Dream Unlimited Corp. Class A · TSX:DRM
Dream Unlimited Corp. Class A — Q3 2025 Earnings Presentation
22 slides from Dream Unlimited Corp. Class A's earnings presentation, Nov 12, 2025
Slide 1: Supplemental Information Q3 2025
Supplemental Information Q3 2025 All numbers are as at September 30, 2025 unless otherwise stated. All currency is in Canadian dollars unless otherwise stated.
Slide 2: Performance Highlights
1 Performance Highlights $28 billion $28.9 million $26.73*** Q3 2025 margin assets under management1 book value per share2 from core business** Results for the third quarter were solid with the following notable highlights: Asset management: • In the third quarter, our asset management business gene
Slide 3: $28 billion AUM
2 $28 billion AUM1 Asset Western Canada Income Other Management Development Properties Investments** Multi-family rentals Boutique Hotels 4 Public Funds* & Approx. 8,500 acres Western Canada retail Dream Group Unit Holdings 6 Private Funds across four cities GTA/Ottawa Development*** Distillery Dist
Slide 4: Publicly Traded and Private Vehicles
Asset Management 3 Publicly Traded and Private Vehicles 4 Publicly Traded Vehicles * 6 Private Vehicles • Dream Summit Industrial JV • Dream Europe Multi-Family • Dream Impact Fund • Dream U.S. Multi-Family JV • Dream U.S. Industrial Fund • Dream Canadian Multi-Family JV * On August 21, 2025, Dream
Slide 5: Asset Management Segment Revenue
Asset Management 4 Asset Management Segment Revenue Revenue by Fee Type ($M) $20.0 $75.0 $70.4 $18.5 $14.5 $55.0 $13.8 $0.9 $50.0 $12.6 $2.3 $7.1 $1.3 $3.4 $38.7 $5.3 $39.1 $5.3 $10.0 $39.5 $9.9 $10.0 $7.7 $37.1 $5.8 $25.0 $8.4 $29.8 $22.6 $— $— Q3 QTD 2024 Q3 QTD 2025 2022 2023 2024 Q3 YTD 2025 Not
Slide 6: Our Land Bank
Western Canada Development 5 Our Land Bank We have approx. 8,500 acres of land available for development in 2,939 acres 3,181 acres Saskatoon, SK Regina, SK Western Canada inclusive of 2,300 acres under development 1,664 acres 736 acres in the next 12 months at Calgary, AB Edmonton, AB Coopertown an
Slide 7: Land Sales Under Commitment
Western Canada Development 6 Land Sales Under Commitment* Lot Acre Total Committed Revenue Recognized Commitments Commitments** Revenue to Date 2025*** 652 217 $152.8M $65.9M 2026 336 38 $94.4M n/a 2027**** — 29 $27.5M n/a Total 988 284 $274.7M $65.9M * As of November 7, 2025. ** Acre sales commitme
Slide 8: Income Properties Division Overview
Income Properties 7 Division Overview Multi-family Rental Retail/Commercial Properties (Market and Affordable) Located in core urban areas including the GTA Retail/commercial/office GLA across Canada, and National Capital Region, in addition to including the Distillery District in Toronto. mid-rise
Slide 9: Rental Pipeline
Income Properties 8 Rental Pipeline Between 2025 and 2027, an additional 1,109 apartment units comprising approximately 1.0 million sf of residential GFA is expected to occupy adding to our NOI3 from our income properties portfolio (at our standalone share). At 100% project level At Dream's standalo
Slide 10: Increasing NOI from Income Properties
Income Properties 9 Increasing NOI from Income Properties3 Dream has income properties of $928.7 million and growing, which will continue to become a larger part of the Company’s assets and income as we build-out our development pipeline. Of this amount, $207.6 million is currently under constructio
Slide 11: Dream Group Holdings
Other Investments 10 Dream Group Holdings Dream Impact Fund Dream Office REIT Dream Impact Trust Dream Residential REIT* Units owned 5.8M 5.9M 6.9M 2.3M % ownership 32.0% 31.2% 37.2% 11.9% *On August 21, 2025, Dream Residential REIT announced that it had entered into an agreement to sell its trust u
Slide 12: September 30, 2025 Balance Sheet - Standalone
Financial Highlights 11 September 30, 2025 Balance Sheet - Standalone Standalone by Division Western Canada Assets Income properties Asset management Other investments Corporate development Investment Properties 928.7 928.7 — — — — Stabilized 721.1 721.1 — — — — Under development 207.6 207.6 — — — —
Slide 13: Segmented Statement of Earnings (Three Months)
Segmented Statement of Earnings For the three months ended September 30, 2025 Dream Impact Trust, 12 Western Consolidation and fair value Asset Income Canada Other Total adjustments(1) and Dream management properties development investments Corporate Standalone standalone adjustments(1) Consolidated
Slide 14: Segmented Statement of Earnings (Nine Months)
Segmented Statement of Earnings For the nine months ended September 30, 2025 13 Dream Impact Trust, Western Consolidation and fair value Asset Income Canada Other Total adjustments(1) and Dream management properties development investments Corporate Standalone standalone adjustments(1) Consolidated
Slide 15: Composition of FFO
Financial Highlights 14 Composition of FFO5 FFO by division: For the three months ended September 30, For the nine months ended September 30, (in thousands of dollars, except per share and outstanding share amounts) 2025 2024 2025 2024 Asset management $ 10,977 $ 5,704 $ 27,651 $ 41,669 Income prope
Slide 16: Appendix: Non-GAAP Measures and Other Disclosures
15 Appendix: Non-GAAP Measures and Other Disclosures
Slide 17: Disclaimers - Specified Financial Measures and Other Disclosures - Dream
16 Disclaimers - Specified Financial Measures and Other Disclosures - Dream Throughout this presentation, there are references to certain non-GAAP financial measures and ratios and supplementary financial measures in respect of Dream, including: assets under management, fee earning assets under mana
Slide 18: Dream standalone FFO and adjusted standalone FFO
17 "Dream standalone FFO" and "Dream adjusted standalone FFO" are non-GAAP financial measures that we consider key measures of our financial performance on a pre-tax basis. Dream standalone FFO is calculated as the sum of FFO for all of our divisions, excluding Dream Impact Trust and consolidation a
Slide 19: FFO by division
18 FFO by division: FFO by division: For the three months ended September 30, For the nine months ended September 30, (in thousands of dollars, except per share and outstanding share amounts) 2025 2024 2025 2024 Asset management(1) $ 10,977 $ 5,704 $ 27,651 $ 41,669 Income properties 236 1,888 1,749
Slide 20: Net margin to Net operating income
19 “Net operating income" represents revenue, less (i) direct operating costs and (ii) selling, marketing, depreciation and other indirect costs, but including: (iii) depreciation; and (iv) general and administrative expenses. The most directly comparable financial measure to net operating revenue i
Slide 21: Disclaimers
20 Disclaimers Forward Looking Information Certain information herein contains or incorporates statements that constitute forward-looking information within the meaning of applicable securities legislation, including, but not limited to, statements regarding our objectives and strategies to achieve
Slide 22: Endnotes
21 Endnotes 1. “Assets Under Management" or “AUM" represents a non-GAAP measure. For Dream’s definition of AUM, please refer to the slide titled 'Disclaimers - Specified Financial Measures and Other Disclosures - Dream". AUM is not a standardized financial measure under GAAP and may not be comparabl