Dream Unlimited Corp. Class A · TSX:DRM
Dream Unlimited Corp. Class A — Q1 2026 Earnings Presentation
18 slides from Dream Unlimited Corp. Class A's earnings presentation, May 14, 2026
Slide 1: Supplemental Information Q1 2026
Supplemental Information Q1 2026 All numbers are as at March 31, 2026 unless otherwise stated. All currency is in Canadian dollars unless otherwise stated. Odenak, Ottawa
Slide 2: Performance Highlights
1 Performance Highlights $28 billion $19.6 million $27.99*** Q1 2026 margin assets under management1* book value per share2 from core business** Results for the first quarter were in line with expectations with the following notable highlights: Asset management: • In the first quarter, our asset man
Slide 3: $28 billion AUM across business divisions
2 $28 billion AUM1 Asset Western Canada Income Other Management Development Properties Investments* Multi-family rentals Boutique Hotels 3 Public Funds & Approx. 8,500 acres Western Canada retail Dream Group Unit Holdings 7 Private Funds across four cities GTA/Ottawa Development** Distillery Distric
Slide 4: Publicly Traded and Private Vehicles
Asset Management 3 Publicly Traded and Private Vehicles 3 Publicly Traded Vehicles 7 Private Vehicles • Dream Summit Industrial JV • Dream Europe Multi-Family • Dream Impact Fund • Dream U.S. Multi-Family JV • Dream U.S. Industrial Fund • Dream Canadian Multi-Family JV • Dream DCI JV
Slide 5: Asset Management Segment Revenue
Asset Management 4 Asset Management Segment Revenue Revenue by Fee Type ($M) $100.6 $100.0 $75.0 $72.3 $46.5 $18.5 $55.0 $50.0 $12.6 $7.1 $9.3 $38.7 $5.3 $5.3 $42.0 $41.4 $7.7 $37.1 $25.0 $8.4 $22.6 $15.6 $11.7 $— 2022 2023 2024 2025 Q1 2026 Note: all figures presented on a standalone basis.
Slide 6: Our Land Bank
Western Canada Development 5 Our Land Bank We have approx. 8,500 acres of land 2,970 acres 3,215 acres available for development in Western Saskatoon, SK Regina, SK Canada inclusive of 2,300 acres under development in the next 12 months 1,738 acres 526 acres Calgary, AB Edmonton, AB at Coopertown an
Slide 7: Land Sales Under Commitment
Western Canada Development 6 Land Sales Under Commitment* Brighton, Saskatoon Lot Acre Total Committed Revenue Recognized Commitments Commitments** Revenue to Date 2026 524 86 $152.2M $13.3M 2027*** 9 29 $29.6M n/a Total 533 115 $181.8M $13.3M * As of May 11, 2026. ** Acre sales commitments are refl
Slide 8: Income Properties Division Overview
Income Properties 7 Division Overview Multi-family Rental Retail/Commercial Properties (Market and Affordable) Mid-rise apartments in our Western Canada Retail/commercial/office GLA across Canada, communities, as well as apartments located in including the Distillery District in Toronto. core urban
Slide 9: Rental Pipeline
Income Properties 8 Rental Pipeline Now through 2027, the below pipeline is expected to be completed, contributing to our growing income properties NOI. Zibi, Ottawa & Gatineau At 100% project level At Dream's standalone ownership Total residential Total residential units at Total commercial units a
Slide 10: Future Pipeline of Income Properties
Income Properties 9 Future Pipeline of Income Properties Brightwater Towns, Saskatoon Alpine Park, Calgary Multi-family rental Commercial and Income properties Stabilized value* First occupancy units* retail GLA* Operational** $813,200 $820,000 1,062 779,000 Under Construction/2026 start 212,700 646
Slide 11: Increasing NOI from Income Properties
Income Properties 10 Increasing NOI from Income Properties 3 Dream has investment properties of $1,025.9 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, $212.7 million is currently under dev
Slide 12: Dream Group Holdings
Other Investments 11 Dream Group Holdings Dream Impact Fund Dream Office REIT Dream Impact Trust Dream Industrial REIT* Units owned 5.8M 5.9M 7.5M 0.7M % ownership 32.8% 31.2% 39.1% 0.3% * Dream Industrial REIT units were acquired as part of the settlement of the incentive fee earned in 2025.
Slide 13: March 31, 2026 Balance Sheet - Standalone
Financial Highlights 12 March 31, 2026 Balance Sheet - Standalone Standalone by Division (in millions of dollars, except number of shares and per share amounts) Western Canada Assets Income properties Asset management Other investments Corporate development Investment Properties 1,025.9 1,025.9 — —
Slide 14: Segmented Statement of Earnings
Segmented Statement of Earnings 13 For the three months ended March 31, 2026 Consolidation and fair value adjustments(1) and Dream Asset Income Western Canada Other Dream Impact standalone Consolidated management properties development investments Corporate Total Standalone Trust adjustments(1) Drea
Slide 15: Non-GAAP Measures and Other Disclosures
14 Appendix: Non-GAAP Measures and Other Disclosures Forma, Toronto
Slide 16: Disclaimers - Specified Financial Measures and Other Disclosures
15 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, net operating income, net ass
Slide 17: Supplementary and Other Financial Measures
16 Supplementary and Other Financial Measures "Assets under management ("AUM")" is the respective carrying value of gross assets managed by the Company on behalf of its clients, investors or partners under asset management agreements, development management agreements, advisory, administrative and/o
Slide 18: Endnotes
17 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