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DREAM Unlimited (DRM) investor relations material
DREAM Unlimited Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Assets under management reached $28 billion as of June 30, 2025, with a $2.5 billion year-over-year increase and a shift toward more private assets.
Major land approvals in Regina and Saskatoon, and progress in Alpine Park, signal long-term growth in Western Canada land and income property segments.
Income property portfolio expanded from 69 to nearly 1,000 units in seven years, with NOI and occupancy growth driven by new developments.
Segment reporting was updated to better reflect business management and simplify disclosures.
Q2 2025 results were in line with management expectations and net asset value.
Financial highlights
Q2 2025 asset management revenue was $11.6M and net margin $6.9M, down from $27.5M and $22.8M in Q2 2024 due to lower performance fees.
Income properties generated $12.2M in revenue and $6.8M NOI, up year-over-year due to lease-up of rentals in Western Canada and Zibi.
Western Canada development achieved 44 lot sales and 19 housing occupancies, net margin $1.1M; prior year included large land sales.
Q2 2025 consolidated net loss was $25.0M, compared to net income of $64.2M in Q2 2024.
Available liquidity at quarter-end was $345M, with $218M in 2025 debt maturities under advanced renewal discussions.
Outlook and guidance
Most 2025 income is expected in the second half, with lot sales in Western Canada driving Q3 and Q4 results.
Western Canada land and income properties are projected to deliver increasing, predictable profits over the next decade.
Asset management anticipates organic AUM growth and potential new mandates in late 2025 or early 2026.
Over 1,029 rental units and 0.7M sf of GLA are under construction, expected to complete in the next three years.
Construction at Coopertown (Regina) is anticipated to begin in late 2025, pending financing and pre-sales.
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