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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
DREAM Unlimited
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
Q3 2025 saw strong performance in asset management, income properties, and Western Canada development, with AUM reaching $28 billion and significant progress on key projects like Coopertown in Regina.
Net margin for Q3 2025 was $27.2 million (23.7%), up from $14.9 million (15.6%) year-over-year, while revenue rose to $114.6 million.
Dream Residential REIT agreed to be acquired at an 18% premium, with over $35 million in gross proceeds expected in Q4 2025 and a $10.5 million non-cash impairment recorded.
Year-to-date, $20.6 million was returned to shareholders via dividends, and 0.4 million shares were repurchased.
Leasing activity improved, with apartment occupancy rising to 82.3% from 80.3% sequentially.
Financial highlights
Q3 2025 asset management revenue and net margin were $14.5 million and $11.0 million, up from $13.8 million and $6.6 million year-over-year.
Income properties generated $13.1 million in revenue and $6.5 million in NOI, compared to $11.1 million and $4.9 million in Q3 2024.
Western Canada development posted $61.6 million in revenue and $11.4 million in net margin, up from $7.1 million in the prior year.
Other investments generated $14.2 million in revenue but had a negative net margin of $3.2 million, reflecting low occupancy and fixed costs.
Gross margin for Q3 2025 was $37.6 million (32.9% of revenue), up from $24.4 million (25.5%) in Q3 2024.
Outlook and guidance
$274.7 million in land pre-sale commitments expected to be recognized between 2025 and 2027, with $65.9 million recognized to date.
Over 1,109 apartment units (1.0 million sf) are expected to be completed between 2025 and 2027, supporting future NOI growth.
Fourth quarter expected to be the strongest, with bulk of lot and acre sales back-ended.
Proceeds from the sale of Dream Residential REIT units are expected to improve liquidity and support capital allocation.
Expects income properties segment to grow as new developments are completed and stabilized.
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Next DREAM Unlimited earnings date
Q4 202525 Feb, 2026
DREAM Unlimited
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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