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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.
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Q2 2025 earnings summary13 Aug, 2025

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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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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