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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.
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Q3 2025 earnings summary4 Nov, 2025

Executive summary

  • Q3 2025 saw continued progress on leasing and development, with major projects like Fortin on Ontario, Keyside, 49 Ontario St, and Quayside advancing despite a challenging Ontario housing market and economic headwinds.

  • Innovative public-private partnerships, government support, and development charge waivers have enabled affordable housing initiatives and cost reductions.

  • The portfolio is shifting toward apartments, targeting 90% by 2030, with a focus on stabilized cash flow and reduced risk.

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

  • Reduced land loan exposure by over $100 million in 2025, including extensions with no repayment required.

Financial highlights

  • Q3 2025 net loss was 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, timing of condo occupancies, and a non-recurring property tax assessment.

  • Same property NOI was CAD 1.7 million, flat year-over-year; multi-family rental NOI was $4.2 million, and recurring income NOI was $4.4 million for Q3 2025.

  • Multifamily leasing improved, with Leaside assets 90% leased, up from 75% last quarter, and purpose-built rental assets in lease-up exceeding 90% occupancy.

  • Development segment reported a net loss of CAD 1.4 million, impacted by timing of condo occupancies and fair value changes.

  • Over CAD 119 million in debt was reduced during the quarter, with total consolidated debt at $274.5 million and total assets at $656.9 million as of September 30, 2025.

Outlook and guidance

  • Lease-up assets are 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 repay the Fortin on Ontario land loan within 90 days and continue reducing land loans.

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

  • Plans to sell a similar amount of properties as in recent years, with a focus on transitioning to an apartment-centric portfolio.

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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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