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DREAM Unlimited (DRM) investor relations material
DREAM Unlimited Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Strong third-quarter performance with net margin rising to CAD 24.1 million (23.7%), up from CAD 9.8 million (15.6%) year-over-year, and net earnings of CAD 27.4 million, including fair value adjustments.
Assets under management reached $28 billion as of September 30, 2025, with continued base fee growth and new mandates pursued.
Major business drivers included asset management, income properties, and Western Canada land development, with significant progress in land pre-sales and leasing activity.
Dream Residential REIT agreed to be acquired at an 18% premium, expected to generate over $35 million in gross proceeds in Q4 2025.
Year-to-date, $20.6 million was returned to shareholders via dividends, and 0.4 million shares were repurchased.
Financial highlights
Q3 2025 revenue was $114.6 million, up from $95.7 million year-over-year; net margin rose to $27.2 million (23.7%) from $14.9 million (15.6%).
Asset management revenue and net margin: $14.5 million and $11.0 million, up from $13.8 million and $6.6 million year-over-year.
Income properties revenue and NOI: $13.1 million and $6.5 million, up from $11.1 million and $4.9 million year-over-year.
Western Canada development posted $11.4 million in net margin, up from $7.1 million in the prior year, with 137 lot sales, 13 acre sales, and 34 housing occupancies.
Available liquidity at quarter-end was $328 million, with $221 million in debt maturities expected over the next 12 months.
Outlook and guidance
Fourth quarter expected to be the strongest, with bulk of lot and acre sales back-ended and DRR transaction expected to close in Q4 2025.
Over 1,109 apartment units (1.0 million sf) are expected to be completed between 2025 and 2027, supporting future NOI growth.
Land pre-sale commitments for 2025-2027 total $274.7 million, with $65.9 million recognized to date.
Asset management business anticipated to have a strong profit year in 2026, with AUM likely to exceed CAD 30 billion by year-end 2026.
Company well positioned for the next 12-24 months despite macroeconomic uncertainties.
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Next DREAM Unlimited earnings date
Q4 202525 Feb, 2026
Next DREAM Unlimited earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Dream Unlimited Corp. is a leading real estate asset management and development company with assets under management in North America and Europe. Dream has an established track record for being innovative and for its ability to source, structure, and execute on a wide range of real estate investment opportunities. Their diversified portfolio includes residential land, multi-family development, commercial, industrial and infrastructure opportunities. Dream is also active in the renewable energy and infrastructure sectors through its partnership with Dream Industrial REIT.
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