Dream Impact Trust
Q3 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, November 4, 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 September 30, 2024, Dream has a 36.3% 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 Third 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 our segments to generate positive impact across our verticals. These verticals are aligned with the widely recognized and accepted United Nations Sustainable Development Goals ("UN SDG") and are:
- Environmental sustainability and resilience - develop real estate with a focus on optimizing energy use (UN SDG 7 - Affordable and Clean Energy, and UN SDG 11 - Sustainable Cities and Communities), limiting greenhouse gas ("GHG") emissions (UN SDG 13 - Climate Action), and reducing water use and waste (UN SDG 12 - Responsible Consumption and Production), with objectives and targets aligned with internationally recognized methodologies.
- 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 September 30, 2024, substantially all of our portfolio qualified under the Trust's definition of an impact investment or was 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 - Q3 2024
During the three months ended September 30, 2024, the Trust closed on the sale of two office buildings, 10 Lower Spadina and 349 Carlaw, for net proceeds of $30.1 million. Funds were immediately used to repay the Trust's credit facility balance and the remaining proceeds are slated for operating costs and capital spend. Completing these asset sales was important to the Trust's liquidity goals, as we make further advancements on stabilizing our multi-family portfolio.
During the three months ended September 30, 2024, CMHC announced a new program, the Frequent Builder Framework, to accelerate the construction of affordable rentals by expediting the application process for established housing providers. As part of the Dream group of companies, the Trust has been identified as eligible for the program. The Trust will continue to pursue financing opportunities with CMHC for the development of our existing and future pipeline of multi-family rental assets.
As previously reported, the Trust has a wholly owned 88,000 square foot ("sf") property in downtown Toronto, referred to as 49 Ontario. The asset, including the adjacent land assembly, is slated for re-development with re-zoning that allows for 800,000 sf of residential density or approximately 1,200 rental units. Over the course of the year, the Trust has been working closely with various levels of government to better position the site for construction commencement and to bring in a partner for re-development. In light of policy changes, interest rate adjustments and favourable financing terms, the project could start construction within the next 12 months. We are continuing to evaluate opportunities to bring in a partner for the $700 million redevelopment and best position the Trust to unlock value from the asset while supporting our liquidity needs. Further updates will be provided as milestones progress.
In October 2024, the construction loan for Brightwater I and II was repaid using closing proceeds from units occupied. Subsequent to September 30, 2024, occupancies at Brightwater Towns (106 units) commenced. The building is 98% sold and expected to close by mid 2025. Construction continues at the Mason (158 units) which is expected to occupy in the first half of 2025.
During the three months ended September 30, 2024, the Trust, alongside Dream, launched the marketing of 3.27 acres of land at the 34-acre Zibi development, referred to as the Capital View Lands. The land, which has construction potential for approximately one million sf of space, is expected to be near the planned future Ottawa Senators arena site. The Capital View Lands are located in Gatineau, Quebec, adjacent to the Ottawa River. By bringing in a partner for the marketed site, we are able to accelerate the development pace for Zibi and reduce the in-place land loan for the project. The Trust has a 50% ownership interest in the Zibi development.
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.
Dream Impact Trust 2024 Third Quarter | 2
FINANCIAL HIGHLIGHTS OF THE TRUST
Three months ended September 30, | Nine months ended September 30, | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
Condensed consolidated results of operations | |||||||||
Net loss | $ | (7,550) | $ | (12,418) | $ | (17,728) | $ | (24,438) | |
Net operating income ("NOI") - recurring income (NOI-recurring income)⁽¹⁾ | 4,213 | 4,191 | 14,412 | 12,866 | |||||
Cash utilized in operating activities | (5,490) | (3,396) | (10,568) | (15,690) | |||||
Net loss per unit(1) | (0.42) | (0.72) | (0.99) | (1.43) | |||||
Units outstanding - end of period | 18,110,940 | 17,287,196 | 18,110,940 | 17,287,196 | |||||
Units outstanding - weighted average | 18,106,406 | 17,260,369 | 17,891,403 | 17,074,952 |
As at | September 30, 2024 | June 30, 2024 December 31, 2023 | ||||
Condensed consolidated financial position | ||||||
Total unitholders' equity | $ | 408,520 | $ | 421,485 | $ | 428,657 |
Total unitholders' equity per unit⁽¹⁾ | 22.56 | 23.45 | 24.39 | |||
Total debt | 271,889 | 278,176 | 270,056 | |||
Total debt payable(2) | 274,330 | 280,680 | 273,065 | |||
Total assets | 691,074 | 706,795 | 707,426 | |||
Debt-to-asset value(3) | 39.7% | 39.7% | 38.6% | |||
Cash | 23,825 | 10,045 | 6,176 |
- Net operating income, NOI-recurring income, net income (loss) per unit and total unitholders' equity 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 September 30, 2024, the Trust reported a net loss of $7.6 million compared to $12.4 million in the prior year. The improvement in earnings was driven by the magnitude and composition of fair value adjustments in each period ($7.7 million), partially offset by normal course transaction costs related to the sale of 10 Lower Spadina and 349 Carlaw ($0.9 million), fluctuation in the deferred income tax recovery ($1.3 million) and interest expense recognized on multi-family assets in the lease-up phase which were previously capitalized ($0.5 million). Per the Trust's accounting policy, interest is no longer capitalized once development assets are substantially complete.
During the nine months ended September 30, 2024, the Trust reported a net loss of $17.7 million compared to $24.4 million in the prior year. The change in earnings year over year was a result of the aforementioned, in addition, to occupancy income achieved at Brightwater I and II condominiums and the net impact of asset dispositions earlier this year.
As at September 30, 2024, the Trust had total cash-on-hand of $23.8 million and a debt-to-asset value(1) of 39.7%, which was consistent with the prior period due to offsetting movements. Refer to the "Capital Resources and Liquidity" section of this MD&A.
- Debt-to-assetvalue is a non-GAAP ratio. Please refer to the Specified Financial Measures and Other Disclosures section of this MD&A.
Dream Impact Trust 2024 Third Quarter | 3
SEGMENTED RESULTS OF OPERATIONS - THREE MONTHS ENDED SEPTEMBER 30, 2024
Recurring | ||||||||
Development | income | Other⁽¹⁾ | Total | |||||
INCOME | ||||||||
Lending portfolio interest income and lender fees | $ | - | $ | - | $ | 18 | $ | 18 |
Income properties revenue | - | 3,825 | - | 3,825 | ||||
Share of income (loss) from equity accounted investments | 464 | (4,200) | - | (3,736) | ||||
TOTAL INCOME (LOSS) | 464 | (375) | 18 | 107 | ||||
EXPENSES | ||||||||
Income properties, operating | - | (2,265) | - | (2,265) | ||||
Interest expense | (507) | (2,357) | (1,349) | (4,213) | ||||
General and administrative | - | - | (1,759) | (1,759) | ||||
TOTAL EXPENSES | (507) | (4,622) | (3,108) | (8,237) | ||||
Fair value adjustments to income properties | - | (1,076) | - | (1,076) | ||||
OPERATING LOSS | (43) | (6,073) | (3,090) | (9,206) | ||||
Interest and other income | - | 33 | 79 | 112 | ||||
Transaction costs on sale of properties | - | (920) | - | (920) | ||||
LOSS BEFORE INCOME TAX RECOVERY | (43) | (6,960) | (3,011) | (10,014) | ||||
INCOME TAX RECOVERY | ||||||||
Deferred income tax recovery | - | - | 2,464 | 2,464 | ||||
TOTAL INCOME TAX RECOVERY | - | - | 2,464 | 2,464 | ||||
NET LOSS | $ | (43) | $ | (6,960) | $ | (547) | $ | (7,550) |
OTHER COMPREHENSIVE LOSS | ||||||||
Share of other comprehensive loss from equity accounted investments, net of tax | (1,754) | (1,028) | - | (2,782) | ||||
Fair value adjustments to derivative financial liabilities hedge, net of tax | - | (3,093) | - | (3,093) | ||||
TOTAL OTHER COMPREHENSIVE LOSS | (1,754) | (4,121) | - | (5,875) | ||||
TOTAL COMPREHENSIVE LOSS | $ | (1,797) | $ | (11,081) | $ | (547) | $ | (13,425) |
SEGMENTED RESULTS OF OPERATIONS - THREE MONTHS ENDED SEPTEMBER 30, 2023
Recurring | ||||||||
Development | income | Other⁽¹⁾ | Total | |||||
INCOME | ||||||||
Lending portfolio interest income and lender fees | $ | - | $ | - | $ | 514 | $ | 514 |
Income properties revenue | - | 4,420 | - | 4,420 | ||||
Share of income (loss) from equity accounted investments | 3,609 | (6,684) | - | (3,075) | ||||
TOTAL INCOME (LOSS) | 3,609 | (2,264) | 514 | 1,859 | ||||
EXPENSES | ||||||||
Income properties, operating | - | (2,363) | - | (2,363) | ||||
Interest expense | (464) | (2,430) | (1,308) | (4,202) | ||||
General and administrative | - | - | (1,674) | (1,674) | ||||
TOTAL EXPENSES | (464) | (4,793) | (2,982) | (8,239) | ||||
Fair value adjustments to income properties | - | (10,073) | - | (10,073) | ||||
OPERATING INCOME (LOSS) | 3,145 | (17,130) | (2,468) | (16,453) | ||||
Interest and other income | - | 32 | 159 | 191 | ||||
Fair value adjustments to financial instruments | - | - | 46 | 46 | ||||
EARNINGS (LOSS) BEFORE INCOME TAX RECOVERY | 3,145 | (17,098) | (2,263) | (16,216) | ||||
INCOME TAX RECOVERY | ||||||||
Deferred income tax recovery | - | - | 3,798 | 3,798 | ||||
TOTAL INCOME TAX RECOVERY | - | - | 3,798 | 3,798 | ||||
NET INCOME (LOSS) | $ | 3,145 | $ | (17,098) | $ | 1,535 | $ | (12,418) |
OTHER COMPREHENSIVE INCOME | ||||||||
Share of other comprehensive income from equity accounted investments, net of tax | 805 | 780 | - | 1,585 | ||||
Fair value adjustments to derivative financial liabilities hedge, net of tax | - | 2,178 | - | 2,178 | ||||
TOTAL OTHER COMPREHENSIVE INCOME | 805 | 2,958 | - | 3,763 | ||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 3,950 | $ | (14,140) | $ | 1,535 | $ | (8,655) |
- Includes other Trust amounts not specifically related to the segments.
Dream Impact Trust 2024 Third Quarter | 4
SEGMENTED RESULTS OF OPERATIONS - NINE MONTHS ENDED SEPTEMBER 30, 2024
Recurring | ||||||||
Development | income | Other⁽¹⁾ | Total | |||||
INCOME | ||||||||
Lending portfolio interest income and lender fees | $ | - | $ | - | $ | 198 | $ | 198 |
Income properties revenue | - | 14,371 | - | 14,371 | ||||
Share of losses from equity accounted investments | (3,514) | (12,488) | - | (16,002) | ||||
TOTAL INCOME (LOSS) | (3,514) | 1,883 | 198 | (1,433) | ||||
EXPENSES | ||||||||
Income properties, operating | - | (7,206) | - | (7,206) | ||||
Interest expense | (1,483) | (7,108) | (3,959) | (12,550) | ||||
General and administrative | - | - | (4,675) | (4,675) | ||||
TOTAL EXPENSES | (1,483) | (14,314) | (8,634) | (24,431) | ||||
Fair value adjustments to income properties | - | (3,866) | - | (3,866) | ||||
OPERATING LOSS | (4,997) | (16,297) | (8,436) | (29,730) | ||||
Interest and other income | 2,747 | 138 | 2,954 | 5,839 | ||||
Transaction costs on sale of properties | - | (920) | - | (920) | ||||
Fair value adjustments to financial instruments | - | - | 7 | 7 | ||||
LOSS BEFORE INCOME TAX RECOVERY | (2,250) | (17,079) | (5,475) | (24,804) | ||||
INCOME TAX RECOVERY | ||||||||
Deferred income tax recovery | - | - | 7,076 | 7,076 | ||||
TOTAL INCOME TAX RECOVERY | - | - | 7,076 | 7,076 | ||||
NET INCOME (LOSS) | $ | (2,250) | $ | (17,079) | $ | 1,601 | $ | (17,728) |
OTHER COMPREHENSIVE LOSS | ||||||||
Share of other comprehensive loss from equity accounted investments, net of tax | (1,259) | (683) | - | (1,942) | ||||
Fair value adjustments to derivative financial liabilities hedge, net of tax | - | (1,987) | - | (1,987) | ||||
TOTAL OTHER COMPREHENSIVE LOSS | (1,259) | (2,670) | - | (3,929) | ||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | (3,509) | $ | (19,749) | $ | 1,601 | $ | (21,657) |
SEGMENTED RESULTS OF OPERATIONS - NINE MONTHS ENDED SEPTEMBER 30, 2023
Recurring | ||||||||
Development | income | Other⁽¹⁾ | Total | |||||
INCOME | ||||||||
Lending portfolio interest income and lender fees | $ | - | $ | - | $ | 1,309 | $ | 1,309 |
Income properties revenue | - | 13,149 | - | 13,149 | ||||
Share of income (loss) from equity accounted investments | 2,640 | (6,205) | - | (3,565) | ||||
TOTAL INCOME | 2,640 | 6,944 | 1,309 | 10,893 | ||||
EXPENSES | ||||||||
Income properties, operating | - | (7,072) | - | (7,072) | ||||
Interest expense | (1,066) | (7,029) | (4,079) | (12,174) | ||||
General and administrative | - | - | (5,536) | (5,536) | ||||
TOTAL EXPENSES | (1,066) | (14,101) | (9,615) | (24,782) | ||||
Fair value adjustments to income properties | - | (20,373) | - | (20,373) | ||||
OPERATING INCOME (LOSS) | 1,574 | (27,530) | (8,306) | (34,262) | ||||
Interest and other income | - | 71 | 524 | 595 | ||||
Fair value adjustments to financial instruments | - | - | 447 | 447 | ||||
EARNINGS (LOSS) BEFORE INCOME TAX RECOVERY (EXPENSE) | 1,574 | (27,459) | (7,335) | (33,220) | ||||
INCOME TAX RECOVERY (EXPENSE) | ||||||||
Current income tax expense | - | - | (1) | (1) | ||||
Deferred income tax recovery | - | - | 8,783 | 8,783 | ||||
TOTAL INCOME TAX RECOVERY | - | - | 8,782 | 8,782 | ||||
NET INCOME (LOSS) | $ | 1,574 | $ | (27,459) | $ | 1,447 | $ | (24,438) |
OTHER COMPREHENSIVE INCOME | ||||||||
Share of other comprehensive income from equity accounted investments, net of tax | 2,301 | 1,033 | - | 3,334 | ||||
Fair value adjustment to derivative financial liabilities hedges, net of tax | - | 4,100 | - | 4,100 | ||||
TOTAL OTHER COMPREHENSIVE INCOME | 2,301 | 5,133 | - | 7,434 | ||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 3,875 | $ | (22,326) | $ | 1,447 | $ | (17,004) |
- Includes other Trust amounts not specifically related to the segments.
Dream Impact Trust 2024 Third Quarter | 5
TOTAL INCOME (LOSS)
Total income for the three months ended September 30, 2024 was $0.1 million compared to $1.9 million in the prior year. The decrease was primarily a result of fair value adjustments and interest expense on the Trust's income properties which transferred to recurring income at the end of 2023. Partially offsetting this were earnings from NOI on these income properties.
Total loss for the nine months ended September 30, 2024 was $1.4 million compared to total income of $10.9 million in the prior year. The decrease in earnings was driven by the aforementioned, in addition to the loss on the sale of 100 Steeles earlier in the year, partially offset by occupancy income from the first two condominium buildings occupied at Brightwater.
TOTAL EXPENSES
Total expenses for the three and nine months ended September 30, 2024 were $8.2 million and $24.4 million compared to $8.2 million and $24.8 million from the prior year, respectively. The decrease in total expenses for the nine months ended September 30, 2024, was driven by a reduced asset management fee partially offset by the deferred compensation expense, as a result of fluctuations in the Trust's unit price.
Dream Impact Trust 2024 Third Quarter | 6
1.4 SUMMARY OF PORTFOLIO ASSETS
The following table includes supplementary information on certain assets in our portfolio as at September 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 | residential | GFA(1) | residential | GLA(2) | commercial | ||
Project/property | ownership | Accounting treatment | units | (at 100%) | occupancy | (at 100%) | occupancy |
Downtown Toronto & GTA: | |||||||
Commercial: | |||||||
Sussex Centre | 50.1% | Joint operation | - | - | - | 655,000 | 69.5 % |
49 Ontario Street(3) | 100.0% | Consolidated | - | TBD | - | 88,000 | 87.7 % |
68-70 Claremont Street | 100.0% | Consolidated | - | - | - | 30,000 | 100.0 % |
76 Stafford Street | 100.0% | Consolidated | - | - | - | 25,000 | - % |
Berkeley properties(3), (4) | 100.0% | Consolidated | - | - | - | 14,000 | 39.8 % |
34 Madison | 40.0% | Equity accounted | - | - | - | 8,000 | 100.0 % |
Brightwater retail | 23.3% | Equity accounted | - | - | - | 98,000 | 56.6 % |
Plaza Imperial | 40.0% | Equity accounted | - | - | - | 35,000 | 84.6 % |
Plaza Bathurst | 40.0% | Equity accounted | - | - | - | 24,000 | 100.0 % |
Multi-Family Rental: | |||||||
Weston Common | 33.3% | Equity accounted | 841 | 692,000 | 96.9 % | 52,000 | 98.5 % |
Robinwood Portfolio | 33.3% | Equity accounted | 286 | 156,000 | 93.5 % | - | - |
70 Park | 50.0% | Equity accounted | 210 | 257,000 | 97.6 % | - | - |
262 Jarvis | 33.3% | Equity accounted | 71 | 35,000 | 94.4 % | - | - |
786 Southwood | 50.0% | Equity accounted | 24 | 37,000 | 100.0 % | - | - |
111 Cosburn | 50.0% | Equity accounted | 23 | 14,000 | 100.0 % | - | - |
Maple House at Canary Landing | 25.0% | Equity accounted | 770 | 624,000 | 74.4 % | 4,000 | - |
IVY Rentals | 75.0% | Equity accounted | 12 | 10,000 | 66.7 % | - | - |
Total Downtown Toronto & GTA | 2,237 | 1,825,000 | 88.6 % | 1,033,000 | 71.3 % | ||
Zibi (Ottawa/Gatineau): | |||||||
Commercial: | |||||||
Natural Sciences Building | 50.0% | Equity accounted | - | - | - | 186,000 | 93.4 % |
15 Rue Jos-Montferrand | 50.0% | Equity accounted | - | - | - | 53,000 | 81.2 % |
310 Miwate Private | 50.0% | Equity accounted | - | - | - | 33,000 | 100.0 % |
Multi-Family Rental: | |||||||
Aalto Suites | 50.0% | Equity accounted | 162 | 135,000 | 88.0 % | 1,000 | - |
Aalto II | 50.0% | Equity accounted | 148 | 127,000 | 76.4 % | 4,000 | - |
Other: | |||||||
Zibi Community Utility | 20.0% | Equity accounted | - | - | - | - | - |
Total Zibi (Ottawa/Gatineau) | 310 | 262,000 | 82.4 % | 277,000 | 91.8 % | ||
Total projects in the recurring income segment | 2,547 | 2,087,000 | 87.9 % | 1,310,000 | 75.3 % |
- 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 Third Quarter | 7
DEVELOPMENT SEGMENT
Total | Total | ||||||
residential | commercial | ||||||
Dream | units at | Residential | and retail | ||||
Property | Impact Trust | completion | GFA(2) | GLA(2) | Occupancy | ||
Project/property | type | ownership | Status/type | (at 100%)(1) | (at 100%) | (at 100%) | date |
Development segment | |||||||
Downtown Toronto & GTA: | |||||||
Brightwater Towns | Build to sell | 23.3% | Under construction | 106 | 237,000 | - | 2024 |
Birch House at Canary Landing | Various | 25.0% | Under construction | 444(3) | 335,000 | 26,000 | 2024 |
The Mason (Brightwater) | Build to sell | 23.3% | Under construction | 158 | 128,000 | 5,000 | 2025 |
Cherry House at Canary Landing | Build to hold | 25.0% | Under construction | 855 | 811,000 | 32,000 | 2025 |
Bridge House (Brightwater) | Build to sell | 23.3% | Planning | 484 | 392,000 | - | 2028 |
Brightwater future blocks | Build to sell | 23.3% | Planning | 1,952 | 2,441,000 | 257,000 | 2025-2032 |
Forma - East Tower | Build to sell | 25.0% | Under construction | 864 | 590,000 | 1,000 | 2028 |
Quayside(4) | Various | 12.5% | Planning | 4,600 | 3,220,000 | 240,000 | 2031-2035 |
Forma - West Tower | Build to sell | 25.0% | Planning | 1,170 | 885,000 | 223,000 | 2035 |
Victory Silos | TBD | 37.5% | Planning | 1,500 | 1,200,000 | 100,000 | TBD |
West Don Lands Block 20 | Build to hold | 25.0% | Planning | 653 | 571,000 | 255,000 | TBD |
Scarborough Junction | Build to sell | 45.0% | Planning | 6,619 | 5,270,000 | 165,000 | TBD |
673 Warden | Build to sell | 2.5% | Planning | TBD | TBD | TBD | TBD |
Seaton | Build to sell | 7.0% | Planning | TBD | TBD | TBD | TBD |
Total Downtown Toronto & GTA | 19,405 | 16,080,000 | 1,304,000 | ||||
Zibi (Ottawa/Gatineau): | |||||||
Block 206 | Build to hold | 50.0% | In occupancy/under construction | 188 | 196,000 | 11,000 | 2024 |
Block 207 | Build to hold | 50.0% | Under construction | - | - | 76,000 | 2024 |
Future blocks | Various | 50.0% | Planning | 1,978 | 1,292,000 | 1,891,000 | TBD |
Other (Ottawa/Gatineau): | |||||||
Dream LeBreton(5) | Build to hold | 33.3% | Under construction | 608 | 410,000 | 26,000 | 2027 |
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 |
- 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 Third Quarter | 8