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Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
DREAM Unlimited
DREAM Unlimited (DRM) investor relations material
DREAM Unlimited Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Fourth quarter 2025 was strong, capping a robust year with significant progress in Western Canada and asset management growth, setting up positive momentum for 2026 and beyond.
Assets under management reached $28 billion as of December 31, 2025, with all major business segments contributing to growth.
Two significant transactions completed in Q4, including a $3 billion joint venture (Dream DCI JV) with CPP Investments and Dream Industrial REIT, generating a $44.8 million incentive fee.
Advanced major Toronto development projects, including 49 Ontario and Quayside, with construction and reorganization milestones achieved.
Maintained a conservative operational approach, focusing on liquidity preservation amid market volatility.
Financial highlights
Q4 2025 revenue was $211.7 million, up from $192.3 million in Q4 2024; net margin was $97.3 million (45.9%).
Q4 net earnings were CAD 56.2 million, down from CAD 135.7 million in the prior year due to a one-time gain in 2024.
Asset management division generated Q4 revenue of $61.5 million and net margin of $52.9 million, up significantly year-over-year, driven by incentive and separation fees.
Western Canada Development posted Q4 net margin of $42.5 million, with 438 lot sales and 204 acre sales.
Income properties Q4 revenue was $16.7 million, with NOI of $8.4 million, both up from the prior year, reflecting strong lease-up in Saskatoon.
Outlook and guidance
Nearly $150 million in land pre-sales commitments secured for 2026–2027, up $28 million from last quarter, mainly in key Western Canada communities.
Asset management expected to continue growing, with new ventures and incentive fees anticipated in 2026.
Western Canada Development expects improved results in 2026 as delayed lot sales are recognized.
952 rental units and 0.8 million sq ft of GLA are under construction, expected to complete between 2026 and 2027, supporting future income property growth.
Annual dividend per share increased from $0.65 to $0.70, effective March 2026.
How does the Dream DCI JV impact future fees?
What is the outlook for Western Canada sales commitments?
What drives increased NCIB activity in 2026?
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Next DREAM Unlimited earnings date
Q1 202612 May, 2026
DREAM Unlimited
Next DREAM Unlimited earnings date
Q1 202612 May, 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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