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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.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.
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