{"id":15557,"date":"2026-06-03T22:00:00","date_gmt":"2026-06-03T20:00:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=a831b61d2a44e92f637aeb6624a459ca"},"modified":"2026-06-03T22:00:00","modified_gmt":"2026-06-03T20:00:00","slug":"dream-unlimited-corp-presents-at-annual-general-meeting","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=15557","title":{"rendered":"Dream Unlimited Corp. Presents at Annual General Meeting"},"content":{"rendered":"

TORONTO--(BUSINESS WIRE)--Dream Unlimited Corp. (TSX: DRM) (\u201cDream\u201d, \u201cthe Company\u201d or \u201cwe\u201d) <\/b>will be providing an investor update along with general business at its Annual General Meeting (the \u201cAGM\u201d) at the TMX Market Centre, 120 Adelaide Street West in Toronto today.<\/p><\/a><\/a>

\nAt the AGM, the Company\u2019s senior management team will discuss its key segments, its business plans and strategies and future growth drivers to generate returns and improve the quality of the Company\u2019s income. A copy of the presentation will be archived and available on our website at https:\/\/investors.dream.ca<\/a>. Click on the link for News then click on Events<\/a>.<\/p>

\nAs part of the update, the Company included an updated net asset value (\u201cNAV\u201d) per share of $55.22 which compares to standalone book equity per share of the Company of $28.63, each as of December 31, 2025.<\/p>

\nAbout Dream Unlimited Corp.<\/b><\/p>

\nDream is a leading real estate developer and has an established and successful asset management business, inclusive of $28 billion of assets under management(1)<\/sup> across three Toronto Stock Exchange (\u201cTSX\u201d) listed trusts, our private asset management business and numerous partnerships. We develop land and housing in our master planned communities in Western Canada and hold a growing portfolio of income generating properties across Canada. Dream expects this area of our business to grow as investment properties under construction are completed and held for the long-term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities.<\/p>

\nNon-GAAP Measures and Other Disclosures<\/i><\/b><\/p>

\nIn addition to using financial measures determined in accordance with International Financial Reporting Accounting Standards as issued by the International Accounting Standards Board (\u201cIFRS Accounting Standards\u201d), we believe that important measures of operating performance include certain financial measures that are not defined under IFRS Accounting Standards. In this press release, there are references to certain non-GAAP financial measures and ratios, including NAV per share and standalone book equity per share, which management believes are relevant in assessing the economics of the business of Dream. These performance and other measures are not financial measures under IFRS Accounting Standards, and may not be comparable to similar measures disclosed by other issuers. However, we believe that they are informative and provide further insight as supplementary measures of financial performance, financial position or cash flow, or our objectives and policies, as applicable.<\/p>

\nNon-GAAP Ratios and Financial Measures<\/span><\/i><\/p>

\n\"Dream Impact Trust and consolidation and fair value adjustments<\/i><\/b>\" represent certain IFRS Accounting Standards adjustments required to reconcile Dream standalone and Dream Impact Trust results to the consolidated results as at and for the year ended December 31, 2025. Management believes Dream Impact Trust and consolidation and fair value adjustments provides investors useful information in order to reconcile it to the Dream Impact Trust financial statements.<\/p>

\nConsolidation and fair value adjustments relate to business combination adjustments on acquisition of Dream Impact Trust on January 1, 2018 and related amortization, elimination of intercompany balances including the investment in Dream Impact Trust units, adjustments for co-owned projects, fair value adjustments to the Dream Impact Trust units held by other unitholders, and deferred income taxes.<\/p>

\n\u201cDream standalone\u201d<\/i><\/b> is a non-GAAP measure and represents the results of Dream, excluding the impact of Dream Impact Trust's and Dream Impact Fund\u2019s consolidated results and adjustments to reflect Dream\u2019s proportionate share of partnership assets, liabilities and earnings. The most direct comparable financial measure to Dream standalone is consolidated Dream. This non-GAAP measure is an important measure used by the Company to evaluate earnings against historical periods, including results prior to the acquisition of control of Dream Impact Trust and Dream Impact Fund.<\/p>

\n\"Dream standalone adjustments\" <\/i><\/b>represents certain adjustments required to reflect the Company\u2019s direct interest in net assets and earnings of our partnerships. Adjustments include remeasurement of the Dream Group Holding units from carrying value to trading price to reflect their cash value. Management believes Dream standalone adjustments provides investors useful information in order to view Dream's statement of financial position and statement of earnings in a presentation that reflects the Company's interest in net assets and earnings from our direct interest in those partnerships. The adjustments included in the calculation of Dream standalone adjustments have been listed below.<\/p>

    \n
  1. \nProportionately consolidates all material equity accounted investments held directly by Dream with the exception of our ownership in Dream Impact Trust, Dream Office REIT, and, previously, Dream Residential REIT (\u201cDRR\u201d);<\/li>\n
  2. \nReclassify Dream Impact Trust, Dream Office REIT and previously DRR to Dream Group Holdings and remeasure units at trading price as of December 31, 2025;<\/li>\n
  3. \nAdjusts for the full consolidation of our interest in Dream Impact Fund to Dream Group Holdings; and<\/li>\n
  4. \nAdjusts for the defeased portion of Distillery District mortgage debt and eliminates the associated bond portfolio\/restricted cash.<\/li>\n<\/ol>

    \n\u201cStandalone Book Equity\u201d<\/i><\/b> is a non-GAAP financial measure that represents shareholders\u2019 equity attributable to Dream on a non-consolidated basis. This metric excludes the impact of Dream Impact Trust and consolidation and fair value adjustments. It is intended to reflect how management measures the equity value of the core business operations of Dream.<\/p>

    \n\u201cStandalone Book Equity per share\u201d<\/i><\/b> is a non-GAAP ratio and is calculated as Standalone Book Equity divided by the number of Class A subordinate voting shares and Class B common shares of Dream outstanding as of that date.<\/p>

    \n\u201cNet asset value\u201d<\/i><\/b> or \u201cNAV\u201d<\/i><\/b> is a non-GAAP financial measure and represents the intrinsic value for the Company excluding the consolidation of Dream Impact Trust and Dream Impact Fund. Due to the nature of our holdings, NAV is calculated to reflect various factors including the progression of our developments, fair market value of our land holdings, fair value of our unit holdings in Dream Impact Trust and Dream Office REIT, the fair value of our asset management business and previously the fair value of our unit holdings in Dream Residential REIT and the fair value of our ski hill. The Company believes that incorporating market value adjustments is a more useful measure to value our business that would not ordinarily be captured under IFRS and the Company\u2019s consolidated financial statements which reflect the consolidation of Dream Impact Trust and Dream Impact Fund. In calculating the market value adjustments reflected in NAV, the Company uses certain market assumptions to fair value items held at cost.<\/p>

    \nThe closest IFRS measure to NAV is shareholders\u2019 equity. The table below provides the reconciliation of NAV to shareholders\u2019 equity:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

    \nIn thousands of dollars, except per share and outstanding share amounts<\/p><\/td>

    \nAs at December 31, 2025<\/p><\/td><\/tr>\n

    \nConsolidated Shareholders\u2019 Equity<\/b><\/p><\/td>

    \n$<\/b><\/p><\/td>

    \n1,457,148<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td><\/tr>\n

    \nLess: Dream Impact Trust(i)<\/sup><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(349,949<\/p><\/td>

    \n)<\/p><\/td><\/tr>\n

    \nLess: Consolidation and fair value adjustments(i)<\/sup><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n94,829<\/p><\/td>

    \n\u00a0<\/p><\/td><\/tr>\n

    \nStandalone Book Equity<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n1,202,028<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td><\/tr>\n

    \nStandalone Book Equity per share<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n28.63<\/p><\/td>

    \n\u00a0<\/p><\/td><\/tr>\n

    \nLand inventory market value adjustment(ii)<\/sup><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n526,441<\/p><\/td>

    \n\u00a0<\/p><\/td><\/tr>\n

    \nAsset management market value adjustment(iii)<\/sup><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n590,048<\/p><\/td>

    \n\u00a0<\/p><\/td><\/tr>\n

    \nTotal market value adjustment<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n1,116,489<\/p><\/td>

    \n\u00a0<\/p><\/td><\/tr>\n

    \nNet asset value<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n2,318,517<\/p><\/td>

    \n\u00a0<\/p><\/td><\/tr>\n

    \nShares issued and outstanding<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n41,985,939<\/p><\/td>

    \n\u00a0<\/p><\/td><\/tr>\n

    \nNet asset value per share<\/p><\/td>

    \n$<\/p><\/td>

    \n55.22<\/p><\/td>

    \n\u00a0<\/p><\/td><\/tr>\n

    \n(i) See above for the definition of Dream Impact Trust and consolidation and fair value adjustments, Dream standalone adjustments and Dream standalone, which are non-GAAP financial measures.<\/p><\/td><\/tr>\n

    \n(ii) 8,700 acres in Alberta & Saskatchewan at an average fair value of $95,000\/acre for land held for development and a 1.4x multiple for land under development.<\/p><\/td><\/tr>\n

    \n(iii) Value of asset management business based on 16x multiple on net margin.<\/p><\/td><\/tr>\n<\/table>

    \n\u201cNet<\/i> asset value per share\u201d<\/i><\/b> or \u201cNAV per share\u201d<\/i><\/b> is a non-GAAP ratio. NAV per share is calculated as net asset value divided by the number of Class A subordinate voting shares and Class B common shares of Dream outstanding as of that date. We use this ratio to assess the relative value of our businesses on a per share basis. NAV per share as of December 31, 2025 is calculated above together with a reconciliation to shareholders\u2019 equity.<\/p>\n\n\n

    \nEndnotes:<\/p><\/td><\/tr>\n

    \n(1)<\/sup><\/p><\/td>

    \nDream Impact Trust and consolidation and fair value adjustments, Dream standalone adjustments, Dream standalone, and net operating income are non-GAAP financial measures. Such measures are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. The most directly comparable financial measures to Dream Impact Trust and consolidation and fair value adjustments is net income. The most directly comparable financial measures to portfolio of net operating income is net margin. Assets under management, net margin (%), and available liquidity are supplementary financial measures. Refer to the \u201cNon-GAAP Measures and Other Disclosures\u201d section of this press release for further details.<\/p><\/td><\/tr>\n<\/table>

    \n\u00a0<\/p> Contacts<\/b>

    \nDream Unlimited Corp.<\/b>Meaghan Peloso\nChief Financial Officer\n(416) 365-6322\nmpeloso@dream.ca<\/a><\/p>

    \nKim Lefever\nDirector, Investor Relations\n(416) 365-6339\nklefever@dream.ca<\/a><\/p>","protected":false},"excerpt":{"rendered":"

    TORONTO–(BUSINESS WIRE)–Dream Unlimited Corp. (TSX: DRM) (\u201cDream\u201d, \u201cthe Company\u201d or \u201cwe\u201d) will be providing an investor update along with general business at its Annual General Meeting (the \u201cAGM\u201d) at the TMX Market Centre, 120 Adelaide Street West in…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-15557","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/15557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15557"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/15557\/revisions"}],"predecessor-version":[{"id":15558,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/15557\/revisions\/15558"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}