DREAM Unlimited Corp
TSX:DRM

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DREAM Unlimited Corp Logo
DREAM Unlimited Corp
TSX:DRM
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Price: 19.64 CAD -0.96%
Market Cap: 802.5m CAD

DREAM Unlimited Corp
Investor Relations

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

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 12, 2025
AI Summary
Q3 2025

Strong Core Results: Dream Unlimited reported solid third quarter core operating results, with net margin up notably from the prior year.

Segment Growth: Asset Management, Western Canada Development, and Income Properties all saw positive momentum, with asset management poised for margin and AUM growth.

Sales Commitments: Western Canada presales commitments rose to $275 million, up $71 million from last quarter, supporting earnings visibility into 2026–2027.

Liquidity & Buybacks: The company ended the quarter with $328 million in liquidity, spent $8 million on share repurchases, and expects to pause further buybacks for now.

Income Properties: Leasing activity improved, with most new buildings over 90% leased and income property NOI rising year-over-year.

Asset Management Outlook: Management is confident in exceeding $30 billion AUM by 2026 and expects a strong year for profits in 2026.

Strategic Flexibility: Dream is open to further supporting Dream Impact Trust with internal lending and is considering future structural options for its asset management platform.

Key Financials
Net Margin (Core Operating Business)
$24.1 million
Net Earnings (Q3, Stand-Alone)
$27.4 million
Asset Management Revenue
$14.5 million
Asset Management Net Margin
$11 million
Western Canada Development Revenue
$61.6 million
Western Canada Development Net Margin
$11.4 million
Income Properties Revenue
$13.1 million
Income Properties NOI
$6.5 million
Other Investment Revenue
$14.2 million
Other Investment Net Margin
-$3.2 million
Share Repurchases
$8 million
Liquidity
$328 million
Income Properties (Balance Sheet Value, Sept 30)
$928.7 million
Western Canada Presales Commitments
$275 million
Earnings Call Recording
Other Earnings Calls

Management

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

Contacts

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