Dream Impact Trust (MPCT) Q4 2025 earnings summary

Executive summary

• Progress made on five-year strategic plan, focusing on key development projects, risk reduction, and liquidity enhancement.

• Advanced Quayside and 49 Ontario projects, targeting over 2,800 multi-residential units upon completion.

• Achieved strong leasing momentum in the multi-family portfolio, with 94% occupancy and Maple House stabilized.

• Dispositions for 2026 are limited, with potential deferral of one sale due to strong liquidity.

Financial highlights

• Q4 2025 net loss of CAD 23.5 million, compared to CAD 8.3 million net loss in prior year, mainly due to fair value adjustments and non-recurring expenses.

• Year-end net loss was CAD 54.0 million.

• Same-property NOI from multifamily properties rose to CAD 2.8 million from CAD 2.5 million year-over-year, driven by improved occupancy and higher rents.

• Portfolio committed occupancy at 94% as of December 31, 2025.

• Total assets at year-end were CAD 646.0 million, with total liabilities of CAD 296.1 million and unitholders' equity of CAD 349.9 million.

Outlook and guidance

• Near-term multifamily pipeline expected to deliver nearly 1,500 units over next two years.

• Construction at Quayside expected to commence by end of 2026, subject to financing milestones.

• 49 Ontario projected to generate CAD 120 million (CAD 6/share) in equity by 2030.

• Expectation to draw full CAD 50 million Dream loan in 2026, with backup plans for further capital if needed.

• Anticipation of improved market conditions as new supply slows and existing supply is absorbed.