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dream DREAM UNLIMITED CORP . REPORTS FIRST QUARTER RESULTS 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 . TORONTO , May 11 , 2021 , Dream Unlimited Corp. ( TSX : DRM ) ( " Dream " , " the Company " or " we " ) today announced its financial results for the three months ended March 31 , 2021 ( " first quarter " ) . On May 3 , 2021 , Dream released its inaugural impact report and disclosure statement as a signatory to the Operating Principles for Impact Management . The report outlines the Dream Impact Management System , which is a significant milestone as it is the framework for a systematic and transparent approach to defining and measuring impact across our investments for both public and private investment vehicles including Dream Impact Trust ( TSX : MPCT.UN ) and Dream Impact Fund . Our three impact verticals reflect our established values as a developer : attainable and affordable housing , inclusive communities , and environmental sustainability and resilience , in addition to the United Nations Sustainable Development Goals . Dream's Impact Report can be found here . " We continue to build on our momentum increasing value from 2020 by reinvesting in our business , our asset management business and our exceptional projects , " said Michael Cooper , Chief Responsible Officer . “ Dream is committed to creating a better society for our customers and communities through how we develop and manage our real estate while also generating market returns . Our development pipeline includes over 1,000 affordable housing units in addition to several neighbourhoods focused on inclusivity and effective resource management . Our business has performed well in the first quarter , with strong results at Arapahoe Basin , significant presale activity in Western Canada , a substantial acquisition pipeline at Dream Industrial REIT and the launch of Dream Impact Fund . Dream's standalone book equity per share at March 31st was $ 29.10 , up over 7 % from the same time last year . With available liquidity in excess of $ 400 million and low leverage at 27 % , we are well positioned for an increasingly optimistic 2021. " A summary of our consolidated results for the three months ended March 31 , 2021 is included in the table below . ( in thousands of Canadian dollars , except per share amounts ) Revenue Net margin Net margin ( % ) ( 1 ) Earnings ( loss ) before income taxes Earnings ( loss ) for the period ( 2 ) Basic earnings ( loss ) per share ( 3 ) ( 4 ) Diluted earnings ( loss ) per share ( 4 ) $ Three months ended March 31 , 2021 50,074 $ 2020 176,445 $ 11,208 $ 58,627 22.4 % 33.2 % $ ( 4,852 ) $ 232,779 $ ( 3,761 ) $ 185,830 $ ( 0.10 ) $ $ ( 0.10 ) $ 3.78 3.71 Total assets Total liabilities Shareholders ' equity ( excluding non - controlling interest ) ( 5 ) Total issued and outstanding shares ( 4 ) ( 1 ) ( 2 ) ( 3 ) ( 4 ) March 31 , 2021 December 31 , 2020 $ 2,821,690 $ 2,844,373 $ 1,448,980 $ 1,437,761 $ 1,357,113 $ 43,784,071 1,391,646 45,011,928 Net margin ( % ) ( see the " Non - IFRS Measures " section of our Management's Discussion and Analysis ( " MD & A " ) for three months ended March 31 , 2021 ) represents net margin as a percentage of revenue . Loss for the three months ended March 31 , 2021 includes a loss of $ 17.7 million on Dream Impact Trust units held by other unitholders ( three months ended March 31 , 2020 - gain of $ 174.2 million ) . Refer to the " Additional Information - Consolidated Dream " section of our MD & A for results on a Dream standalone basis . Basic earnings ( loss ) per share is computed by dividing Dream's earnings attributable to owners of the parent by the weighted average number of Class A subordinate voting shares ( " Subordinate Voting Shares " ) and Class B common shares ( " Class B Shares " ) outstanding during the period . Refer to Management's discussion below on consolidated results for the three months ended March 31 , 2021 . Shareholders ' equity ( excluding non - controlling interest ) excludes $ 15.6 million of non - controlling interest as at March 31 , 2021 ( $ 15.0 million as at December 31 , 2020 ) . Earnings before income taxes after adjusting for fair value losses taken on Dream Impact Trust units held by other unitholders for the three months ended March 31 , 2021 was $ 12.8 million , a decrease of $ 45.7 million relative to the prior year . The change is primarily due to the sale of a 73 % interest in 480 acres in Glacier Ridge in Calgary in the prior period and reduced condominium inventory available for occupancy . Included in results for the three months ended March 31 , 2021 are $ 2.9 million of net fair value gains across our investment property and financial asset portfolios . As of March 31 , 2021 , the Company had $ 406.6 million in corporate - level cash and available credit under its various revolving facilities and a conservative leverage position with a debt to total assets ratio of 27.1 % .