Dream Impact Trust
Q2 Report 2024
Table of Contents
Management's Discussion and Analysis | 1 |
Condensed Consolidated Financial Statements | 31 |
Notes to the Condensed Consolidated Financial Statements | 35 |
MANAGEMENT'S DISCUSSION AND ANALYSIS
(All dollar amounts in our tables are presented in thousands of Canadian dollars, except unit and per unit amounts, unless otherwise stated)
This Management's Discussion and Analysis ("MD&A") is dated as of, and reflects all material events up to, August 6, 2024, the date on which this MD&A was approved by the Board of Trustees of the Trust ("Board of Trustees").
When we refer to terms such as "we", "us" and "our", we are referring to Dream Impact Trust (the "Trust"), Dream Impact Master LP ("MPCT LP") and its subsidiaries. When we refer to the term "units" we are referring to the units of the Trust. When we refer to "unitholders" we are referring to holders of the units of the Trust.
Certain comparative results have been reclassified to conform to the presentation adopted in the current period.
1. OVERVIEW AND OVERALL FINANCIAL PERFORMANCE
1.1 OVERVIEW OF THE TRUST
Dream Impact Trust is an open-ended trust dedicated to impact investing. Impact investing is the intention of creating measurable positive, social, or environmental change in our communities and for our stakeholders, while generating attractive financial returns. The Trust's underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and recurring income. The units of the Trust are listed on the Toronto Stock Exchange ("TSX") under the symbol "MPCT.UN".
The Trust is managed by Dream Asset Management Corporation ("DAM" or the "Asset Manager"), a subsidiary of Dream Unlimited Corp. ("Dream Unlimited" or "Dream") (TSX: DRM), which is one of Canada's leading real estate companies, with approximately $25 billion of assets under management in North America and Europe. On January 1, 2018, Dream acquired control of the Trust, for accounting purposes, based on Dream's increased exposure to variable returns resulting from increased ownership through units held in the Trust and from new real estate joint venture agreements. The ultimate controlling party of the Trust is Michael Cooper, President and Chief Responsible Officer of DAM and Dream. As of June 30, 2024, Dream has a 35.8% ownership interest in the Trust.
1.2 OUR STRATEGY AND OPERATING SEGMENTS
Our fundamental objectives are to:
- Create positive and lasting impacts for our stakeholders through our three impact verticals: environmental sustainability and resilience, attainable and affordable housing, and inclusive communities.
- Balance the growth and stability of the portfolio, increasing cash flow and unitholders' equity over time.
- Provide investors with a portfolio of high-quality real estate assets, concentrated in core geographic markets, leveraging an experienced management team.
We work towards these objectives by operating our business under two distinct segments:
- Recurring income - comprised of a portfolio of commercial real estate income properties and multi-family rental assets in the Greater Toronto Area ("GTA") and Ottawa/Gatineau, and a utility asset.(1)
- Development - comprised of direct and indirect investments in residential and mixed-use developments.
- Relates to Zibi Community Utility. For further details, refer to Section 10.1, "Summary of Impact Investments" of this MD&A.
Recurring income is important to our business as it provides stable returns in order to fund our ongoing fixed operating costs and interest costs. Over time, we expect this segment to grow, as we build out our extensive development pipeline and further invest in best-in-class income properties.
We believe the Trust's development segment represents a portfolio of high-quality assets located in core geographic markets that would not otherwise be accessible in a public vehicle. These assets represent a significant source of growth for the Trust, which we expect will generate future income and cash flows over time as the projects are developed. Assets may be built for sale or built to hold for the long term.
Due to the nature of development, the Trust expects fluctuations in earnings from period to period from this segment. Typically, assets may be acquired and held for a number of years before development commences or contribution to net
Dream Impact Trust 2024 Second Quarter | 1
income is realized. However, depending on a variety of factors, including location, market conditions, density, and asset class, the value of these projects may appreciate as we progress through the rezoning and pre-development process. Our development segment is expected to generate attractive returns and value creation over time. We also believe our portfolio will be more resilient and valuable because it is comprised of assets that are considered impact investments.
In line with our overarching strategy to be a dedicated impact investment vehicle, we utilize assets in both operating segments to generate positive impact across our verticals. These verticals are aligned with the widely recognized and accepted United Nations Sustainable Development Goals and are:
- Environmental sustainability and resilience - develop sustainable real estate that optimizes energy use, limits greenhouse gas ("GHG") emissions, and reduces water use and waste while also creating resiliency against natural disasters and major climatic events.
- Attainable and affordable housing - invest in mixed-income communities that are transit-oriented, located close to employment opportunities, and support an overall lower relative cost of living with a high quality of life.
- Inclusive communities - intentionally design and program communities that are safe and inclusive for everyone. This includes creating spaces that encourage mental and physical health, and wellness.
As of June 30, 2024, substantially all of our portfolio qualified under the Trust's definition of an impact investment or in the impact planning stage. Over the next few years, we intend to wind down or exit remaining non-impact investments and increase our financial flexibility from our build-to-sell assets.
1.3 BUSINESS UPDATE - Q2 2024
During the three months ended June 30, 2024, the Trust completed the disposition of a non-core investment and repatriated capital from two long-term loans outstanding for $9.7 million. The Trust also went firm on sales agreements for 10 Lower Spadina and 349 Carlaw, which are anticipated to close in the third quarter of 2024. Including these sales and activity during the period, the Trust has secured cash proceeds of $42.0 million, exceeding our goals for the year.
The Trust had previously reported that $105.7 million of debt at its proportionate share from equity accounted investments would come due in 2024. The Trust made steady progress over the past quarter relating to these maturities, repaying $57.7 million of construction debt at IVY Condos and extending $10.0 million related to commercial properties until mid-2026. The remaining debt maturing in 2024 relates to passive investments with low leverage and is currently in the process of being extended. For further details refer to the "Capital Resources and Liquidity" section of this MD&A.
During the three months ended June 30, 2024, the Trust broke ground on construction for Dream LeBreton. Dream LeBreton is adjacent to the light rail station and is in close proximity to the Zibi development. Upon completion in 2027, the net zero carbon development will comprise 608 multi-family rental units, including an affordable component. The Trust has a 33.3% ownership interest and to date has invested $6.4 million into the development. Subsequent to June 30, 2024, first draws were made on the government affiliated construction loan secured with a fixed interest rate carrying a ten-year term.
Subsequent to June 30, 2024, Toronto City Council approved zoning for phase 1 of the Quayside development. The development is expected to create 2,800 residential units, including 458 affordable rental housing units as part of a 2.1 million sf mixed-use community.
Income from the development segment is expected to fluctuate period to period and not contribute meaningfully to earnings until development milestones are achieved and/or project inventory is available for occupancy. While mindful of our capital spend and liquidity needs, on a strategic basis we continue to make advancements for select assets in the pre- development stage. Most notably, we are continuing to work through financing opportunities for the re-development of 49 Ontario St., which will better position the Trust to identify partnership opportunities to develop the site which allows for 800,000 sf of residential density. Further updates will be provided as milestones are achieved.
Dream Impact Trust 2024 Second Quarter | 2
FINANCIAL HIGHLIGHTS OF THE TRUST
Three months ended June 30, | Six months ended June 30, | ||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||
Condensed consolidated results of operations | |||||||||||||
Net loss | $ | (4,756) | $ | (8,663) | $ | (10,178) | $ | (12,020) | |||||
Net income (loss) per unit(1) | (0.27) | (0.51) | (0.57) | (0.71) | |||||||||
Units outstanding - end of period | 17,972,778 | 17,131,410 | 17,972,778 | 17,131,410 | |||||||||
Units outstanding - weighted average | 17,784,395 | 17,074,075 | 17,753,305 | 16,984,710 | |||||||||
As at | June 30, 2024 | March 31, 2024 December 31, 2023 | |||||||||||
Condensed consolidated financial position | |||||||||||||
Total unitholders' equity | $ | 421,485 | $ | 426,710 | $ | 428,657 | |||||||
Total unitholders' equity per unit⁽¹⁾ | 23.45 | 23.99 | 24.39 | ||||||||||
Total debt | 278,176 | 273,370 | 270,056 | ||||||||||
Total debt payable(2) | 280,680 | 276,130 | 273,065 | ||||||||||
Total assets | 706,795 | 707,063 | 707,426 | ||||||||||
Debt-to-asset value(3) | 39.7% | 39.1% | 38.6% | ||||||||||
Cash | 10,045 | 4,337 | 6,176 |
- Total unitholders' equity per unit and net income (loss) per unit are supplementary financial measures. Please refer to the "Specified Financial Measures and Other Disclosures" section of this MD&A.
- Total debt payable is a non-GAAP financial measure. Please refer to the "Specified Financial Measures and Other Disclosures" section of this MD&A. Total debt payable is not a standardized financial measure under IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and might not be comparable to similar measures disclosed by other issuers.
- Debt-to-assetvalue is a non-GAAP ratio. Please refer to the "Specified Financial Measures and Other Disclosures" section of this MD&A. Debt-to-asset value is not a standardized financial measure under IFRS Accounting Standards and might not be comparable to similar measures disclosed by other issuers.
During the three months ended June 30, 2024, the Trust reported a net loss of $4.8 million compared to $8.7 million in the prior year. The change in earnings was attributable to net fair value adjustments on certain commercial properties and completed developments year over year ($5.7 million), occupancy income from condominiums at Brightwater ($3.5 million), and recoveries achieved from the Trust's interest in the Vegas hotel ($2.8 million). Partially offsetting this was a loss on disposition of the Trust's investment in 100 Steeles ($5.6 million) and higher interest expense within the Trust's equity accounted investments ($1.0 million).
Similarly, during the six months ended June 30, 2024, the Trust reported a net loss of $10.2 million compared to $12.0 million in the prior year. Included in the six months ended June 30, 2024, was a gain on sale of a non-core investment.
As at June 30, 2024, the Trust had total liquidity(1) of $21.8 million, comprised of cash-on-hand and funds available under the Trust's credit facility. As at June 30, 2024, the Trust's debt-to-asset value(1) was 39.7% an increase from 39.1% as at March 31, 2024 driven by drawings on corporate level debt, the net impact of fair value adjustments, partially offset by cash proceeds from non-core investments received in the period. Refer to the "Capital Resources and Liquidity" section of this MD&A.
- Debt-to-assetvalue is a non-GAAP ratio. Total liquidity is a supplementary financial measure. Please refer to the Specified Financial Measures and Other Disclosures section of this MD&A.
Dream Impact Trust 2024 Second Quarter | 3
SEGMENTED RESULTS OF OPERATIONS - THREE MONTHS ENDED JUNE 30, 2024
Recurring | ||||||||
Development | income | Other⁽¹⁾ | Total | |||||
INCOME | ||||||||
Lending portfolio interest income and lender fees | $ | - | $ | - | $ | 16 | $ | 16 |
Income properties revenue | - | 6,045 | - | 6,045 | ||||
Share of losses from equity accounted investments | (2,034) | (6,507) | - | (8,541) | ||||
TOTAL INCOME (LOSS) | (2,034) | (462) | 16 | (2,480) | ||||
EXPENSES | ||||||||
Income properties, operating | - | (2,459) | - | (2,459) | ||||
Interest expense | (494) | (2,363) | (1,280) | (4,137) | ||||
General and administrative | - | - | (1,333) | (1,333) | ||||
TOTAL EXPENSES | (494) | (4,822) | (2,613) | (7,929) | ||||
Fair value adjustments to income properties | - | 63 | - | 63 | ||||
OPERATING LOSS | (2,528) | (5,221) | (2,597) | (10,346) | ||||
Interest and other income | - | 38 | 3,130 | 3,168 | ||||
EARNINGS (LOSS) BEFORE INCOME TAX RECOVERY | (2,528) | (5,183) | 533 | (7,178) | ||||
INCOME TAX RECOVERY | ||||||||
Deferred income tax recovery | - | - | 2,422 | 2,422 | ||||
TOTAL INCOME TAX RECOVERY | - | - | 2,422 | 2,422 | ||||
NET INCOME (LOSS) | $ | (2,528) | $ | (5,183) | $ | 2,955 | $ | (4,756) |
OTHER COMPREHENSIVE LOSS | ||||||||
Share of other comprehensive loss from equity accounted investments, net of tax | (566) | (161) | - | (727) | ||||
Fair value adjustments to derivative financial liabilities hedge, net of tax | - | (461) | - | (461) | ||||
TOTAL OTHER COMPREHENSIVE LOSS | (566) | (622) | - | (1,188) | ||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | (3,094) | $ | (5,805) | $ | 2,955 | $ | (5,944) |
SEGMENTED RESULTS OF OPERATIONS - THREE MONTHS ENDED JUNE 30, 2023
Recurring | ||||||||
Development | income | Other⁽¹⁾ | Total | |||||
INCOME | ||||||||
Lending portfolio interest income and lender fees | $ | - | $ | - | $ | 400 | $ | 400 |
Income properties revenue | - | 4,318 | - | 4,318 | ||||
Share of income (loss) from equity accounted investments | (413) | 805 | - | 392 | ||||
TOTAL INCOME (LOSS) | (413) | 5,123 | 400 | 5,110 | ||||
EXPENSES | ||||||||
Income properties, operating | - | (2,296) | - | (2,296) | ||||
Interest expense | (426) | (2,470) | (1,278) | (4,174) | ||||
General and administrative | - | - | (1,674) | (1,674) | ||||
TOTAL EXPENSES | (426) | (4,766) | (2,952) | (8,144) | ||||
Fair value adjustments to income properties | - | (9,843) | - | (9,843) | ||||
OPERATING LOSS | (839) | (9,486) | (2,552) | (12,877) | ||||
Interest and other income | - | 24 | 251 | 275 | ||||
Fair value adjustments to financial instruments | - | - | 308 | 308 | ||||
LOSS BEFORE INCOME TAX RECOVERY | (839) | (9,462) | (1,993) | (12,294) | ||||
INCOME TAX RECOVERY | ||||||||
Deferred income tax recovery | - | - | 3,631 | 3,631 | ||||
TOTAL INCOME TAX RECOVERY | - | - | 3,631 | 3,631 | ||||
NET INCOME (LOSS) | $ | (839) | $ | (9,462) | $ | 1,638 | $ | (8,663) |
OTHER COMPREHENSIVE INCOME | ||||||||
Share of other comprehensive income from equity accounted investments, net of tax | 1,496 | 921 | - | 2,417 | ||||
Fair value adjustments to derivative financial liabilities hedge, net of tax | - | 2,521 | - | 2,521 | ||||
TOTAL OTHER COMPREHENSIVE INCOME | 1,496 | 3,442 | - | 4,938 | ||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 657 | $ | (6,020) | $ | 1,638 | $ | (3,725) |
- Includes other Trust amounts not specifically related to the segments.
Dream Impact Trust 2024 Second Quarter | 4
SEGMENTED RESULTS OF OPERATIONS - SIX MONTHS ENDED JUNE 30, 2024
Recurring | ||||||||
Development | income | Other⁽¹⁾ | Total | |||||
INCOME | ||||||||
Lending portfolio interest income and lender fees | $ | - | $ | - | $ | 180 | $ | 180 |
Income properties revenue | - | 10,546 | - | 10,546 | ||||
Share of losses from equity accounted investments | (3,978) | (8,288) | - | (12,266) | ||||
TOTAL INCOME (LOSS) | (3,978) | 2,258 | 180 | (1,540) | ||||
EXPENSES | ||||||||
Income properties, operating | - | (4,941) | - | (4,941) | ||||
Interest expense | (976) | (4,751) | (2,610) | (8,337) | ||||
General and administrative | - | - | (2,916) | (2,916) | ||||
TOTAL EXPENSES | (976) | (9,692) | (5,526) | (16,194) | ||||
Fair value adjustments to income properties | - | (2,790) | - | (2,790) | ||||
OPERATING LOSS | (4,954) | (10,224) | (5,346) | (20,524) | ||||
Interest and other income | 2,747 | 105 | 2,875 | 5,727 | ||||
Fair value adjustments to financial instruments | - | - | 7 | 7 | ||||
EARNINGS (LOSS) BEFORE INCOME TAX RECOVERY | (2,207) | (10,119) | (2,464) | (14,790) | ||||
INCOME TAX RECOVERY | ||||||||
Deferred income tax recovery | - | - | 4,612 | 4,612 | ||||
TOTAL INCOME TAX RECOVERY | - | - | 4,612 | 4,612 | ||||
NET INCOME (LOSS) | $ | (2,207) | $ | (10,119) | $ | 2,148 | $ | (10,178) |
OTHER COMPREHENSIVE INCOME | ||||||||
Share of other comprehensive income from equity accounted investments, net of tax | 495 | 345 | - | 840 | ||||
Fair value adjustments to derivative financial liabilities hedge, net of tax | - | 1,106 | - | 1,106 | ||||
TOTAL OTHER COMPREHENSIVE INCOME | 495 | 1,451 | - | 1,946 | ||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | (1,712) | $ | (8,668) | $ | 2,148 | $ | (8,232) |
SEGMENTED RESULTS OF OPERATIONS - SIX MONTHS ENDED JUNE 30, 2023
Recurring | ||||||||
Development | income | Other⁽¹⁾ | Total | |||||
INCOME | ||||||||
Lending portfolio interest income and lender fees | $ | - | $ | - | $ | 795 | $ | 795 |
Income properties revenue | - | 8,729 | - | 8,729 | ||||
Share of loss from equity accounted investments | (969) | 479 | - | (490) | ||||
TOTAL INCOME (LOSS) | (969) | 9,208 | 795 | 9,034 | ||||
EXPENSES | ||||||||
Income properties, operating | - | (4,709) | - | (4,709) | ||||
Interest expense | (602) | (4,599) | (2,771) | (7,972) | ||||
General and administrative | - | - | (3,862) | (3,862) | ||||
TOTAL EXPENSES | (602) | (9,308) | (6,633) | (16,543) | ||||
Fair value adjustments to income properties | - | (10,300) | - | (10,300) | ||||
OPERATING LOSS | (1,571) | (10,400) | (5,838) | (17,809) | ||||
Interest and other income | - | 39 | 365 | 404 | ||||
Fair value adjustments to financial instruments | - | - | 401 | 401 | ||||
LOSS BEFORE INCOME TAX RECOVERY (EXPENSE) | (1,571) | (10,361) | (5,072) | (17,004) | ||||
INCOME TAX RECOVERY (EXPENSE) | ||||||||
Current income tax expense | - | - | (1) | (1) | ||||
Deferred income tax recovery | - | - | 4,985 | 4,985 | ||||
TOTAL INCOME TAX RECOVERY | - | - | 4,984 | 4,984 | ||||
NET LOSS | (1,571) | (10,361) | (88) | (12,020) | ||||
OTHER COMPREHENSIVE INCOME | ||||||||
Share of other comprehensive income from equity accounted investments, net of tax | 1,496 | 253 | - | 1,749 | ||||
Fair value adjustment to derivative financial liabilities hedges, net of tax | - | 1,922 | - | 1,922 | ||||
TOTAL OTHER COMPREHENSIVE INCOME | 1,496 | 2,175 | - | 3,671 | ||||
TOTAL COMPREHENSIVE LOSS | $ | (75) | $ | (8,186) | $ | (88) | $ | (8,349) |
- Includes other Trust amounts not specifically related to the segments.
Dream Impact Trust 2024 Second Quarter | 5
TOTAL INCOME (LOSS)
Total loss for the three and six months ended June 30, 2024 was $2.5 million and $1.5 million compared to total income of $5.1 million and $9.0 million in the prior year, respectively. The decrease was primarily a result of the loss on the sale of 100 Steeles, fair value adjustments and higher interest expense within the Trust's equity accounted investments. This was partially offset by occupancy income from the Brightwater condos.
TOTAL EXPENSES
Total expenses for the three and six months ended June 30, 2024 were $7.9 million and $16.2 million, a decrease of $0.2 million and $0.3 million from the prior year, respectively. The decrease was driven by reduced asset management fees as a result of the Trust's amended Management Agreement with DAM and the Trust's unit price on settlement date. Partially offsetting this were fluctuations in deferred compensation expense and higher interest expense on the Trust's consolidated debt based on timing of financing.
Dream Impact Trust 2024 Second Quarter | 6
1.4 SUMMARY OF PORTFOLIO ASSETS
The following table includes supplementary information on certain assets in our portfolio as at June 30, 2024. Please refer to Section 10.1, "Summary of Impact Investments" of this MD&A for additional information on certain of these investments in our development and recurring income segments.
RECURRING INCOME SEGMENT
Total | |||||||||
In-place/ | commercial | In-place/ | |||||||
Dream | Total | Residential | committed | and retail | committed | ||||
Impact Trust | Accounting | Impact | residential | GFA(2) | residential | GLA(3) | commercial | ||
Project/property | ownership | treatment | status(1) | units | (at 100%) | occupancy | (at 100%) | occupancy | |
Downtown Toronto & GTA: | |||||||||
Commercial: | |||||||||
Sussex Centre | 50.1% | Joint operation | I, E | - | - | - | 655,000 | 77.8 % | |
49 Ontario Street(4) | 100.0% | Consolidated | TBD | - | TBD | - | 88,000 | 87.7 % | |
10 Lower Spadina | 100.0% | Consolidated | I, E | - | - | - | 61,000 | 100.0 % | |
349 Carlaw | 100.0% | Consolidated | I, E | - | - | - | 34,000 | 72.7 % | |
68-70 Claremont Street | 100.0% | Consolidated | I, E | - | - | - | 30,000 | 100.0 % | |
76 Stafford Street | 100.0% | Consolidated | I, E | - | - | - | 25,000 | - % | |
Berkeley properties(4), (5) | 100.0% | Consolidated | TBD | - | - | - | 14,000 | 39.8 % | |
Equity | |||||||||
34 Madison | 40.0% | accounted | I | - | - | - | 8,000 | 100.0 % | |
Equity | |||||||||
Plaza Imperial | 40.0% | accounted | n/a | - | - | - | 35,000 | 84.6 % | |
Equity | |||||||||
Plaza Bathurst | 40.0% | accounted | n/a | - | - | - | 24,000 | 100.0 % | |
Multi-Family Rental: | |||||||||
Equity | |||||||||
Weston Common | 33.3% | accounted | A, I, E | 841 | 692,000 | 97.5 % | 52,000 | 98.5 % | |
Equity | |||||||||
Robinwood Portfolio | 33.3% | accounted | A, I, E | 286 | 156,000 | 93.4 % | - | - | |
Equity | |||||||||
70 Park | 50.0% | accounted | I, E | 210 | 257,000 | 95.7 % | - | - | |
Equity | |||||||||
262 Jarvis | 33.3% | accounted | I, E | 71 | 35,000 | 85.9 % | - | - | |
Equity | |||||||||
786 Southwood | 50.0% | accounted | A, I, E | 24 | 37,000 | 100.0 % | - | - | |
Equity | |||||||||
111 Cosburn | 50.0% | accounted | I, E | 23 | 14,000 | 91.3 % | - | - | |
Maple House at Canary Landing | Equity | ||||||||
(WDL Block 8) | 25.0% | accounted | A, I, E | 770 | 624,000 | 62.9 % | 4,000 | - | |
Equity | |||||||||
IVY Rentals | 75.0% | Accounted | n/a | 12 | 10,000 | 66.7 % | - | - | |
Total Downtown Toronto & | |||||||||
GTA | 2,237 | 1,825,000 | 84.3 % | 1,030,000 | 79.7 % | ||||
Zibi (Ottawa/Gatineau): | |||||||||
Commercial: | |||||||||
Equity | |||||||||
Natural Sciences Building | 50.0% | accounted | I, E | - | - | - | 186,000 | 93.4 % | |
Equity | |||||||||
15 Rue Jos-Montferrand | 50.0% | accounted | I, E | - | - | - | 53,000 | 81.2 % | |
Equity | |||||||||
310 Miwate Private | 50.0% | accounted | I, E | - | - | - | 33,000 | 100.0 % | |
Multi-Family Rental: | |||||||||
Equity | |||||||||
Aalto Suites | 50.0% | accounted | A, I, E | 162 | 135,000 | 88.3 % | 1,000 | - | |
Equity | |||||||||
Aalto II | 50.0% | accounted | A, I, E | 148 | 127,000 | 62.8 % | 4,000 | - | |
Other: | |||||||||
Equity | |||||||||
Zibi Community Utility | 20.0% | accounted | E | - | - | - | - | - | |
Total Zibi (Ottawa/Gatineau) | 310 | 262,000 | 76.1 % | 277,000 | 90.2 % | ||||
Total projects in the recurring income | |||||||||
segment | 2,547 | 2,087,000 | 83.3 % | 1,307,000 | 82.2 %` |
- Investments will align with the following impact verticals as outlined in Section 1.2, "Our Strategy and Operating Segments": A-Attainable and affordable housing; I-Inclusive communities; and E-Environmental sustainability and resilience.
- Residential gross floor area ("GFA").
- Gross leasable area ("GLA").
- Identified with redevelopment potential. Asset is currently occupied with tenants paying rental income. The above statistics do not reflect approved rezoning density.
- The Berkeley properties are a land assembly adjacent to 49 Ontario Street and part of the asset's longer-term development plan.
Dream Impact Trust 2024 Second Quarter | 7
DEVELOPMENT SEGMENT
Total | Total | |||||||
residential | commercial | |||||||
Dream | units at | Residential | and retail | |||||
Property | Impact Trust | Impact | completion | GFA(3) | GLA(3) | Occupancy | ||
Project/property | type | ownership | Status/type | status(1) | (at 100%)(2) | (at 100%) | (at 100%) | date |
Development segment | ||||||||
Downtown Toronto & GTA: | ||||||||
Brightwater Towns | Build to sell | 23.3% | Under | I, E | 106 | 237,000 | - | 2024 |
construction | ||||||||
Birch House at Canary Landing | Various | 25.0% | Under | I, E | 444(4) | 335,000 | 26,000 | 2024 |
construction | ||||||||
The Mason (Brightwater) | Build to sell | 23.3% | Under | I, E | 158 | 128,000 | 5,000 | 2025 |
construction | ||||||||
Cherry House at Canary Landing | Build to hold | 25.0% | Under | A, I, E | 855 | 811,000 | 32,000 | 2026 |
construction | ||||||||
Bridge House (Brightwater) | Build to sell | 23.3% | Planning | I, E | 484 | 392,000 | - | 2027 |
Brightwater future blocks | Build to sell | 23.3% | Planning | I, E | 1,952 | 2,441,000 | 257,000 | 2025-2032 |
Forma - East Tower | Build to sell | 25.0% | Under | I, E | 864 | 590,000 | 1,000 | 2028 |
construction | ||||||||
Quayside(5) | ||||||||
Various | 12.5% | Planning | A, I, E | 4,600 | 3,220,000 | 240,000 | 2031-2035 | |
West Don Lands Block 20 | Build to hold | 25.0% | Planning | A, I, E | 653 | 571,000 | 255,000 | TBD |
Victory Silos | TBD | 37.5% | Planning | TBD | 1,500 | 1,200,000 | 100,000 | TBD |
Forma - West Tower | Build to sell | 25.0% | Planning | n/a | 1,170 | 885,000 | 223,000 | 2032 |
Scarborough Junction | Build to sell | 45.0% | Planning | n/a | 6,619 | 5,270,000 | 165,000 | TBD |
673 Warden | Build to sell | 2.5% | Planning | I | TBD | TBD | TBD | TBD |
Seaton | Build to sell | 7.0% | Planning | n/a | TBD | TBD | TBD | TBD |
Total Downtown Toronto & GTA | 19,405 | 16,080,000 | 1,304,000 | |||||
Zibi (Ottawa/Gatineau): | ||||||||
In occupancy/ | ||||||||
Block 206 | Build to hold | 50.0% | under | A, I, E | 188 | 196,000 | 11,000 | 2024 |
construction | ||||||||
Block 207 | Build to hold | 50.0% | Under | I, E | - | - | 76,000 | 2024 |
construction | ||||||||
Future blocks | Various | 50.0% | Planning | A, I, E | 1,978 | 1,292,000 | 1,891,000 | TBD |
Other (Ottawa/Gatineau): | ||||||||
Dream LeBreton(6) | Build to hold | 33.3% | Under | A, I, E | 608 | 410,000 | 26,000 | 2027 |
construction | ||||||||
Total Ottawa/Gatineau | 2,774 | 1,898,000 | 2,004,000 | |||||
Total projects in the development and investment holdings segment | 22,179 | 17,978,000 | 3,308,000 |
- Investments will align with the following impact verticals as outlined in Section 1.2, "Our Strategy and Operating Segments": A - Attainable and affordable housing; I - Inclusive communities; E - Environmental sustainability and resilience.
- Residential units and GLA are at 100% project level and include planned units and GLA, which are subject to change pending various development approvals. Planned residential units may be developed as condominium units or purpose-built rentals as supported by market demand, targeted studies and return objectives. For projects currently in occupancy, residential units reflect remaining units in inventory to be occupied in future periods.
- Total commercial and retail GLA and GFA, include planned GLA and GFA, which are subject to change pending various development approvals.
- This figure includes 238 rental units, which the Trust considers build to hold, as well as a 206-unit condo building invested in by Dream.
- Of the 4,600 units, 869 units will not be held by the Trust for the long term. These stats reflect the full 12 acre site build-out and are subject to change.
- Of the 608 units, 133 units are expected to be owned by a not-for-profit.
Dream Impact Trust 2024 Second Quarter | 8