Dream Impact Trust (MPCT) investor relations material

Executive summary

• Achieved significant progress in project development and leasing despite a challenging Ontario housing market, with innovative approaches to affordability and public-private partnerships.

• Completed extension of Fairfax convertible debentures to 2031 and secured a $15 million loan from Dream, enhancing liquidity and financial flexibility.

• Achieved over 90% occupancy in purpose-built rental assets in lease-up, a 15% increase since June 30, 2025.

• Progressed on development projects at Fortin on Ontario, 49 Ontario St, and Quayside, with construction and demolition draws imminent.

• Targeting a portfolio composition of 90% apartments by 2030, supported by low-cost debt and stabilized cash flows.

Financial highlights

• Reported a Q3 2025 net loss of CAD 10.3 million, compared to a net loss of CAD 7.6 million in Q3 2024, mainly due to deferred tax recoveries, fair value adjustments, and a non-recurring property tax assessment.

• Same property NOI was CAD 1.7 million, stable year-over-year, with occupancy at 95%.

• Multifamily assets in Leaside reached 90% leasing, up from 75% last quarter.

• Total assets stood at $656.9 million and total liabilities at $286.7 million as of September 30, 2025.

• Total unitholders' equity per unit was $20.10, down from $21.99 at December 31, 2024.

Outlook and guidance

• Lease-up assets expected to stabilize and contribute to increased recurring earnings over the next year.

• Anticipates positive cash flow upon completion of Fortin on Ontario and stronger cash flows after Keyside, expected by 2030.

• Expects to reduce land loans by CAD 140 million this year, with some delays but generally on target.

• Demolition at 49 Ontario St to begin soon, with construction loan draws to follow; Quayside development to commence in the second half of 2026.

• No significant rent increases expected in the near term; expects historic average rent growth from current levels.