy decreased from 78.4% to 77.9%. The quarter-over-quarter increase of 0.7% in total portfolio in-place and committed occupancy was driven by a 1.1% increase in Toronto downtown and a 0.3% increase in Other markets due to incremental leasing during the quarter in excess of negative in-place absorption in both regions. The quarter-over-quarter decrease of 0.5% in total portfolio in-place occupancy was attributable to 22,000 square feet of negative absorption in Toronto downtown and 4,000 square feet of negative absorption in Other markets. The main driver of the net decrease in in-place occupancy in Toronto downtown was the downsizing and moving of certain tenants at 30 Adelaide Street East and Adelaide Place in order to facilitate five large new long-term lease deals. The Trust has 188,000 square feet of vacancy committed for future occupancy. In Toronto downtown, 70,000 square feet, or 2.4% of the region's total gross leasable area, is scheduled to commence in 2025 at net rents 1.7% higher than prior net rents on the same space with a weighted average lease term of 7.6 years. In 2026, 85,000 square feet in Toronto downtown, or 2.9% of the region's total gross leasable area, is scheduled to commence at net rents 4.9% higher than previous net rents on the same space with a weighted average lease term of 13.7 years while in 2027, 19,000 square feet in Toronto downtown is scheduled to commence at net rents 32.1% higher than previous net rents on the same space with a weighted average lease term of 10.0 years. In the Other markets region, 11,000 square feet, or 0.6% of the region's total gross leasable area, is scheduled to commence in 2025 at 8.0% lower than prior net rents on the same space with a weighted average lease term of 4.2 years while in 2027, 3,000 square feet in Other markets is scheduled to commence at net rents 15.4% lower than previous net rents on the same space with a weighted average lease term of 11.3 years. The Trust currently has a spread of 4% between in-place and in-place and committed occupancy. The main driver of this spread is the current environment's extended timelines between the signing of a lease with a new tenant and the date that tenant takes possession of the space, which leads to a delay in the commencement of rent and lower current period net operating income. The Trust aims to minimize this downtime now and into the future by aggressively pursuing renewals with existing tenants and signing long-term leases with tenants with strong covenants. The Trust anticipates that, over time, this spread will narrow, leading to higher future net operating income. During Q2 2025, the Trust executed leases totalling approximately 189,000 square feet across its portfolio. In Toronto downtown, the Trust executed 133,000 square feet of leases at a weighted average initial net rent of $33.60 per square foot, or 6.3% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 7.6 years. In the Other markets region, comprising the Trust's properties located in Calgary, Saskatoon, Regina, Mississauga, Scarborough and the United States ('U.S.'), the Trust executed leases totalling 56,000 square feet at a weighted average initial net rent of $18.24 per square foot, or 17.2% lower than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 9.6 years. Subsequent to June 30, 2025, the Trust executed a further 39,000 square feet of leases in Toronto downtown at a weighted average initial net rent of $38.74 per square foot, with a weighted average lease term of 4.6 years and 27,000 square feet of leases in Other markets with a weighted average initial net rent of $18.75 per square foot, with a weighted average lease term of 6.3 years. Since the beginning of the year to today's date, the Trust has executed leases totalling approximately 507,000 square feet across our portfolio. In Toronto downtown, the Trust has executed 417,000 square feet of leases at a weighted average initial net rent of $32.06 per square foot, or 3.3% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 7.8 years. In the Other markets region, the Trust has executed leases totalling 90,000 square feet at a weighted average initial net rent per square foot of $18.46, or 10.3% lower than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 8.8 years. REDEVELOPMENT PROJECTS UPDATE As at June 30, 2025, the Trust has two properties under development: 606-4th Building & Barclay Parkade in Calgary and 67 Richmond Street West in Toronto downtown. The development project at 606-4th Building & Barclay Parkade will convert the existing 126,000 square foot office building into a brand new 166-unit, purpose-built rental residential apartment building. Concurrently, the Trust is working to relocate the office tenants within 606-4th Building to the adjacent 444-7th Building. With apartment market vacancy at 4.6% (8) and office vacancy at 30.7% (7) in Calgary, this pivot in strategy will derisk the asset, increase net operating income and improve value. In addition, this strategy will allow the Trust to improve the occupancy at 444-7th while creating a new residential rental building in downtown Calgary, thereby reducing the operational and financial risk of both buildings. As a result of moving tenants from 606-4th Building to 444-7th, the in-place and committed occupancy in the latter building has increased to 88.6% with a weighted average lease term of 5.9 years. In relation to the project, the Trust has entered into an agreement for a grant of up to $11 million from the City of Calgary for the residential conversion as part of their Calgary Downtown Development Strategy Incentive Program. On March 7, 2025, the Trust secured a non-revolving development facility of up to $64.3 million at an interest rate to be set at the time of the first drawdown but not to exceed the 10-year Government of Canada bond rate plus 0.40%. The Trust is currently in advanced discussions with a joint venture partner to sell 50% of the Trust's interest in the project so that the Trust can further reduce its construction and balance sheet risk. The development project at 67 Richmond Street West comprises full modernizations of the property, including technical systems, interior lighting and elevators, along with enhanced common areas and larger floorplates. To date, we have spent $14.8 million on the project at 67 Richmond Street West, $6.3 million of which has been funded by the CIB Facility. As a result of the redevelopment, the Trust attracted Daphne restaurant, which has been awarded Best Upscale Restaurant by Hospitality Design, for the entire ground floor retail space for a term of ten years. In Q4 2024, the scope of the project at 67 Richmond Street West was expanded to include building out model suites for the remainder of the vacant space at the property to meet the current market demand for move-in ready space and reduce lease-up time. In 2024, the Trust implemented a model suite program to invest capital in nine identified suites, representing 56,000 square feet across four buildings within its portfolio to create move-in ready spaces, which has led to increased lease-up velocity in the completed suites. In increasing the scope at 67 Richmond Street West, the Trust plans to replicate this same strategy and anticipates that it will attract high-quality tenants to this building. With the expansion in project scope, 67 Richmond Street West is expected to be completed at the end of Q3 2025 and the Trust has already commenced discussions with prospective tenants. As at June 30, 2025, the Trust had $2.3 billion of total assets, including $2.2 billion of investment properties and $1.2 billion of total debt. During the quarter, the Trust refinanced its last remaining 2025 debt maturity, a $30 million mortgage secured by a property in Toronto, Ontario. The refinanced mortgage totals $28 million and matures on April 1, 2028 bearing a floating interest rate based on daily CORRA. On April 21, 2025, the Trust entered into a fixed-for-variable interest rate swap to fix the interest rate on the mortgage at 5.26%. The Trust's remaining 2026 debt maturities total $165.5 million across six mortgages. The Trust anticipates that it will be able to successfully address all of its 2026 debt expiries at or before maturity. On June 5, 2025, the Trust completed the last draw on the non-revolving term loan facility originally entered in connection with a lease negotiated with a commercial banking tenant and restricted for use towards meeting the tenant's construction allowance requirements. On execution of the last draw, the loan converted to an amortizing term facility under the terms of the agreement and will mature on July 31, 2029. As at June 30, 2025, the Trust had approximately $170.7 million of total liquidity (14), comprising cash and undrawn revolving credit facilities (13) of $93.2 million and additional liquidity related to undrawn amounts on our CIB Facility of $77.4 million, which provides low-cost, fixed-rate financing solely for the purpose of commercial property retrofits to achieve certain energy efficiency savings and greenhouse gas ('GHG') emission reductions. Cash and undrawn revolving credit facilities (13) of $93.2 million comprises $18.9 million of cash and undrawn revolving credit facilities totalling $74.3 million. During Q2 2025, the Trust drew $1.0 million against the CIB Facility. In total, we have drawn $35.4 million against the CIB Facility since 2022. These draws represent 80% of the costs to date for capital retrofits at certain properties in Toronto downtown for projects to reduce the operational carbon emissions in these buildings. Of the $35.4 million drawn on the CIB Facility, $8.8 million was used to fund the full building retrofit of 366 Bay Street to secure a full building lease for a term of 15 years and $6.3 million was used to fund the development project at 67 Richmond Street West. During the quarter, the Trust sold 3,993,083 Dream Industrial REIT units, for net proceeds of $40.4 million, or $10.13 per unit, after transaction costs and fees. The proceeds from the sale were used to pay down the Trust's corporate credit facility with the intent to improve liquidity and reduce the Trust's leverage. On April 3, 2025, the Trust sold a vendor take-back ('VTB') mortgage receivable originating from a property sale in 2018 to a purchaser for $15 million before transaction costs. The proceeds of the sale were used to repay the corporate credit facility. SUMMARY OF KEY PERFORMANCE INDICATORS Net loss for the quarter: For the three months ended June 30, 2025, the Trust generated a net loss of $41.8 million. Included in net loss for the three months ended June 30, 2025 are negative fair value adjustments to investment properties totalling $32.4 million across the portfolio, interest expense on debt of $15.5 million and a net loss from our investment in Dream Industrial REIT of $23.6 million due to the effect of unit sales over the quarter, partially offset by positive fair value adjustments to financial instruments totalling $8.8 million primarily due to fair value gains on rate swap contracts and net rental income totalling $24.8 million. Diluted FFO per unit (5)(6) for the quarter: For the three months ended June 30, 2025, diluted FFO per unit decreased by $0.14 per unit to $0.62 per unit relative to $0.76 per unit in Q2 2024, driven by lower net rental income due to the sale of 438 University Avenue in Q1 2025 (-$0.11), reduced FFO from Dream Industrial REIT due to the sale of units in Q1 and Q2 (-$0.06), lower straight-line rent due to free rent periods rolling off (-$0.03) and reduced lease termination fees and other income (-$0.02), partially offset by lower interest expense (+$0.03), higher income from the completed development at 366 Bay Street in Toronto (+$0.02), higher income from properties under development (+$0.01), higher comparative properties NOI (+$0.01) and a bad debt recovery in the current quarter (+$0.01). Net rental income for the quarter: For the three months ended June 30, 2025, net rental income decreased by 9.2%, or $2.5 million, over the prior year comparative quarter, primarily due to lower income from sold properties relating to the sale of 438 University Avenue in Q1 2025. Comparative properties NOI (4) for the quarter: For the three months ended June 30, 2025, comparative properties NOI increased slightly by 0.6%, or $0.1 million, over the prior year comparative quarter as higher in-place rents in Toronto downtown from rent step-ups, as well as higher weighted average occupancy and lower non-recoverable expenses in Other markets were offset by reduced occupancy from the lease expiry at 74 Victoria Street in Toronto downtown. For the three months ended June 30, 2025, comparative properties NOI in Toronto downtown increased slightly by 0.5%, or $0.1 million, over the prior year comparative quarter, as higher in-place rents from rent step-ups, higher rates on lease expansions and higher parking income were offset by lower weighted average occupancy in the region driven by the 206,000 square foot lease expiry at 74 Victoria Street in Q4 2024. In-place occupancy: Total portfolio in-place occupancy on a quarter-over-quarter basis decreased by 0.5% relative to Q1 2025. In Toronto downtown, in-place occupancy decreased by 0.8% relative to Q1 2025 as 74,000 square feet of expiries were partially offset by 30,000 square feet of renewals and 22,000 square feet of new lease commencements. In the Other markets region, in-place occupancy decreased by 0.2% relative to Q1 2025 as 26,000 square feet of expiries were partially offset by 16,000 square feet of renewals and 6,000 square feet of new lease commencements. The main driver of the net decrease in in-place occupancy in Toronto downtown was the downsizing and moving of certain tenants at 30 Adelaide Street East and Adelaide Place in order to facilitate five large new long-term lease deals. Total portfolio in-place occupancy on a year-over-year basis decreased from 79.2% in Q2 2024 to 77.9% this quarter, as a decline in in-place occupancy in Toronto downtown of 3.8% year-over-year was partially offset by an increase in in-place occupancy in Other markets of 2.9% year-over-year. The decrease in in-place occupancy in Toronto downtown was primarily driven by the lease expiry at 74 Victoria Street in Q4 2024 (-4.6%) and the sale of 438 University Avenue in Q1 2025 (-1.1%), partially offset by positive absorption in the remainder of the region totalling 68,000 square feet (+1.7%) and the effect of the reclassification of the fully occupied 366 Bay Street to active properties in Q3 2024 (+0.2%). The increase in in-place occupancy in Other markets was primarily driven by positive in-place absorption in the region of 141,000 square feet (+3.3%) net of the negative impact of the reclassification of 606-4th Building & Barclay Parkade to properties under development in Q4 2024 (-0.4%). Lease commencements for the quarter: For the three months ended June 30, 2025, excluding temporary leasing, 52,000 square feet of leases commenced in Toronto downtown at net rents of $36.59 per square foot, or 4.2% higher compared to the previous rent on the same space with a weighted average lease term of 6.2 years. In the Other markets region, excluding temporary leasing, 22,000 square feet of leases commenced at $21.12 per square foot, or 6.2% higher than the previous rent on the same space with a weighted average lease term of 11.3 years. NAV per unit (6)(16): As at June 30, 2025, our NAV per unit decreased to $54.56 compared to $59.47 at December 31, 2024. The decrease in NAV per unit relative to December 31, 2024 was driven by fair value losses on investment properties primarily due to changes in assumptions and maintenance capital and leasing cost write-offs in both regions, impairment recognized on a VTB mortgage receivable during Q1, the sale of 5,893,083 Dream Industrial REIT units below carrying value during Q1 and Q2, as well as fair value losses on interest rate swap contracts, partially offset by cash flow retention (FFO net of distributions). As at June 30, 2025, equity per the condensed consolidated financial statements was $1.0 billion. Fair value adjustments to investment properties for the quarter: For the three months ended June 30, 2025, the Trust recorded a fair value loss totalling $32.4 million, comprising fair value losses of $12.0 million in Toronto downtown, $16.9 million in Other markets and $3.6 million in our properties under development. Fair value losses in Toronto downtown were primarily driven by a write-down at one property valued by a qualified external valuation professional, expansions in cap rates and write-offs of maintenance capital spend, partially offset by increases in in-place market rents at certain properties. Fair value losses in the Other markets region were primarily driven by a write-down at one property resulting from a change in valuation assumptions. Fair value losses in our properties under development were primarily driven by revised leasing timelines. Fair value adjustments to financial instruments: For the three months ended June 30, 2025, the Trust recorded fair value gains of $8.8 million. Fair value gains in the current quarter consisted of $4.2 million of gains from remeasurements on rate swap contracts, as well as $4.0 million and $0.7 million in gains from the remeasurement of the carrying value of subsidiary redeemable units and DTUs, respectively, as a result of a decrease in the Trust's unit price relative to March 31, 2025. CONFERENCE CALL Management will host a conference call to discuss the financial results on Friday, August 8, 2025, at 10:00 a.m. (ET). To access the conference call, please dial 1-833-752-4470 in Canada or 647-849-3272 elsewhere. To access the conference call via webcast, please go to Dream Office REIT's website at and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be archived for 90 days. OTHER INFORMATION Information appearing in this press release is a selected summary of results. The condensed consolidated financial statements and Management's Discussion and Analysis ('MD&A') of the Trust are available at and on Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 4.0 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world. For more information, please visit our website at (1) Excludes properties held for sale and investments in joint ventures that are equity accounted at the end of each period. (2) Excludes properties under development, properties held for sale and investments in joint ventures that are equity accounted at the end of each period. (3) FFO is a non-GAAP financial measure. The most directly comparable financial measure to FFO is net income. The tables included in the Appendices section of this press release reconcile FFO for the three months ended June 30, 2025 and June 30, 2024 to net income. FFO is not a standardized financial measure under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP financial measure please refer to the statements under the heading 'Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures' in this press release. (4) Comparative properties NOI is a non-GAAP financial measure. The most directly comparable financial measure to comparative properties NOI is net rental income. The tables included in the Appendices section of this press release reconcile comparative properties NOI for the three months ended June 30, 2025 and June 30, 2024 to net rental income. Comparative properties NOI is not a standardized financial measure under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP financial measure, please refer to the statements under the heading 'Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures' in this press release. (5) Diluted FFO per unit is a non-GAAP ratio. Diluted FFO per unit is calculated as FFO (a non-GAAP financial measure) divided by diluted weighted average number of units. Diluted FFO per unit is not a standardized financial measure under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP ratio, please refer to the statements under the heading 'Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures' in this press release. A description of the determination of the diluted weighted average number of units can be found in the management's discussion and analysis of the financial condition and results of operations of the Trust for the three months ended June 30, 2025 and June 30, 2024, dated August 7, 2025 (the 'MD&A for the second quarter of 2025') in the section 'Supplementary Financial Measures and Other Disclosures' under the heading 'Weighted average number of units'. (6) On February 22, 2024, the Trust implemented the Unit Consolidation of all the issued and outstanding REIT Units, Series A, REIT Units, Series B, Special Trust Units and subsidiary redeemable units on the basis of one (1) post-consolidation unit for every two (2) pre-consolidation units. All unit and per-unit amounts disclosed reflect the post-Unit Consolidation units for all periods presented. (7) CBRE Canada Office Figures Q2 2025 and Q4 2020-Q1 2021. (8) CMHC Rental Market Survey. (9) Weighted average face rate of interest on debt is calculated as the weighted average face rate of all interest-bearing debt balances excluding debt in joint ventures that are equity accounted. (10) Interest coverage ratio (times) is a non-GAAP ratio. Interest coverage ratio comprises trailing 12-month adjusted EBITDAFV divided by trailing 12-month interest expense on debt. Adjusted EBITDAFV, trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense on debt are non-GAAP measures. The tables in the Appendices section reconcile adjusted EBITDAFV to net income for the three and six months ended June 30, 2025 and June 30, 2024 and for the year ended December 31, 2024 and trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense on debt to adjusted EBITDAFV and interest expense on debt, respectively, for the trailing 12-month period ended June 30, 2025. Interest coverage ratio (times), adjusted EBITDAFV, trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense on debt are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP ratio and these non-GAAP financial measures, please refer to the statements under the heading 'Non-GAAP Financial Measures and Ratios and Supplementary Financial Measures' in this press release. (11) Net total debt-to-normalized adjusted EBITDAFV ratio (years) is a non-GAAP ratio. Net total debt-to-normalized adjusted EBITDAFV comprises net total debt (a non-GAAP financial measure) divided by normalized adjusted EBITDAFV (a non-GAAP financial measure). Normalized adjusted EBITDAFV comprises adjusted EBITDAFV (a non-GAAP financial measure) adjusted for NOI from sold properties in the quarter. Net total debt-to-normalized adjusted EBITDAFV ratio (years) and net total debt are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP ratio and these non-GAAP financial measures, please refer to the statements under the heading 'Non-GAAP Financial Measures and Ratios and Supplementary Financial Measures' in this press release. (12) Level of debt (net total debt-to-net total assets) is a non-GAAP ratio. Net total debt-to-net total assets comprises net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). The tables in the Appendices section reconcile net total debt and net total assets to total debt and total assets, the most directly comparable financial measures to these non-GAAP financial measures, respectively, as at June 30, 2025 and December 31, 2024. Level of debt (net total debt-to-net total assets), net total debt and net total assets are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP ratio and these non-GAAP financial measures, please refer to the statements under the heading 'Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures' in this press release. (13) Cash and undrawn revolving credit facilities is a non-GAAP financial measure. The most directly comparable financial measure to cash and undrawn credit facilities is cash and cash equivalents. The tables included in the Appendices section of this press release reconcile cash and undrawn revolving credit facilities to cash and cash equivalents as at June 30, 2025 and December 31, 2024. Cash and undrawn revolving credit facilities is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP financial measure please refer to the statements under the heading 'Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures' in this press release. (14) Total liquidity is a non-GAAP financial measure. The most directly comparable financial measure to total liquidity is cash and cash equivalents. The tables included in the Appendices section of this press release reconcile total liquidity to cash and cash equivalents as at June 30, 2025 and December 31, 2024. Total liquidity is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP financial measure please refer to the statements under the heading 'Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures' in this press release. (15) Total number of REIT A and LP B units includes 2.6 million LP B Units which are classified as a liability under IFRS Accounting Standards. (16) NAV per unit is a non-GAAP ratio. NAV per unit is calculated as Total equity (including subsidiary redeemable units) (a non-GAAP financial measure) divided by the total number of REIT A and LP B units outstanding at the end of the period. Total equity (including subsidiary redeemable units) is a non-GAAP measure. The most directly comparable financial measure to total equity (including subsidiary redeemable units) is total equity. The tables included in the Appendices section of this press release reconcile total equity (including subsidiary redeemable units) to total equity as at June 30, 2025 and December 31, 2024. NAV per unit is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP financial measure please refer to the statements under the heading 'Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures' in this press release. Expand NON-GAAP FINANCIAL MEASURES, RATIOS AND SUPPLEMENTARY FINANCIAL MEASURES The Trust's condensed consolidated financial statements are prepared in accordance with International Financial Reporting Accounting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards'). In this press release, as a complement to results provided in accordance with IFRS Accounting Standards, the Trust discloses and discusses certain non-GAAP financial measures, including FFO, comparative properties NOI, cash and undrawn revolving credit facilities, total liquidity, adjusted EBITDAFV, trailing 12-month adjusted EBITDAFV, trailing 12-month interest expense on debt, net total debt, net total assets, normalized adjusted EBITDAFV – annualized and total equity (including subsidiary redeemable units) and non-GAAP ratios, including diluted FFO per unit, level of debt (net total debt-to-net total assets), interest coverage ratio, net total debt-to-normalized adjusted EBITDAFV and NAV per unit, as well as other measures discussed elsewhere in this release. These non-GAAP financial measures and ratios are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. The Trust has presented such non-GAAP financial measures and non-GAAP ratios as Management believes they are relevant measures of the Trust's underlying operating and financial performance. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release are expressly incorporated by reference from the MD&A for the second quarter of 2025 and can be found under the section 'Non-GAAP Financial Measures and Ratios" and respective sub-headings labelled 'Funds from operations and diluted FFO per unit', "Comparative properties NOI', 'Level of debt (net total debt-to-net total assets)', 'Net total debt-to-normalized adjusted EBITDAFV ratio (years)', 'Interest coverage ratio (times)', 'Available liquidity', 'Total equity (including subsidiary redeemable units)', 'Adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments ('adjusted EBITDAFV')', 'Trailing 12-month Adjusted EBITDAFV and trailing 12-month interest expense on debt', and ' NAV per Unit'. The MD&A for the second quarter of 2025 is available on SEDAR+ at under the Trust's profile and on the Trust's website at under the Investors section. Non-GAAP financial measures should not be considered as alternatives to net income, net rental income, cash flows generated from (utilized in) operating activities, cash and cash equivalents, total assets, non-current debt, total equity, or comparable metrics determined in accordance with IFRS Accounting Standards as indicators of the Trust's performance, liquidity, leverage, cash flow, and profitability. Reconciliations for FFO, comparative properties NOI, available liquidity, adjusted EBITDA, and total equity (including subsidiary redeemable units) to the nearest comparable IFRS Accounting Standards measure are contained at the end of this press release. 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; statements regarding the value and quality of our portfolio, the effect of the Trust's leasing strategy on the return on invested capital, occupancy at our buildings, property value, cash flows, liquidity and refinancing value; our strategies to reduce risk and improve the value of individual assets within the portfolio; the Trust's growing confidence in the office market and potential stabilization in the downtown Toronto office market; the Trust's focus on delivering stable operational and financial performance by reducing risk, improving liquidity and increasing occupancy; future increases in committed occupancy and net operating income; the effect of portfolio positioning on long-term performance; the effect of portfolio renovations on portfolio competitiveness, tenant demand and tenant quality; the effect of building improvements on tenant experience and building quality and performance and higher rents; our ability to complete leases that are conditional or in an advanced stage of negotiation; the Trust's ability to pursue renewals with existing tenants and sign long-term leases with tenants with strong covenants; our expectation that occupancy spreads will narrow leading to higher future net operating income; our development, redevelopment, renovation and intensification plans, including timelines, square footage, our ability to lease properties under development and other project characteristics, including in respect of 67 Richmond Street West and 606-4th building; the profitability and value of contemplated development projects; the effect of redevelopment projects on leasing risk, income diversity, portfolio quality, portfolio risk and portfolio value; the effect of contemplated development projects on building operational and financial risk; market demand for modernized space and the effect of model suites on leasing demand, leasing timelines and tenant quality at 67 Richmond Street West; our future capital requirements and cost to complete development projects; the potential to find joint venture partners for contemplated developments and the effect of such joint ventures on construction and balance sheet risk; including consummating discussions with respect to the 606-4th building; our expectations that the Trust's strategy for the 606-4th building will derisk the asset, increase net operating income and improve value; our plans to secure a construction management contract for the development project at 606-4th building; the expectation that we will be able to use our CIB Facility to fund development costs for certain projects; our ability to increase building performance and achieve certain energy efficiency and greenhouse gas reduction goals, including in respect of specific properties and of retrofits made in connection with the CIB Facility; expectations regarding our financing undertakings, including our ability to address future debt maturities; capital allocation, investments and expected benefits; the use of proceeds from dispositions and the effect of those uses on leverage and liquidity; prospective leasing activity, including with respect to our strategy to attract future potential tenants; the safety of our business; and our overall financial performance, profitability, value, safety and liquidity for future periods and years. Forward-looking statements generally can be identified by words such as 'outlook', 'objective', 'may', 'will', 'would', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'should', 'could', 'likely', 'plan', 'project', 'budget', 'continue' or similar expressions suggesting future outcomes or events. 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 Office REIT'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, general and local economic and business conditions, including in respect of real estate; mortgage and interest rates and regulations; inflation; 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 associated with unexpected or ongoing geopolitical events, including disputes between nations, war, terrorism or other acts of violence; the uncertainties around the availability, timing and amount of future equity and debt financings; development risks including construction costs, project timings and the availability of labour; NOI from development properties on completion; the impact of duties, tariffs and other trade restrictions on the Trust; the effect of government restrictions on leasing and building traffic; the ability of the Trust and its tenants to access government programs; the financial condition of tenants and borrowers; employment levels; the uncertainties around the timing and amount of future financings; leasing risks, including those associated with the ability to lease vacant space and properties under development; rental rates on future leasing; and interest and currency rate fluctuations. Our objectives and forward-looking statements are based on certain assumptions, which include but are not limited to: that the general economy remains stable; our interest costs will be relatively low and stable; that we will have the ability to refinance our debts as they mature; inflation and interest rates will not materially increase beyond current market expectations; conditions within the real estate market remain consistent; the timing and extent of current and prospective tenants' return to the office; our future projects and plans will proceed as anticipated; that government restrictions on the ability of us and our tenants to operate their businesses at our properties will not be imposed in any material respects; competition for acquisitions remains consistent with the current climate; and that the capital markets continue to provide ready access to equity and/or debt to fund our future projects and plans. All forward-looking information in this press release speaks as of the date of this press release. Dream Office REIT 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 contained in Dream Office REIT's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dream Office REIT's website at Adjusted EBITDAFV Three months ended Six months ended Year ended June 30, June 30, June 30, June 30, December 31, 2025 2024 2025 2024 2024 Net loss for the period $ (41,787) $ (21,941) $ (74,970) $ (10,075) $ (104,934) Add (deduct): Interest – debt 15,511 16,096 31,862 31,518 65,051 Interest – subsidiary redeemable units 654 654 1,308 1,526 2,835 Current and deferred income taxes expense (recovery), net 135 (511) 259 (354) (2,290) Depreciation on property and equipment 1 98 2 120 121 Fair value adjustments to investment properties 32,449 24,594 51,232 41,887 114,589 Fair value adjustments to financial instruments (8,811) 7,071 (2,697) (12,603) 221 Net loss (income) from investment in Dream Industrial REIT 23,636 (2,391) 31,856 (5,445) (10,425) Distributions earned from Dream Industrial REIT 1,338 2,369 3,596 4,738 9,477 Share of net loss (income) from investment in joint ventures (16) (51) 134 120 (336) Non-cash items included in investment properties revenue (1) 2,868 1,933 5,690 4,757 9,122 Change in provisions (238) 53 (74) 103 230 Lease termination fees and other (103) (480) (434) (483) (1,202) Impairment of VTB mortgage receivable — — 2,278 — 29,199 Internal leasing costs and net losses on transactions 534 961 4,196 1,565 3,122 Adjusted EBITDAFV for the period $ 26,171 $ 28,455 $ 54,238 $ 57,374 $ 114,780 (1) Includes adjustments for straight-line rent and amortization of lease incentives. Expand Trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense on debt Trailing 12-month period ended June 30, 2025 Adjusted EBITDAFV for the six months ended June 30, 2025 $ 54,238 Add: Adjusted EBITDAFV for the year ended December 31, 2024 114,780 Less: Adjusted EBITDAFV for the six months ended June 30, 2024 (57,374) Trailing 12-month adjusted EBITDAFV $ 111,644 Expand Trailing 12-month period ended June 30, 2025 Interest expense on debt for the six months ended June 30, 2025 $ 31,862 Add: Interest expense on debt for the year ended December 31, 2024 65,051 Less: Interest expense on debt for the six months ended June 30, 2024 (31,518) Trailing 12-month interest expense on debt $ 65,395 Expand Level of debt (net total debt-to-net total assets) Amounts included in condensed consolidated financial statements June 30, December 31, 2025 2024 Non-current debt $ 1,199,391 $ 956,076 Current debt 21,161 351,538 Total debt 1,220,552 1,307,614 Add: Debt related to assets held for sale — 68,887 Less: Cash on hand (1) (17,985) (17,545) Net total debt $ 1,202,567 $ 1,358,956 Total assets 2,337,773 2,584,927 Less: Cash on hand (1) (17,985) (17,545) Net total assets $ 2,319,788 $ 2,567,382 Net total debt-to-net total assets 51.8% 52.9% (1) Cash on hand represents cash on hand at period-end, excluding cash held in co-owned properties and joint ventures that are equity accounted. Expand Net total debt-to-normalized adjusted EBITDAFV ratio (years) June 30, December 31, 2025 2024 Non-current debt $ 1,199,391 $ 956,076 Current debt 21,161 351,538 Total debt 1,220,552 1,307,614 Add: Debt related to assets held for sale — 68,887 Less: Cash on hand (1) (17,985) (17,545) Net total debt $ 1,202,567 $ 1,358,956 Adjusted EBITDAFV – quarterly 26,171 28,691 Less: NOI of disposed properties for the quarter (61) (635) Normalized adjusted EBITDAFV – quarterly $ 26,110 $ 28,056 Normalized adjusted EBITDAFV – annualized $ 104,440 $ 112,224 Net total debt-to-normalized adjusted EBITDAFV ratio (years) 11.5 12.1 (1) Cash on hand represents cash on hand at period-end, excluding cash held in co-owned properties and joint ventures that are equity accounted. Expand Total equity (including subsidiary redeemable units) and NAV per unit Unitholders' equity June 30, 2025 December 31, 2024 Number of units Amount Number of units (1) Amount Unitholders' equity 16,364,952 $ 1,837,931 16,337,348 $ 1,837,446 Deficit — (847,933) — (764,786) Accumulated other comprehensive income — 3,063 — 7,863 Equity per condensed consolidated financial statements 16,364,952 993,061 16,337,348 1,080,523 Add: Subsidiary redeemable units 2,616,911 42,577 2,616,911 46,738 Total equity (including subsidiary redeemable units) 18,981,863 $ 1,035,638 18,954,259 $ 1,127,261 NAV per unit (1) $ 54.56 $ 59.47 (1) On February 22, 2024, the Trust implemented the Unit Consolidation of all the issued and outstanding REIT Units, Series A, REIT Units, Series B, Special Trust Units and subsidiary redeemable units on the basis of one (1) post-consolidation unit for every two (2) pre-consolidation units. All unit and per unit amounts disclosed reflect the post-Unit Consolidation units for all periods presented. Expand
