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Introduction & Market Context
Dream Unlimited Corp (TSX:DRM) released its Q1 2024 supplemental information presentation, highlighting strong financial performance and strategic growth across its diversified real estate portfolio. The company’s shares closed at $21.76 on July 14, 2025, trading at a discount to its book value of $28.77 per share as reported in the presentation.
Led by Founder & Chief Responsible Officer Michael Cooper, Dream has positioned itself as a diversified real estate company with significant operations across asset management, income properties, and land development in Canada and internationally.
Quarterly Performance Highlights
Dream reported substantial growth in its first quarter results, with standalone funds from operations (FFO) reaching $0.98 per share, a dramatic increase from $0.26 per share in Q1 2023. The company generated $50.6 million ($1.20 per share) in FFO from its recurring income and development businesses.
As shown in the following performance highlights chart:
The company’s assets under management reached $25 billion, representing a 43% increase since December 31, 2022. This growth reflects Dream’s successful expansion of its asset management platform and strategic acquisitions.
Dream returned $11.5 million to shareholders through dividends and share buybacks during the quarter, demonstrating its commitment to shareholder value while maintaining capital for growth initiatives.
Asset Management Growth
Dream’s asset management business continues to be a key driver of growth, with a diverse portfolio of both public and private investment vehicles. The company’s AUM is geographically diversified across Canada, the United States, and Europe, with the majority concentrated in Canada.
The following map illustrates Dream’s global AUM distribution:
The company’s asset management portfolio includes four publicly traded vehicles: Dream Impact Trust, Dream Office REIT, Dream Industrial REIT, and Dream Residential REIT. These entities focus on impact investing, office properties, industrial assets, and multi-residential properties, respectively.
Dream’s public vehicles are complemented by private investment platforms, including:
The composition of Dream’s asset management revenue reflects its strategic shift toward more stable, recurring income streams. While the company saw a slight decrease in asset management fee revenue to $13.0 million in Q1 2024 from $14.4 million in Q1 2023, this was attributed to higher transactional activity in the prior year period.
The following chart shows the evolution of Dream’s asset management revenue by source:
Real Estate Portfolio Diversification
Dream has strategically diversified its portfolio across multiple asset classes, with a growing emphasis on industrial properties and residential rentals. This shift reflects broader market trends favoring these sectors.
The company’s stabilized properties generated revenue of $38.0 million and net operating income of $19.0 million in Q1 2024, representing increases of $3.4 million and $3.9 million respectively from the prior year. Dream’s residential rental portfolio comprises 2,691 apartment units with a strong 95% occupancy rate.
The following chart illustrates the growth in net operating income from income and recreational properties:
Dream is also advancing its purpose-built rental pipeline, particularly in the Holmwood development in Saskatoon, which will add 554 rental units upon completion. The company expects to add another 358 units to its residential rental portfolio by year-end 2024.
Development Pipeline and Land Bank
Dream maintains a substantial land bank in Western Canada, with over 8,800 acres available for development across Saskatoon, Regina, Calgary, and Edmonton. This represents significant long-term value potential for the company.
The company has secured $207 million in land commitments for 2024 and 2025, including 394 lot commitments and 263 acre commitments. Additionally, Dream completed the sale of 146 raw acres in Edmonton during Q1, generating a net margin of $28.1 million.
In Eastern Canada, Dream and its partners are developing over 70 acres in Downtown Toronto East, including projects in the Canary District, Canary Landing, Quayside, Lakeshore East, and the Distillery District. These urban developments represent a significant growth opportunity in Canada’s largest metropolitan area.
Financial Position and Outlook
Dream’s balance sheet remains solid, with a book value per share of $28.77 as of March 31, 2024. The company’s total assets stood at $2.70 billion, supported by $1.21 billion in equity.
A notable strategic development is the pending sale of Arapahoe Basin, a 1,428-acre ski area in Colorado, to Alterra Mountain Company. This transaction, subject to regulatory approvals, is expected to increase Dream’s liquidity by approximately $110 million, providing additional capital for reinvestment in core growth areas.
Dream maintains significant ownership positions in its publicly traded entities, including a 30.3% stake in Dream Office REIT, 35.2% in Dream Impact Trust, and 11.9% in Dream Residential REIT, with a combined fair value of $144.4 million. However, the company noted that office and land holdings have seen price declines, reducing its exposure to other Dream public vehicles to 6% of net asset value.
Looking ahead, Dream is well-positioned to capitalize on its diversified portfolio and substantial development pipeline, with particular focus on expanding its purpose-built residential rental business and industrial properties, which continue to show strong market fundamentals.
Full presentation:
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