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Dream Residential REIT (DRR-U) investor relations material
Dream Residential REIT Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 saw a 1.1% year-over-year increase in comparative properties NOI to $6.4 million, with net rental income rising to $8.2 million, driven by higher investment properties revenue.
Diluted FFO per Unit remained steady at $0.18, as incremental NOI gains were offset by lower interest and other income and higher interest expense.
Portfolio occupancy improved to 95.2% at quarter-end, up from 93.3% in Q1 2025, with regional occupancy rates ranging from 94.8% to 96.3%.
The ongoing strategic review aims to maximize unitholder value, with no timeline or decisions announced.
Financial highlights
Net income for Q2 2025 was $0.8 million, down from $3.3 million in Q2 2024, impacted by negative fair value adjustments to investment properties and financial instruments.
FFO for Q2 2025 was $3.5 million, consistent with the prior year.
Comparative properties NOI margin was 51.9% in Q2 2025, slightly lower than 52.6% in Q2 2024.
NAV per Unit increased to $13.44 from $13.39 at year-end 2024.
Distributions declared totaled $0.105 per Unit for the quarter.
Outlook and guidance
Management remains focused on prudent capital allocation, operational efficiency, and maintaining a conservative balance sheet.
Incremental gains in rent and NOI are expected to continue, supported by value-add initiatives and leasing momentum.
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