Dream Unlimited Corp. Reports Second Quarter Results & Advancement of Next Master-Planned Community

Executive Summary

• Dream Unlimited Corp. reported financial results for the second quarter and six months ended June 30, 2025, highlighting a significant decline in net margin compared to the prior year due to the absence of one-time land sales and performance fees.
• The company announced major progress in its Western Canada land business, including the commencement of two new communities (Holmwood in Saskatoon and Coopertown in Regina) and ongoing development at Alpine Park in Calgary.
• Asset management assets under management grew by $2.5 billion over the past twelve months, while the income properties segment saw growth driven by lease-ups in purpose-built rentals.

Key Details

• Consolidated Financials (Q2 2025):
  • Revenue: $68.2 million (down from $178.3 million in Q2 2024).
  • Net Margin: $11.0 million (down from $61.0 million in Q2 2024).
  • Net Margin Percentage: 16.1% (down from 34.2% in Q2 2024).
  • Loss Before Income Taxes: $(28.5) million (compared to $59.5 million profit in Q2 2024).
• Consolidated Financials (Six Months Ended June 30, 2025):
  • Revenue: $136.6 million (down from $336.5 million in 2024).
  • Net Margin: $20.2 million (down from $80.2 million in 2024).
  • Loss Before Income Taxes: $(39.5) million (compared to $71.6 million profit in 2024).
• Balance Sheet (as of June 30, 2025):
  • Total Assets: $3,888.6 million.
  • Total Liabilities: $2,434.6 million.
  • Total Equity: $1,454.0 million.
  • Total Issued and Outstanding Shares: 42,178,176.
  • Available Liquidity: $345 million.
  • Contractual Debt Maturities Expected in 2025: $218 million.
• Segment Performance:
  • Asset Management: Generated $11.6 million revenue and $6.9 million net margin in Q2 2025 (down from $27.5 million revenue and $22.8 million net margin in Q2 2024, largely due to $15.7 million in performance fees from the Dream U.S. Industrial Fund in the prior year). Assets under management grew by $2.5 billion over the past 12 months.
  • Western Canada Development: Generated $1.1 million net margin in Q2 2025 (down from $31.3 million in Q2 2024). Prior year results included $28.1 million net margin from the sale of two land parcels in Edmonton. Excluding these transactions, 2025 margins were in line with prior year.
  • Income Properties: Generated $12.2 million revenue and $6.8 million net operating income in Q2 2025 (up slightly from prior year). Growth driven by lease-up of purpose-built rentals in Brighton, Saskatoon.
  • Other Investments: Generated $14.8 million revenue and $(4.5) million net margin in Q2 2025 (down from $41.2 million revenue and $(6.2) million net margin in Q2 2024).
• Operational Updates & Project Pipeline:
  • Regina (Coopertown): 1,200-acre community, first new community in nearly 10 years. Expected to welcome ~21,000 residents over a 20-year buildout. Groundbreaking scheduled for next quarter.
  • Saskatoon (Holmwood): 1,100-acre community. Pre-sold 27 acres to a retail developer. Progressing on sale of a school site accommodating 3,400 students.
  • Calgary (Alpine Park): 200-acre expansion underway with closings expected in 2025/2026. ~500 acres remaining to develop. Construction commenced on retail, first apartment, and fourth apartment building in Brighton.
  • Construction Pipeline: Completed or under construction include 660 apartment units, 220 townhouses, and 140 single-family units (total >1,000 units). Third apartment building in Brighton (125 units) is >70% occupied in first ten weeks.
  • Toronto: Development of 49 Ontario St. expected to commence in 2025; Quayside in 2026.
• Land Sales & Commitments:
  • Q2 2025: 44 lot sales and 19 housing occupancies.
  • As of August 8, 2025: $155.0 million in sales commitments to be recognized between 2025-2026, plus $21.2 million recognized in 2025 to date.
  • Additional $27.5 million from acre sales secured in 2027.

Notable Quotes

• “Even with the uncertainty due to tariffs and housing policy, we have continued to make significant progress on our long-term business plan... With our progress developing Alpine Park in Calgary and the commencement of two new communities... we expect our Western Canada land business to be more profitable in the future relative to the past.” — Michael Cooper, Chief Responsible Officer