\n\n\u00a0<\/p><\/td> | \nAsset\nmanagement<\/p><\/td> | \u00a0<\/td>\n | \nIncome\nproperties<\/p><\/td> | \u00a0<\/td>\n | \nWestern\nCanada development<\/p><\/td> | \u00a0<\/td>\n | \nOther\ninvestments<\/p><\/td> | \u00a0<\/td>\n | \nCorporate<\/p><\/td> | \u00a0<\/td>\n | \nTotal\nStandalone<\/b><\/p><\/td> | \u00a0<\/td>\n | \nDream\nImpact\nTrust<\/p><\/td> | \u00a0<\/td>\n | \nConsolidation\nand fair\nvalue adjustments(1)\n<\/sup>and Dream\nstandalone\nadjustments(1)<\/sup><\/p><\/td>| \u00a0<\/td>\n | \nConsolidated\nDream<\/b><\/p><\/td><\/tr>\n\n\nRevenue<\/p><\/td> | \n$<\/p><\/td> | \n15,595<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n13,536<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n22,261<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n14,064<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n$<\/b><\/p><\/td> | \n65,456<\/b><\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n2,273<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n(301)<\/p><\/td> | \u00a0<\/td>\n | \n$<\/b><\/p><\/td> | \n67,428<\/b><\/p><\/td><\/tr>\n\n\nDirect operating costs<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(3,421)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(6,550)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(16,995)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(18,184)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(45,150)<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(1,463)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n509<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(46,104)<\/b><\/p><\/td><\/tr>\n\n\nGross margin<\/p><\/td> | \n\u00a0<\/p><\/td> | \n12,174<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n6,986<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n5,266<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(4,120)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n20,306<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n810<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n208<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n21,324<\/b><\/p><\/td><\/tr>\n\n\nSelling, marketing, depreciation and other operating costs<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(1,028)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(4,844)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(2,767)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(8,639)<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(117)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(256)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(9,012)<\/b><\/p><\/td><\/tr>\n\n\nNet margin<\/p><\/td> | \n\u00a0<\/p><\/td> | \n12,174<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n5,958<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n422<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(6,887)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n11,667<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n693<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(48)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n12,312<\/b><\/p><\/td><\/tr>\n\n\nFair value changes in investment properties<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n3,526<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n3,526<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n3,721<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(1,847)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n5,400<\/b><\/p><\/td><\/tr>\n\n\nShare of earnings (loss) from equity accounted investments<\/p><\/td> | \n\u00a0<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(3,862)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(3,862)<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(2,643)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n4,981<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(1,524)<\/b><\/p><\/td><\/tr>\n\n\nOther income and expenses<\/p><\/td> | \n\u00a0<\/p><\/td> | \n952<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n271<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n258<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n3,049<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n750<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n5,280<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n20<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(3,280)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n2,020<\/b><\/p><\/td><\/tr>\n\n\nFair value changes in Dream Group Holdings<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(14,632)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(14,632)<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n14,632<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td><\/tr>\n | \n\nInterest expense<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(2)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(4,647)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(980)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(1,470)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(3,051)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(10,150)<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(3,735)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(3,017)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(16,902)<\/b><\/p><\/td><\/tr>\n\n\nNet segment earnings (loss)<\/p><\/td> | \n\u00a0<\/p><\/td> | \n13,124<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n5,108<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(300)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(23,802)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(2,301)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(8,171)<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(1,944)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n11,421<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n1,306<\/b><\/p><\/td><\/tr>\n\n\nGeneral and administrative expenses<\/p><\/td> | \n\u00a0<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(5,804)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(5,804)<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(2,877)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n1,877<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(6,804)<\/b><\/p><\/td><\/tr>\n\n\nAdjustments related to Dream Impact Trust units(2)<\/sup><\/p><\/td>\n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(1,496)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(1,496)<\/b><\/p><\/td><\/tr>\n\n\nAdjustments related to Dream Impact Fund units(2)<\/sup><\/p><\/td>\n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n2,068<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n2,068<\/b><\/p><\/td><\/tr>\n\n\nIncome tax recovery<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n1,502<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n1,502<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n250<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(1,634)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n118<\/b><\/p><\/td><\/tr>\n\n\nNet earnings (loss)<\/p><\/td> | \n$<\/p><\/td> | \n13,124<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n5,108<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n(300)<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n(23,802)<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n(6,603)<\/p><\/td> | \u00a0<\/td>\n | \n$<\/b><\/p><\/td> | \n(12,473)<\/b><\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n(4,571)<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n12,236<\/p><\/td> | \u00a0<\/td>\n | \n$<\/b><\/p><\/td> | \n(4,808)<\/b><\/p><\/td><\/tr>\n\n| \n | \n | \n | \u00a0<\/td>\n | \n | \n | \u00a0<\/td>\n | \n | \n | \u00a0<\/td>\n | \n | \n | \u00a0<\/td>\n | \n | \n | \u00a0<\/td>\n | \n | \n | \u00a0<\/td>\n | \n | \n | \u00a0<\/td>\n | \n | \n | \u00a0<\/td>\n | \n | \u00a0<\/td>\n<\/tr>\n | \n\n(1) <\/sup>Refer to the \"Non-GAAP Measures and Other Disclosures\" section of the MD&A for the first quarter of 2026 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\n(2) <\/sup>The adjustments related to Dream Impact Trust units and Dream Impact Fund units relate to non-controlling interest of properties held across various reporting segments. These line items are included in Corporate as they are reviewed on a consolidated basis.<\/p><\/td><\/tr>\n<\/table>\n\n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \u00a0<\/td>\n | \nFor the three months ended March 31, 2025<\/b><\/p><\/td><\/tr>\n\n\n\u00a0<\/p><\/td> | \nAsset\nmanagement<\/p><\/td> | \u00a0<\/td>\n | \nIncome\nproperties<\/p><\/td> | \u00a0<\/td>\n | \nWestern\nCanada development<\/p><\/td> | \u00a0<\/td>\n | \nOther\ninvestments<\/p><\/td> | \u00a0<\/td>\n | \nCorporate<\/p><\/td> | \u00a0<\/td>\n | \nTotal\nStandalone<\/b><\/p><\/td> | \u00a0<\/td>\n | \nDream\nImpact\nTrust<\/p><\/td> | \u00a0<\/td>\n | \nConsolidation\nand fair\nvalue adjustments(1)\n<\/sup>and Dream\nstandalone\nadjustments(1)<\/sup><\/p><\/td>| \u00a0<\/td>\n | \nConsolidated\nDream<\/b><\/p><\/td><\/tr>\n\n\nRevenue<\/p><\/td> | \n$<\/p><\/td> | \n13,037<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n12,244<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n24,568<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n20,043<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n$<\/b><\/p><\/td> | \n69,892<\/b><\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n3,373<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n(4,842)<\/p><\/td> | \u00a0<\/td>\n | \n$<\/b><\/p><\/td> | \n68,423<\/b><\/p><\/td><\/tr>\n\n\nDirect operating costs<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(3,725)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(5,661)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(18,506)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(25,265)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(53,157)<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(2,010)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n5,032<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(50,135)<\/b><\/p><\/td><\/tr>\n\n\nGross margin<\/p><\/td> | \n\u00a0<\/p><\/td> | \n9,312<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n6,583<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n6,062<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(5,222)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n16,735<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n1,363<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n190<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n18,288<\/b><\/p><\/td><\/tr>\n\n\nSelling, marketing, depreciation and other operating costs<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(1,469)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(4,500)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(3,456)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(9,425)<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n333<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(9,092)<\/b><\/p><\/td><\/tr>\n\n\nNet margin<\/p><\/td> | \n\u00a0<\/p><\/td> | \n9,312<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n5,114<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n1,562<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(8,678)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n7,310<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n1,363<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n523<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n9,196<\/b><\/p><\/td><\/tr>\n\n\nFair value changes in investment properties<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n2,224<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n2,224<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n78<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(4,301)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(1,999)<\/b><\/p><\/td><\/tr>\n\n\nShare of earnings (loss) from equity accounted investments<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(277)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(277)<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(149)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(5,180)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(5,606)<\/b><\/p><\/td><\/tr>\n\n\nOther income and expenses<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(274)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n654<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n479<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n554<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n196<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n1,609<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n666<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(1,275)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n1,000<\/b><\/p><\/td><\/tr>\n\n\nFair value changes in Dream Group Holdings<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n2,421<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n2,421<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(2,421)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/b><\/p><\/td><\/tr>\n\n\nInterest expense<\/p><\/td> | \n\u00a0<\/p><\/td> | \n(5)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(5,021)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(327)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(1,986)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(3,373)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(10,712)<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(4,094)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(3,497)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(18,303)<\/b><\/p><\/td><\/tr>\n\n\nNet segment earnings (loss)<\/p><\/td> | \n\u00a0<\/p><\/td> | \n9,033<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n2,971<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n1,714<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(7,966)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(3,177)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n2,575<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(2,136)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(16,151)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(15,712)<\/b><\/p><\/td><\/tr>\n\n\nGeneral and administrative expenses<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(6,466)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(6,466)<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(1,639)<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n879<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n(7,226)<\/b><\/p><\/td><\/tr>\n\n\nAdjustments related to Dream Impact Trust units(2)<\/sup><\/p><\/td>\n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n9,108<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n9,108<\/b><\/p><\/td><\/tr>\n\n\nAdjustments related to Dream Impact Fund units(2)<\/sup><\/p><\/td>\n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n2,882<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n2,882<\/b><\/p><\/td><\/tr>\n\n\nIncome tax recovery<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n\u2014<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n423<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n423<\/b><\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n2,440<\/p><\/td> | \u00a0<\/td>\n | \n\u00a0<\/p><\/td> | \n2,863<\/b><\/p><\/td><\/tr>\n\n\nNet earnings (loss)<\/p><\/td> | \n$<\/p><\/td> | \n9,033<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n2,971<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n1,714<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n(7,966)<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n(9,220)<\/p><\/td> | \u00a0<\/td>\n | \n$<\/b><\/p><\/td> | \n(3,468)<\/b><\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n(3,775)<\/p><\/td> | \u00a0<\/td>\n | \n$<\/p><\/td> | \n(842)<\/p><\/td> | \u00a0<\/td>\n | \n$<\/b><\/p><\/td> | \n(8,085)<\/b><\/p><\/td><\/tr>\n\n| \n | \n | \n | \u00a0<\/td>\n | \n | \n | \u00a0<\/td>\n | \n | \n | \u00a0<\/td>\n | \n | \n | \u00a0<\/td>\n | \n | \n | \u00a0<\/td>\n | \n | \n | \u00a0<\/td>\n | \n | \n | \u00a0<\/td>\n | \n | \n | \u00a0<\/td>\n | \n | \u00a0<\/td>\n<\/tr>\n | \n\n(1) <\/sup>Refer to the \"Non-GAAP Measures and Other Disclosures\" section of the MD&A for the first quarter of 2026 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\n(2) <\/sup>The adjustments related to Dream Impact Trust and Dream Impact Fund units relate to non-controlling interest of properties held across various reporting segments. These line items are included in Corporate as they are reviewed on a consolidated basis.<\/p><\/td><\/tr>\n<\/table>\nForward-Looking Information<\/i><\/b><\/p> \nThis press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to, statements regarding our objectives and strategies to achieve those objectives; our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, future growth, expected net proceeds from sales or transactions, results of operations, performance, business prospects and opportunities, acquisitions or divestitures, tenant base, future maintenance and development plans and costs, capital investments, financing, the availability of financing sources, income taxes, vacancy and leasing assumptions, litigation and the real estate industry in general; as well as specific statements in respect of our expectations regarding our development plans, including sizes, uses, density, number of units, amenities and timing thereof; our expectations regarding the performance of Western Canada division, including leasing and construction progress in Saskatoon and that the majority of income from the division will be in the back half of the year; our expectations regarding our performance in future quarters; growth prospects, including the quantum of our pipeline, our ability to complete assets under contract, and related timing; our expectations regarding our asset management division, including expected growth and income, including the results from our deal pipeline and the quantum of buying capacity across the Industrial REIT and our private joint ventures; our expectations regarding the Dream DCI JV, including timing of the second tranche and that fee income will grow alongside the venture; our ability to remain consistent with our unit buyback activity; our dividend policy, including any increases thereof; our intention to pursue non-core asset sales in ancillary markets on an opportunistic basis; timing to complete rental units under construction; our expectations regarding the 49 Ontario St. and Quayside projects, including construction and development timelines, number of units upon build-out and fees generated; our expected debt maturities in future periods and our ability to refinance or reach extensions for indebtedness in the normal course and address our refinancing needs; our expectations regarding our Other Investments segment, including that development fee income will increase over time, that we do not anticipate earnings from the segment in 2026 and the related reasons thereto; and our ability to close on sale commitments, timing thereof and quantum of revenue recognized therefrom. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream\u2019s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to: the nature of development lands held and the development potential of such lands, interest rates and inflation remaining in line with management expectations, our ability to bring new developments to market, anticipated positive general economic and business conditions, including low unemployment and interest rates, that duties, tariffs and other trade restrictions, if any, will not materially impact our business, positive net migration, oil and gas commodity prices, our business strategy, including geographic focus, anticipated sales volumes, performance of our underlying business segments and conditions in the Western Canada land and housing markets. Risks and uncertainties include, but are not limited to, general and local economic and business conditions, the impact of public health crises and epidemics, employment levels, risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, international sanctions and the disruption of movement of goods and services across jurisdictions, inflation or stagflation, regulatory risks, mortgage and interest rates and regulations, risks related to a potential economic slowdown in certain of the jurisdictions in which we operate and the effect inflation and any such economic slowdown may have on market conditions and lease rates, risks related to the imposition of duties, tariffs and other trade restrictions and their impacts, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition.<\/p><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td> 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> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All amounts are in Canadian dollars.TORONTO–(BUS…<\/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-5596","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\/5596","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=5596"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/5596\/revisions"}],"predecessor-version":[{"id":5597,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/5596\/revisions\/5597"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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