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Dream Impact Trust
Dream Impact Trust (MPCT) investor relations material
Dream Impact Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Reported a net loss of $10.3 million for Q3 2025, compared to $7.6 million in Q3 2024, mainly due to deferred tax recovery, fair value adjustments, and a non-recurring property tax assessment.
Achieved over 90% occupancy in key purpose-built rental assets, with strong leasing momentum and a 15% increase since June 30, 2025.
Progressed on major development projects, including Fortin on Ontario, 49 Ontario St, and Quayside, with construction and demolition activities advancing.
Extended Fairfax Debenture to 2031 and secured a $15 million loan from Dream, enhancing liquidity and financial flexibility.
Suspended monthly distributions and DRIP as of February 2024 to preserve liquidity.
Financial highlights
NOI from recurring income was $4.4 million in Q3 2025, up from $4.2 million in Q3 2024; multi-family rental NOI was $2.3 million, up from $2.0 million.
Same property NOI was $1.7 million, stable year-over-year, with occupancy at 95%.
Total unitholders' equity at September 30, 2025 was $370.2 million, or $20.10 per unit.
Debt-to-asset value increased to 41.8% from 41.3% at June 30, 2025.
Cash on hand as of September 30, 2025 was $7.6 million.
Outlook and guidance
Over 2,600 new residential units are expected to be completed in the next five years, contributing to recurring income.
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.
Ongoing focus on advancing projects, leasing apartments, and securing financing despite challenging housing market conditions.
No significant rent increases expected in the near term; expects historic average rent growth from current levels.
How do PPPs enhance project viability?
Update on land loan reduction target and timeline.
How will new supply impact future rent growth?
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Next Dream Impact Trust earnings date
Q4 20259 Feb, 2026
Dream Impact Trust
Next Dream Impact Trust earnings date
Q4 20259 Feb, 2026
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Frequently asked questions
Dream Hard Asset Alternatives Trust is designed to provide exposure to investments in hard asset alternatives, including real estate, infrastructure, and natural resources. The Trust is a multiple alternative mutual fund that seeks to seek long-term total return principally through tax-efficient distributions and capital appreciation while limiting volatility by monitoring diversification and exposure limits.
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